6980 SE Constitution Blvd #105 · Hobe Sound, FL 33455

$220,000

2 bd · 2.0 ba · 1,020 sqft · Condo public records · 113 Days on market

Built 1985 $216/sqft · 8% below area Est $240k · 8% under $559/mo HOA · 23% of rent

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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).

• ARV discount +11.2/15.0
• Cash flow +9.5/30.0
• 1% rule +5.8/10.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful 2 bedroom, 2 bath, 1st floor condo overlooking the 5th hole at Heritage Ridge Golf Course. Relax on your screen porch & feel the ocean breezes. Just bring your toothbrush, this condo is offered fully furnished, turn key. Updated kitchen, newer vanity in master bath, hot water heater was replaced in 2022, Air conditioner system is 2018, Stackable washer & dryer. Accordion hurricane shutters, additional storage closet and so much more. All ages are welcomed and this would make a great winter retreat or year round residence. Community offers a clubhouse, 2 heated pools, hot tub, tennis & pickleball. Golf is available but not mandatory. Additional $495. annual fee is paid to Heritage Ridge Property Owners Association.

Key facts

• Heated pools
• Hot tub
• Updated kitchen

Tags

• SCREEN PORCH
• UPDATED KITCHEN
• ACCORDION HURRICANE SHUTTERS
• ADDITIONAL STORAGE CLOSET
• HEATED POOLS
• HOT TUB

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $-154 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (12.4% below list).
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $193k (12.4% below list) — sets the bar for cash-flow.
• Cap rate 5.5% vs local median 3.3% 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: Sea Wind Elementary School (math 43% / reading 46%, grade F, #1,288 of 2,144 statewide, top 62%, 501 students, 72% FRL); 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 64% FRL vs 41% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 283 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 41% 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 113 days — a 9% lower offer ($200k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y 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 $84k; list at $220k implies a 163% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $192,792 (12.4% below list)

Questions for the listing agent

1. 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?
2. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.08% ✓
• Cap rate: 5.45%
• Cash-on-cash: -3.00%
• DSCR: 0.87
• GRM: 7.7

CMA / ARV

• ARV (median comp): $239,569
• List price: $220,000
• Delta: -8.17%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.8% rent growth · sell at horizon

5-year hold

• IRR: -22.9%
• Equity multiple: 0.22×
• Total profit: $-47,948
• Equity at exit: $32,803

10-year hold

• IRR: -21.7%
• Equity multiple: -0.04×
• Total profit: $-64,333
• Equity at exit: $19,022

Cash invested: $61,600 (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: 283
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,381 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$231 /mo · $2,771/yr
• Insurance: −$92
• HOA: −$559
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $-154

Break-even live

Break-even rent $2,576

Max offer price $192,792

Occupancy floor —

Sensitivity live

Price	-10% $-29	-5% $-92	+0% $-154	+5% $-216	+10% $-279
Rent	-10% $-342	-5% $-248	+0% $-154	+5% $-60	+10% $34
Rate	-1.0pp $-43	-0.5pp $-98	base $-154	+0.5pp $-211	+1.0pp $-269

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6215 SE Georgetown Pl Hobe Sound, FL	2.0	2.0	1202	$2,600	$2.16	25d	1	0.34mi
7442 SE Jamestown Ter Hobe Sound, FL	2.0	2.0	1384	$1,800	$1.30	25d	1	0.39mi
7445 SE Independence Ave Hobe Sound, FL	2.0	2.0	1198	$1,900	$1.59	25d	1	0.41mi
7462 SE Jamestown Ter Hobe Sound, FL	2.0	2.0	1384	$2,500	$1.81	25d	1	0.44mi
7568 SE Swan Ave Hobe Sound, FL	2.0	2.0	1052	$2,300	$2.19	25d	1	0.61mi
7894 SE Saratoga Dr Hobe Sound, FL	2.0	2.0	1248	$2,100	$1.68	25d	1	0.77mi
8002 SE Skylark Ave Hobe Sound, FL	3.0	2.0	990	$2,000	$2.02	25d	1	1.08mi
6948 SE Delegate St Hobe Sound, FL	2.0	2.0	840	$1,775	$2.11	25d	1	1.10mi
5152 SE Club Way #104 Stuart, FL	2.0	2.0	1358	$7,500	$5.52	15d	1	1.10mi
5156 SE Mariner Garden Cir Stuart, FL	3.0	2.5	1434	$2,400	$1.67	25d	1	1.15mi
4987 SE Mariner Garden Cir Stuart, FL	3.0	2.5	1434	$2,650	$1.85	25d	1	1.20mi
7030 SE Ridgeway Ter Hobe Sound, FL	3.0	2.0	1296	$2,500	$1.93	25d	1	1.30mi
5359 SE Dell St Stuart, FL	3.0	2.0	1272	$2,800	$2.20	25d	1	1.45mi
5795 SE Mitzi Ln Stuart, FL	3.0	2.0	1315	$3,000	$2.28	25d	1	1.46mi
6531 SE Federal Hwy Stuart, FL	2.0	2.0	1100	$1,725	$1.57	15d	2	1.46mi

