5403 SE Miles Grant Rd Unit H108 · Port Salerno, FL 34997

$199,900

2 bd · 2.0 ba · 1,186 sqft · Condo · 52 Days on market

Built 1973 Good condition $169/sqft · at area comps Est $201k · at est. $490/mo HOA · 21% of rent ↓ 5% since listing

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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).

• Cash flow +12.0/30.0
• ARV discount +7.8/15.0
• 1% rule +6.5/10.0
• Schools +4.5/10.0
• Condition / age +4.0/5.0
• DSCR +3.5/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Wonderful first-floor 2-bedroom, 2-bath condo in the desirable 55+ community of Miles Grant. This light and bright unit offers true ground-level living with assigned parking directly in front of the unit for ultimate convenience. Hurricane Impact windows and doors through out the Condo. Updated bathrooms, ceramic tile flooring throughout, a fully enclosed lanai and private patio overlooking the golf course—perfect for morning coffee or relaxing evenings. The home also features newer A/C, water heater, dishwasher, and washer/dryer. Miles Grant is an active and welcoming community located near the Intracoastal Waterway in Stuart. Residents enjoy a community pool and a mandatory social m

Key facts

• Newer a/c
• Private patio
• Ground-level living

Tags

• GROUND-LEVEL LIVING
• ASSIGNED PARKING
• ENCLOSED LANAI
• PRIVATE PATIO
• OVERLOOKING THE GOLF COURSE
• NEWER A/C

Property features AI

Finance

• Other: Property listed as resale; Senior community
• HOA & community: Monthly association fee of $490; Association amenities include billiard room, clubhouse, fitness center, golf course, game room, management, picnic area, playground, pool (heated), shuffleboard court, tennis courts, on-site manager, library, and pickleball courts; Association fee includes cable TV, insurance, maintenance of grounds, and common real estate tax

Exterior

• Parking: Assigned parking; 2 open parking spaces (1 total parking listed)
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Cable connected; Electricity available
• Home design: Condominium; Multi/split levels; 2 total stories; North-facing
• Construction: CBS construction; Metal roof; Entry level: 1
• Exterior features: Not waterfront; Entry at level 1

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central electric heat; Electric cooling with ceiling fan(s)
• Interior features: Walk-in closet(s); Unfurnished
• Laundry & utility: Laundry located inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $200k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-49 ($-589/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (3.6% below list).
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $193k (3.6% below list) — sets the bar for cash-flow.
• Cap rate 6.0% vs local median 3.2% 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: 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 (+2.7%/yr); 595 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 35% 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 $1k of loan paydown is wiped out by about $6k 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 52 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• 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 $192,796 (3.6% 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 52 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.15% ✓
• Cap rate: 6.00%
• Cash-on-cash: -1.05%
• DSCR: 0.95
• GRM: 7.2

CMA / ARV

• ARV (median comp): $201,444
• List price: $199,900
• Delta: -0.77%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.3%
• Equity multiple: 0.36×
• Total profit: $-35,854
• Equity at exit: $29,806

10-year hold

• IRR: -10.9%
• Equity multiple: 0.35×
• Total profit: $-36,621
• Equity at exit: $17,284

Cash invested: $55,972 (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: 595
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,307 high
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$490
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $-49

Break-even live

Break-even rent $2,369

Max offer price $192,796

Occupancy floor 97%

Sensitivity live

Price	-10% $89	-5% $20	+0% $-49	+5% $-118	+10% $-187
Rent	-10% $-231	-5% $-140	+0% $-49	+5% $42	+10% $133
Rate	-1.0pp $52	-0.5pp $2	base $-49	+0.5pp $-101	+1.0pp $-154

