5200 SE Seascape Way #201 · Port Salerno, FL 34997

$228,500

2 bd · 2.0 ba · 1,125 sqft · Condo public records · 178 Days on market

Built 1987 $203/sqft · 15% below area Est $269k · 15% under $650/mo HOA · 25% of rent

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Why this score? — see what drove the C- 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 +14.6/30.0
• ARV discount +14.3/15.0
• 1% rule +6.4/10.0
• Schools +4.5/10.0
• DSCR +4.4/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located on the second floor within the sought-after Seascape community of Rocky Point, this rarely available condo offers a peaceful, tucked-away setting surrounded by mature landscaping and natural shade. Vaulted ceilings and an open, flowing layout create a bright and spacious atmosphere, giving the home a larger, more open feel. Natural light fills the living areas, enhancing the clean lines and comfortable design. The eat-in kitchen opens seamlessly to the main living space, making it ideal for entertaining or casual day-to-day living. Built-in shelving and plantation shutters add character and function while maintaining a timeless, polished look. The split-bedroom floor plan is thoughtfully designed for privacy, with bedrooms positioned on opposite sides of the unit. The primary suite features ample closet space and an updated bath, offering a quiet retreat at the end of the day. Step outside to the private screened lanai, an extension of the living space that’s perfect for enjoying morning coffee, evening relaxation, or simply taking in the surrounding greenery. This home presents an excellent opportunity for buyers seeking comfort, privacy, and a desirable Rocky Point location. OPEN HOUSE MAY 23, 2026 11AM-3PM REDUCED TO SELL $237,500

Key facts

• Seascape community
• Eat-in kitchen
• Mature landscaping

Tags

• SEASCAPE COMMUNITY
• MATURE LANDSCAPING
• NATURAL SHADE
• VAULTED CEILINGS
• OPEN FLOWING LAYOUT
• EAT-IN KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $228k.

Deal economics

• At list price, monthly cash flow is $53 ($632/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $228k).
• Recommended offer: $201k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 3.1% in Port Salerno — 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 70/100 on livability (#440 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, health & safety A; Watch: schools D, amenities F, commute F.
• 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.
• Market conditions: Rents rising (+2.7%/yr); 588 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 737 units permitted in Martin County in 2024 (167 in 5+ unit buildings).
• This rent runs 40% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Martin County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 178 days — a 12% lower offer ($201k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $44k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $68k; list at $228k implies a 236% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $201,080 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 6.57%
• Cash-on-cash: 0.99%
• DSCR: 1.04
• GRM: 7.3

CMA / ARV

• ARV (median comp): $268,837
• List price: $228,500
• Delta: -15.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.71% rent growth · sell at horizon

5-year hold

• IRR: -15.0%
• Equity multiple: 0.47×
• Total profit: $-34,127
• Equity at exit: $34,070

10-year hold

• IRR: -6.7%
• Equity multiple: 0.57×
• Total profit: $-27,264
• Equity at exit: $19,757

Cash invested: $63,980 (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 34997

• Rents YoY: 2.7%
• Active inventory: 588
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,605 high
• Mortgage (P&I): −$1,198
• Tax from tax record: −$62 /mo · $742/yr
• Insurance: −$95
• HOA: −$650
• Vacancy / Maint / Mgmt: −$547
• Net cashflow: $53

Break-even live

Break-even rent $2,538

Max offer price $228,500

Occupancy floor 93%

Sensitivity live

Price	-10% $182	-5% $117	+0% $53	+5% $-12	+10% $-77
Rent	-10% $-153	-5% $-50	+0% $53	+5% $156	+10% $259
Rate	-1.0pp $168	-0.5pp $111	base $53	+0.5pp $-7	+1.0pp $-67

