1965 SW Silver Pine Way Unit 118-D1 · Palm City, FL 34990

$199,900

2 bd · 2.0 ba · 1,130 sqft · Condo · 154 Days on market

Built 1992 Fair condition $177/sqft · 6% below area Est $214k · 6% under $511/mo HOA · 24% of rent

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Why this score? — see what drove the D- 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).

• ARV discount +10.4/15.0
• Cash flow +8.0/30.0
• 1% rule +5.7/10.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this well-maintained residence in the desirable Pine Ridge at Martin Downs community. This light and bright unit offers a comfortable, low-maintenance lifestyle with a functional layout ideal for full-time living or a seasonal retreat. Enjoy a spacious living and dining area that opens to a screened patio, perfect for relaxing or enjoying Florida breezes. The kitchen provides ample cabinetry and counter space, while the bedrooms are generously sized with plenty of storage. Pine Ridge is a gated, pet-friendly community featuring a resort-style pool, clubhouse, tennis courts, and beautifully landscaped grounds, all conveniently located near shopping, dining, golf, and easy access to I-95 and the Turnpike. A great opportunity to enjoy Martin Downs living at an affordable price.

Key facts

• Gated community
• Pine ridge community
• Clubhouse

Tags

• PINE RIDGE COMMUNITY
• GATED COMMUNITY
• PET FRIENDLY
• RESORT STYLE POOL
• CLUBHOUSE
• TENNIS COURTS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $200k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-202 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $171k (14.6% below list).
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $171k (14.6% below list) — sets the bar for cash-flow.
• Cap rate 5.1% vs local median 2.6% in Palm City — 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 79/100 on livability (#140 in FL, #2,113 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living 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 soft (-0.1%/yr); 446 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 737 units permitted in Martin County in 2024 (167 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $200k implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• 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 $170,717 (14.6% below list)

Questions for the listing agent

1. 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?
2. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 1.07% ✓
• Cap rate: 5.08%
• Cash-on-cash: -4.32%
• DSCR: 0.81
• GRM: 7.8

CMA / ARV

• ARV (median comp): $213,769
• List price: $199,900
• Delta: -6.49%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -28.3%
• Equity multiple: 0.09×
• Total profit: $-51,163
• Equity at exit: $29,806

10-year hold

• IRR: -55.8%
• Equity multiple: -0.50×
• Total profit: $-83,924
• Equity at exit: $17,284

Cash invested: $55,972 (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 34990

• Home prices YoY: -29.7%
• Rents YoY: -0.1%
• Active inventory: 446
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,140 high
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$511
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $-202

Break-even live

Break-even rent $2,396

Max offer price $170,717

Occupancy floor —

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2703 SW Matheson Ave Unit 116- B1 Palm City, FL	1.0	1.0	842	$1,750	$2.08	14d	1	0.11mi
2703 SW Matheson Ave Unit 116-G2 Palm City, FL	1.0	1.0	842	$1,400	$1.66	23d	1	0.11mi
1605 SW Silver Pine Way Unit F2 Palm City, FL	2.0	2.0	1111	$2,000	$1.80	23d	1	0.27mi
2868 SW Shinnecock Hills Ct Palm City, FL	3.0	2.0	1451	$3,000	$2.07	23d	1	0.28mi
1544 SW Silver Pine Way Unit F-104 Palm City, FL	2.0	2.0	1170	$2,500	$2.14	14d	1	0.33mi
1485 SW Silver Pine Way Unit 107 B-2 Palm City, FL	1.0	1.0	830	$1,650	$1.99	23d	1	0.41mi
3375 SW Mapp Rd Unit 204 Palm City, FL	3.0	2.0	1067	$2,300	$2.16	23d	1	0.84mi
3662 SW Sunset Trace Cir Palm City, FL	3.0	2.0	1296	$2,500	$1.93	14d	1	0.95mi
3405 SW Feroe Ave Palm City, FL	2.0	2.0	1275	$2,800	$2.20	23d	1	0.95mi
1634 SW Crossing Cir Palm City, FL	2.0	1.5	1258	$2,200	$1.75	23d	1	0.97mi
2819 SW Cornell Ave Palm City, FL	2.0	1.5	1060	$2,150	$2.03	21d	1	0.97mi
3579 SW Sunset Trace Cir Palm City, FL	2.0	2.5	1236	$2,300	$1.86	23d	1	1.07mi
3599 SW Sunset Trace Cir Palm City, FL	2.0	2.5	1236	$2,200	$1.78	21d	1	1.09mi
3505 SW Quail Meadow Trl Unit A Palm City, FL	2.0	2.0	1331	$2,500	$1.88	14d	1	1.25mi
664 SW 35th St Apt 3 Palm City, FL	2.0	1.5	900	$1,775	$1.97	14d	1	1.30mi
664 SW 35th St Unit 6 Palm City, FL	2.0	1.5	900	$1,850	$2.06	14d	1	1.30mi
1868 SW Palm City Rd Apt 202 Stuart, FL	2.0	2.0	1191	$2,900	$2.43	23d	1	1.38mi
544 SW 35th St Palm City, FL	2.0	1.0	850	$1,850	$2.18	23d	1	1.38mi
1950 SW Palm City Rd Unit 4-4205 Stuart, FL	2.0	2.0	938	$2,400	$2.56	14d	1	1.39mi
1950 SW Palm City Rd Stuart, FL	2.0	2.0	1031	$3,150	$3.05	23d	3	1.40mi
3641 SW Coquina Cove Way Palm City, FL	1.0–3.0	1.0–2.0	987	$2,312	$2.34	14d	11	1.45mi

