223 Sea Conch Pl #14 · Indian River Estates, FL 34982

$134,900

2 bd · 2.0 ba · 1,056 sqft · Manufactured · 42 Days on market

Built 1991 Good condition 5,663 sqft lot $260/mo HOA · 12% of rent ↓ 25% since listing

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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 +29.4/30.0
• 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 +3.8/5.0
• Schools +3.7/10.0
• Livability +3.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Cute as a button, move in ready home featuring an open concept, large living area, inside laundry, roof about 7 years old, A/C is approximately 5 years old. You own a share in co-op so your fees are only $260 per month. You don't want to miss this one.

Key facts

• 5,663 sq ft lot
• 2 parking spots
• Built 1991

Property features AI

Finance

• Other: Pets allowed (with number and size limits); Located in a senior community
• Financial info: Not a land lease property
• HOA & community: Part of Tropical Isles Co-Op; Monthly association fee of $260; Association includes trash, common areas, legal/accounting, reserve funds and recreation facility; Community amenities include heated pool, spa/hot tub, clubhouse, community room, billiard and game rooms, tennis courts, pickleball and shuffleboard courts, bocce ball, management and on-site manager

Exterior

• Parking: 2 total parking spaces; Attached carport (1 covered space)
• Utilities: Public water; Private sewer; Electricity connected; Sewer connected; Water connected
• Home design: Manufactured home (double wide); Single-story; North-facing
• Construction: Vinyl siding; Shingle roof; Pillar/post/pier and piling foundation; Skirt: Other; Double wide body type; Resale condition
• Exterior features: Paved road access; Not waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fans
• Interior features: Vaulted ceilings; Stacked bedroom layout
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $135k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $480 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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 $2,117/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 $933 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 $38k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 2y 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.

Risks & watch-outs

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

Recommended offer $130,853 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% 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. 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: 1.57% ✓
• Cap rate: 10.56%
• Cash-on-cash: 15.26%
• DSCR: 1.68
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $70,752
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5683 Hemingway Ct	0.23mi	2/2.0	1,144 (+8%)	1mo	$76,800	$67	75

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: 11.8%
• Equity multiple: 1.50×
• Total profit: $18,750
• Equity at exit: $20,114

10-year hold

• IRR: 24.5%
• Equity multiple: 3.67×
• Total profit: $100,701
• Equity at exit: $11,664

Cash invested: $37,772 (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: 5.3×

Monthly cashflow live

• Estimated rent: $2,117 high
• Mortgage (P&I): −$707
• Tax est. 1.5%: −$169 /mo · $2,024/yr
• Insurance: −$56
• HOA: −$260
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $480

Break-even live

Break-even rent $1,509

Max offer price $134,900

Occupancy floor 72%

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: $33,725
• Closing costs: $4,047
• 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	0.30mi
341 Ashley St Fort Pierce, FL	3.0	2.0	1128	$2,460	$2.18	23d	1	0.52mi
355 Johnston St Fort Pierce, FL	3.0	1.5	1118	$2,500	$2.24	23d	1	0.54mi
352 Johnston St Fort Pierce, FL	3.0	2.0	936	$2,100	$2.24	23d	1	0.57mi
330 Borraclough St Fort Pierce, FL	3.0	2.0	1404	$2,175	$1.55	14d	1	0.66mi
492 Salisbury Cir Fort Pierce, FL	3.0	2.5	1486	$2,395	$1.61	23d	1	0.71mi
526 Salisbury Cir Fort Pierce, FL	3.0	2.5	1486	$2,399	$1.61	14d	1	0.74mi
5300 Seagrape Dr Fort Pierce, FL	3.0	2.0	1300	$2,450	$1.88	23d	1	0.91mi
5315 Hickory Dr Fort Pierce, FL	3.0	2.0	1400	$2,045	$1.46	23d	1	1.09mi
699 W Weatherbee Rd Fort Pierce, FL	2.0	1.5	1100	$1,875	$1.70	23d	1	1.18mi

