6978 SE Delegate St · Hobe Sound, FL 33455

$140,000

2 bd · 2.0 ba · 1,292 sqft · Manufactured public records · 5 Days on market

Built 1986 5,000 sqft lot Est $225k · 38% under $120/mo HOA · 5% of rent

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very well maintained 2 Bedrm/2 Bath Manf home in Cambridge 55+ Community in Hobe Sound. This home is in Section 1 of Cambridge where you are allowed to park your RV or Boat on the lot. Ceramic tile in most areas, Vinyl plank flooring in Master Bedrm & carpet in 2nd bedrm. Large open living room w breakfast bar, china cabinet in dining rm & extra glassed in shelves. This home has many extras ie Built in desk area, indoor laundry room w loads of storage, dressing table area in Master w lighting, newer ceramic tile step in shower & large walk-in closet. The 2nd Bedrm is also a good size w a walk-in closet. The screened lanai has ceramic tile flooring & door to the shed/workshop. New A/C OCT 2017. Very active community, minutes to ocean beaches & boat ramp. YOU OWN THE LAND - ALL PETS WELCOME!

Key facts

• Boats allowed
• Rvs allowed
• Pet friendly

Tags

• PET FRIENDLY
• RVS ALLOWED
• BOATS ALLOWED
• TILE AND VINYL PLANK FLOORING
• LARGE INTERIOR LAUNDRY ROOM
• ABUNDANT STORAGE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $844 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Cap rate 13.5% vs local median 3.5% in Hobe Sound — 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 69/100 on livability (#497 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: employment C-, amenities F, commute F.
• 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 rising (+1.8%/yr); 279 active listings in the ZIP; 21 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 43% of the median local income ($70k/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 $968 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 1.8% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 12y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,000

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.81% ✓
• Cap rate: 13.53%
• Cash-on-cash: 25.83%
• DSCR: 2.15
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $224,808
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8031 SE Homestead Ave	0.17mi	2/2.0	1,322 (+2%)	1mo	$169,000	$128	87
7955 SE Independence Ave	0.23mi	2/2.0	1,279 (-1%)	1mo	$234,500	$183	87
8004 SE Saratoga Dr	0.24mi	2/2.0	1,298 (+0%)	3mo	$240,000	$185	85
7850 SE Shenandoah Dr	0.34mi	2/2.0	1,293 (+0%)	2mo	$210,000	$162	82
7107 SE Seahawk St	0.27mi	2/2.0	1,236 (-4%)	1mo	$215,000	$174	79
8508 SE Swan Ave	0.36mi	2/2.0	1,248 (-3%)	0mo	$195,000	$156	77
8199 SE Eagle Ave	0.23mi	3/2.0 (+1)	1,358 (+5%)	3mo	$260,000	$191	73
7338 SE Redbird Cir	0.29mi	3/2.0 (+1)	1,224 (-5%)	1mo	$202,000	$165	72
7148 SE Seahawk St	0.31mi	3/2.0 (+1)	1,180 (-9%)	2mo	$205,000	$174	65
7829 SE Eagle Ave	0.34mi	2/2.0	1,152 (-11%)	2mo	$207,000	$180	65
7874 SE Saratoga Dr	0.36mi	2/2.0	1,485 (+15%)	1mo	$225,000	$152	58
7660 SE Shenandoah Dr SE	0.55mi	2/2.0	1,475 (+14%)	2mo	$236,000	$160	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.8% rent growth · sell at horizon

5-year hold

• IRR: 18.1%
• Equity multiple: 1.72×
• Total profit: $28,185
• Equity at exit: $20,874

10-year hold

• IRR: 25.6%
• Equity multiple: 3.10×
• Total profit: $82,257
• Equity at exit: $12,105

Cash invested: $39,200 (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 33455

• Rents YoY: 1.8%
• Active inventory: 279
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,537 high
• Mortgage (P&I): −$734
• Tax from tax record: −$248 /mo · $2,974/yr
• Insurance: −$58
• HOA: −$120
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $844

