166 SE St Lucie Blvd # Un Unit D-203

Stuart, FL 34996

$169,000C

2 bd · 2.0 ba · 1,351 sqft · Built 1984 · Condo · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,884/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$372
• HOA: −$1,233
• Vac / Maint / Mgmt: −$606
• Net cashflow: $-213/mo
• Annual: $-2,551/yr
• Cap rate: 4.78%
• Cash-on-cash: -5.39%
• DSCR: 0.76
• 1% rule: 1.71%
• Cash to close: $47,320

Investor read

• This is a 2-bed/2.0-bath condo listed at $169k.
• At list price, monthly cash flow is $-213 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (22.2% below list).
• Meets the 1% rule at list price ($3k rent vs $169k).
• It's been on market 95 days — a 9% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (22.2% below list) — sets the bar for cash-flow.
• In year one you build about $18k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Location reads 84/100 on livability (#39 in FL, #790 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-, employment C-, amenities D.
• 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: J. D. Parker School of Technology (math 39% / reading 40%, grade F, #1,513 of 2,144 statewide, top 73%, 519 students, 72% FRL); Stuart Middle School (math 55% / reading 55%, grade B-, #180 of 571 statewide, top 32%, 867 students, 49% FRL); Jensen Beach High School (math 53% / reading 71%, grade B-, #98 of 667 statewide, top 15%, 1,584 students, 36% FRL).
• Watch-outs: HOA is 43% of rent.
• Market conditions: 252 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); solid renter incomes; 737 units permitted in Martin County in 2024 (167 in 5+ unit buildings).
• Martin County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk; 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.
• This rent runs 41% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 95 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.