2227 SE Letha Ct · Stuart, FL 34994

$159,900

2 bd · 2.0 ba · 876 sqft · Condo public records · 15 Days on market

Built 1977 $557/mo HOA · 28% of rent

---

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 +9.7/30.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Schools +4.5/10.0
• Livability +4.2/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Available for under $200,000, welcome home to this well-maintained 2BR/2BA condo located in the established Kingman Acres community in Stuart. This ALL AGE community offers a fantastic opportunity to enjoy the Florida lifestyle at an affordable price. Great central location close to Downtown Stuart, beaches, shopping, restaurants, & medical facilities. Spacious layout featuring tile flooring throughout, generous closet space, & new washer & dryer. Excellent potential for seasonal or year-round living. Enjoy the charm of this established community & convenient Florida lifestyle. Roof 2016.

Key facts

• New washer dryer
• Central location
• Tile flooring

Tags

• WELL MAINTAINED
• ESTABLISHED COMMUNITY
• CENTRAL LOCATION
• TILE FLOORING
• GENEROUS CLOSET SPACE
• NEW WASHER DRYER

Property features AI

Finance

• Financial info: Pet restrictions and limits apply
• HOA & community: Homeowners association; Association fee of $557; Association covers common areas, insurance, grounds maintenance, structure maintenance, road maintenance, sewer and water; Community clubhouse; Non-gated community; Community pool

Exterior

• Parking: Assigned parking; Guest parking
• Utilities: Cable available; Electricity available; Public water (connected); Public sewer (connected); Trash collection
• Home design: Single-story; Resale property; Barrel roof; Facing direction not specified
• Construction: Block and concrete construction
• Exterior features: Porch; Screened porch; Community pool; Has view; Paved road

Interior

• Kitchen: Built-In Oven; Dishwasher; Microwave; Refrigerator
• Bedrooms: 2 possible bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Furnished; Living/Dining room; Tile flooring
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $-105 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (9.5% below list).
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $145k (9.5% below list) — sets the bar for cash-flow.
• Cap rate 5.5% vs local median 4.1% in Stuart — 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 84/100 on livability (#39 in FL, #790 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-, employment C-, amenities D.
• Martin (suburban): math 52% / reading 53% proficiency, ranked #24 of 73 in FL (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-0.7%/yr); 256 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 737 units permitted in Martin County in 2024 (167 in 5+ unit buildings).
• This rent runs 38% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Martin County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $42k; list at $160k implies a 281% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.
• Climate carrying-cost: major flood risk; 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 $144,765 (9.5% 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. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
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: 1.23% ✓
• Cap rate: 5.51%
• Cash-on-cash: -2.80%
• DSCR: 0.88
• GRM: 6.8

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: -26.1%
• Equity multiple: 0.15×
• Total profit: $-37,978
• Equity at exit: $23,842

10-year hold

• IRR: -51.1%
• Equity multiple: -0.40×
• Total profit: $-62,465
• Equity at exit: $13,825

Cash invested: $44,772 (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 34994

• Home prices YoY: -27.1%
• Rents YoY: -0.7%
• Active inventory: 256
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,971 high
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,398/yr
• Insurance: −$67
• HOA: −$557
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $-105

