4108 Greenwood Ave · West Palm Beach, FL 33407

$398,900

3 bd · 2.0 ba · 1,548 sqft · MultiFamily public records · 301 Days on market

Built 1947

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Welcome to this fantastic investment opportunity under normal market prices! This property boasts two separate units, each with their own electric meter, providing a great investment opportunity for investors. Currently, the property is rented out to long-term tenants at under market value, which means there is a significant opportunity for an increase in rental income. With the potential to revamp the space, this property provides a unique opportunity for those looking for properties with a high chance to increase their income. Don't miss out on this incredible investment opportunity. Call us today to schedule a viewing and take the first step towards having an investment.

Key facts

• Own electric meter
• Two separate units
• Built 1947

Tags

• TWO SEPARATE UNITS
• OWN ELECTRIC METER

Property features AI

Finance

• Financial info: 2 total units; Gross income reported as $3,100; Net operating income reported as $37,200
• HOA & community: No association amenities

Exterior

• Utilities: Utilities: none listed; Tenants pay cable TV and electricity (multi-family)
• Home design: Duplex; Resale property
• Construction: Stucco construction; Composition roof; Building area reported as 4,953; Living area reported as 1,548
• Exterior features: Fenced yard; Not waterfront

Interior

• Flooring: Tile
• Bathrooms: 2 bathrooms total
• Heating & cooling: Electric heating; Other heating; Electric cooling; Wall/Window AC units
• Interior features: Tile flooring; 2 total bathrooms

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/1.0-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $399k).
• Recommended offer: $351k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.0% vs local median 3.8% in West Palm Beach — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 82/100 on livability (#75 in FL, #1,255 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-, crime F.
• Palm Beach (suburban): math 46% / reading 53% proficiency, ranked #34 of 73 in FL (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.1%/yr); 305 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• At $7,230/mo this rent would consume 145% of the median local household income ($60k/yr) (locally 2157% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.1% rent growth), your $112k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 301 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 24y ago; this cycle's ask has dropped $51k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $339k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $351,032 (12.0% below list)

Questions for the listing agent

1. It's been on market 301 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.81% ✓
• Cap rate: 15.05%
• Cash-on-cash: 31.26%
• DSCR: 2.39
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.08% rent growth · sell at horizon

5-year hold

• IRR: 26.2%
• Equity multiple: 2.09×
• Total profit: $121,421
• Equity at exit: $59,477

10-year hold

• IRR: 33.9%
• Equity multiple: 4.11×
• Total profit: $347,337
• Equity at exit: $34,490

Cash invested: $111,692 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33407

• Rents YoY: 3.1%
• Active inventory: 305
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $7,230 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$544 /mo · $6,523/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,518
• Net cashflow: $2,910

Break-even live

Break-even rent $3,546

Max offer price $398,900

Occupancy floor 55%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1	$7,230
Total (2 units)			$7,230