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: $57,125
• Closing costs: $6,855
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4710 SE Glenridge Trl Stuart, FL	3.0	2.0	1442	$3,300	$2.29	14d	1	0.65mi
5403 SE Miles Grant Rd Stuart, FL	2.0	2.0	1186	$1,750	$1.48	24d	2	0.80mi
3901 SE Saint Lucie Blvd Stuart, FL	2.0	2.0–2.5	1407	$3,875	$2.75	24d	4	0.96mi
3901 SE Saint Lucie Blvd Unit D29 Stuart, FL	2.0	2.0	1460	$3,000	$2.05	24d	1	0.96mi
4095 SE Centerboard Ln Unit 6B Stuart, FL	2.0	2.0	1154	$3,750	$3.25	24d	1	0.97mi
4404 SE Mulford Ln Stuart, FL	2.0	1.0	834	$2,500	$3.00	24d	1	1.03mi
6142 SE Landing Way Unit 9-11 Stuart, FL	2.0	2.0	1135	$3,500	$3.08	24d	1	1.08mi
6021 SE Landing Way #2 Stuart, FL	2.0	2.0	1135	$2,500	$2.20	24d	1	1.12mi
4107 SE Barcelona St Stuart, FL	2.0	1.0	1224	$2,500	$2.04	24d	1	1.12mi
4885 SE Capstan Ave #27 Stuart, FL	2.0	2.0	1273	$2,500	$1.96	24d	1	1.12mi
6082 SE Landing Way #7 Stuart, FL	2.0	2.0	1135	$3,000	$2.64	24d	1	1.15mi
5674 SE Riverboat Dr #131 Stuart, FL	2.0	2.5	1288	$2,400	$1.86	21d	1	1.16mi
5674 SE Riverboat Dr #131 Stuart, FL	2.0	2.5	1288	$2,600	$2.02	24d	1	1.16mi
6003 SE Riverboat Dr #802 Stuart, FL	2.0	2.5	1288	$2,200	$1.71	24d	1	1.16mi
4606 SE Binnacle Way Unit 1 Stuart, FL	2.0	1.0	928	$1,850	$1.99	14d	1	1.29mi
6146 SE Riverboat Dr #918 Stuart, FL	2.0	2.5	1288	$1,950	$1.51	24d	1	1.30mi

HOA detail condo

• Monthly dues: $650 · $7,800/yr
• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 35 events

1. 2026-06-18
   days on market $228,500 Active 178 DOM
2. 2026-06-17
   days on market $228,500 Active 177 DOM
3. 2026-06-16
   days on market $228,500 Active 176 DOM
4. 2026-06-15
   days on market $228,500 Active 175 DOM
5. 2026-06-14
   days on market $228,500 Active 173 DOM
6. 2026-06-13
   days on market $228,500 Active 172 DOM
7. 2026-06-10
   days on market $228,500 Active 170 DOM
8. 2026-06-09
   days on market $228,500 Active 169 DOM
9. 2026-06-08
   days on market $228,500 Active 168 DOM
10. 2026-06-07
    pricedays on market $228,500 Active 167 DOM
11. 2026-06-03
    days on market $237,500 Active 163 DOM
12. 2026-06-02
    days on market $237,500 Active 162 DOM
13. 2026-06-01
    days on market $237,500 Active 161 DOM
14. 2026-05-31
    days on market $237,500 Active 160 DOM
15. 2026-05-31
    days on market $237,500 Active 159 DOM
16. 2026-05-03
    price $237,500 1274-char remark

    Show marketing remark (1274 chars)

    Located on the second floor within the sought-after Seascape community of Rocky Point, this rarely available condo offers a peaceful, tucked-away setting surrounded by mature landscaping and natural shade. Vaulted ceilings and an open, flowing layout create a bright and spacious atmosphere, giving the home a larger, more open feel. Natural light fills the living areas, enhancing the clean lines and comfortable design. The eat-in kitchen opens seamlessly to the main living space, making it ideal for entertaining or casual day-to-day living. Built-in shelving and plantation shutters add character and function while maintaining a timeless, polished look. The split-bedroom floor plan is thoughtfully designed for privacy, with bedrooms positioned on opposite sides of the unit. The primary suite features ample closet space and an updated bath, offering a quiet retreat at the end of the day. Step outside to the private screened lanai, an extension of the living space that’s perfect for enjoying morning coffee, evening relaxation, or simply taking in the surrounding greenery. This home presents an excellent opportunity for buyers seeking comfort, privacy, and a desirable Rocky Point location. OPEN HOUSE MAY 23, 2026 11AM-3PM REDUCED TO SELL $237,500

17. 2026-04-10
    price $245,000 1274-char remark

    Show marketing remark (1274 chars)