Break-even live

Break-even rent $2,104

Max offer price $144,765

Occupancy floor —

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1215 SE Glenwood Dr Stuart, FL	2.0	2.0	1089	$1,859	$1.71	14d	10	0.09mi
2124 SE Edler Dr Stuart, FL	2.0	2.0	876	$1,800	$2.05	23d	1	0.20mi
2118 SE Edler Dr Unit B Stuart, FL	2.0	2.0	876	$1,995	$2.28	23d	1	0.21mi
2104 SE Edler Dr Stuart, FL	1.0	1.0	726	$1,500	$2.07	23d	1	0.24mi
3031 SE Aster Ln Unit 608 Stuart, FL	2.0	2.0	1019	$1,870	$1.84	23d	1	0.34mi
3151 SE Aster Ln #1306 Stuart, FL	2.0	2.0	1034	$1,800	$1.74	23d	1	0.35mi
1290 SE Parkview Pl Unit A2 Stuart, FL	2.0	2.0	1021	$1,800	$1.76	21d	1	0.46mi
3302 SE Aster Ln Stuart, FL	2.0	2.0	888	$1,900	$2.14	23d	1	0.49mi
801 SE Central Pkwy #7 Stuart, FL	2.0	2.0	1046	$2,150	$2.06	14d	1	0.67mi
3250 SE Commerce Ave Stuart, FL	1.0–2.0	1.0–2.0	746	$2,206	$2.96	14d	28	0.94mi
400 SE Central Pkwy Stuart, FL	1.0–2.0	1.0–2.0	918	$2,640	$2.87	14d	16	0.96mi
3003 SE Birch Ave Unit 3007 Stuart, FL	2.0	1.0	950	$2,200	$2.32	23d	1	1.02mi
3002 SE Camino Ave Stuart, FL	2.0	1.0	930	$2,000	$2.15	23d	1	1.11mi
2600 S Kanner Hwy Stuart, FL	1.0–2.0	1.5–2.0	890	$1,950	$2.19	14d	3	1.16mi
3800 S Kanner Hwy Stuart, FL	3.0	1.0–2.0	970	$2,604	$2.68	14d	21	1.22mi
4284 SE Cove Lake Cir Stuart, FL	1.0	1.0	719	$1,815	$2.52	23d	1	1.24mi
1900 S Kanner Hwy Unit 2-203 Stuart, FL	2.0	2.0	1086	$1,800	$1.66	14d	1	1.35mi
2934 SE Ellendale St Stuart, FL	2.0	2.0	900	$2,000	$2.22	14d	1	1.37mi
917 SE Nassau Ave Stuart, FL	2.0	1.0	832	$3,800	$4.57	23d	1	1.38mi
917 SE Nassau Ave Stuart, FL	2.0	1.0	832	$1,900	$2.28	21d	1	1.38mi
906 SE Tarpon Ave Unit B Stuart, FL	1.0	1.0	600	$1,350	$2.25	23d	1	1.39mi
3129 SE Indian St #3 Stuart, FL	2.0	1.5	986	$2,300	$2.33	23d	1	1.49mi

HOA detail condo

• Monthly dues: $557 · $6,684/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-18
   days on market $159,900 Active 15 DOM
2. 2026-06-17
   days on market $159,900 Active 14 DOM
3. 2026-06-16
   days on market $159,900 Active 13 DOM
4. 2026-06-15
   days on market $159,900 Active 12 DOM
5. 2026-06-14
   days on market $159,900 Active 10 DOM
6. 2026-06-13
   days on market $159,900 Active 9 DOM
7. 2026-06-10
   days on market $159,900 Active 7 DOM
8. 2026-06-09
   days on market $159,900 Active 6 DOM
9. 2026-06-08
   days on market $159,900 Active 5 DOM
10. 2026-06-07
    days on market $159,900 Active 4 DOM
11. 2026-06-03
    remarks 601-char remark
12. 2026-06-03
    listed $159,900 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,657
• − Mortgage interest: −$8,957
• − Property taxes: −$2,398
• − Insurance: −$800
• − Repairs & maintenance: −$1,893
• − Management: −$1,893
• − HOA: −$6,684
• − Depreciation: −$4,652
• Taxable loss: −$3,618
• Est. tax savings @ 24.0%: +$868
• After-tax cash flow: $-387/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: Martin
• NCES district ID: 1201290
• Math proficiency: 52% ▼ -14.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $52,482
• Composite: 45.1/100
• National rank: #2690
• State rank: #24 of 73 in FL

Livability — Stuart

• Score: 84/100
• State rank: #39
• US rank: #790

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Stuart, FL
• County: Martin County · 165,223 people
• City population: 65,812
• Metro: Port St. Lucie, FL
• Population (ZIP): 18,737
• Household income: $62,533
• Rent vs Own: 42.1% rent · 57.9% own
• Severe rent burden: 1408.0

Population outlook (Martin County) Hauer SSP2

• Today (2025): 172,383 people
• By 2030: 180,192 · +4.5%
• By 2040: 194,114 · +12.6%
• By 2050: 204,992 · +18.9%
• By 2075: 229,641 · +33.2%
• By 2100: 232,146 · +34.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 21% Two or more races 12% Black 11%
• Hispanic origin (detail): Mexican 6% Puerto Rican 5% Cuban 1%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 12% · Canada
• Languages at home: 80% English-only · Spanish 16% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Martin

• 2024 margin: Solid R (+31.1) · D 34.1% · R 65.2%
• 2008→2024 swing: -17.5pp toward R · 2008: -13.6pp · 2024: -31.1pp
• All cycles: 2024: R+31.1 2020: R+24.6 2016: R+26.9 2012: R+22.9 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -130.08%
• Current HPI: 349.7061
• Rent YoY: ▼ -0.69%
• Metro: Port St. Lucie, 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

+301.8% since first listed

5 events — show timeline

• 2026-06-03 Listed $159,900 MCRTC
• 2009-06-29 Sold (Public Records) $42,000 Public Records
• 2004-02-20 Sold (Public Records) $72,500 Public Records
• 1989-04-07 Sold (Public Records) $43,000 Public Records
• 1979-11-01 Sold (Public Records) $39,800 Public Records

Property tax history

+3.4%/yr

Latest (2025): $258 · +6.4% YoY. Source: county tax records.