1965 SW Silver Pine Way Unit 118-D1

Palm City, FL 34990

$199,900D-

2 bd · 2.0 ba · 1,130 sqft · Built 1992 · Condo · Pending · 154 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,140/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$333
• HOA: −$511
• Vac / Maint / Mgmt: −$449
• Net cashflow: $-202/mo
• Annual: $-2,420/yr
• Cap rate: 5.08%
• Cash-on-cash: -4.32%
• DSCR: 0.81
• 1% rule: 1.07%
• Cash to close: $55,972

Investor read

• This is a 2-bed/2.0-bath condo listed at $200k. Condition is rated fair.
• 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).
• It's been on market 154 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $171k (14.6% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Watch-outs: HOA is 24% of rent.
• Market conditions: Rents soft (-0.1%/yr); 451 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• Martin County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.

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 154 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?

Repairs flagged (vision-AI assessment)

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