HOA detail condo

• Monthly dues: $511 · $6,132/yr
• Likely covers: landscapingpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-02
   status $199,900 Pending 154 DOM
2. 2026-06-01
   days on market $199,900 Active Under Contract 154 DOM
3. 2026-05-31
   days on market $199,900 Active Under Contract 153 DOM
4. 2026-05-31
   days on market $199,900 Active Under Contract 152 DOM
5. 2026-05-18
   historical Active Under Contract 796-char remark

   Show marketing remark (796 chars)

   Welcome to this well-maintained residence in the desirable Pine Ridge at Martin Downs community. This light and bright unit offers a comfortable, low-maintenance lifestyle with a functional layout ideal for full-time living or a seasonal retreat. Enjoy a spacious living and dining area that opens to a screened patio, perfect for relaxing or enjoying Florida breezes. The kitchen provides ample cabinetry and counter space, while the bedrooms are generously sized with plenty of storage. Pine Ridge is a gated, pet-friendly community featuring a resort-style pool, clubhouse, tennis courts, and beautifully landscaped grounds, all conveniently located near shopping, dining, golf, and easy access to I-95 and the Turnpike. A great opportunity to enjoy Martin Downs living at an affordable price.

6. 2026-03-31
   price $199,900 796-char remark

   Show marketing remark (796 chars)

   Welcome to this well-maintained residence in the desirable Pine Ridge at Martin Downs community. This light and bright unit offers a comfortable, low-maintenance lifestyle with a functional layout ideal for full-time living or a seasonal retreat. Enjoy a spacious living and dining area that opens to a screened patio, perfect for relaxing or enjoying Florida breezes. The kitchen provides ample cabinetry and counter space, while the bedrooms are generously sized with plenty of storage. Pine Ridge is a gated, pet-friendly community featuring a resort-style pool, clubhouse, tennis courts, and beautifully landscaped grounds, all conveniently located near shopping, dining, golf, and easy access to I-95 and the Turnpike. A great opportunity to enjoy Martin Downs living at an affordable price.

7. 2025-12-29
   listed $215,000 Active 796-char remark

   Show marketing remark (796 chars)

   Welcome to this well-maintained residence in the desirable Pine Ridge at Martin Downs community. This light and bright unit offers a comfortable, low-maintenance lifestyle with a functional layout ideal for full-time living or a seasonal retreat. Enjoy a spacious living and dining area that opens to a screened patio, perfect for relaxing or enjoying Florida breezes. The kitchen provides ample cabinetry and counter space, while the bedrooms are generously sized with plenty of storage. Pine Ridge is a gated, pet-friendly community featuring a resort-style pool, clubhouse, tennis courts, and beautifully landscaped grounds, all conveniently located near shopping, dining, golf, and easy access to I-95 and the Turnpike. A great opportunity to enjoy Martin Downs living at an affordable price.

8. 2016-01-11
   price $61,000 278-char remark

   Show marketing remark (278 chars)

   FIRST FLOOR, CORNER CONDO WITH WASHER AND DRYER (UTILITY ROOM) IN LAST PHASE OF PINE RIDGE. GATED COMMUNITY. TILED EAT-IN KITCHEN. GREAT POOL AREA. CLUBHOUSE, TENNIS. ELEC STORM SHUTTERS ON SCREEN PATIO. GOOD BUY! NO TRUCKS ALLOWED. VACANT. EASY SHOW. AS IS W/ RIGHT TO INSPECT.

