16398 SW Two Wood Way · Indiantown, FL 34956

$44,900

2 bd · 2.0 ba · 1,613 sqft · Condo public records · 560 Days on market

Built 1991 $28/sqft · 99% above area ↓ 41% since listing

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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 +15.0/30.0
• Appreciation +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.5/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This fully upgraded home offers formal living & dining spaces, a modern kitchen with stainless steel appliances, a large center island with slide-out seating, and a walk-in pantry. Enjoy a cool drink at the bar with lounge seating or relax on wood laminate floors that flow throughout. The laundry room includes a linen closet and guest bath access. The spa-inspired main bathroom pairs perfectly with the main bedroom’s two closets, while the guest bath features a tub/shower combo and skylight for natural light. Lot rent covers lawn care, recreational facilities, common areas, Internet, TV and onsite management in this vibrant 55+ community. Amenities include 2 pools, a recreation center, fitness room, tennis courts, shuffleboard, bocce ball & pickleball. A public golf course w/ pro shop and restaurant offering indoor and outdoor seating, a full liquor license, and stunning golf course and lake views are nearby. Pet friendly, 55+ community. unfurnished. Land lease $1,304.00 a month.

Key facts

• 5,009 sq ft lot
• 2 parking spots
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $45k.

Deal economics

• At list price, monthly cash flow is $365 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.0% vs local median 10.9% in Indiantown — 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 59/100 on livability (#829 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, 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: 135 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 737 units permitted in Martin County in 2024 (167 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($310 loan paydown + $3k appreciation (6.7% local appreciation)).
• Martin County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 560 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y ago; this cycle's ask has dropped $4k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; HOA is 47% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 560 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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?
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: 5.21% ✓
• Cap rate: 16.04%
• Cash-on-cash: 34.80%
• DSCR: 2.55
• GRM: 1.6

CMA / ARV

• ARV (median comp): $23,450
• List price: $44,900
• Delta: 91.47%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

6.65% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 46.7%
• Equity multiple: 4.08×
• Total profit: $38,695
• Equity at exit: $30,094

10-year hold

• IRR: 43.5%
• Equity multiple: 8.70×
• Total profit: $96,752
• Equity at exit: $56,265

Cash invested: $12,572 (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 34956

• Home prices YoY: 1.2%
• Active inventory: 135
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $2,340 medium
• Mortgage (P&I): −$235
• Tax from tax record: −$131 /mo · $1,570/yr
• Insurance: −$19
• HOA est. from 1 same-building comp: −$1,099
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $365

Break-even live

Break-even rent $1,878

Max offer price $44,900

Occupancy floor 79%

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15817 SW Winter Rd Indiantown, FL	3.0	2.5	1428	$2,300	$1.61	13d	1	0.65mi
15760 SW Hammock Way Indiantown, FL	3.0–4.0	2.0–3.5	1918	$2,420	$1.26	1d	41	1.25mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: internetlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-18
   days on market $44,900 Active 560 DOM
2. 2026-06-17
   days on market $44,900 Active 559 DOM
3. 2026-06-16
   days on market $44,900 Active 558 DOM
4. 2026-06-15
   days on market $44,900 Active 557 DOM
5. 2026-06-14
   days on market $44,900 Active 555 DOM
6. 2026-06-13
   days on market $44,900 Active 554 DOM
7. 2026-06-10
   days on market $44,900 Active 552 DOM
8. 2026-06-09
   days on market $44,900 Active 551 DOM
9. 2026-06-08
   days on market $44,900 Active 550 DOM
10. 2026-06-07
    days on market $44,900 Active 549 DOM
11. 2026-06-03
    days on market $44,900 Active 545 DOM
12. 2026-06-02
    days on market $44,900 Active 544 DOM
13. 2026-06-01
    days on market $44,900 Active 543 DOM
14. 2026-05-31
    days on market $44,900 Active 542 DOM
15. 2026-05-31
    days on market $44,900 Active 541 DOM
16. 2025-02-23
    price $44,900 1012-char remark

    Show marketing remark (1012 chars)

    This fully upgraded home offers formal living & dining spaces, a modern kitchen with stainless steel appliances, a large center island with slide-out seating, and a walk-in pantry. Enjoy a cool drink at the bar with lounge seating or relax on wood laminate floors that flow throughout. The laundry room includes a linen closet and guest bath access. The spa-inspired main bathroom pairs perfectly with the main bedroom’s two closets, while the guest bath features a tub/shower combo and skylight for natural light. Lot rent covers lawn care, recreational facilities, common areas, Internet, TV and onsite management in this vibrant 55+ community. Amenities include 2 pools, a recreation center, fitness room, tennis courts, shuffleboard, bocce ball & pickleball. A public golf course w/ pro shop and restaurant offering indoor and outdoor seating, a full liquor license, and stunning golf course and lake views are nearby. Pet friendly, 55+ community. unfurnished. Land lease $1,304.00 a month.

17. 2024-12-04
    listed $49,000 Active 1012-char remark

    Show marketing remark (1012 chars)

    This fully upgraded home offers formal living & dining spaces, a modern kitchen with stainless steel appliances, a large center island with slide-out seating, and a walk-in pantry. Enjoy a cool drink at the bar with lounge seating or relax on wood laminate floors that flow throughout. The laundry room includes a linen closet and guest bath access. The spa-inspired main bathroom pairs perfectly with the main bedroom’s two closets, while the guest bath features a tub/shower combo and skylight for natural light. Lot rent covers lawn care, recreational facilities, common areas, Internet, TV and onsite management in this vibrant 55+ community. Amenities include 2 pools, a recreation center, fitness room, tennis courts, shuffleboard, bocce ball & pickleball. A public golf course w/ pro shop and restaurant offering indoor and outdoor seating, a full liquor license, and stunning golf course and lake views are nearby. Pet friendly, 55+ community. unfurnished. Land lease $1,304.00 a month.

