5802 SE Riverboat Dr #301 · Port Salerno, FL 34997

$230,900

2 bd · 2.5 ba · 1,288 sqft · Townhouse · 155 Days on market

Built 1980 1,306 sqft lot Est $232k · at est. $417/mo HOA · 17% 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).

• Cash flow +11.9/30.0
• ARV discount +7.7/15.0
• 1% rule +5.7/10.0
• Schools +4.5/10.0
• DSCR +3.5/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lowest priced unit in complex. Unit in excellent condition with many upgrades! Vacant on supra

Key facts

• Updated baths
• Accordion shutters
• Tiled courtyard

Tags

• UPDATED BATHS
• GRANITE COUNTERS
• CERAMIC TILE
• ACCORDION SHUTTERS
• TILED COURTYARD
• COMMUNITY BOARDWALK

Property features AI

Finance

• Financial info: Pets allowed with number and size limits
• HOA & community: Homeowners association with monthly fee; Association fee includes management, common area maintenance, cable TV, insurance, grounds maintenance, and taxes

Exterior

• Parking: Assigned parking; Guest parking
• Security: Storm/security shutters
• Utilities: Cable available; Electricity available and connected (110V and 220V); Water available; Sewer available; Trash collection
• Home design: 2-story residence; Mansard roof; Resale property; Has a view
• Construction: Block, concrete, and stucco construction
• Exterior features: Community tennis courts; Storm/security shutters; Community pool; Community walking trails/paths; Community pier; Fishing available; Pickleball courts; Non-gated community; On-site property manager

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Shutters on windows
• Laundry & utility: Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath townhouse listed at $231k.

Deal economics

• At list price, monthly cash flow is $-59 ($-711/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (3.7% below list).
• Meets the 1% rule at list price ($2k rent vs $231k).
• Recommended offer: $203k (12.0% below list) — sets the bar for market timing.
• 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: Port Salerno Elementary School (math 27% / reading 29%, grade F, #1,951 of 2,144 statewide, top 91%, 706 students, 74% 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 65% FRL vs 41% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 38% at this address vs 52% district-wide (-14 pts) — the specific schools serving this property underperform the Martin average; the district grade overstates school quality for this exact location.
• 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 38% 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 $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 155 days — a 12% lower offer ($203k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $44k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $159k; 45% 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 $203,192 (12.0% 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 155 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.07% ✓
• Cap rate: 5.99%
• Cash-on-cash: -1.10%
• DSCR: 0.95
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $231,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5802 SE Riverboat Dr #301	0.00mi	2/2.5	1,288 (0%)	1mo	$220,000	$171	99
5805 SE Riverboat Dr #407	0.09mi	2/2.5	1,288 (0%)	2mo	$260,000	$202	94
6061 SE Riverboat Dr #825	0.27mi	2/2.5	1,288 (0%)	1mo	$270,000	$210	86
6068 SE Riverboat Dr #728	0.32mi	2/2.5	1,288 (0%)	2mo	$249,000	$193	84
6158 SE Riverboat Dr	0.42mi	2/2.5	1,288 (0%)	1mo	$221,000	$172	79
5335 SE Miles Grant Rd Unit H 209	0.33mi	2/2.0	1,250 (-3%)	2mo	$220,000	$176	76
5363 SE Miles Grant Rd #106	0.38mi	2/2.0	1,250 (-3%)	0mo	$225,000	$180	75
5335 SE Miles Grant Rd #214	0.34mi	2/2.0	1,186 (-8%)	1mo	$140,000	$118	68
5403 SE Miles Grant Rd #209	0.43mi	2/2.0	1,186 (-8%)	1mo	$488,000	$411	64
5403 SE Miles Grant Rd Unit H111	0.43mi	2/2.0	1,186 (-8%)	2mo	$210,000	$177	64
5303 SE Miles Grant Rd Unit L101	0.46mi	1/2.0 (-1)	1,186 (-8%)	2mo	$145,000	$122	57
5413 SE Miles Grant Rd #205	0.42mi	3/2.0 (+1)	1,460 (+13%)	1mo	$278,000	$190	50

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 · 2.71% rent growth · sell at horizon

5-year hold

• IRR: -18.4%
• Equity multiple: 0.36×
• Total profit: $-41,614
• Equity at exit: $34,428

10-year hold

• IRR: -11.1%
• Equity multiple: 0.34×
• Total profit: $-42,837
• Equity at exit: $19,964

Cash invested: $64,652 (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: 7.8×

Monthly cashflow live

• Estimated rent: $2,473 high
• Mortgage (P&I): −$1,211
• Tax est. 1.5%: −$289 /mo · $3,464/yr
• Insurance: −$96
• HOA: −$417
• Vacancy / Maint / Mgmt: −$519
• Net cashflow: $-59

Break-even live

Break-even rent $2,548

Max offer price $222,329

Occupancy floor 97%

Sensitivity live

Price	-10% $100	-5% $21	+0% $-59	+5% $-139	+10% $-219
Rent	-10% $-255	-5% $-157	+0% $-59	+5% $38	+10% $136
Rate	-1.0pp $57	-0.5pp $-1	base $-59	+0.5pp $-119	+1.0pp $-180

