6704 Picante Cir · Vero Beach South, FL 34951

$229,000

2 bd · 2.0 ba · 1,714 sqft · SingleFamily public records · 4 Days on market

Built 1997 5,814 sqft lot Est $264k · 13% under · waterfront

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Why this score? — see what drove the C 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 +21.7/30.0
• ARV discount +13.4/15.0
• DSCR +6.9/10.0
• 1% rule +4.3/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS IS A LAND LEASE PROPERTY - $695/month . The fee includes security, lawn care, common area maintenance, community manager, 18 hole par 3 golf course, clubhouse, 2 community pools, bocce ball, shuffle board, pickle ball, exercise room, tennis, sauna, game room, library, and billiards. This is active lifestyle at it's finest! This 3BR/2BA/2 car garage home on a lakefront lot in Spanish Lakes. Step through the foyer to find a formal dining area, a spacious living room, vaulted ceilings, and an open kitchen. The large master bedroom features lakefront views. Accordion shutters for convenient storm protection. Enjoy the lakeside lifestyle with the covered and enclosed patio, which features sprawling lakefront views. Spanish Lakes is a great 55+ community.

Key facts

• Recent upgrades
• Solar tube skylights
• Lakefront home

Tags

• LAKEFRONT HOME
• RECENT UPGRADES
• SOLAR TUBE SKYLIGHTS
• STAMPED CONCRETE PATIO
• WIDE-WATER LAKE VIEWS

Property features AI

Finance

• Other: Building area reported by appraiser
• Financial info: Land lease in place (monthly land lease payment); Land lease expires 2028-06-15
• HOA & community: Senior community; Pets allowed (dogs OK)

Exterior

• Parking: Attached 2-car garage with garage door opener; Driveway; Additional 4 open parking spaces (6 total parking spaces, 2 covered)
• Security: Security patrol
• Utilities: Public water; Public sewer; Cable available; Phone available; Water and sewer connected
• Home design: Single-family residence; One-story; Entry at level 1; North-facing
• Construction: Concrete block with stucco exterior; Shingle roof; Slab foundation; Built/resale condition (resale)
• Exterior features: Open patio and enclosed glass patio; Landscaped yard; Asphalt road access; Waterfront property (no specific waterfront features listed)

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Water purifier (owned); Electric water heater
• Bedrooms: Three main-level bedrooms
• Flooring: Carpet; Ceramic tile
• Bathrooms: Two full bathrooms (main level)
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fans
• Interior features: Cathedral and vaulted ceilings; Entrance foyer; High ceilings; Walk-in closets; Split bedroom layout; Pull-down attic stairs
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $229k.

Deal economics

• At list price, monthly cash flow is $352 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (6.6% below list).
• Recommended offer: $214k (6.6% below list) — sets the bar for 1% rule.
• Cap rate 8.1% vs local median 4.3% in Vero Beach South — 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 78/100 on livability (#163 in FL, #2,445 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A; Watch: 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.
• Zoned schools: Manatee Academy K-8 (math 53% / reading 51%, grade C-, #990 of 2,144 statewide, top 48%, 1,664 students, 65% FRL); Southern Oaks Middle School (math 39% / reading 43%, grade F, #353 of 571 statewide, top 63%, 894 students, 76% FRL); Fort Pierce Central High School (math 15% / reading 45%, grade F, #441 of 667 statewide, top 67%, 3,091 students, 62% FRL).
• Market conditions: 294 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4,868 units permitted in St. Lucie County in 2024 (268 in 5+ unit buildings).
• This rent runs 41% of the median local income ($63k/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.
• St. Lucie County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 8y 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 $121k; list at $229k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $213,957 (6.6% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
3. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
4. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 0.93% ✗
• Cap rate: 8.14%
• Cash-on-cash: 6.59%
• DSCR: 1.29
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $263,785
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6539 Yedra Ave	0.22mi	2/2.5	1,839 (+7%)	2mo	$309,000	$168	73
6631 Nuevo Lagos	0.16mi	3/2.0 (+1)	1,714 (0%)	21mo	$175,000	$102	70
14374 Azucena Court Ct	0.25mi	2/2.0	1,599 (-7%)	9mo	$175,000	$109	69
6655 Alemendra St	0.28mi	2/2.0	1,530 (-11%)	2mo	$175,000	$114	67
6449 Alemendra St	0.39mi	3/2.5 (+1)	1,753 (+2%)	5mo	$309,000	$176	67
14126 Cisne Cir	0.31mi	2/2.0	1,487 (-13%)	7mo	$150,000	$101	57
14434 Azucena Ct	0.25mi	2/2.0	1,487 (-13%)	24mo	$170,000	$114	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.2%
• Equity multiple: 0.77×
• Total profit: $-14,810
• Equity at exit: $34,145

