1627 SE Green Acres Cir Unit Z203

Port St. Lucie, FL 34952

$162,000D

2 bd · 2.0 ba · 874 sqft · Built 1987 · Condo · Active · 126 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,895/mo
• Mortgage (P&I): −$850
• Tax + insurance: −$270
• HOA: −$436
• Vac / Maint / Mgmt: −$398
• Net cashflow: $-59/mo
• Annual: $-704/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.55%
• DSCR: 0.93
• 1% rule: 1.17%
• Cash to close: $45,360

Investor read

• This is a 2-bed/2.0-bath condo listed at $162k.
• At list price, monthly cash flow is $-59 ($-704/yr) — negative.
• To cash-flow at today's rent, offer at most $154k (5.2% below list).
• Meets the 1% rule at list price ($2k rent vs $162k).
• It's been on market 126 days — a 12% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: Savanna Ridge Elementary School (math 40% / reading 45%, grade F, #1,383 of 2,144 statewide, top 65%, 452 students, 75% FRL); Port St. Lucie High School (math 21% / reading 43%, grade F, #415 of 667 statewide, top 63%, 1,748 students, 67% FRL).
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents rising (+1.9%/yr); 639 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $17k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $116k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.9% in Port St. Lucie — 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.
• This rent runs 37% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 126 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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?
• 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.
• 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?
• 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.