4735 Lucerne Lakes Blvd #402 · Greenacres, FL 33467

$189,900

2 bd · 2.0 ba · 1,330 sqft · Condo public records · 137 Days on market

Built 1993 $538/mo HOA · 25% of rent

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Why this score? — see what drove the D- 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 +10.3/30.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

ABSOULTELY BEAUTIFUL CONDO-IMMACULATE-FURNISHED AND READY FOR A QUICK CLOSING, BEIGE CARPET, WHITE TILE, ENCLOSED SCREENED PATIO, NEW A/C IN2005-OVERLOOKS GOLF COURSE-SUPRA LBX-CALL L.O.

Key facts

• $538 HOA
• Garage
• Community pool

Property features AI

Finance

• Other: Private pool
• Financial info: Pets allowed (pet restrictions possible)
• HOA & community: Has association; Monthly association fee; Association amenities include: Billiard room, Clubhouse, Elevators, Fitness center, Game room, Jogging path, Pool, Shuffleboard court, Spa/Hot Tub, Tennis courts, Bocce ball, Courtesy bus, Library; Association fee covers cable TV, insurance, grounds maintenance, pest control, trash, common areas, elevator, and recreation facility

Exterior

• Parking: Assigned parking; Guest parking; Garage (1 covered garage space)
• Utilities: Public water; Public sewer; Sewer and water available
• Home design: Condominium; Resale condition; Southeast facing; 4 total stories; Living area reported by owner
• Construction: CBS construction
• Exterior features: Patio; On golf course; Waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fans
• Interior features: Entrance foyer; Walk-in closets; Closet cabinetry
• Laundry & utility: Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $-104 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (9.6% below list).
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#490 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D, amenities F, commute 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.
• Zoned schools: Discovery Key Elementary School (math 61% / reading 72%, grade B+, #473 of 2,144 statewide, top 23%, 1,050 students, 31% FRL); Woodlands Middle School (math 51% / reading 58%, grade B-, #183 of 571 statewide, top 34%, 1,551 students, 40% FRL); Santaluces Community High (math 22% / reading 39%, grade F, #434 of 667 statewide, top 66%, 2,675 students, 61% FRL).
• Market conditions: Rents soft (-0.4%/yr); 666 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $142k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $167,112 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 1.15% ✓
• Cap rate: 5.64%
• Cash-on-cash: -2.34%
• DSCR: 0.90
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -24.9%
• Equity multiple: 0.18×
• Total profit: $-43,425
• Equity at exit: $28,315

10-year hold

• IRR: -42.7%
• Equity multiple: -0.31×
• Total profit: $-69,626
• Equity at exit: $16,419

Cash invested: $53,172 (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 33467

• Rents YoY: -0.4%
• Active inventory: 666
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,184 high
• Mortgage (P&I): −$996
• Tax from tax record: −$216 /mo · $2,589/yr
• Insurance: −$79
• HOA: −$538
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $-104

Break-even live

Break-even rent $2,315

Max offer price $171,582

Occupancy floor 100%

Sensitivity live

Price	-10% $4	-5% $-50	+0% $-104	+5% $-157	+10% $-211
Rent	-10% $-276	-5% $-190	+0% $-104	+5% $-17	+10% $69
Rate	-1.0pp $-8	-0.5pp $-55	base $-104	+0.5pp $-153	+1.0pp $-203