HOA detail

• Monthly dues: $260 · $3,120/yr

Listing history 35 events

1. 2026-06-18
   days on market $134,900 Active 42 DOM
2. 2026-06-17
   days on market $134,900 Active 41 DOM
3. 2026-06-16
   days on market $134,900 Active 40 DOM
4. 2026-06-15
   days on market $134,900 Active 39 DOM
5. 2026-06-14
   days on market $134,900 Active 37 DOM
6. 2026-06-13
   days on market $134,900 Active 36 DOM
7. 2026-06-10
   days on market $134,900 Active 34 DOM
8. 2026-06-09
   days on market $134,900 Active 33 DOM
9. 2026-06-08
   days on market $134,900 Active 32 DOM
10. 2026-06-07
    days on market $134,900 Active 31 DOM
11. 2026-06-05
    days on market $134,900 Active 28 DOM
12. 2026-06-03
    days on market $134,900 Active 27 DOM
13. 2026-06-02
    days on market $134,900 Active 26 DOM
14. 2026-06-01
    days on market $134,900 Active 25 DOM
15. 2026-06-01
    status $134,900 Active 24 DOM
16. 2026-05-31
    days on market $134,900 Active Under Contract 24 DOM
17. 2026-05-30
    days on market $134,900 Active Under Contract 23 DOM
18. 2026-05-18
    historical Active Under Contract
19. 2026-05-07
    listed $134,900 Active
20. 2026-05-06
    historical
21. 2026-05-01
    status Active
22. 2026-04-30
    historical
23. 2026-04-06
    price $137,500
24. 2026-04-01
    status Active
25. 2026-03-30
    historical
26. 2026-03-02
    status Active
27. 2026-03-02
    historical
28. 2026-01-10
    price $148,900
29. 2025-09-01
    listed $154,900 Active
30. 2025-02-14
    historical
31. 2025-02-07
    status Active
32. 2025-02-01
    historical
33. 2024-11-28
    status Active
34. 2024-11-21
    historical Active Under Contract
35. 2024-07-10
    listed $180,000 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 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 · 25 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: $25,404
• − Mortgage interest: −$7,556
• − Property taxes: −$2,024
• − Insurance: −$674
• − Repairs & maintenance: −$2,032
• − Management: −$2,032
• − HOA: −$3,120
• − Depreciation: −$3,924
• Taxable income: $4,041
• Est. tax owed @ 24.0%: −$970
• After-tax cash flow: $4,792/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 75/100 Cosmetic rehab

This move-in ready manufactured home is in good condition with minimal repairs needed. It offers a good balance of curb appeal and interior updates that can significantly increase its value.

Value-add opportunities

• Both Paint exterior siding — Fresh paint can enhance curb appeal and property value.
• Both Replace window treatments — New window treatments can improve energy efficiency and aesthetics.
• Both Update flooring in bathrooms — Replacing dated flooring can increase both resale and rental value.
• Both Upgrade kitchen appliances — Modern appliances can attract more buyers and renters.
• Both Install smart home devices — Smart home features can increase property value and attract tech-savvy buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Fresh paint can enhance curb appeal and property value. ↑
• Both Replace window treatments — New window treatments can improve energy efficiency and aesthetics. ↑
• Both Update flooring in bathrooms — Replacing dated flooring can increase both resale and rental value. ↑
• Both Upgrade kitchen appliances — Modern appliances can attract more buyers and renters. ↑
• Both Install smart home devices — Smart home features can increase property value and attract tech-savvy buyers and renters. ↑

ⓘ 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

-25.1% since first listed

18 events — show timeline

• 2026-05-18 Contingent — Beaches MLS
• 2026-05-07 Listed $134,900 Beaches MLS
• 2026-05-06 Listing Removed — Beaches MLS
• 2026-05-01 Relisted — Beaches MLS
• 2026-04-30 Listing Removed — Beaches MLS
• 2026-04-06 Price Changed $137,500 Beaches MLS
• 2026-04-01 Relisted — Beaches MLS
• 2026-03-30 Listing Removed — Beaches MLS
• 2026-03-02 Relisted — Beaches MLS
• 2026-03-02 Listing Removed — Beaches MLS
• 2026-01-10 Price Changed $148,900 Beaches MLS
• 2025-09-01 Listed $154,900 Beaches MLS
• 2025-02-14 Listing Removed — Beaches MLS
• 2025-02-07 Relisted — Beaches MLS
• 2025-02-01 Listing Removed — Beaches MLS
• 2024-11-28 Relisted — Beaches MLS
• 2024-11-21 Contingent — Beaches MLS
• 2024-07-10 Listed $180,000 Beaches MLS