510 Gardenia Ave · Fort Pierce, FL 34982

$350,000

2 bd · 2.0 ba · 2,940 sqft · MultiFamily public records · 30 Days on market

Built 1974 7,753 sqft lot

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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 +24.3/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Rent growth +4.4/5.0
• Livability +3.8/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

HUGE CBS DUPLEX ZONED GENERAL COMMERCIAL WHICH IS A LEGAL NON CONFORMING USE WITH NEARLY 3000 SF OF LIVING TOTAL. 3 BEDROOMS, 2 BATHROOMS EACH SIDE. EACH UNIT HAS A MASTER BEDROOM WITH WALK-IN CLOSET, LARGE EAT IN KITCHEN, LIVING ROOM, LAUNDRY ROOM, AND A SEPARATE ENTRANCE TO A BEDROOM. IDEALLY LOCATED, ADJACENT TO THE SOUTH OF PUBLIX PLAZA AND BEHIND WELLS FARGO BANK, JUST SECONDS TO SHOPPING, RESTAURANTS AND BANKS. POTENTIAL GROSS INCOME $48,000 PER YEAR! BOTH UNITS ARE VACANT SO FINISHING TOUCHES CAN BE MADE IMMEDIATELY TO GENERATE OPTIMUM INCOME. THIS IS PRICED TO SELL QUICKLY! SINCE IT IS A LEGAL NON-CONFORMING USE, NO FINANCING CONTINGENCIES WILL BE CONSIDERED.

Key facts

• 7,753 sq ft lot
• Built 1974
• Listed 30 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $705 ($8k/yr) — positive. Per door: $353/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $345k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 3.7% in Fort Pierce — 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 76/100 on livability (#226 in FL, #3,360 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, amenities F, employment 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: Weatherbee Elementary School (math 32% / reading 32%, grade F, #1,797 of 2,144 statewide, top 86%, 672 students, 90% FRL); Dan Mccarty Middle School (math 23% / reading 23%, grade F, #542 of 571 statewide, top 95%, 747 students, 88% FRL); Fort Pierce Central High School (math 15% / reading 45%, grade F, #441 of 667 statewide, top 67%, 3,091 students, 62% FRL) — zoned schools average 80% FRL vs 59% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 44% district-wide (-16 pts) — the specific schools serving this property underperform the St. Lucie average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+7.4%/yr); 336 active listings in the ZIP; 4,868 units permitted in St. Lucie County in 2024 (268 in 5+ unit buildings).
• At $3,885/mo this rent would consume 86% of the median local household income ($54k/yr) (locally 1086% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 + 7.4% rent growth), your $98k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $70k; list at $350k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $344,750 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.11% ✓
• Cap rate: 8.71%
• Cash-on-cash: 8.63%
• DSCR: 1.38
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.42% rent growth · sell at horizon

5-year hold

• IRR: 1.6%
• Equity multiple: 1.06×
• Total profit: $6,260
• Equity at exit: $52,186

10-year hold

• IRR: 15.1%
• Equity multiple: 2.47×
• Total profit: $144,511
• Equity at exit: $30,262

Cash invested: $98,000 (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 34982

• Home prices YoY: -33.4%
• Rents YoY: 7.4%
• Active inventory: 336
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $3,885 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$383 /mo · $4,594/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$816
• Net cashflow: $705

Break-even live

Break-even rent $2,993

Max offer price $350,000

Occupancy floor 77%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,884
Total (2 units)			$3,885

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $350,000 Active 30 DOM
2. 2026-06-17
   days on market $350,000 Active 29 DOM
3. 2026-06-16
   days on market $350,000 Active 28 DOM
4. 2026-06-15
   days on market $350,000 Active 27 DOM
5. 2026-06-14
   days on market $350,000 Active 25 DOM
6. 2026-06-13
   remarks 675-char remark
7. 2026-06-13
   days on market $350,000 Active 24 DOM
8. 2026-06-10
   pricedays on market $350,000 Active 22 DOM
9. 2026-06-09
   days on market $425,000 Active 21 DOM
10. 2026-06-08
    days on market $425,000 Active 20 DOM
11. 2026-06-07
    days on market $425,000 Active 19 DOM
12. 2026-06-05
    days on market $425,000 Active 16 DOM
13. 2026-06-03
    days on market $425,000 Active 15 DOM
14. 2026-06-02
    days on market $425,000 Active 14 DOM
15. 2026-06-01
    days on market $425,000 Active 13 DOM
16. 2026-05-31
    days on market $425,000 Active 12 DOM
17. 2026-05-30
    statusdays on market $425,000 Active 11 DOM
18. 2026-03-11
    status Pending
19. 2026-03-09
    status Pending
20. 2026-03-02
    listed $425,000 Active
21. 2000-03-01
    soldstatus $70,000
22. 1991-05-01
    soldstatus $65,000
23. 1974-04-01
    soldstatus $57,500

ⓘ 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: $4,594 · $383/mo
• Projected year-2 tax: $4,594 · $383/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 27 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: $46,620
• − Mortgage interest: −$19,605
• − Property taxes: −$4,594
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,730
• − Management: −$3,730
• − Depreciation: −$10,182
• Taxable income: $3,029
• Est. tax owed @ 24.0%: −$727
• After-tax cash flow: $7,733/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 — Fort Pierce

• Score: 76/100
• State rank: #226
• US rank: #3360

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Pierce, FL
• County: Saint Lucie County · 337,150 people
• City population: 78,556
• Metro: Port St. Lucie, FL
• Population (ZIP): 31,143
• Household income: $54,082
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 1086.0

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: Majority White (62%)
• Race & ethnicity: White 62% Hispanic / Latino 22% Two or more races 12% Black 12%
• Hispanic origin (detail): Mexican 10% Puerto Rican 3% Cuban 3%
• Common ancestry: Italian 7% Hispanic 2% Lithuanian 1%
• Foreign-born: 12% · Canada
• Languages at home: 80% English-only · Spanish 16% French/Haitian/Cajun 3%

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: ▼ -199.47%
• Current HPI: 397.2649
• Rent YoY: ▲ 7.42%
• 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

+639.1% since first listed

6 events — show timeline

• 2026-03-11 Pending — Beaches MLS
• 2026-03-09 Pending — Beaches MLS
• 2026-03-02 Listed $425,000 Beaches MLS
• 2000-03-01 Sold (Public Records) $70,000 Public Records
• 1991-05-01 Sold (Public Records) $65,000 Public Records
• 1974-04-01 Sold (Public Records) $57,500 Public Records

Property tax history

+14.4%/yr

Latest (2025): $4,594 · +8.2% YoY. Source: county tax records.