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4735 Lucerne Lakes Blvd E #410 Lake Worth, FL	2.0	2.0	1330	$1,700	$1.28	25d	1	0.03mi
4725 Lucerne Lakes Blvd E Lake Worth, FL	2.0	2.0	1330	$1,950	$1.47	22d	2	0.04mi
4725 Lucerne Lakes Blvd E Lake Worth, FL	2.0	2.0	1330	$1,950	$1.47	9d	2	0.04mi
4735 Lucerne Lakes Blvd W Unit 410 Greenacres, FL	2.0	2.0	1330	$1,700	$1.28	23d	1	0.10mi
7593 Tahiti Ln #205 Lake Worth, FL	2.0	2.0	1186	$1,800	$1.52	25d	1	0.16mi
4640 Lucerne Lakes Blvd W #605 Lake Worth, FL	2.0	1.0	900	$1,600	$1.78	16d	1	0.19mi
4698 Lucerne Lakes Blvd E Unit 46 Greenacres, FL	2.0	2.0	1600	$2,000	$1.25	25d	1	0.20mi
4698 Lucerne Lakes Blvd E #103 Lake Worth, FL	2.0	2.0	1244	$2,100	$1.69	25d	1	0.20mi
4760 Lucerne Lakes Blvd W #405 Lake Worth, FL	1.0	1.5	1000	$1,490	$1.49	25d	1	0.29mi
4640 Lucerne Lakes Blvd W Lake Worth, FL	2.0	1.0–2.0	960	$1,525	$1.59	6d	2	0.34mi
4489 Luxemburg Ct #101 Lake Worth, FL	2.0	2.0	1005	$2,000	$1.99	25d	1	0.35mi
4483 Luxemburg Ct #201 Lake Worth, FL	3.0	2.0	1265	$2,800	$2.21	25d	1	0.37mi
4471 Luxemburg Ct #101 Lake Worth, FL	2.0	2.0	1005	$2,300	$2.29	20d	1	0.40mi
4471 Luxemburg Ct Lake Worth, FL	2.0	2.0	1005	$2,150	$2.14	25d	2	0.40mi
4539 Luxemburg Ct Lake Worth, FL	2.0	2.0	1005	$2,250	$2.24	25d	1	0.41mi
4539 Luxemburg Ct Lake Worth, FL	2.0	2.0	1027	$2,250	$2.19	6d	1	0.41mi
4469 Luxemburg Ct Lake Worth, FL	3.0	2.5	1502	$3,400	$2.26	25d	1	0.41mi
4557 Luxemburg Ct Lake Worth, FL	2.0	1.5	1065	$2,400	$2.25	25d	1	0.43mi
4575 Lucerne Lakes Blvd W #104 Lake Worth, FL	1.0	1.0	900	$1,275	$1.42	9d	1	0.43mi
4575 Lucerne Lakes Blvd W #104 Lake Worth, FL	1.0	1.0	900	$1,240	$1.38	13d	1	0.43mi
43 W Plumosa Ln Lake Worth, FL	1.0	1.0	1527	$2,100	$1.38	25d	1	0.46mi
4770 Fountains Dr S #303 Lake Worth, FL	2.0	2.0	1434	$2,200	$1.53	4d	1	0.58mi
4702 Fountains Dr S #207 Lake Worth, FL	2.0	2.5	1434	$2,600	$1.81	25d	1	0.59mi
4702 Fountains Dr S #207 Lake Worth, FL	2.0	2.5	1434	$2,600	$1.81	2d	1	0.59mi
4657 Fountains Dr S #206 Lake Worth, FL	1.0	1.0	882	$1,650	$1.87	13d	1	0.60mi
5172 Fountains Dr S Lake Worth, FL	2.0	2.0	1591	$2,400	$1.51	25d	1	0.65mi
4801 Esedra Ct Lake Worth, FL	2.0	2.0	1027	$2,075	$2.02	12d	2	0.70mi
4801 Esedra Ct #201 Lake Worth, FL	2.0	2.0	1005	$2,300	$2.29	25d	1	0.70mi
5592 1st Rd Lake Worth, FL	3.0	2.0	1693	$3,500	$2.07	5d	1	0.72mi
6909 Harbours Edge Ave Unit 6909 Greenacres, FL	3.0	2.5	1695	$3,000	$1.77	9d	1	0.73mi
6909 Harbours Edge Ave Unit 6909 Greenacres, FL	3.0	2.5	1695	$3,000	$1.77	25d	1	0.73mi
4345 Trevi Ct #204 Lake Worth, FL	2.0	2.0	1005	$2,100	$2.09	22d	1	0.74mi
4832 Esedra Ct #203 Lake Worth, FL	3.0	2.0	1225	$1,800	$1.47	25d	1	0.77mi
4832 Esedra Ct Lake Worth, FL	1.0–3.0	1.0–2.0	1026	$1,650	$1.61	4d	2	0.78mi
4266 Deste Ct #107 Greenacres, FL	2.0	2.0	978	$2,100	$2.15	25d	1	0.78mi
4329 Pond Lily Ln Unit 4329 Greenacres, FL	3.0	2.5	1690	$2,950	$1.75	23d	1	0.79mi
4360 Fountains Dr Lake Worth, FL	3.0	3.0	1600	$2,750	$1.72	25d	1	0.80mi
4373 Trevi Ct Lake Worth, FL	2.0	1.5	1080	$2,500	$2.31	19d	1	0.80mi
4125 Pine Branch Cir Lake Worth, FL	3.0	2.0	1786	$2,800	$1.57	25d	1	0.81mi
5586 3rd Rd Lake Worth, FL	3.0	2.0	1116	$3,250	$2.91	5d	1	0.81mi

