500 Thames Bluff Rdg #24 · Indian River Estates, FL 34982

$125,100

2 bd · 2.0 ba · 1,066 sqft · Manufactured · 66 Days on market

Built 2003 Good condition 6,970 sqft lot

---

Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.4/5.0
• Condition / age +4.0/5.0
• Schools +3.7/10.0
• Livability +3.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Absolutely stunning lakefront home waiting for you. Home features open concept on a pie shaped lot with long views down the lake, 2 year old A/C, accordion shutters, screened lanai, eat in kitchen waterproof laminate flooring throughout, vaulted ceilings, updated toilets and light fixtures, ceiling fans with lights in every room, abundant storage in all rooms. En suite bedroom includes a large walk-in closet with shelving on all three walls, and French doors that open to the double sink bathroom. Some of the upgrades within last three years include: A/C with 10 year parts and labor warranty, epoxy flooring guaranteed for life on lanai and carport, and so much more. This home shows like a mo

Key facts

• Pie shaped lot
• Long views
• Open concept

Tags

• LAKEFRONT HOME
• OPEN CONCEPT
• PIE SHAPED LOT
• LONG VIEWS
• ACCORDION SHUTTERS
• SCREENED LANAI

Property features AI

Finance

• Other: Senior community; Pets allowed (dogs OK; restrictions on number/size; cats only also listed)
• Financial info: Land lease in place with monthly fee (land lease expires 2026-09-25)
• HOA & community: Has association (Tropical Isles Co-Op); Association amenities include billiard room, clubhouse, game room, management, shuffleboard court, spa/hot tub, tennis courts, on-site manager, bocce ball, community room, heated pool, hobby room, pickleball courts, and street lights; Association fees paid monthly; Association fees include trash, common areas, common real estate tax, and legal/accounting

Exterior

• Parking: 2 parking spaces total; Attached carport (1 covered/carport space); Driveway; Concrete parking surface
• Utilities: Public water; Public sewer; Electricity connected; Water connected; Sewer connected
• Home design: Manufactured home (double wide); One story; Resale property; Faces southeast
• Construction: Modular construction; Fiberglass and shingle roof; Piling foundation; Skirt: other
• Exterior features: Irregular lot; Paved road; Private maintained road; Waterfront

Interior

• Kitchen: Disposal; Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Laminate; Wood
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: High ceilings; Walk-in closet(s); Bedroom layout: stacked; Shutters on windows; French doors
• Laundry & utility: Laundry area inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $125k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $825 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.2% vs local median 5.3% in Indian River Estates — 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 65/100 on livability (#653 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D+, schools F, 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.
• Market conditions: Rents rising fast (+7.4%/yr); 336 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 4,868 units permitted in St. Lucie County in 2024 (268 in 5+ unit buildings).
• At $2,139/mo this rent would consume 47% of the median local household income ($54k/yr) (locally 1086% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $865 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• St. Lucie County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.4% rent growth), your $35k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,594 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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 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.

Investment metrics

• 1% rule: 1.71% ✓
• Cap rate: 14.21%
• Cash-on-cash: 28.27%
• DSCR: 2.26
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $71,422
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5683 Hemingway Ct	0.18mi	2/2.0	1,144 (+7%)	1mo	$76,800	$67	79

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 7.42% rent growth · sell at horizon

5-year hold

• IRR: 27.4%
• Equity multiple: 2.21×
• Total profit: $42,258
• Equity at exit: $18,653

10-year hold

• IRR: 37.5%
• Equity multiple: 5.26×
• Total profit: $149,283
• Equity at exit: $10,816

Cash invested: $35,028 (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 34982

• Home prices YoY: -33.4%
• Rents YoY: 7.4%
• Active inventory: 336
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $2,139 high
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,876/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $825

