6977 SE Delegate St · Hobe Sound, FL 33455

$225,000

2 bd · 2.0 ba · 1,081 sqft · Manufactured public records · 25 Days on market

Built 1979 5,000 sqft lot Est $190k · 18% over $125/mo HOA · 5% of rent

---

Why this score? — see what drove the D+ 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 +20.1/30.0
• DSCR +6.4/10.0
• 1% rule +5.2/10.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Charming, Seaside Cottage feeling, doublewide in Cambridge, 55 + community in Hobe Sound. Coastal paint colors throughout! Sunny front porch to enjoy the sunrises & sunsets while having your morning coffee or evening refreshmentsl. The Living Room & Dining Area are light filled w a Bay window & Slider to the outside facing South. The Galley kitchen is so convenient w lots of cabinets. The owners have many Friends visiting so made many different areas to welcome them. The flooring throughout is luxury vinyl planking adding to the beachy feel. The Primary Bedrm spans the entire width of the home w a huge walk in closet, & another bay window & ensuite bath. The 2nd

Key facts

• Galley kitchen
• Bay window
• Sunny front porch

Tags

• SUNNY FRONT PORCH
• BAY WINDOW
• SLIDER TO THE OUTSIDE
• GALLEY KITCHEN
• LUXURY VINYL PLANKING
• WALK IN CLOSET

Property features AI

Finance

• Other: Directions to property provided by listing
• Financial info: Pets allowed with no restrictions
• HOA & community: Has association (Heritage Ridge South POA); Monthly HOA fee of $125; HOA covers cable TV, common areas, recreation facility; Association amenities include pool, fitness center, billiard room, shuffleboard court, community room, library, recreation facilities; Senior community

Exterior

• Parking: 3 total parking spaces; Attached carport (1 covered carport space); 2 open parking spaces; Concrete parking surface
• Security: No specific security features listed
• Utilities: Public water; Public sewer and septic tank; Cable available
• Home design: Manufactured home; One story; Resale condition; Faces south
• Construction: Pre-fab construction / other construction materials; Roof over
• Exterior features: Fruit tree(s); No waterfront

Interior

• Kitchen: Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on main level
• Flooring: Ceramic tile; Vinyl
• Bathrooms: 2 full bathrooms on main level
• Heating & cooling: Central electric heating; Central air; Ceiling fan(s)
• Interior features: Walk-in closet(s); Sliding windows; Partially furnished
• Laundry & utility: Washer/dryer details not provided

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $225k.

Deal economics

• At list price, monthly cash flow is $278 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 3.5% in Hobe Sound — 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 69/100 on livability (#497 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: employment C-, 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.
• Zoned schools: Murray Middle School (math 45% / reading 43%, grade D, #327 of 571 statewide, top 57%, 616 students, 69% FRL); South Fork High School (math 36% / reading 48%, grade F, #275 of 667 statewide, top 42%, 1,810 students, 51% FRL) — zoned schools average 60% FRL vs 41% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 279 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 737 units permitted in Martin County in 2024 (167 in 5+ unit buildings).
• This rent runs 39% of the median local income ($70k/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 25 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $180k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $221,625 (1.5% below list)