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $99,725
• Closing costs: $11,967
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3808 Westview Ave West Palm Beach, FL	4.0	3.0	1617	$3,100	$1.92	24d	1	0.22mi
701 37th St West Palm Beach, FL	3.0	2.0	1426	$3,600	$2.52	24d	1	0.26mi
619 37th St West Palm Beach, FL	3.0	2.0	1414	$3,350	$2.37	24d	1	0.30mi
636 35th St West Palm Beach, FL	3.0	2.0	1133	$3,500	$3.09	24d	1	0.40mi
436 38th St West Palm Beach, FL	4.0	3.0	1479	$6,500	$4.39	24d	1	0.48mi
401 42nd St West Palm Beach, FL	3.0	1.0	1400	$4,950	$3.54	15d	1	0.49mi
401 42nd St West Palm Beach, FL	3.0	1.0	1100	$4,950	$4.50	24d	1	0.49mi
4444 N Flagler Dr West Palm Beach, FL	2.0	2.0	1300	$4,579	$3.52	24d	1	0.56mi
933 30th Ct West Palm Beach, FL	3.0	1.5	1085	$3,100	$2.86	24d	1	0.57mi
406 35th St West Palm Beach, FL	3.0	2.0	1835	$8,000	$4.36	24d	1	0.60mi
511 32nd St West Palm Beach, FL	4.0	3.5	2052	$18,500	$9.02	5d	1	0.62mi
5101 Spruce Ave West Palm Beach, FL	3.0	3.0	1151	$3,100	$2.69	24d	1	0.63mi
424 51st St Unit 426 West Palm Beach, FL	3.0	2.0	1230	$3,500	$2.85	11d	1	0.66mi
517 31st St West Palm Beach, FL	2.0	1.5	1406	$3,150	$2.24	24d	1	0.67mi
3410 Poinsettia Ave West Palm Beach, FL	2.0	1.0	1257	$3,350	$2.67	12d	1	0.69mi
306 34th St West Palm Beach, FL	2.0	1.0	1443	$4,650	$3.22	24d	1	0.70mi
5203 N Flagler Dr West Palm Beach, FL	3.0	1.5	1458	$6,000	$4.12	24d	1	0.72mi
5301 N Flagler Dr West Palm Beach, FL	4.0	3.0	1616	$6,000	$3.71	24d	1	0.76mi
5200 N Flagler Dr West Palm Beach, FL	2.0	2.0	1233	$3,375	$2.74	24d	2	0.77mi
5200 N Flagler Dr #2004 West Palm Beach, FL	2.0	2.0	1235	$3,800	$3.08	8d	1	0.77mi
419 30th St West Palm Beach, FL	3.0	2.5	2104	$7,700	$3.66	24d	1	0.77mi
3415 N Flagler Dr West Palm Beach, FL	2.0	2.0	1174	$9,950	$8.48	8d	1	0.80mi
517 55th St West Palm Beach, FL	2.0	2.0	1238	$4,550	$3.68	24d	1	0.82mi
629 56th St West Palm Beach, FL	4.0	2.0	1689	$3,100	$1.84	15d	1	0.82mi
510 56th St West Palm Beach, FL	2.0	1.0	1152	$3,800	$3.30	22d	1	0.84mi
1563 40th St West Palm Beach, FL	4.0	2.0	1680	$3,600	$2.14	4d	1	0.85mi
245 30th St West Palm Beach, FL	2.0	2.0	1271	$9,000	$7.08	24d	1	0.86mi
216 32nd St West Palm Beach, FL	3.0	3.0	1846	$6,200	$3.36	24d	1	0.87mi
202 32nd St West Palm Beach, FL	3.0	2.0	1636	$5,995	$3.66	24d	1	0.89mi
5600 N Flagler Dr West Palm Beach, FL	1.0–3.0	2.0	1192	$6,000	$5.03	21d	8	0.92mi
411 26th St West Palm Beach, FL	3.0	3.5	1847	$6,900	$3.74	8d	1	0.99mi
411 26th St West Palm Beach, FL	4.0	3.5	1847	$6,900	$3.74	24d	1	0.99mi
5820 N Flagler Dr West Palm Beach, FL	2.0	2.0	2100	$4,750	$2.26	24d	1	1.00mi
2585 Spruce Ave West Palm Beach, FL	1.0–2.0	1.0–2.0	841	$3,225	$3.83	1d	122	1.04mi
2800 N Flagler Dr #404 West Palm Beach, FL	3.0	3.0	2063	$7,200	$3.49	24d	1	1.10mi
716 21st St West Palm Beach, FL	4.0	2.0	1560	$3,800	$2.44	5d	1	1.17mi
716 21st St West Palm Beach, FL	4.0	2.0	1560	$3,800	$2.44	18d	1	1.17mi
735 20th St West Palm Beach, FL	4.0	3.0	1767	$3,800	$2.15	24d	1	1.19mi
735 20th St West Palm Beach, FL	4.0	3.0	1767	$3,600	$2.04	8d	1	1.19mi
1101 Grant St West Palm Beach, FL	4.0	2.0	1726	$2,995	$1.74	16d	1	1.28mi

