423 Glenwood Dr · Gun Club Estates, FL 33415

$199,000

3 bd · 2.0 ba · 1,160 sqft · Condo public records · 8 Days on market

Built 1981 $569/mo HOA · 20% of rent

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Why this score? — see what drove the C 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 +20.7/30.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Schools +4.3/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* INVESTOR SPECIAL * All Ages 3/2 single story Corner Unit ''Villa Style'' condo * vaulted ceiling * washer & dryer * covered and screened patio * Two Pets Allowed Per Unit - 50lbs Max combined or 35lbs Max For One * Two Parking Spaces * Water/sewer, trash removal and roof maintenance included in condo dues * Close to Shopping, Dining, Entertainment * Tenant Occupied through June 21, 2021 * Do not disturb tenants * Purchase subject to Lease @ $1100/mth ends June 21, 2021 * 25% Down Req'd * Investors: Able To Rent Right Away- No Wait Period! * All offers to be submitted NO LATER THAN 11am EST on Monday, April 26, 2021. Multiple offers expected. Recommend submitting strong offer up front. Seller may not counter offer. Dimensions are Approximate, Buyer to Verify all Information.

Key facts

• Ample screened patio
• Two parking spaces
• Walk-in closets

Tags

• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• WALK-IN CLOSETS
• AMPLE SCREENED PATIO
• TWO PARKING SPACES

Property features AI

Finance

• HOA & community: Community of 76 units; Monthly HOA fee (paid monthly) includes grounds maintenance, trash, water and common area upkeep; Association amenities include parking and sidewalks; Pets allowed (limits on number and size)

Exterior

• Parking: Assigned open parking; Two parking spaces
• Utilities: Public water; Public sewer; Water connected
• Home design: Condominium; Single-story; Entry level living area; South-facing
• Construction: Concrete construction; Shingle roof; Building constructed as unit 423
• Exterior features: Covered patio; Screened patio; Patio; Waterfront location

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator; Electric water heater
• Bedrooms: One bedroom on the main level
• Flooring: Tile floors
• Bathrooms: Two full bathrooms, one located on the main level
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fans
• Interior features: Cathedral ceilings; Walk-in closets
• Laundry & utility: In-unit laundry with washer hookup; Laundry closet inside the unit

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $199k.

Deal economics

• At list price, monthly cash flow is $269 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).

Location & tenants

• Location reads 74/100 on livability (#279 in FL, #4,489 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: 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: Melaleuca Elementary School (math 32% / reading 37%, grade F, #1,709 of 2,144 statewide, top 81%, 537 students, 72% FRL); John I. Leonard High School (math 17% / reading 35%, grade F, #494 of 667 statewide, top 75%, 3,549 students, 67% FRL) — zoned schools average 69% FRL vs 52% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 30% at this address vs 50% district-wide (-19 pts) — the specific schools serving this property underperform the Palm Beach average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-1.6%/yr); 314 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $2,837/mo this rent would consume 56% of the median local household income ($61k/yr) (locally 2254% 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 $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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 5y 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 $140k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $199,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.43% ✓
• Cap rate: 7.91%
• Cash-on-cash: 5.78%
• DSCR: 1.26
• GRM: 5.8

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: -11.9%
• Equity multiple: 0.59×
• Total profit: $-23,047
• Equity at exit: $29,672

10-year hold

• IRR: -10.3%
• Equity multiple: 0.49×
• Total profit: $-28,513
• Equity at exit: $17,206

Cash invested: $55,720 (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 33415

• Rents YoY: -1.6%
• Active inventory: 314
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,837 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$278 /mo · $3,331/yr
• Insurance: −$83
• HOA: −$569
• Vacancy / Maint / Mgmt: −$596
• Net cashflow: $269

Break-even live

Break-even rent $2,498

Max offer price $199,000

Occupancy floor 86%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1148 Summit Trail Cir Unit D West Palm Beach, FL	3.0	2.0	1332	$3,100	$2.33	15d	1	0.88mi
1051 Summit Place Cir Unit D West Palm Beach, FL	3.0	2.0	1332	$2,600	$1.95	24d	1	0.97mi
5360 Kim Ct West Palm Beach, FL	3.0	2.0	1407	$3,100	$2.20	24d	1	1.21mi
1364 Climbing Rose Ln West Palm Beach, FL	3.0	2.0	1492	$2,700	$1.81	24d	1	1.23mi
663 White Water Dr West Palm Beach, FL	3.0	2.0	1400	$2,800	$2.00	24d	1	1.44mi
759 Caroline Ave West Palm Beach, FL	4.0	2.0	1337	$3,000	$2.24	24d	1	1.49mi

HOA detail condo

• Monthly dues: $569 · $6,828/yr
• Likely covers: watersewertrashroof
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-18
   days on market $199,000 Active 8 DOM
2. 2026-06-17
   days on market $199,000 Active 7 DOM
3. 2026-06-16
   days on market $199,000 Active 6 DOM
4. 2026-06-15
   days on market $199,000 Active 5 DOM
5. 2026-06-13
   remarks 400-char remark
6. 2026-06-13
   listed $199,000 Active 3 DOM

ⓘ 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: $3,331 · $278/mo
• Projected year-2 tax: $3,331 · $278/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 6 d/yr ≥105°F today · 21 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: $34,050
• − Mortgage interest: −$11,147
• − Property taxes: −$3,331
• − Insurance: −$995
• − Repairs & maintenance: −$2,724
• − Management: −$2,724
• − HOA: −$6,828
• − Depreciation: −$5,789
• Taxable income: $512
• Est. tax owed @ 24.0%: −$123
• After-tax cash flow: $3,100/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 — Gun Club Estates

• Score: 74/100
• State rank: #279
• US rank: #4489

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Palm Beach County · 1,438,312 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 54,581
• Household income: $61,274
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 2254.0

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 0.63)
• Race & ethnicity: Hispanic / Latino 53% Two or more races 26% White 21% Black 21% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 6% Cuban 14% Dominican 2% Salvadoran 1%
• Common ancestry: Hispanic 9% Romanian 1% Lithuanian 1%
• Foreign-born: 44% · Canada, Jamaica, Dominican Republic
• Languages at home: 40% English-only · Spanish 49% 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: ▼ -400.29%
• Current HPI: 413.9695
• Rent YoY: ▼ -1.64%
• 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

+362.8% since first listed

11 events — show timeline

• 2026-06-10 Listed $199,000 Beaches MLS
• 2025-11-07 Rental Removed $2,200 RMLSFL
• 2025-09-10 Listed for Rent $2,200 RMLSFL
• 2021-06-02 Sold (Public Records) $140,000 Public Records
• 2021-05-27 Sold (MLS) $140,000 Beaches MLS
• 2021-05-15 Pending — Beaches MLS
• 2021-04-29 Contingent — Beaches MLS
• 2021-04-19 Listed $125,000 Beaches MLS
• 2021-04-17 Coming Soon $125,000 Beaches MLS
• 2005-04-04 Sold (Public Records) $113,000 Public Records
• 1993-06-14 Sold (Public Records) $43,000 Public Records

Property tax history

+10.4%/yr

Latest (2025): $3,331 · +13.7% YoY. Source: county tax records.