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.02% ✓
• Cap rate: 7.78%
• Cash-on-cash: 5.30%
• DSCR: 1.24
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $190,256
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7184 SE Redbird Cir	0.30mi	2/2.0	1,080 (-0%)	2mo	$190,000	$176	84
7878 SE Swan Ave	0.26mi	2/2.0	999 (-8%)	2mo	$154,000	$154	74
6900 SE Congress St	0.11mi	2/2.0	960 (-11%)	3mo	$138,000	$144	74
7829 SE Eagle Ave	0.32mi	2/2.0	1,152 (+7%)	2mo	$207,000	$180	73
8217 SE Swan Ave	0.19mi	2/2.0	960 (-11%)	2mo	$196,000	$204	70
8301 SE Skylark Ave	0.39mi	2/1.0	1,020 (-6%)	1mo	$213,000	$209	67
7148 SE Seahawk St	0.33mi	3/2.0 (+1)	1,180 (+9%)	1mo	$205,000	$174	63
7107 SE Seahawk St	0.30mi	2/2.0	1,236 (+14%)	1mo	$215,000	$174	61
8500 SE Eagle Ave	0.42mi	2/2.0	960 (-11%)	4mo	$135,000	$141	58
7338 SE Redbird Cir	0.32mi	3/2.0 (+1)	1,224 (+13%)	1mo	$202,000	$165	57
7667 SE Swan Ave	0.44mi	2/1.0	920 (-15%)	1mo	$185,000	$201	50
7359 SE Eagle Ave	0.70mi	2/2.0	958 (-11%)	2mo	$220,000	$230	47

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 · 1.8% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.66×
• Total profit: $-21,462
• Equity at exit: $33,548

10-year hold

• IRR: -1.7%
• Equity multiple: 0.89×
• Total profit: $-6,757
• Equity at exit: $19,454

Cash invested: $63,000 (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 33455

• Rents YoY: 1.8%
• Active inventory: 279
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,295 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$136 /mo · $1,635/yr
• Insurance: −$94
• HOA: −$125
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $278

Break-even live

Break-even rent $1,943

Max offer price $225,000

Occupancy floor 83%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6948 SE Delegate St Hobe Sound, FL	2.0	2.0	840	$1,775	$2.11	23d	1	0.06mi
7030 SE Ridgeway Ter Hobe Sound, FL	3.0	2.0	1296	$2,500	$1.93	23d	1	0.25mi
8002 SE Skylark Ave Hobe Sound, FL	3.0	2.0	990	$2,000	$2.02	23d	1	0.28mi
7894 SE Saratoga Dr Hobe Sound, FL	2.0	2.0	1248	$2,100	$1.68	23d	1	0.29mi
7568 SE Swan Ave Hobe Sound, FL	2.0	2.0	1052	$2,300	$2.19	23d	1	0.49mi
7462 SE Jamestown Ter Hobe Sound, FL	2.0	2.0	1384	$2,500	$1.81	23d	1	0.62mi
7607 SE Hobe Ter Hobe Sound, FL	2.0	2.0	1156	$2,200	$1.90	14d	1	0.62mi
7442 SE Jamestown Ter Hobe Sound, FL	2.0	2.0	1384	$1,800	$1.30	23d	1	0.66mi
7445 SE Independence Ave Hobe Sound, FL	2.0	2.0	1198	$1,900	$1.59	23d	1	0.69mi
8905 SE Sandy Ln Hobe Sound, FL	2.0	2.0	1006	$1,850	$1.84	23d	1	0.82mi
8997 SE Sandy Ln Hobe Sound, FL	2.0	1.0	900	$2,000	$2.22	23d	1	0.89mi
9073 SE Hobe Ridge Ave Hobe Sound, FL	2.0	2.0	1029	$2,100	$2.04	14d	1	0.97mi
6215 SE Georgetown Pl Hobe Sound, FL	2.0	2.0	1202	$2,600	$2.16	23d	1	1.08mi
8014 SE Carlton St Hobe Sound, FL	3.0	2.0	1463	$3,500	$2.39	23d	1	1.17mi
7959 SE Woodview Ter Hobe Sound, FL	1.0	1.0	700	$1,675	$2.39	23d	4	1.25mi
7920 SE Woodview Ter Unit 792007 Hobe Sound, FL	1.0	1.0	700	$1,675	$2.39	23d	1	1.27mi
9650 SE Eagle Ave Hobe Sound, FL	2.0	2.0–2.5	1241	$2,330	$1.88	23d	5	1.40mi
8455 SE Palm St Hobe Sound, FL	2.0	2.0	1423	$4,700	$3.30	14d	1	1.40mi
8585 SE Palm St Hobe Sound, FL	2.0	2.0	1304	$10,000	$7.67	23d	1	1.48mi
8585 SE Palm St Hobe Sound, FL	2.0	2.0	1304	$10,000	$7.67	14d	1	1.48mi
9627 Crest Ct Hobe Sound, FL	2.0	2.0	1400	$2,500	$1.79	14d	1	1.50mi