    Located on the second floor within the sought-after Seascape community of Rocky Point, this rarely available condo offers a peaceful, tucked-away setting surrounded by mature landscaping and natural shade. Vaulted ceilings and an open, flowing layout create a bright and spacious atmosphere, giving the home a larger, more open feel. Natural light fills the living areas, enhancing the clean lines and comfortable design. The eat-in kitchen opens seamlessly to the main living space, making it ideal for entertaining or casual day-to-day living. Built-in shelving and plantation shutters add character and function while maintaining a timeless, polished look. The split-bedroom floor plan is thoughtfully designed for privacy, with bedrooms positioned on opposite sides of the unit. The primary suite features ample closet space and an updated bath, offering a quiet retreat at the end of the day. Step outside to the private screened lanai, an extension of the living space that’s perfect for enjoying morning coffee, evening relaxation, or simply taking in the surrounding greenery. This home presents an excellent opportunity for buyers seeking comfort, privacy, and a desirable Rocky Point location. OPEN HOUSE MAY 23, 2026 11AM-3PM REDUCED TO SELL $237,500

18. 2026-03-01
    price $260,000 1274-char remark

    Show marketing remark (1274 chars)

    Located on the second floor within the sought-after Seascape community of Rocky Point, this rarely available condo offers a peaceful, tucked-away setting surrounded by mature landscaping and natural shade. Vaulted ceilings and an open, flowing layout create a bright and spacious atmosphere, giving the home a larger, more open feel. Natural light fills the living areas, enhancing the clean lines and comfortable design. The eat-in kitchen opens seamlessly to the main living space, making it ideal for entertaining or casual day-to-day living. Built-in shelving and plantation shutters add character and function while maintaining a timeless, polished look. The split-bedroom floor plan is thoughtfully designed for privacy, with bedrooms positioned on opposite sides of the unit. The primary suite features ample closet space and an updated bath, offering a quiet retreat at the end of the day. Step outside to the private screened lanai, an extension of the living space that’s perfect for enjoying morning coffee, evening relaxation, or simply taking in the surrounding greenery. This home presents an excellent opportunity for buyers seeking comfort, privacy, and a desirable Rocky Point location. OPEN HOUSE MAY 23, 2026 11AM-3PM REDUCED TO SELL $237,500

19. 2026-03-01
    price $26,000 1274-char remark

    Show marketing remark (1274 chars)

    Located on the second floor within the sought-after Seascape community of Rocky Point, this rarely available condo offers a peaceful, tucked-away setting surrounded by mature landscaping and natural shade. Vaulted ceilings and an open, flowing layout create a bright and spacious atmosphere, giving the home a larger, more open feel. Natural light fills the living areas, enhancing the clean lines and comfortable design. The eat-in kitchen opens seamlessly to the main living space, making it ideal for entertaining or casual day-to-day living. Built-in shelving and plantation shutters add character and function while maintaining a timeless, polished look. The split-bedroom floor plan is thoughtfully designed for privacy, with bedrooms positioned on opposite sides of the unit. The primary suite features ample closet space and an updated bath, offering a quiet retreat at the end of the day. Step outside to the private screened lanai, an extension of the living space that’s perfect for enjoying morning coffee, evening relaxation, or simply taking in the surrounding greenery. This home presents an excellent opportunity for buyers seeking comfort, privacy, and a desirable Rocky Point location. OPEN HOUSE MAY 23, 2026 11AM-3PM REDUCED TO SELL $237,500

20. 2025-12-22
    listed $272,000 Active 1274-char remark

    Show marketing remark (1274 chars)

    Located on the second floor within the sought-after Seascape community of Rocky Point, this rarely available condo offers a peaceful, tucked-away setting surrounded by mature landscaping and natural shade. Vaulted ceilings and an open, flowing layout create a bright and spacious atmosphere, giving the home a larger, more open feel. Natural light fills the living areas, enhancing the clean lines and comfortable design. The eat-in kitchen opens seamlessly to the main living space, making it ideal for entertaining or casual day-to-day living. Built-in shelving and plantation shutters add character and function while maintaining a timeless, polished look. The split-bedroom floor plan is thoughtfully designed for privacy, with bedrooms positioned on opposite sides of the unit. The primary suite features ample closet space and an updated bath, offering a quiet retreat at the end of the day. Step outside to the private screened lanai, an extension of the living space that’s perfect for enjoying morning coffee, evening relaxation, or simply taking in the surrounding greenery. This home presents an excellent opportunity for buyers seeking comfort, privacy, and a desirable Rocky Point location. OPEN HOUSE MAY 23, 2026 11AM-3PM REDUCED TO SELL $237,500