9. 2016-01-11
   price $85,000

   Show marketing remark (278 chars)

   FIRST FLOOR, CORNER CONDO WITH WASHER AND DRYER (UTILITY ROOM) IN LAST PHASE OF PINE RIDGE. GATED COMMUNITY. TILED EAT-IN KITCHEN. GREAT POOL AREA. CLUBHOUSE, TENNIS. ELEC STORM SHUTTERS ON SCREEN PATIO. GOOD BUY! NO TRUCKS ALLOWED. VACANT. EASY SHOW. AS IS W/ RIGHT TO INSPECT.

10. 2014-06-16
    soldstatus $85,000
11. 2014-06-16
    price $88,315
12. 2014-03-11
    listed $88,315
13. 2011-11-10
    price $64,900 278-char remark

    Show marketing remark (278 chars)

    FIRST FLOOR, CORNER CONDO WITH WASHER AND DRYER (UTILITY ROOM) IN LAST PHASE OF PINE RIDGE. GATED COMMUNITY. TILED EAT-IN KITCHEN. GREAT POOL AREA. CLUBHOUSE, TENNIS. ELEC STORM SHUTTERS ON SCREEN PATIO. GOOD BUY! NO TRUCKS ALLOWED. VACANT. EASY SHOW. AS IS W/ RIGHT TO INSPECT.

14. 2011-11-10
    soldstatus $61,000 278-char remark

    Show marketing remark (278 chars)

    FIRST FLOOR, CORNER CONDO WITH WASHER AND DRYER (UTILITY ROOM) IN LAST PHASE OF PINE RIDGE. GATED COMMUNITY. TILED EAT-IN KITCHEN. GREAT POOL AREA. CLUBHOUSE, TENNIS. ELEC STORM SHUTTERS ON SCREEN PATIO. GOOD BUY! NO TRUCKS ALLOWED. VACANT. EASY SHOW. AS IS W/ RIGHT TO INSPECT.

15. 2011-07-19
    listed $64,900 278-char remark

    Show marketing remark (278 chars)

    FIRST FLOOR, CORNER CONDO WITH WASHER AND DRYER (UTILITY ROOM) IN LAST PHASE OF PINE RIDGE. GATED COMMUNITY. TILED EAT-IN KITCHEN. GREAT POOL AREA. CLUBHOUSE, TENNIS. ELEC STORM SHUTTERS ON SCREEN PATIO. GOOD BUY! NO TRUCKS ALLOWED. VACANT. EASY SHOW. AS IS W/ RIGHT TO INSPECT.

ⓘ 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) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,683
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,055
• − Management: −$2,055
• − HOA: −$6,132
• − Depreciation: −$5,815
• Taxable loss: −$5,569
• Est. tax savings @ 24.0%: +$1,337
• After-tax cash flow: $-1,083/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This moderate-rehab property requires exterior and interior updates to improve its condition and value. Fresh paint and new siding would significantly enhance its curb appeal and structural integrity.

Repairs flagged

• Moderate Exterior siding — Weathered and stained
• Moderate Interior walls — Paint chipped and worn

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace exterior siding — New siding improves curb appeal and structural integrity
• Both Paint exterior walls — Fresh paint enhances curb appeal and structural integrity

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and stained	Moderate	$3,000–15,000
Interior walls · Paint chipped and worn	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace exterior siding — New siding improves curb appeal and structural integrity ↑
• Both Paint exterior walls — Fresh paint enhances curb appeal and structural integrity ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Palm City

• Score: 79/100
• State rank: #140
• US rank: #2113

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palm City, FL
• County: Martin County · 165,223 people
• City population: 30,592
• Metro: Port St. Lucie, FL
• Population (ZIP): 30,592
• Household income: $129,560
• Rent vs Own: 9.2% rent · 90.8% own
• Severe rent burden: 249.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 10% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Cuban 3%
• Common ancestry: Romanian 4% Italian 3% Scotch-Irish 2%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 90% English-only · Spanish 6% Russian/Polish/Slavic 1% Tagalog/Filipino 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: ▼ -138.81%
• Current HPI: 328.9662
• Rent YoY: ▼ -0.09%
• 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

+208.0% since first listed

11 events — show timeline

• 2026-05-18 Contingent — MCRTC
• 2026-03-31 Price Changed $199,900 MCRTC
• 2025-12-29 Listed $215,000 MCRTC
• 2016-01-11 Price Changed $85,000 MCRTC
• 2016-01-11 Price Changed $61,000 MCRTC
• 2014-06-16 Price Changed $88,315 MCRTC
• 2014-06-16 Sold (MLS) $85,000 MCRTC
• 2014-03-11 Listed $88,315 MCRTC
• 2011-11-10 Sold (MLS) $61,000 MCRTC
• 2011-11-10 Price Changed $64,900 MCRTC
• 2011-07-19 Listed $64,900 MCRTC