HOA detail

• Monthly dues: $125 · $1,500/yr

Listing history 25 events

1. 2026-06-18
   days on market $225,000 Active 25 DOM
2. 2026-06-17
   days on market $225,000 Active 24 DOM
3. 2026-06-16
   days on market $225,000 Active 23 DOM
4. 2026-06-15
   days on market $225,000 Active 22 DOM
5. 2026-06-14
   days on market $225,000 Active 20 DOM
6. 2026-06-13
   days on market $225,000 Active 19 DOM
7. 2026-06-10
   days on market $225,000 Active 17 DOM
8. 2026-06-09
   days on market $225,000 Active 16 DOM
9. 2026-06-08
   days on market $225,000 Active 15 DOM
10. 2026-06-07
    days on market $225,000 Active 14 DOM
11. 2026-06-03
    days on market $225,000 Active 10 DOM
12. 2026-06-02
    days on market $225,000 Active 9 DOM
13. 2026-06-01
    days on market $225,000 Active 8 DOM
14. 2026-05-31
    days on market $225,000 Active 7 DOM
15. 2026-05-31
    remarks 679-char remark
16. 2026-05-31
    days on market $225,000 Active 6 DOM
17. 2026-05-24
    listed $225,000 Active
18. 2022-08-02
    soldstatus $180,000
19. 2008-08-07
    historical
20. 2008-02-07
    listed $84,900
21. 2004-01-05
    soldstatus $78,000
22. 2003-12-31
    soldstatus $78,000
23. 2003-11-10
    listed $78,000
24. 1990-06-28
    soldstatus $55,000
25. 1979-06-01
    soldstatus $9,500

ⓘ 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: $1,635 · $136/mo
• Projected year-2 tax: $1,868 · $156/mo
• Expected delta: +$232/yr (+$19/mo · 14.2%)

ⓘ 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 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: $27,540
• − Mortgage interest: −$12,603
• − Property taxes: −$1,635
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,203
• − Management: −$2,203
• − HOA: −$1,500
• − Depreciation: −$6,545
• Taxable loss: −$275
• Est. tax savings @ 24.0%: +$66
• After-tax cash flow: $3,404/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 — Hobe Sound

• Score: 69/100
• State rank: #497
• US rank: #8763

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hobe Sound, FL
• County: Martin County · 165,223 people
• City population: 20,018
• Metro: Port St. Lucie, FL
• Population (ZIP): 20,018
• Household income: $70,389
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 317.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 8% Two or more races 6% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 3% Dominican 1%
• Common ancestry: Romanian 5% Italian 2% Slovak 2%
• Foreign-born: 8% · Canada
• Languages at home: 91% English-only · Spanish 6% 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: ▼ -287.05%
• Current HPI: 356.7273
• Rent YoY: ▲ 1.80%
• 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

+2268.4% since first listed

9 events — show timeline

• 2026-05-24 Listed $225,000 Beaches MLS
• 2022-08-02 Sold (Public Records) $180,000 Public Records
• 2008-08-07 Listing Removed — MCRTC
• 2008-02-07 Listed $84,900 MCRTC
• 2004-01-05 Sold (Public Records) $78,000 Public Records
• 2003-12-31 Sold (MLS) $78,000 MCRTC
• 2003-11-10 Listed $78,000 MCRTC
• 1990-06-28 Sold (Public Records) $55,000 Public Records
• 1979-06-01 Sold (Public Records) $9,500 Public Records

Property tax history

+10.4%/yr

Latest (2025): $1,635 · +0.5% YoY. Source: county tax records.