Break-even live

Break-even rent $1,469

Max offer price $140,000

Occupancy floor 62%

Sensitivity live

Price	-10% $923	-5% $883	+0% $844	+5% $804	+10% $765
Rent	-10% $643	-5% $744	+0% $844	+5% $944	+10% $1,044
Rate	-1.0pp $914	-0.5pp $879	base $844	+0.5pp $808	+1.0pp $771

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7030 SE Ridgeway Ter Hobe Sound, FL	3.0	2.0	1296	$2,500	$1.93	24d	1	0.19mi
8002 SE Skylark Ave Hobe Sound, FL	3.0	2.0	990	$2,000	$2.02	24d	1	0.32mi
7894 SE Saratoga Dr Hobe Sound, FL	2.0	2.0	1248	$2,100	$1.68	24d	1	0.35mi
7568 SE Swan Ave Hobe Sound, FL	2.0	2.0	1052	$2,300	$2.19	24d	1	0.56mi
7607 SE Hobe Ter Hobe Sound, FL	2.0	2.0	1156	$2,200	$1.90	14d	1	0.59mi
7462 SE Jamestown Ter Hobe Sound, FL	2.0	2.0	1384	$2,500	$1.81	24d	1	0.68mi
7442 SE Jamestown Ter Hobe Sound, FL	2.0	2.0	1384	$1,800	$1.30	24d	1	0.73mi
8350 SE Sweetbay Dr Hobe Sound, FL	2.0	2.0	1606	$3,500	$2.18	24d	1	0.76mi
7445 SE Independence Ave Hobe Sound, FL	2.0	2.0	1198	$1,900	$1.59	24d	1	0.76mi
8905 SE Sandy Ln Hobe Sound, FL	2.0	2.0	1006	$1,850	$1.84	24d	1	0.77mi
8997 SE Sandy Ln Hobe Sound, FL	2.0	1.0	900	$2,000	$2.22	24d	1	0.84mi
9073 SE Hobe Ridge Ave Hobe Sound, FL	2.0	2.0	1029	$2,100	$2.04	14d	1	0.92mi
6024 SE Crooked Oak Ave Hobe Sound, FL	3.0	2.0	1800	$3,200	$1.78	24d	1	0.98mi
8014 SE Carlton St Hobe Sound, FL	3.0	2.0	1463	$3,500	$2.39	24d	1	1.12mi
6215 SE Georgetown Pl Hobe Sound, FL	2.0	2.0	1202	$2,600	$2.16	24d	1	1.13mi
6845 SE Bunker Hill Dr Hobe Sound, FL	2.0	2.0	1552	$3,500	$2.26	14d	1	1.15mi
9650 SE Eagle Ave Hobe Sound, FL	2.0	2.0–2.5	1241	$2,330	$1.88	24d	5	1.34mi
8455 SE Palm St Hobe Sound, FL	2.0	2.0	1423	$4,700	$3.30	14d	1	1.37mi
9627 Crest Ct Hobe Sound, FL	2.0	2.0	1400	$2,500	$1.79	14d	1	1.44mi
8585 SE Palm St Hobe Sound, FL	2.0	2.0	1304	$10,000	$7.67	14d	1	1.46mi
8585 SE Palm St Hobe Sound, FL	2.0	2.0	1304	$10,000	$7.67	24d	1	1.46mi

HOA detail

• Monthly dues: $120 · $1,440/yr

Listing history 26 events

1. 2026-03-11
   status Pending
2. 2025-11-21
   status Pending
3. 2025-11-14
   listed $140,000 Active
4. 2025-03-24
   historical
5. 2025-03-24
   historical $1,900
6. 2025-02-21
   listed $1,900
7. 2025-01-14
   historical $1,800
8. 2024-11-21
   listed $1,800
9. 2024-09-20
   price $210,000
10. 2024-08-23
    listed $225,000 Active
11. 2024-08-22
    historical
12. 2023-06-08
    soldstatus $216,000
13. 2023-05-26
    soldstatus $216,000 Closed 820-char remark