Listing history 45 events

1. 2026-06-18
   days on market $398,900 Active 301 DOM
2. 2026-06-17
   days on market $398,900 Active 300 DOM
3. 2026-06-16
   days on market $398,900 Active 299 DOM
4. 2026-06-15
   days on market $398,900 Active 298 DOM
5. 2026-06-13
   days on market $398,900 Active 296 DOM
6. 2026-06-09
   days on market $398,900 Active 292 DOM
7. 2026-06-07
   pricedays on market $398,900 Active 290 DOM
8. 2026-06-04
   days on market $409,900 Active 287 DOM
9. 2026-06-03
   days on market $409,900 Active 286 DOM
10. 2026-06-01
    days on market $409,900 Active 284 DOM
11. 2026-05-31
    days on market $409,900 Active 283 DOM
12. 2026-04-09
    price $409,900
13. 2025-11-04
    price $419,900
14. 2025-09-29
    price $429,900
15. 2025-09-16
    price $434,900
16. 2025-08-21
    listed $449,900 Active
17. 2023-11-06
    soldstatus $339,000
18. 2023-10-25
    soldstatus $339,000 Closed 682-char remark

    Show marketing remark (682 chars)

    Welcome to this fantastic investment opportunity under normal market prices! This property boasts two separate units, each with their own electric meter, providing a great investment opportunity for investors. Currently, the property is rented out to long-term tenants at under market value, which means there is a significant opportunity for an increase in rental income. With the potential to revamp the space, this property provides a unique opportunity for those looking for properties with a high chance to increase their income. Don't miss out on this incredible investment opportunity. Call us today to schedule a viewing and take the first step towards having an investment.

19. 2023-10-10
    historical Active Under Contract 682-char remark

    Show marketing remark (682 chars)

    Welcome to this fantastic investment opportunity under normal market prices! This property boasts two separate units, each with their own electric meter, providing a great investment opportunity for investors. Currently, the property is rented out to long-term tenants at under market value, which means there is a significant opportunity for an increase in rental income. With the potential to revamp the space, this property provides a unique opportunity for those looking for properties with a high chance to increase their income. Don't miss out on this incredible investment opportunity. Call us today to schedule a viewing and take the first step towards having an investment.

20. 2023-05-02
    listed $339,000 Active 682-char remark

    Show marketing remark (682 chars)

    Welcome to this fantastic investment opportunity under normal market prices! This property boasts two separate units, each with their own electric meter, providing a great investment opportunity for investors. Currently, the property is rented out to long-term tenants at under market value, which means there is a significant opportunity for an increase in rental income. With the potential to revamp the space, this property provides a unique opportunity for those looking for properties with a high chance to increase their income. Don't miss out on this incredible investment opportunity. Call us today to schedule a viewing and take the first step towards having an investment.

21. 2023-04-27
    historical $339,000 682-char remark

    Show marketing remark (682 chars)

    Welcome to this fantastic investment opportunity under normal market prices! This property boasts two separate units, each with their own electric meter, providing a great investment opportunity for investors. Currently, the property is rented out to long-term tenants at under market value, which means there is a significant opportunity for an increase in rental income. With the potential to revamp the space, this property provides a unique opportunity for those looking for properties with a high chance to increase their income. Don't miss out on this incredible investment opportunity. Call us today to schedule a viewing and take the first step towards having an investment.

22. 2022-07-19
    status Pending
23. 2022-07-19
    status Pending
24. 2022-07-18
    historical
25. 2022-07-18
    historical
26. 2022-06-09
    listed $320,000 Active
27. 2022-05-24
    listed $320,000 Active
28. 2018-06-26
    historical
29. 2016-01-18
    soldstatus $68,000
30. 2015-03-16
    price $79,900
31. 2015-03-16
    historical
32. 2015-03-05
    price $85,900
33. 2015-01-28
    price $89,900
34. 2015-01-08
    listed $95,000 Active
35. 2014-10-23
    historical
36. 2006-05-12
    soldstatus $176,000
37. 2006-05-09
    soldstatus $176,000
38. 2006-04-29
    historical
39. 2006-03-02
    listed $184,000
40. 2004-08-18
    soldstatus $123,000
41. 2004-06-14
    listed $123,800
42. 2002-10-18
    soldstatus $102,000
43. 2002-08-20
    soldstatus $43,000
44. 2002-07-31
    listed $105,900
45. 1974-01-01
    soldstatus $23,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $6,523 · $544/mo
• Projected year-2 tax: $6,523 · $544/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 25 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $86,760
• − Mortgage interest: −$22,345
• − Property taxes: −$6,523
• − Insurance: −$1,994
• − Repairs & maintenance: −$6,941
• − Management: −$6,941
• − Depreciation: −$11,604
• Taxable income: $30,412
• Est. tax owed @ 24.0%: −$7,299
• After-tax cash flow: $27,621/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Palm Beach
• NCES district ID: 1201500
• Math proficiency: 46% ▼ -16.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $53,943
• Composite: 42.72/100
• National rank: #3160
• State rank: #34 of 73 in FL

