1607 Laurel Leaf Ln Unit B

Fort Pierce, FL 34950

$190,000D

3 bd · 2.0 ba · 1,411 sqft · Built 1985 · SingleFamily · Active · 136 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,917/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$317
• HOA: −$480
• Vac / Maint / Mgmt: −$403
• Net cashflow: $-279/mo
• Annual: $-3,345/yr
• Cap rate: 4.53%
• Cash-on-cash: -6.29%
• DSCR: 0.72
• 1% rule: 1.01%
• Cash to close: $53,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $190k. Condition is rated good.
• At list price, monthly cash flow is $-279 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $150k (21.2% below list).
• Meets the 1% rule at list price ($2k rent vs $190k).
• It's been on market 136 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (21.2% below list) — sets the bar for cash-flow.
• 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.
• Location reads 76/100 on livability (#226 in FL, #3,360 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, amenities F, employment F.
• St. Lucie (urban): math 40% / reading 48% proficiency, ranked #51 of 73 in FL (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: St. Lucie West K-8 School (math 49% / reading 55%, grade C-, #990 of 2,144 statewide, top 48%, 1,601 students, 63% FRL); Dan Mccarty Middle School (math 23% / reading 23%, grade F, #542 of 571 statewide, top 95%, 747 students, 88% FRL); Fort Pierce Westwood Academy The W.E.S.T. Prep Magnet (math 16% / reading 36%, grade F, #494 of 667 statewide, top 75%, 2,010 students, 75% FRL) — zoned schools average 76% FRL vs 59% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 25% of rent.
• Market conditions: Rents rising fast (+5.9%/yr); 224 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 4,868 units permitted in St. Lucie County in 2024 (268 in 5+ unit buildings).
• St. Lucie County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $1,917/mo this rent would consume 76% of the median local household income ($30k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 136 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is D 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?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Slight wear and tear visible.
• Minor: Kitchen countertops — Slight wear and tear visible.
• Minor: Bathroom fixtures — Slight wear and tear visible.
• Minor: Bathroom tile — Slight wear and tear visible.