6910 SE Morningside Dr

Stuart, FL 34997

$99,000D+

2 bd · 2.0 ba · 1,400 sqft · Built 1981 · Manufactured · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,705/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$165
• HOA: −$1,002
• Vac / Maint / Mgmt: −$358
• Net cashflow: $-339/mo
• Annual: $-4,066/yr
• Cap rate: 2.19%
• Cash-on-cash: -14.67%
• DSCR: 0.35
• 1% rule: 1.72%
• Cash to close: $27,720

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $99k. Condition is rated good.
• At list price, monthly cash flow is $-339 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $50k (49.5% below list).
• Meets the 1% rule at list price ($2k rent vs $99k).
• It's been on market 33 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $50k (49.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Sea Wind Elementary School (math 43% / reading 46%, grade F, #1,288 of 2,144 statewide, top 62%, 501 students, 72% FRL); Murray Middle School (math 45% / reading 43%, grade D, #327 of 571 statewide, top 57%, 616 students, 69% FRL); South Fork High School (math 36% / reading 48%, grade F, #275 of 667 statewide, top 42%, 1,810 students, 51% FRL) — zoned schools average 64% FRL vs 41% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 59% of rent.
• Market conditions: Rents rising (+2.7%/yr); 731 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 737 units permitted in Martin County in 2024 (167 in 5+ unit buildings).
• Martin County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 2y 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 2.2% vs local median 3.2% in Stuart — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 33 days. Have you received any prior offers? Is the seller open to a 50% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?