Break-even live

Break-even rent $1,094

Max offer price $125,100

Occupancy floor 56%

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: $31,275
• Closing costs: $3,753
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
203 Melton Dr Unit B Fort Pierce, FL	2.0	1.0	1200	$1,800	$1.50	23d	1	0.48mi
341 Ashley St Fort Pierce, FL	3.0	2.0	1128	$2,460	$2.18	23d	1	0.60mi
355 Johnston St Fort Pierce, FL	3.0	1.5	1118	$2,500	$2.24	23d	1	0.66mi
352 Johnston St Fort Pierce, FL	3.0	2.0	936	$2,100	$2.24	23d	1	0.68mi
330 Borraclough St Fort Pierce, FL	3.0	2.0	1404	$2,175	$1.55	14d	1	0.73mi
5300 Seagrape Dr Fort Pierce, FL	3.0	2.0	1300	$2,450	$1.88	23d	1	0.73mi
492 Salisbury Cir Fort Pierce, FL	3.0	2.5	1486	$2,395	$1.61	23d	1	0.80mi
526 Salisbury Cir Fort Pierce, FL	3.0	2.5	1486	$2,399	$1.61	14d	1	0.82mi
5315 Hickory Dr Fort Pierce, FL	3.0	2.0	1400	$2,045	$1.46	23d	1	0.88mi
699 W Weatherbee Rd Fort Pierce, FL	2.0	1.5	1100	$1,875	$1.70	23d	1	1.41mi

Listing history 17 events

1. 2026-06-18
   days on market $125,100 Active 66 DOM
2. 2026-06-17
   days on market $125,100 Active 65 DOM
3. 2026-06-16
   days on market $125,100 Active 64 DOM
4. 2026-06-15
   days on market $125,100 Active 63 DOM
5. 2026-06-14
   days on market $125,100 Active 61 DOM
6. 2026-06-13
   days on market $125,100 Active 60 DOM
7. 2026-06-10
   days on market $125,100 Active 58 DOM
8. 2026-06-09
   days on market $125,100 Active 57 DOM
9. 2026-06-08
   days on market $125,100 Active 56 DOM
10. 2026-06-07
    days on market $125,100 Active 55 DOM
11. 2026-06-05
    days on market $125,100 Active 52 DOM
12. 2026-06-03
    days on market $125,100 Active 51 DOM
13. 2026-06-02
    days on market $125,100 Active 50 DOM
14. 2026-06-01
    days on market $125,100 Active 49 DOM
15. 2026-05-31
    days on market $125,100 Active 48 DOM
16. 2026-05-30
    days on market $125,100 Active 47 DOM
17. 2026-04-10
    listed $125,100 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,668
• − Mortgage interest: −$7,008
• − Property taxes: −$1,876
• − Insurance: −$626
• − Repairs & maintenance: −$2,053
• − Management: −$2,053
• − Depreciation: −$3,639
• Taxable income: $8,412
• Est. tax owed @ 24.0%: −$2,019
• After-tax cash flow: $7,884/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This move-in-ready manufactured home features updated interiors, a well-maintained exterior, and a lakefront location.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal and value
• Rental Replace outdoor light fixtures — Improves property presentation

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal and value ↑
• Rental Replace outdoor light fixtures — Improves property presentation ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: St. Lucie
• NCES district ID: 1201770
• Math proficiency: 40% ▼ -11.00%
• Reading proficiency: 48% ▼ -4.00%
• Median HH income: $44,737
• Composite: 37.28/100
• National rank: #4449
• State rank: #51 of 73 in FL

Livability — Indian River Estates

• Score: 65/100
• State rank: #653
• US rank: #12946

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Indian River Estates, FL
• County: Saint Lucie County · 337,150 people
• City population: 27,447
• Metro: Port St. Lucie, FL
• Population (ZIP): 31,143
• Household income: $54,082
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 1086.0

Population outlook (St. Lucie County) Hauer SSP2

• Today (2025): 338,016 people
• By 2030: 355,687 · +5.2%
• By 2040: 385,521 · +14.1%
• By 2050: 406,106 · +20.1%
• By 2075: 441,054 · +30.5%
• By 2100: 436,885 · +29.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (62%)
• Race & ethnicity: White 62% Hispanic / Latino 22% Two or more races 12% Black 12%
• Hispanic origin (detail): Mexican 10% Puerto Rican 3% Cuban 3%
• Common ancestry: Italian 7% Hispanic 2% Lithuanian 1%
• Foreign-born: 12% · Canada
• Languages at home: 80% English-only · Spanish 16% French/Haitian/Cajun 3%

Political lean MEDSL · St. Lucie

• 2024 margin: Lean R (+9.1) · D 45.1% · R 54.2%
• 2008→2024 swing: -21.2pp toward R · 2008: 12.1pp · 2024: -9.1pp
• All cycles: 2024: R+9.1 2020: R+1.6 2016: R+2.5 2012: D+7.9 2008: D+12.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -199.47%
• Current HPI: 397.2649
• Rent YoY: ▲ 7.42%
• Metro: Port St. Lucie, FL
• 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

1 event — show timeline

• 2026-04-10 Listed $125,100 Beaches MLS