HOA detail condo

• Monthly dues: $559 · $6,708/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-21
   days on market $220,000 Active 113 DOM
2. 2026-06-18
   days on market $220,000 Active 110 DOM
3. 2026-06-17
   days on market $220,000 Active 109 DOM
4. 2026-06-16
   days on market $220,000 Active 108 DOM
5. 2026-06-15
   days on market $220,000 Active 107 DOM
6. 2026-06-14
   days on market $220,000 Active 105 DOM
7. 2026-06-13
   days on market $220,000 Active 104 DOM
8. 2026-06-10
   days on market $220,000 Active 102 DOM
9. 2026-06-09
   days on market $220,000 Active 101 DOM
10. 2026-06-08
    days on market $220,000 Active 100 DOM
11. 2026-06-07
    days on market $220,000 Active 99 DOM
12. 2026-06-03
    days on market $220,000 Active 95 DOM
13. 2026-06-02
    days on market $220,000 Active 94 DOM
14. 2026-06-01
    days on market $220,000 Active 93 DOM
15. 2026-05-31
    days on market $220,000 Active 92 DOM
16. 2026-05-31
    days on market $220,000 Active 91 DOM
17. 2026-02-25
    listed $220,000 Active 757-char remark

    Show marketing remark (757 chars)

    Beautiful 2 bedroom, 2 bath, 1st floor condo overlooking the 5th hole at Heritage Ridge Golf Course. Relax on your screen porch & feel the ocean breezes. Just bring your toothbrush, this condo is offered fully furnished, turn key. Updated kitchen, newer vanity in master bath, hot water heater was replaced in 2022, Air conditioner system is 2018, Stackable washer & dryer. Accordion hurricane shutters, additional storage closet and so much more. All ages are welcomed and this would make a great winter retreat or year round residence. Community offers a clubhouse, 2 heated pools, hot tub, tennis & pickleball. Golf is available but not mandatory. Additional $495. annual fee is paid to Heritage Ridge Property Owners Association.

18. 2012-03-28
    soldstatus $83,500
19. 2012-03-20
    soldstatus $83,500 370-char remark

    Show marketing remark (370 chars)

    Live on the golf course! Fabulous vistas await you from this FIRST FLOOR condominium in Heritage Ridge. The screened porch is the perfect place to enjoy the views and the privacy of the course location. Two bedrooms and two baths are offered in a split plan. Kitchen is light and airy with a window and a pass through space to the dining and living areas. NEW OFFERING!

20. 2012-02-14
    listed $83,500 370-char remark

    Show marketing remark (370 chars)

    Live on the golf course! Fabulous vistas await you from this FIRST FLOOR condominium in Heritage Ridge. The screened porch is the perfect place to enjoy the views and the privacy of the course location. Two bedrooms and two baths are offered in a split plan. Kitchen is light and airy with a window and a pass through space to the dining and living areas. NEW OFFERING!

21. 1989-05-09
    soldstatus $76,000

ⓘ 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: $2,771 · $231/mo
• Projected year-2 tax: $2,771 · $231/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 26 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: $28,576
• − Mortgage interest: −$12,323
• − Property taxes: −$2,771
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,286
• − Management: −$2,286
• − HOA: −$6,708
• − Depreciation: −$6,400
• Taxable loss: −$5,298
• Est. tax savings @ 24.0%: +$1,272
• After-tax cash flow: $-577/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

• 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

+189.5% since first listed

5 events — show timeline

• 2026-02-25 Listed $220,000 Beaches MLS
• 2012-03-28 Sold (Public Records) $83,500 Public Records
• 2012-03-20 Sold (MLS) $83,500 MCRTC
• 2012-02-14 Listed $83,500 MCRTC
• 1989-05-09 Sold (Public Records) $76,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $2,771 · -3.4% YoY. Source: county tax records.