10-year hold

• IRR: 3.3%
• Equity multiple: 1.24×
• Total profit: $15,489
• Equity at exit: $19,800

Cash invested: $64,120 (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 34951

• Home prices YoY: -23.6%
• Active inventory: 294
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,140 medium
• Mortgage (P&I): −$1,201
• Tax from tax record: −$42 /mo · $504/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $352

Break-even live

Break-even rent $1,694

Max offer price $229,000

Occupancy floor 79%

Sensitivity live

Price	-10% $482	-5% $417	+0% $352	+5% $287	+10% $222
Rent	-10% $183	-5% $267	+0% $352	+5% $436	+10% $521
Rate	-1.0pp $467	-0.5pp $410	base $352	+0.5pp $293	+1.0pp $232

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6765 Spanish Lakes Blvd Fort Pierce, FL	2.0	2.0	1368	$2,500	$1.83	25d	1	0.22mi

Listing history 3 events

1. 2026-06-21
   days on market $229,000 Active 4 DOM
2. 2026-06-18
   remarks 699-char remark
3. 2026-06-18
   listed $229,000 Active 1 DOM

ⓘ 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: $504 · $42/mo
• Projected year-2 tax: $1,901 · $158/mo
• Expected delta: +$1,397/yr (+$116/mo · 277.1%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 23 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,675
• − Mortgage interest: −$12,828
• − Property taxes: −$504
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,054
• − Management: −$2,054
• − Depreciation: −$6,662
• Taxable income: $429
• Est. tax owed @ 24.0%: −$103
• After-tax cash flow: $4,120/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: 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 — Vero Beach South

• Score: 78/100
• State rank: #163
• US rank: #2445

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Lucie County · 337,150 people
• Metro: Port St. Lucie, FL
• Population (ZIP): 17,148
• Household income: $63,122
• Rent vs Own: 11.7% rent · 88.3% own
• Severe rent burden: 140.0

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: Predominantly White (74%)
• Race & ethnicity: White 74% Black 13% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 10% · Canada, Jamaica, Vietnam
• Languages at home: 88% English-only · Spanish 7% French/Haitian/Cajun 3% Vietnamese 1%

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: ▼ -106.06%
• Current HPI: 343.1376
• Rent YoY: —
• 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

+90.8% since first listed

20 events — show timeline

• 2026-06-17 Listed $229,000 Beaches MLS
• 2023-06-19 Listing Removed — Beaches MLS
• 2023-04-17 Price Changed $229,000 Beaches MLS
• 2023-03-10 Price Changed $234,500 Beaches MLS
• 2023-02-03 Listed $235,000 Beaches MLS
• 2021-07-14 Sold (MLS) $121,100 Beaches MLS
• 2021-06-16 Contingent — Beaches MLS
• 2021-06-07 Listed $120,000 Beaches MLS
• 2020-02-24 Sold (MLS) $95,500 Beaches MLS
• 2019-12-18 Pending — Beaches MLS
• 2019-12-05 Relisted — Beaches MLS
• 2019-11-19 Pending — Beaches MLS
• 2019-10-04 Listed $99,000 Beaches MLS
• 2019-09-18 Listing Removed — Beaches MLS
• 2019-08-06 Price Changed $99,500 Beaches MLS
• 2019-01-17 Relisted — Beaches MLS
• 2019-01-12 Listing Removed — Beaches MLS
• 2018-12-12 Price Changed $110,000 Beaches MLS
• 2018-12-06 Price Changed $124,000 Beaches MLS
• 2018-09-17 Listed $120,000 Beaches MLS

Property tax history

-10.1%/yr

Latest (2025): $504 · +2.8% YoY. Source: county tax records.