18. 2024-07-01
    soldstatus $45,000 Closed 1017-char remark

    Show marketing remark (1017 chars)

    This home is gorgeous! Totally upgraded! Formal living, formal dining and kitchen with stainless steel appliances, huge center island with slide out extended seating & walk in pantry. Anyone want to have a cool beverage at the bar with lounge area seating? Wood laminate floors throughout and the laundry room has a lined closet and an entry into the guest bath. Main bathroom is a spa! Main bedroom has two separate closet areas. Guest bathroom has a combination tub/shower and a skylight for natural light. Lot rent includes lawn mowing and edged, garbage and recycling, RE taxes. 55+ community. 2, pets allowed. 2 community pools, recreational center, fitness room, tennis courts, shuffleboard, bocce ball and pickleball. Public golf course, pro shop and a sit-down restaurant offering indoor & outdoor seating, a full liquor license with golf course & lake view. Pet friendly community with restrictions. Land lease, you do not own the land, no rentals allowed. Resident application is required.

19. 2024-06-17
    status Pending 1017-char remark

    Show marketing remark (1017 chars)

    This home is gorgeous! Totally upgraded! Formal living, formal dining and kitchen with stainless steel appliances, huge center island with slide out extended seating & walk in pantry. Anyone want to have a cool beverage at the bar with lounge area seating? Wood laminate floors throughout and the laundry room has a lined closet and an entry into the guest bath. Main bathroom is a spa! Main bedroom has two separate closet areas. Guest bathroom has a combination tub/shower and a skylight for natural light. Lot rent includes lawn mowing and edged, garbage and recycling, RE taxes. 55+ community. 2, pets allowed. 2 community pools, recreational center, fitness room, tennis courts, shuffleboard, bocce ball and pickleball. Public golf course, pro shop and a sit-down restaurant offering indoor & outdoor seating, a full liquor license with golf course & lake view. Pet friendly community with restrictions. Land lease, you do not own the land, no rentals allowed. Resident application is required.

20. 2024-06-10
    historical
21. 2024-06-07
    listed $42,000 Active 1017-char remark

    Show marketing remark (1017 chars)

    This home is gorgeous! Totally upgraded! Formal living, formal dining and kitchen with stainless steel appliances, huge center island with slide out extended seating & walk in pantry. Anyone want to have a cool beverage at the bar with lounge area seating? Wood laminate floors throughout and the laundry room has a lined closet and an entry into the guest bath. Main bathroom is a spa! Main bedroom has two separate closet areas. Guest bathroom has a combination tub/shower and a skylight for natural light. Lot rent includes lawn mowing and edged, garbage and recycling, RE taxes. 55+ community. 2, pets allowed. 2 community pools, recreational center, fitness room, tennis courts, shuffleboard, bocce ball and pickleball. Public golf course, pro shop and a sit-down restaurant offering indoor & outdoor seating, a full liquor license with golf course & lake view. Pet friendly community with restrictions. Land lease, you do not own the land, no rentals allowed. Resident application is required.

22. 2024-06-04
    listed $55,000 Active
23. 2023-02-15
    soldstatus $90,000 Closed
24. 2023-01-03
    status Pending
25. 2022-10-28
    listed $98,500 Active
26. 2022-02-11
    historical
27. 2022-01-29
    listed $85,000 Active
28. 2015-09-23
    historical
29. 2015-09-07
    status Active
30. 2015-08-31
    historical
31. 2015-08-05
    listed $75,500 Active

ⓘ 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: $1,570 · $131/mo
• Projected year-2 tax: $1,570 · $131/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 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,079
• − Mortgage interest: −$2,515
• − Property taxes: −$1,570
• − Insurance: −$224
• − Repairs & maintenance: −$2,246
• − Management: −$2,246
• − HOA: −$13,188
• − Depreciation: −$1,306
• Taxable income: $4,783
• Est. tax owed @ 24.0%: −$1,148
• After-tax cash flow: $3,227/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 — Indiantown

• Score: 59/100
• State rank: #829
• US rank: #20298

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Indiantown, FL
• Population (ZIP): 9,639

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Hispanic / Latino 49% Black 24% White 24% Two or more races 16% Native American 5% Asian 1%
• Hispanic origin (detail): Mexican 21% Puerto Rican 4% Cuban 1%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 22% · Canada
• Languages at home: 55% English-only · Spanish 42%

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: ▲ 6.65%
• Current HPI: 561.896
• Rent YoY: —
• Metro: —
• 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

-40.5% since first listed

16 events — show timeline

• 2025-02-23 Price Changed $44,900 MCRTC
• 2024-12-04 Listed $49,000 MCRTC
• 2024-07-01 Sold (MLS) $45,000 MCRTC
• 2024-06-17 Pending — MCRTC
• 2024-06-10 Listing Removed — MCRTC
• 2024-06-07 Listed $42,000 MCRTC
• 2024-06-04 Listed $55,000 MCRTC
• 2023-02-15 Sold (MLS) $90,000 MCRTC
• 2023-01-03 Pending — MCRTC
• 2022-10-28 Listed $98,500 MCRTC
• 2022-02-11 Listing Removed — MCRTC
• 2022-01-29 Listed $85,000 MCRTC
• 2015-09-23 Listing Removed — MCRTC
• 2015-09-07 Relisted — MCRTC
• 2015-08-31 Listing Removed — MCRTC
• 2015-08-05 Listed $75,500 MCRTC

Property tax history

+11.4%/yr

Latest (2024): $1,570 · -10.9% YoY. Source: county tax records.