1610 N 14th St

Fort Pierce, FL 34950

$110,000C+

1 bd · 1.0 ba · 1,072 sqft · Built 1953 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,534/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$222
• HOA: −$0
• Vac / Maint / Mgmt: −$322
• Net cashflow: $413/mo
• Annual: $4,951/yr
• Cap rate: 10.79%
• Cash-on-cash: 16.07%
• DSCR: 1.72
• 1% rule: 1.39%
• Cash to close: $30,800

Investor read

• This is a 1-bed/1.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $413 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• It's been on market 15 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k 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+, schools D, amenities 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.
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.9%/yr); 165 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 17 sale attempts since 28y 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.
• Current owner paid $53k; list at $110k implies a 106% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.9% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: 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.
• Cap rate 10.8% vs local median 3.7% in Fort Pierce — 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.
• At $1,534/mo this rent would consume 61% of the median local household income ($30k/yr) (locally 1995% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.
• 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.