HOA detail condo

• Monthly dues: $538 · $6,456/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $189,900 Active 137 DOM
2. 2026-06-18
   days on market $189,900 Active 134 DOM
3. 2026-06-17
   days on market $189,900 Active 133 DOM
4. 2026-06-16
   days on market $189,900 Active 132 DOM
5. 2026-06-15
   days on market $189,900 Active 131 DOM
6. 2026-06-13
   days on market $189,900 Active 129 DOM
7. 2026-06-09
   days on market $189,900 Active 125 DOM
8. 2026-06-07
   days on market $189,900 Active 123 DOM
9. 2026-06-04
   days on market $189,900 Active 120 DOM
10. 2026-06-03
    days on market $189,900 Active 119 DOM
11. 2026-06-01
    days on market $189,900 Active 117 DOM
12. 2026-05-31
    days on market $189,900 Active 116 DOM
13. 2026-02-04
    listed $189,900 Active
14. 2026-01-28
    historical $189,900
15. 2006-08-03
    soldstatus $142,500
16. 2006-07-28
    soldstatus $142,500 186-char remark

    Show marketing remark (186 chars)

    ABSOULTELY BEAUTIFUL CONDO-IMMACULATE-FURNISHED AND READY FOR A QUICK CLOSING, BEIGE CARPET, WHITE TILE, ENCLOSED SCREENED PATIO, NEW A/C IN2005-OVERLOOKS GOLF COURSE-SUPRA LBX-CALL L.O.

17. 2006-07-05
    historical 186-char remark

    Show marketing remark (186 chars)

    ABSOULTELY BEAUTIFUL CONDO-IMMACULATE-FURNISHED AND READY FOR A QUICK CLOSING, BEIGE CARPET, WHITE TILE, ENCLOSED SCREENED PATIO, NEW A/C IN2005-OVERLOOKS GOLF COURSE-SUPRA LBX-CALL L.O.

18. 2006-01-23
    listed $169,000 186-char remark

    Show marketing remark (186 chars)

    ABSOULTELY BEAUTIFUL CONDO-IMMACULATE-FURNISHED AND READY FOR A QUICK CLOSING, BEIGE CARPET, WHITE TILE, ENCLOSED SCREENED PATIO, NEW A/C IN2005-OVERLOOKS GOLF COURSE-SUPRA LBX-CALL L.O.