    Show marketing remark (820 chars)

    Very well maintained 2 Bedrm/2 Bath Manf home in Cambridge 55+ Community in Hobe Sound. This home is in Section 1 of Cambridge where you are allowed to park your RV or Boat on the lot. Ceramic tile in most areas, Vinyl plank flooring in Master Bedrm & carpet in 2nd bedrm. Large open living room w breakfast bar, china cabinet in dining rm & extra glassed in shelves. This home has many extras ie Built in desk area, indoor laundry room w loads of storage, dressing table area in Master w lighting, newer ceramic tile step in shower & large walk-in closet. The 2nd Bedrm is also a good size w a walk-in closet. The screened lanai has ceramic tile flooring & door to the shed/workshop. New A/C OCT 2017. Very active community, minutes to ocean beaches & boat ramp. YOU OWN THE LAND - ALL PETS WELCOME!

14. 2023-03-17
    historical Active Under Contract 820-char remark

    Show marketing remark (820 chars)

    Very well maintained 2 Bedrm/2 Bath Manf home in Cambridge 55+ Community in Hobe Sound. This home is in Section 1 of Cambridge where you are allowed to park your RV or Boat on the lot. Ceramic tile in most areas, Vinyl plank flooring in Master Bedrm & carpet in 2nd bedrm. Large open living room w breakfast bar, china cabinet in dining rm & extra glassed in shelves. This home has many extras ie Built in desk area, indoor laundry room w loads of storage, dressing table area in Master w lighting, newer ceramic tile step in shower & large walk-in closet. The 2nd Bedrm is also a good size w a walk-in closet. The screened lanai has ceramic tile flooring & door to the shed/workshop. New A/C OCT 2017. Very active community, minutes to ocean beaches & boat ramp. YOU OWN THE LAND - ALL PETS WELCOME!

15. 2023-02-17
    status Active 820-char remark

    Show marketing remark (820 chars)

    Very well maintained 2 Bedrm/2 Bath Manf home in Cambridge 55+ Community in Hobe Sound. This home is in Section 1 of Cambridge where you are allowed to park your RV or Boat on the lot. Ceramic tile in most areas, Vinyl plank flooring in Master Bedrm & carpet in 2nd bedrm. Large open living room w breakfast bar, china cabinet in dining rm & extra glassed in shelves. This home has many extras ie Built in desk area, indoor laundry room w loads of storage, dressing table area in Master w lighting, newer ceramic tile step in shower & large walk-in closet. The 2nd Bedrm is also a good size w a walk-in closet. The screened lanai has ceramic tile flooring & door to the shed/workshop. New A/C OCT 2017. Very active community, minutes to ocean beaches & boat ramp. YOU OWN THE LAND - ALL PETS WELCOME!

16. 2023-01-23
    historical Active Under Contract 820-char remark

    Show marketing remark (820 chars)

    Very well maintained 2 Bedrm/2 Bath Manf home in Cambridge 55+ Community in Hobe Sound. This home is in Section 1 of Cambridge where you are allowed to park your RV or Boat on the lot. Ceramic tile in most areas, Vinyl plank flooring in Master Bedrm & carpet in 2nd bedrm. Large open living room w breakfast bar, china cabinet in dining rm & extra glassed in shelves. This home has many extras ie Built in desk area, indoor laundry room w loads of storage, dressing table area in Master w lighting, newer ceramic tile step in shower & large walk-in closet. The 2nd Bedrm is also a good size w a walk-in closet. The screened lanai has ceramic tile flooring & door to the shed/workshop. New A/C OCT 2017. Very active community, minutes to ocean beaches & boat ramp. YOU OWN THE LAND - ALL PETS WELCOME!

