35 Flores Del Norte · Lakewood Park, FL 34951

$35,000

2 bd · 2.0 ba · 1,056 sqft · Manufactured · 185 Days on market

Built 1987 Est $41k · 15% under $828/mo HOA · 36% of rent ↓ 26% since listing

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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 +15.0/30.0
• ARV discount +14.3/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Spanish Lakes, a popular 55+ community in Vero Beach. This furnished 2BR/2BA manufactured home features a bright, open layout with a spacious living room and plenty of natural light. The kitchen offers newer countertops, updated fixtures, and ample cabinetry. Updates include LVP flooring throughout, updated electrical and plumbing (2021), new faucets, washer & dryer (2021), and freshly painted interior and exterior. Major improvements include roof (2021), A/C (2020), updated tie-downs (2021), and skirting (2022). Located on leased land ($828/month). Spanish Lakes offers golf, fitness center, pool, pickleball, tennis, shuffleboard, library, and an active social lifestyle nea

Key facts

• Furnished home
• Bright open layout
• Newer countertops

Tags

• FURNISHED HOME
• BRIGHT OPEN LAYOUT
• NEWER COUNTERTOPS
• UPDATED FIXTURES
• AMPLE CABINETRY
• LVP FLOORING

Property features AI

Finance

• Other: Senior community; Pets not allowed
• HOA & community: Part of a community association; Monthly association fee; Association amenities include pool, fitness center, billiard room, community room, tennis courts, pickleball courts, shuffleboard, bocce ball, jogging path, and sidewalks; Association covers grounds maintenance and trash

Exterior

• Parking: Attached carport (1 covered/carport space)
• Utilities: Public water; Public sewer; Three-phase electric service; Cable available
• Home design: Manufactured home (modular); Single-story; South-facing
• Construction: Metal roof; Aluminum skirt
• Exterior features: Not waterfront; No waterfront features

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fans
• Interior features: No notable built-in interior features listed; Furnished
• Laundry & utility: Laundry closet inside the home

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $35k.

Deal economics

• At list price, monthly cash flow is $724 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Cap rate 31.1% vs local median 5.7% in Lakewood Park — 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 63/100 on livability (#719 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, amenities F, commute 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.
• Market conditions: 292 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 4,868 units permitted in St. Lucie County in 2024 (268 in 5+ unit buildings).
• This rent runs 43% 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 $242 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 185 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 36% 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 $30,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 185 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 6.49% ✓
• Cap rate: 31.12%
• Cash-on-cash: 88.68%
• DSCR: 4.95
• GRM: 1.3

CMA / ARV

• ARV (on-the-fly): $41,184
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
43 Grande Camino Way	0.22mi	2/2.0	980 (-7%)	16mo	$38,000	$39	64
5 Grande Camino Pl	0.27mi	2/2.0	1,200 (+14%)	20mo	$50,495	$42	48
98 Calle De Lagos	0.37mi	2/2.0	900 (-15%)	18mo	$35,000	$39	42

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: 89.8%
• Equity multiple: 5.18×
• Total profit: $41,000
• Equity at exit: $5,219

10-year hold

• IRR: 92.8%
• Equity multiple: 10.93×
• Total profit: $97,306
• Equity at exit: $3,026

Cash invested: $9,800 (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: 292
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $2,271 high
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$828
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $724

Break-even live

Break-even rent $1,354

Max offer price $35,000

Occupancy floor 63%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2450 8th Ave SW Vero Beach, FL	3.0	2.0	1388	$2,100	$1.51	21d	1	0.49mi
985 23rd Pl SW Vero Beach, FL	3.0	2.0	1176	$2,200	$1.87	21d	1	0.75mi
5642 Sunberry Cir Fort Pierce, FL	3.0	2.0	1377	$1,950	$1.42	23d	1	1.10mi
6906 Ocala Ave Fort Pierce, FL	3.0	2.0	1175	$1,955	$1.66	14d	1	1.15mi
7503 Paso Robles Blvd Fort Pierce, FL	3.0	2.0	1260	$2,000	$1.59	23d	1	1.17mi
3766 Harborside Ave Fort Pierce, FL	2.0	2.0	1308	$2,160	$1.65	14d	1	1.19mi
2066 5th Ct SE Vero Beach, FL	2.0	2.0	1415	$3,850	$2.72	21d	1	1.20mi
7500 Pensacola Rd Fort Pierce, FL	3.0	2.0	1125	$2,150	$1.91	14d	1	1.25mi
7403 Winter Garden Pkwy Fort Pierce, FL	3.0	2.0	1372	$2,200	$1.60	21d	1	1.50mi

HOA detail

• Monthly dues: $828 · $9,936/yr
• Likely covers: electricpoolgym

Listing history 20 events

1. 2026-06-18
   days on market $35,000 Active 185 DOM
2. 2026-06-17
   days on market $35,000 Active 184 DOM
3. 2026-06-16
   days on market $35,000 Active 183 DOM
4. 2026-06-15
   days on market $35,000 Active 182 DOM
5. 2026-06-14
   days on market $35,000 Active 180 DOM
6. 2026-06-13
   days on market $35,000 Active 179 DOM
7. 2026-06-10
   days on market $35,000 Active 177 DOM
8. 2026-06-09
   days on market $35,000 Active 176 DOM
9. 2026-06-08
   days on market $35,000 Active 175 DOM
10. 2026-06-07
    days on market $35,000 Active 174 DOM
11. 2026-06-05
    days on market $35,000 Active 171 DOM
12. 2026-06-03
    days on market $35,000 Active 170 DOM
13. 2026-06-02
    days on market $35,000 Active 169 DOM
14. 2026-06-01
    days on market $35,000 Active 168 DOM
15. 2026-05-31
    days on market $35,000 Active 167 DOM
16. 2026-05-30
    days on market $35,000 Active 166 DOM
17. 2026-04-27
    price $35,000
18. 2026-03-30
    price $39,900
19. 2026-02-21
    price $45,000
20. 2025-12-15
    listed $47,000 Active

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 25 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: $27,253
• − Mortgage interest: −$1,961
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$2,180
• − Management: −$2,180
• − HOA: −$9,936
• − Depreciation: −$1,018
• Taxable income: $9,278
• Est. tax owed @ 24.0%: −$2,227
• After-tax cash flow: $6,465/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 — Lakewood Park

• Score: 63/100
• State rank: #719
• US rank: #15407

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakewood Park, FL
• 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

-25.5% since first listed

4 events — show timeline

• 2026-04-27 Price Changed $35,000 Beaches MLS
• 2026-03-30 Price Changed $39,900 Beaches MLS
• 2026-02-21 Price Changed $45,000 Beaches MLS
• 2025-12-15 Listed $47,000 Beaches MLS