3824 SE Jefferson St #3824

Stuart, FL 34997

$239,900D

2 bd · 2.5 ba · 1,400 sqft · Built 1979 · Condo · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,321/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$466
• HOA: −$799
• Vac / Maint / Mgmt: −$487
• Net cashflow: $-690/mo
• Annual: $-8,279/yr
• Cap rate: 3.17%
• Cash-on-cash: -11.14%
• DSCR: 0.50
• 1% rule: 0.97%
• Cash to close: $67,172

Investor read

• This is a 2-bed/2.5-bath condo listed at $240k. Condition is rated good.
• At list price, monthly cash flow is $-690 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (41.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $232k (3.3% below list).
• It's been on market 111 days — a 9% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (41.6% below list) — sets the bar for cash-flow.
• 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.
• Location reads 84/100 on livability (#39 in FL, #790 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-, employment C-, amenities D.
• 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.
• Zoned schools: Port Salerno Elementary School (math 27% / reading 29%, grade F, #1,951 of 2,144 statewide, top 91%, 706 students, 74% FRL); Dr. David L. Anderson Middle School (math 51% / reading 46%, grade C-, #274 of 571 statewide, top 50%, 1,035 students, 63% FRL); Martin County High School (math 45% / reading 54%, grade D, #179 of 667 statewide, top 29%, 2,273 students, 42% FRL) — zoned schools average 60% FRL vs 41% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo; HOA is 34% of rent.
• Market conditions: Rents rising (+2.7%/yr); 844 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 62d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 737 units permitted in Martin County in 2024 (167 in 5+ unit buildings).
• Martin County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 14y ago; this cycle's ask has dropped $30k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major flood risk; 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.
• This rent runs 36% of the median local income ($78k/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 111 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.