17. 2023-01-16
    listed $219,900 Active 820-char remark

    Show marketing remark (820 chars)

    Very well maintained 2 Bedrm/2 Bath Manf home in Cambridge 55+ Community in Hobe Sound. This home is in Section 1 of Cambridge where you are allowed to park your RV or Boat on the lot. Ceramic tile in most areas, Vinyl plank flooring in Master Bedrm & carpet in 2nd bedrm. Large open living room w breakfast bar, china cabinet in dining rm & extra glassed in shelves. This home has many extras ie Built in desk area, indoor laundry room w loads of storage, dressing table area in Master w lighting, newer ceramic tile step in shower & large walk-in closet. The 2nd Bedrm is also a good size w a walk-in closet. The screened lanai has ceramic tile flooring & door to the shed/workshop. New A/C OCT 2017. Very active community, minutes to ocean beaches & boat ramp. YOU OWN THE LAND - ALL PETS WELCOME!

18. 2016-01-11
    price $68,101
19. 2014-06-04
    soldstatus $68,200
20. 2014-05-19
    soldstatus $68,101
21. 2014-05-19
    price $70,000
22. 2014-05-12
    soldstatus $112,500
23. 2014-05-03
    historical
24. 2014-01-16
    listed $70,000
25. 2014-01-16
    listed $70,000
26. 2004-03-17
    soldstatus $100,000

ⓘ 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: $2,974 · $248/mo
• Projected year-2 tax: $2,974 · $248/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 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 24 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: $30,442
• − Mortgage interest: −$7,842
• − Property taxes: −$2,974
• − Insurance: −$700
• − Repairs & maintenance: −$2,435
• − Management: −$2,435
• − HOA: −$1,440
• − Depreciation: −$4,073
• Taxable income: $8,543
• Est. tax owed @ 24.0%: −$2,050
• After-tax cash flow: $8,075/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 — Hobe Sound

• Score: 69/100
• State rank: #497
• US rank: #8763

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hobe Sound, FL
• County: Martin County · 165,223 people
• City population: 20,018
• Metro: Port St. Lucie, FL
• Population (ZIP): 20,018
• Household income: $70,389
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 317.0

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: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 8% Two or more races 6% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 3% Dominican 1%
• Common ancestry: Romanian 5% Italian 2% Slovak 2%
• Foreign-born: 8% · Canada
• Languages at home: 91% English-only · Spanish 6% 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: ▼ -287.05%
• Current HPI: 356.7273
• Rent YoY: ▲ 1.80%
• 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

+40.0% since first listed

26 events — show timeline

• 2026-03-11 Pending — Beaches MLS
• 2025-11-21 Pending — Beaches MLS
• 2025-11-14 Listed $140,000 Beaches MLS
• 2025-03-24 Listing Removed — Beaches MLS
• 2025-03-24 Rental Removed $1,900 RMLSFL
• 2025-02-21 Listed for Rent $1,900 RMLSFL
• 2025-01-14 Rental Removed $1,800 RMLSFL
• 2024-11-21 Listed for Rent $1,800 RMLSFL
• 2024-09-20 Price Changed $210,000 Beaches MLS
• 2024-08-23 Listed $225,000 Beaches MLS
• 2024-08-22 Coming Soon — Beaches MLS
• 2023-06-08 Sold (Public Records) $216,000 Public Records
• 2023-05-26 Sold (MLS) $216,000 Beaches MLS
• 2023-03-17 Contingent — Beaches MLS
• 2023-02-17 Relisted — Beaches MLS
• 2023-01-23 Contingent — Beaches MLS
• 2023-01-16 Listed $219,900 Beaches MLS
• 2016-01-11 Price Changed $68,101 MCRTC
• 2014-06-04 Sold (Public Records) $68,200 Public Records
• 2014-05-19 Price Changed $70,000 MCRTC
• 2014-05-19 Sold (MLS) $68,101 MCRTC
• 2014-05-12 Sold (MLS) $112,500 Beaches MLS
• 2014-05-03 Listing Removed — Beaches MLS
• 2014-01-16 Listed $70,000 MCRTC
• 2014-01-16 Listed $70,000 Beaches MLS
• 2004-03-17 Sold (Public Records) $100,000 Public Records

Property tax history

+15.4%/yr

Latest (2025): $2,974 · +2.3% YoY. Source: county tax records.