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5403 SE Miles Grant Rd Stuart, FL	2.0	2.0	1186	$1,750	$1.48	25d	2	0.03mi
5674 SE Riverboat Dr #131 Stuart, FL	2.0	2.5	1288	$2,600	$2.02	25d	1	0.35mi
5674 SE Riverboat Dr #131 Stuart, FL	2.0	2.5	1288	$2,400	$1.86	23d	1	0.35mi
6003 SE Riverboat Dr #802 Stuart, FL	2.0	2.5	1288	$2,200	$1.71	25d	1	0.41mi
6021 SE Landing Way #2 Stuart, FL	2.0	2.0	1135	$2,500	$2.20	25d	1	0.47mi
6142 SE Landing Way Unit 9-11 Stuart, FL	2.0	2.0	1135	$3,500	$3.08	25d	1	0.52mi
6082 SE Landing Way #7 Stuart, FL	2.0	2.0	1135	$3,000	$2.64	25d	1	0.52mi
6146 SE Riverboat Dr #918 Stuart, FL	2.0	2.5	1288	$1,950	$1.51	25d	1	0.62mi
4710 SE Glenridge Trl Stuart, FL	3.0	2.0	1442	$3,300	$2.29	15d	1	0.75mi
4885 SE Capstan Ave #27 Stuart, FL	2.0	2.0	1273	$2,500	$1.96	25d	1	0.77mi
4606 SE Binnacle Way Unit 1 Stuart, FL	2.0	1.0	928	$1,850	$1.99	15d	1	0.91mi
5045 SE Primrose Way Stuart, FL	2.0	2.0	837	$1,900	$2.27	15d	1	0.92mi
5359 SE Dell St Stuart, FL	3.0	2.0	1272	$2,800	$2.20	25d	1	1.01mi
5393 SE 48th Ave Unit C Stuart, FL	1.0	1.0	750	$1,550	$2.07	25d	1	1.05mi
5795 SE Mitzi Ln Stuart, FL	3.0	2.0	1315	$3,000	$2.28	25d	1	1.09mi
4404 SE Mulford Ln Stuart, FL	2.0	1.0	834	$2,500	$3.00	25d	1	1.10mi
5803 SE Collins Ave Stuart, FL	2.0	2.0	874	$2,200	$2.52	25d	1	1.12mi
4107 SE Barcelona St Stuart, FL	2.0	1.0	1224	$2,500	$2.04	25d	1	1.22mi
5833 SE 47th Ave Stuart, FL	1.0	1.0	700	$1,500	$2.14	25d	2	1.29mi
4095 SE Centerboard Ln Unit 6B Stuart, FL	2.0	2.0	1154	$3,750	$3.25	25d	1	1.33mi
3901 SE Saint Lucie Blvd Stuart, FL	2.0	2.0–2.5	1407	$3,875	$2.75	25d	4	1.36mi
3901 SE Saint Lucie Blvd Unit D29 Stuart, FL	2.0	2.0	1460	$3,000	$2.05	25d	1	1.38mi
4667 SE Salvatori Rd Unit 4667 Stuart, FL	2.0	2.0	800	$2,100	$2.62	25d	1	1.44mi
4939 SE Salvatori Rd Stuart, FL	3.0	2.0	1334	$2,500	$1.87	25d	1	1.47mi

HOA detail condo

• Monthly dues: $490 · $5,880/yr
• Likely covers: waterpoolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $199,900 Active 52 DOM
2. 2026-06-18
   days on market $199,900 Active 49 DOM
3. 2026-06-17
   days on market $199,900 Active 48 DOM
4. 2026-06-16
   days on market $199,900 Active 47 DOM
5. 2026-06-15
   days on market $199,900 Active 46 DOM
6. 2026-06-14
   days on market $199,900 Active 44 DOM
7. 2026-06-13
   days on market $199,900 Active 43 DOM
8. 2026-06-10
   days on market $199,900 Active 41 DOM
9. 2026-06-09
   days on market $199,900 Active 40 DOM
10. 2026-06-08
    days on market $199,900 Active 39 DOM
11. 2026-06-07
    days on market $199,900 Active 38 DOM
12. 2026-06-03
    days on market $199,900 Active 34 DOM
13. 2026-06-02
    days on market $199,900 Active 33 DOM
14. 2026-06-01
    days on market $199,900 Active 32 DOM
15. 2026-05-31
    days on market $199,900 Active 31 DOM
16. 2026-05-31
    days on market $199,900 Active 30 DOM
17. 2026-05-16
    price $204,900 805-char remark
18. 2026-04-27
    listed $209,900 Active 805-char remark

ⓘ 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 1/10 Low
• 🌡 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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,682
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,215
• − Management: −$2,215
• − HOA: −$5,880
• − Depreciation: −$5,815
• Taxable loss: −$3,638
• Est. tax savings @ 24.0%: +$873
• After-tax cash flow: $284/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 80/100 Cosmetic rehab

This well-maintained and updated townhouse in a desirable 55+ community offers a good investment opportunity with minimal repairs needed.

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 Install smart home devices — Smart home devices can increase convenience and property value.
• Both Upgrade kitchen appliances — Modern appliances can attract more buyers and renters.
• Both Add smart thermostat — A smart thermostat can improve energy efficiency and comfort for occupants.

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 Install smart home devices — Smart home devices can increase convenience and property value. ↑
• Both Upgrade kitchen appliances — Modern appliances can attract more buyers and renters. ↑
• Both Add smart thermostat — A smart thermostat can improve energy efficiency and comfort for occupants. ↑

ⓘ 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: 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

-4.8% since first listed

3 events — show timeline

• 2026-05-26 Price Changed $199,900 Beaches MLS
• 2026-05-16 Price Changed $204,900 Beaches MLS
• 2026-04-27 Listed $209,900 Beaches MLS