10885 SE Federal Hwy #98 · Hobe Sound, FL 33455

$99,000

2 bd · 2.0 ba · 840 sqft · Condo public records · 99 Days on market

Built 1981 $118/sqft · at area comps Est $100k · at est. $250/mo HOA · 12% of rent ↓ 21% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.9/15.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2 bedroom, 2 bathroom mobile home in the 55+ community of Sea Breeze. Conveniently located between US1 (Federal Highway) and A1A, this home has a 12x40 carport, 9x33 screened-in porch and 8x10 shed. Conveniently located close to shopping, library and the post office, offering both comfort and accessibility. Nature lovers will appreciate being near Jonathan Dickinson State Park and Hobe South National Wildlife Refuge. Sea Breeze offers amenities, including a pool, clubhouse and shuffleboard. HOA is $250 per month which includes lawn mowing, trash, basic cable/internet and all of the amenities. There is a $100 application fee and approval is required prior to purchase with Sea Breeze Mobile Homeowners, Inc.

Key facts

• Screened-in porch
• Shed
• Clubhouse

Tags

• CARPORT
• SCREENED-IN PORCH
• SHED
• POOL
• CLUBHOUSE
• SHUFFLEBOARD

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $99k.

Deal economics

• At list price, monthly cash flow is $666 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.4% vs local median 3.5% 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.
• Market conditions: Rents rising (+1.8%/yr); 279 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 35% 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 $684 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 1.8% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.

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 $90,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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. 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.
7. 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.
8. 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: 2.05% ✓
• Cap rate: 14.36%
• Cash-on-cash: 28.81%
• DSCR: 2.28
• GRM: 4.1

CMA / ARV

• ARV (median comp): $100,000
• List price: $99,000
• Delta: -1.00%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 21.6%
• Equity multiple: 1.87×
• Total profit: $24,113
• Equity at exit: $14,761

10-year hold

• IRR: 28.8%
• Equity multiple: 3.40×
• Total profit: $66,648
• Equity at exit: $8,560

Cash invested: $27,720 (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: 279
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $2,025 high
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$250
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $666

Break-even live

Break-even rent $1,182

Max offer price $99,000

Occupancy floor 62%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10230 SE Federal Hwy Lot 13 Hobe Sound, FL	1.0	1.0	700	$1,250	$1.79	23d	1	0.59mi
8042 SE Villa Cir Unit 8042 Hobe Sound, FL	2.0	2.0	1026	$1,950	$1.90	23d	1	0.85mi
8005 SE Villa Cir Hobe Sound, FL	2.0	2.0	1026	$1,850	$1.80	23d	1	0.88mi
7920 SE Woodview Ter Unit 792007 Hobe Sound, FL	1.0	1.0	700	$1,675	$2.39	23d	1	1.25mi
7959 SE Woodview Ter Hobe Sound, FL	1.0	1.0	700	$1,675	$2.39	23d	4	1.27mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Likely covers: trashinternetcablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $99,000 Active 99 DOM
2. 2026-06-17
   days on market $99,000 Active 98 DOM
3. 2026-06-16
   days on market $99,000 Active 97 DOM
4. 2026-06-15
   days on market $99,000 Active 96 DOM
5. 2026-06-14
   days on market $99,000 Active 94 DOM
6. 2026-06-13
   days on market $99,000 Active 93 DOM
7. 2026-06-10
   days on market $99,000 Active 91 DOM
8. 2026-06-09
   days on market $99,000 Active 90 DOM
9. 2026-06-08
   days on market $99,000 Active 89 DOM
10. 2026-06-07
    days on market $99,000 Active 88 DOM
11. 2026-06-03
    days on market $99,000 Active 84 DOM
12. 2026-06-02
    days on market $99,000 Active 83 DOM
13. 2026-06-01
    days on market $99,000 Active 82 DOM
14. 2026-05-31
    days on market $99,000 Active 81 DOM
15. 2026-05-31
    days on market $99,000 Active 80 DOM
16. 2026-04-21
    price $99,000 729-char remark

    Show marketing remark (729 chars)

    Charming 2 bedroom, 2 bathroom mobile home in the 55+ community of Sea Breeze. Conveniently located between US1 (Federal Highway) and A1A, this home has a 12x40 carport, 9x33 screened-in porch and 8x10 shed. Conveniently located close to shopping, library and the post office, offering both comfort and accessibility. Nature lovers will appreciate being near Jonathan Dickinson State Park and Hobe South National Wildlife Refuge. Sea Breeze offers amenities, including a pool, clubhouse and shuffleboard. HOA is $250 per month which includes lawn mowing, trash, basic cable/internet and all of the amenities. There is a $100 application fee and approval is required prior to purchase with Sea Breeze Mobile Homeowners, Inc.

17. 2026-03-25
    price $114,900 729-char remark

    Show marketing remark (729 chars)

    Charming 2 bedroom, 2 bathroom mobile home in the 55+ community of Sea Breeze. Conveniently located between US1 (Federal Highway) and A1A, this home has a 12x40 carport, 9x33 screened-in porch and 8x10 shed. Conveniently located close to shopping, library and the post office, offering both comfort and accessibility. Nature lovers will appreciate being near Jonathan Dickinson State Park and Hobe South National Wildlife Refuge. Sea Breeze offers amenities, including a pool, clubhouse and shuffleboard. HOA is $250 per month which includes lawn mowing, trash, basic cable/internet and all of the amenities. There is a $100 application fee and approval is required prior to purchase with Sea Breeze Mobile Homeowners, Inc.

18. 2025-12-22
    listed $124,900 Active 729-char remark

    Show marketing remark (729 chars)

    Charming 2 bedroom, 2 bathroom mobile home in the 55+ community of Sea Breeze. Conveniently located between US1 (Federal Highway) and A1A, this home has a 12x40 carport, 9x33 screened-in porch and 8x10 shed. Conveniently located close to shopping, library and the post office, offering both comfort and accessibility. Nature lovers will appreciate being near Jonathan Dickinson State Park and Hobe South National Wildlife Refuge. Sea Breeze offers amenities, including a pool, clubhouse and shuffleboard. HOA is $250 per month which includes lawn mowing, trash, basic cable/internet and all of the amenities. There is a $100 application fee and approval is required prior to purchase with Sea Breeze Mobile Homeowners, Inc.

ⓘ 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 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,299
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$1,944
• − Management: −$1,944
• − HOA: −$3,000
• − Depreciation: −$2,880
• Taxable income: $7,006
• Est. tax owed @ 24.0%: −$1,681
• After-tax cash flow: $6,305/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

• Census place: Hobe Sound, FL
• 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

-20.7% since first listed

3 events — show timeline

• 2026-04-21 Price Changed $99,000 Beaches MLS
• 2026-03-25 Price Changed $114,900 Beaches MLS
• 2025-12-22 Listed $124,900 Beaches MLS

Property tax history

-23.0%/yr

Latest (2025): $13 · +77.6% YoY. Source: county tax records.