19. 2003-03-28
    soldstatus $87,000
20. 2003-01-13
    soldstatus $87,000 309-char remark

    Show marketing remark (309 chars)

    EXCELLENT CONDITION, LIGHT & BRIGHT, WHITE TILE IN ENTRY FLOWING INTO LARGE EAT IN KITCHEN, CARPET THROUGHOUT, LARGE UTILITY RM W/ FULL SIZE WASHER & DRYER, SCREENED PATIO W/ SLIDING GLASS ENCLOSURE AT BALCONY - - ADDING ADDITIONAL ROOM UNDER A/C! GOLF & POND VIEW, VERY ACTIVE 55 COMMUNITY.

21. 2002-12-14
    historical 309-char remark

    Show marketing remark (309 chars)

    EXCELLENT CONDITION, LIGHT & BRIGHT, WHITE TILE IN ENTRY FLOWING INTO LARGE EAT IN KITCHEN, CARPET THROUGHOUT, LARGE UTILITY RM W/ FULL SIZE WASHER & DRYER, SCREENED PATIO W/ SLIDING GLASS ENCLOSURE AT BALCONY - - ADDING ADDITIONAL ROOM UNDER A/C! GOLF & POND VIEW, VERY ACTIVE 55 COMMUNITY.

22. 2002-12-12
    listed $89,500 309-char remark

    Show marketing remark (309 chars)

    EXCELLENT CONDITION, LIGHT & BRIGHT, WHITE TILE IN ENTRY FLOWING INTO LARGE EAT IN KITCHEN, CARPET THROUGHOUT, LARGE UTILITY RM W/ FULL SIZE WASHER & DRYER, SCREENED PATIO W/ SLIDING GLASS ENCLOSURE AT BALCONY - - ADDING ADDITIONAL ROOM UNDER A/C! GOLF & POND VIEW, VERY ACTIVE 55 COMMUNITY.

23. 1993-04-01
    soldstatus $77,000

ⓘ 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: $2,589 · $216/mo
• Projected year-2 tax: $2,589 · $216/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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,204
• − Mortgage interest: −$10,637
• − Property taxes: −$2,589
• − Insurance: −$950
• − Repairs & maintenance: −$2,096
• − Management: −$2,096
• − HOA: −$6,456
• − Depreciation: −$5,524
• Taxable loss: −$4,146
• Est. tax savings @ 24.0%: +$995
• After-tax cash flow: $-249/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 — Greenacres

• Score: 69/100
• State rank: #490
• US rank: #9008

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Palm Beach County · 1,438,312 people
• City population: 65,478
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 58,411
• Household income: $95,739
• Rent vs Own: 13.6% rent · 86.4% own
• Severe rent burden: 960.0

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 0.59)
• Race & ethnicity: White 59% Hispanic / Latino 22% Two or more races 13% Black 10% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Cuban 4% Dominican 2%
• Common ancestry: Romanian 4% Scotch-Irish 3% Hispanic 3%
• Foreign-born: 24% · Canada, Jamaica, Vietnam
• Languages at home: 71% English-only · Spanish 17% French/Haitian/Cajun 5% Other Indo-European 3%

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: ▼ -288.94%
• Current HPI: 343.7738
• Rent YoY: ▼ -0.40%
• 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

+146.6% since first listed

11 events — show timeline

• 2026-02-04 Listed $189,900 Beaches MLS
• 2026-01-28 Coming Soon $189,900 Beaches MLS
• 2006-08-03 Sold (Public Records) $142,500 Public Records
• 2006-07-28 Sold (MLS) $142,500 Beaches MLS
• 2006-07-05 Listing Removed — Beaches MLS
• 2006-01-23 Listed $169,000 Beaches MLS
• 2003-03-28 Sold (Public Records) $87,000 Public Records
• 2003-01-13 Sold (MLS) $87,000 Beaches MLS
• 2002-12-14 Listing Removed — Beaches MLS
• 2002-12-12 Listed $89,500 Beaches MLS
• 1993-04-01 Sold (Public Records) $77,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $2,589 · +1.2% YoY. Source: county tax records.