Livability — West Palm Beach

• Score: 82/100
• State rank: #75
• US rank: #1255

Category grades

Amenities A- Commute A+ Cost of living B- Crime F Employment C- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Palm Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 222,012
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 34,851
• Household income: $59,993
• Rent vs Own: 49.0% rent · 51.0% own
• Severe rent burden: 2157.0

Population outlook (Palm Beach County) Hauer SSP2

• Today (2025): 1,637,487 people
• By 2030: 1,743,255 · +6.5%
• By 2040: 1,948,712 · +19.0%
• By 2050: 2,132,979 · +30.3%
• By 2075: 2,530,027 · +54.5%
• By 2100: 2,706,979 · +65.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 54% White 21% Hispanic / Latino 20% Two or more races 13% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Hispanic 8% Lithuanian 1% Romanian 1%
• Foreign-born: 26% · Canada, Vietnam, Jamaica
• Languages at home: 72% English-only · Spanish 17% French/Haitian/Cajun 8% Other Indo-European 1%

Political lean MEDSL · Palm Beach

• 2024 margin: Toss-up / Even · D 50.0% · R 49.2%
• 2008→2024 swing: -22.1pp toward R · 2008: 22.9pp · 2024: 0.8pp
• All cycles: 2024: D+0.8 2020: D+12.8 2016: D+15.3 2012: D+17.0 2008: D+22.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -299.26%
• Current HPI: 363.3995
• Rent YoY: ▲ 3.08%
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+1682.2% since first listed

34 events — show timeline

• 2026-04-09 Price Changed $409,900 Beaches MLS
• 2025-11-04 Price Changed $419,900 Beaches MLS
• 2025-09-29 Price Changed $429,900 Beaches MLS
• 2025-09-16 Price Changed $434,900 Beaches MLS
• 2025-08-21 Listed $449,900 Beaches MLS
• 2023-11-06 Sold (Public Records) $339,000 Public Records
• 2023-10-25 Sold (MLS) $339,000 Beaches MLS
• 2023-10-10 Contingent — Beaches MLS
• 2023-05-02 Listed $339,000 Beaches MLS
• 2023-04-27 Coming Soon $339,000 Beaches MLS
• 2022-07-19 Pending — Beaches MLS
• 2022-07-19 Pending — Beaches MLS
• 2022-07-18 Listing Removed — Beaches MLS
• 2022-07-18 Listing Removed — Beaches MLS
• 2022-06-09 Listed $320,000 Beaches MLS
• 2022-05-24 Listed $320,000 Beaches MLS
• 2018-06-26 Listing Removed — Beaches MLS
• 2016-01-18 Sold (Public Records) $68,000 Public Records
• 2015-03-16 Price Changed $79,900 Beaches MLS
• 2015-03-16 Listing Removed — Beaches MLS
• 2015-03-05 Price Changed $85,900 Beaches MLS
• 2015-01-28 Price Changed $89,900 Beaches MLS
• 2015-01-08 Listed $95,000 Beaches MLS
• 2014-10-23 Listing Removed — Beaches MLS
• 2006-05-12 Sold (Public Records) $176,000 Public Records
• 2006-05-09 Sold (MLS) $176,000 Beaches MLS
• 2006-04-29 Listing Removed — Beaches MLS
• 2006-03-02 Listed $184,000 Beaches MLS
• 2004-08-18 Sold (Public Records) $123,000 Public Records
• 2004-06-14 Listed $123,800 Beaches MLS
• 2002-10-18 Sold (Public Records) $102,000 Public Records
• 2002-08-20 Sold (Public Records) $43,000 Public Records
• 2002-07-31 Listed $105,900 Beaches MLS
• 1974-01-01 Sold (Public Records) $23,000 Public Records

Property tax history

+12.3%/yr

Latest (2025): $6,523 · +9.8% YoY. Source: county tax records.