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: $57,725
• Closing costs: $6,927
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5674 SE Riverboat Dr #131 Stuart, FL	2.0	2.5	1288	$2,600	$2.02	25d	1	0.13mi
5674 SE Riverboat Dr #131 Stuart, FL	2.0	2.5	1288	$2,400	$1.86	23d	1	0.13mi
6003 SE Riverboat Dr #802 Stuart, FL	2.0	2.5	1288	$2,200	$1.71	25d	1	0.24mi
5403 SE Miles Grant Rd Stuart, FL	2.0	2.0	1186	$1,750	$1.48	25d	2	0.41mi
6021 SE Landing Way #2 Stuart, FL	2.0	2.0	1135	$2,500	$2.20	25d	1	0.42mi
6146 SE Riverboat Dr #918 Stuart, FL	2.0	2.5	1288	$1,950	$1.51	25d	1	0.44mi
6082 SE Landing Way #7 Stuart, FL	2.0	2.0	1135	$3,000	$2.64	25d	1	0.46mi
6142 SE Landing Way Unit 9-11 Stuart, FL	2.0	2.0	1135	$3,500	$3.08	25d	1	0.52mi
4621 SE Shady Ridge Ln Stuart, FL	2.0	1.0	1660	$2,100	$1.27	15d	1	0.55mi
6102 SE Landing Way #13 Stuart, FL	3.0	2.0	1590	$2,000	$1.26	25d	1	0.55mi
6142 SE Landing Way #16 Stuart, FL	2.0	2.0	1590	$3,750	$2.36	25d	1	0.63mi
5359 SE Dell St Stuart, FL	3.0	2.0	1272	$2,800	$2.20	25d	1	0.76mi
5636 SE Foxcross Pl Stuart, FL	2.0	2.0	1598	$9,000	$5.63	15d	1	0.82mi
5795 SE Mitzi Ln Stuart, FL	3.0	2.0	1315	$3,000	$2.28	25d	1	0.85mi
4885 SE Capstan Ave #27 Stuart, FL	2.0	2.0	1273	$2,500	$1.96	25d	1	0.90mi
4650 SE Manatee Way Stuart, FL	3.0	2.5	1764	$5,900	$3.34	25d	1	0.96mi
4606 SE Binnacle Way Unit 1 Stuart, FL	2.0	1.0	928	$1,850	$1.99	15d	1	0.99mi
4710 SE Glenridge Trl Stuart, FL	3.0	2.0	1442	$3,300	$2.29	15d	1	1.07mi
5280 SE Seascape Way #101 Stuart, FL	3.0	3.0	1561	$2,500	$1.60	15d	1	1.20mi
5300 SE Schooner Oaks Way Stuart, FL	3.0	2.0	1600	$3,700	$2.31	25d	1	1.30mi
4939 SE Salvatori Rd Stuart, FL	3.0	2.0	1334	$2,500	$1.87	25d	1	1.31mi
5152 SE Club Way #104 Stuart, FL	2.0	2.0	1358	$7,500	$5.52	15d	1	1.45mi
4107 SE Barcelona St Stuart, FL	2.0	1.0	1224	$2,500	$2.04	25d	1	1.47mi
5881 SE Windsong Ln Stuart, FL	2.0	2.5	1288	$2,100	$1.63	15d	1	1.48mi

HOA detail

• Monthly dues: $417 · $5,004/yr

Listing history 13 events

1. 2026-05-15
   status Pending
2. 2026-04-29
   historical Active Under Contract
3. 2026-04-21
   price $230,900
4. 2026-03-23
   price $249,000
5. 2026-03-14
   price $259,000
6. 2026-03-10
   status Active
7. 2026-03-01
   historical Active Under Contract
8. 2026-01-21
   price $269,500
9. 2025-12-10
   listed $274,900 Active
10. 2019-08-30
    soldstatus $159,000 Sold 94-char remark

    Show marketing remark (94 chars)

    Lowest priced unit in complex. Unit in excellent condition with many upgrades! Vacant on supra

11. 2019-07-20
    historical Pending W/Cont 94-char remark

    Show marketing remark (94 chars)

    Lowest priced unit in complex. Unit in excellent condition with many upgrades! Vacant on supra

12. 2019-07-11
    price $159,000 94-char remark

    Show marketing remark (94 chars)

    Lowest priced unit in complex. Unit in excellent condition with many upgrades! Vacant on supra

13. 2019-04-03
    listed $167,900 Active 94-char remark

    Show marketing remark (94 chars)

    Lowest priced unit in complex. Unit in excellent condition with many upgrades! Vacant on supra

ⓘ 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 2/10 Low
• 🌡 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: $29,673
• − Mortgage interest: −$12,934
• − Property taxes: −$3,464
• − Insurance: −$1,154
• − Repairs & maintenance: −$2,374
• − Management: −$2,374
• − HOA: −$5,004
• − Depreciation: −$6,717
• Taxable loss: −$4,348
• Est. tax savings @ 24.0%: +$1,043
• After-tax cash flow: $333/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 — 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

• 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

+37.5% since first listed

13 events — show timeline

• 2026-05-15 Pending — MCRTC
• 2026-04-29 Contingent — MCRTC
• 2026-04-21 Price Changed $230,900 MCRTC
• 2026-03-23 Price Changed $249,000 MCRTC
• 2026-03-14 Price Changed $259,000 MCRTC
• 2026-03-10 Relisted — MCRTC
• 2026-03-01 Contingent — MCRTC
• 2026-01-21 Price Changed $269,500 MCRTC
• 2025-12-10 Listed $274,900 MCRTC
• 2019-08-30 Sold (MLS) $159,000 MCRTC
• 2019-07-20 Contingent — MCRTC
• 2019-07-11 Price Changed $159,000 MCRTC
• 2019-04-03 Listed $167,900 MCRTC