21. 2025-11-29
    historical
22. 2025-11-28
    historical
23. 2025-08-19
    price $240,000
24. 2025-08-19
    price $240,000
25. 2025-07-28
    price $250,000
26. 2025-07-28
    price $250,000
27. 2025-07-07
    price $265,000
28. 2025-07-07
    price $265,000
29. 2025-06-05
    listed $297,000 Active
30. 2025-06-05
    listed $297,000 Active
31. 2025-03-29
    historical
32. 2025-03-15
    listed $299,888 Active
33. 2025-03-01
    historical
34. 2000-06-26
    soldstatus $68,000
35. 1995-02-27
    soldstatus $51,000

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

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $742 · $62/mo
• Projected year-2 tax: $1,897 · $158/mo
• Expected delta: +$1,155/yr (+$96/mo · 155.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 22 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,261
• − Mortgage interest: −$12,800
• − Property taxes: −$742
• − Insurance: −$1,142
• − Repairs & maintenance: −$2,501
• − Management: −$2,501
• − HOA: −$7,800
• − Depreciation: −$6,647
• Taxable loss: −$2,872
• Est. tax savings @ 24.0%: +$689
• After-tax cash flow: $1,322/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: Martin
• NCES district ID: 1201290
• Math proficiency: 52% ▼ -14.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $52,482
• Composite: 45.1/100
• National rank: #2690
• State rank: #24 of 73 in FL

Livability — Port Salerno

• Score: 70/100
• State rank: #440
• US rank: #7873

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Port Salerno, FL
• County: Martin County · 165,223 people
• Metro: Port St. Lucie, FL
• Population (ZIP): 47,075
• Household income: $78,136
• Rent vs Own: 19.1% rent · 80.9% own
• Severe rent burden: 1323.0

Population outlook (Martin County) Hauer SSP2

• Today (2025): 172,383 people
• By 2030: 180,192 · +4.5%
• By 2040: 194,114 · +12.6%
• By 2050: 204,992 · +18.9%
• By 2075: 229,641 · +33.2%
• By 2100: 232,146 · +34.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 19% Two or more races 9% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Cuban 3%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 14% · Canada, Jamaica, China
• Languages at home: 81% English-only · Spanish 14% French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · Martin

• 2024 margin: Solid R (+31.1) · D 34.1% · R 65.2%
• 2008→2024 swing: -17.5pp toward R · 2008: -13.6pp · 2024: -31.1pp
• All cycles: 2024: R+31.1 2020: R+24.6 2016: R+26.9 2012: R+22.9 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -319.78%
• Current HPI: 336.7717
• Rent YoY: ▲ 2.71%
• 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

+365.7% since first listed

20 events — show timeline

• 2026-05-03 Price Changed $237,500 MARMLS
• 2026-04-10 Price Changed $245,000 MARMLS
• 2026-03-01 Price Changed $260,000 MARMLS
• 2026-03-01 Price Changed $26,000 MARMLS
• 2025-12-22 Listed $272,000 MARMLS
• 2025-11-29 Listing Removed — Beaches MLS
• 2025-11-28 Listing Removed — MCRTC
• 2025-08-19 Price Changed $240,000 Beaches MLS
• 2025-08-19 Price Changed $240,000 MCRTC
• 2025-07-28 Price Changed $250,000 Beaches MLS
• 2025-07-28 Price Changed $250,000 MCRTC
• 2025-07-07 Price Changed $265,000 Beaches MLS
• 2025-07-07 Price Changed $265,000 MCRTC
• 2025-06-05 Listed $297,000 MCRTC
• 2025-06-05 Listed $297,000 Beaches MLS
• 2025-03-29 Listing Removed — Beaches MLS
• 2025-03-15 Listed $299,888 Beaches MLS
• 2025-03-01 Coming Soon — Beaches MLS
• 2000-06-26 Sold (Public Records) $68,000 Public Records
• 1995-02-27 Sold (Public Records) $51,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $742 · -0.8% YoY. Source: county tax records.