493 Hemingway Ter · Indian River Estates, FL 34982

$69,900

2 bd · 2.0 ba · 1,368 sqft · Manufactured · 229 Days on market

Built 1987

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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
• Schools +3.7/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious and well maintained 2 Bedroom 2 bathroom mobile home located in the desirable 55+ community of Tropical Isles. Open floor plan design with bamboo flooring, amazing Florida room, attached shed and newer A/C. Beautiful Community offers amenities such as a club house, pool and social activities. Make your appointment to see this lovely home today.

Key facts

• Florida room
• Club house
• Pool

Tags

• BAMBOO FLOORING
• FLORIDA ROOM
• ATTACHED SHED
• CLUB HOUSE
• POOL
• SOCIAL ACTIVITIES

Property features AI

Finance

• Financial info: Land lease of $594 monthly (lease expires 2027-04-30); Pets allowed with possible restrictions (number/size limits possible)
• HOA & community: Has association; Monthly association fee; Community amenities include pool, spa/hot tub, clubhouse, community room, billiard room, tennis courts, pickleball and shuffleboard courts

Exterior

• Parking: 2 total parking spaces; Attached carport (1 covered/carport space); Driveway
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Three-phase electric; Cable connected; Electricity connected; Underground utilities; Water available; Sewer available
• Home design: Manufactured home (double wide); One story; Entry-level living area; Faces south; Resale condition
• Construction: Block and modular construction; Composition roof; Concrete perimeter raised foundation; Stone skirt; Built as double wide manufactured home
• Exterior features: Screened porch; Porch; Shed(s); Interior lot; Paved road

Interior

• Kitchen: Dishwasher; Electric range; Electric cooktop; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Concrete; Tile; Wood
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Built-in features; Kitchen island; Smoke detector(s)
• Laundry & utility: Laundry room with washer hookup; Inside laundry; Laundry in garage access

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $70k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 28.1% 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; 14 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 $2,218/mo this rent would consume 49% 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 $483 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 229 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $25k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 229 days. Have you received any prior offers? Is the seller open to a 12% 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. 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.
6. 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.
7. 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: 3.17% ✓
• Cap rate: 28.08%
• Cash-on-cash: 77.82%
• DSCR: 4.46
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $203,832
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
243 Sea Conch	0.18mi	2/2.0	1,411 (+3%)	6mo	$150,000	$106	81
331 Seahorse Ter	0.14mi	2/2.0	1,484 (+8%)	24mo	$220,900	$149	60

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: 82.8%
• Equity multiple: 5.08×
• Total profit: $79,846
• Equity at exit: $10,422

10-year hold

• IRR: 87.2%
• Equity multiple: 12.24×
• Total profit: $220,078
• Equity at exit: $6,044

Cash invested: $19,572 (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 34982

• Home prices YoY: -33.4%
• Rents YoY: 7.4%
• Active inventory: 336
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $2,218 high
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,048/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $1,269

Break-even live

Break-even rent $611

Max offer price $69,900

Occupancy floor 38%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 14 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	0.39mi
341 Ashley St Fort Pierce, FL	3.0	2.0	1128	$2,460	$2.18	23d	1	0.54mi
355 Johnston St Fort Pierce, FL	3.0	1.5	1118	$2,500	$2.24	23d	1	0.59mi
352 Johnston St Fort Pierce, FL	3.0	2.0	936	$2,100	$2.24	23d	1	0.61mi
330 Borraclough St Fort Pierce, FL	3.0	2.0	1404	$2,175	$1.55	14d	1	0.67mi
394 Salisbury Cir Fort Pierce, FL	3.0	2.5	1808	$2,500	$1.38	14d	1	0.71mi
389 Salisbury Cir Fort Pierce, FL	3.0	2.5	1808	$3,200	$1.77	23d	1	0.72mi
587 Salisbury Cir Fort Pierce, FL	3.0	2.5	1808	$2,350	$1.30	14d	1	0.74mi
423 Salisbury Cir Fort Pierce, FL	3.0	2.5	1808	$2,500	$1.38	23d	1	0.74mi
5300 Seagrape Dr Fort Pierce, FL	3.0	2.0	1300	$2,450	$1.88	23d	1	0.76mi
492 Salisbury Cir Fort Pierce, FL	3.0	2.5	1486	$2,395	$1.61	23d	1	0.79mi
526 Salisbury Cir Fort Pierce, FL	3.0	2.5	1486	$2,399	$1.61	14d	1	0.81mi
5315 Hickory Dr Fort Pierce, FL	3.0	2.0	1400	$2,045	$1.46	23d	1	0.92mi
699 W Weatherbee Rd Fort Pierce, FL	2.0	1.5	1100	$1,875	$1.70	23d	1	1.32mi

Listing history 24 events

1. 2026-06-18
   days on market $69,900 Active 229 DOM
2. 2026-06-17
   days on market $69,900 Active 228 DOM
3. 2026-06-16
   days on market $69,900 Active 227 DOM
4. 2026-06-15
   days on market $69,900 Active 226 DOM
5. 2026-06-14
   days on market $69,900 Active 224 DOM
6. 2026-06-13
   days on market $69,900 Active 223 DOM
7. 2026-06-07
   days on market $69,900 Active 362 DOM
8. 2026-06-05
   days on market $69,900 Active 359 DOM
9. 2026-06-03
   days on market $69,900 Active 358 DOM
10. 2026-06-02
    days on market $69,900 Active 357 DOM
11. 2026-06-01
    days on market $69,900 Active 356 DOM
12. 2026-05-31
    days on market $69,900 Active 355 DOM
13. 2026-05-30
    days on market $69,900 Active 354 DOM
14. 2026-05-14
    price $69,900
15. 2026-03-11
    status Active
16. 2026-01-18
    historical Active Under Contract
17. 2025-08-05
    price $74,999
18. 2025-06-07
    listed $94,900 Active
19. 2025-06-04
    historical
20. 2025-01-15
    status Active
21. 2025-01-14
    historical
22. 2025-01-09
    price $119,000
23. 2024-10-03
    price $155,000
24. 2024-07-15
    listed $175,000 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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 4/10 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: $26,617
• − Mortgage interest: −$3,915
• − Property taxes: −$1,048
• − Insurance: −$350
• − Repairs & maintenance: −$2,129
• − Management: −$2,129
• − Depreciation: −$2,033
• Taxable income: $15,011
• Est. tax owed @ 24.0%: −$3,603
• After-tax cash flow: $11,628/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: 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

-60.1% since first listed

11 events — show timeline

• 2026-05-14 Price Changed $69,900 Beaches MLS
• 2026-03-11 Relisted — Beaches MLS
• 2026-01-18 Contingent — Beaches MLS
• 2025-08-05 Price Changed $74,999 Beaches MLS
• 2025-06-07 Listed $94,900 Beaches MLS
• 2025-06-04 Listing Removed — Beaches MLS
• 2025-01-15 Relisted — Beaches MLS
• 2025-01-14 Listing Removed — Beaches MLS
• 2025-01-09 Price Changed $119,000 Beaches MLS
• 2024-10-03 Price Changed $155,000 Beaches MLS
• 2024-07-15 Listed $175,000 Beaches MLS