4646 SE Circle Way · Port Salerno, FL 34997

$230,000

3 bd · 2.0 ba · 980 sqft · Manufactured public records · 12 Days on market

Manufactured home Built 2005 7,405 sqft lot $75/mo HOA · 5% of rent

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Why this score? — see what drove the F 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 +8.9/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

SPACIOUS 3 BR WITH ATTACHED PORCH AND DECK. LARGE LOT OFFERS ROOM TO ENJOY THIS QUIET COMMUNITY WITH POOL AND CLUBHOUSE. HOME BEING SOLD "AS IS".

Key facts

• 7,405 sq ft lot
• Community pool
• Built 2005

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Homeowners association with $75 fee (covers common areas); Non-gated community; Community pool

Exterior

• Utilities: Cable available; Water available
• Home design: Manufactured home; Single-story; Resale property; Metal roof
• Construction: Manufactured construction; Metal roof
• Exterior features: Fenced yard; Shed

Interior

• Bedrooms: 1-story layout
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Unfurnished

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $230k.

Deal economics

• At list price, monthly cash flow is $-185 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (14.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (31.0% below list).
• Recommended offer: $159k (31.0% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 3.1% in Port Salerno — 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 70/100 on livability (#440 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, health & safety A; Watch: 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.
• Zoned schools: Sea Wind Elementary School (math 43% / reading 46%, grade F, #1,288 of 2,144 statewide, top 62%, 501 students, 72% FRL); Murray Middle School (math 45% / reading 43%, grade D, #327 of 571 statewide, top 57%, 616 students, 69% FRL); South Fork High School (math 36% / reading 48%, grade F, #275 of 667 statewide, top 42%, 1,810 students, 51% FRL) — zoned schools average 64% FRL vs 41% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.7%/yr); 601 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $2k of loan paydown is wiped out by about $7k 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

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 29y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $30k; list at $230k implies a 667% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $158,809 (31.0% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.69% ✗
• Cap rate: 5.33%
• Cash-on-cash: -3.44%
• DSCR: 0.85
• GRM: 12.1

CMA / ARV

• ARV (on-the-fly): $69,580
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4686 SE Dogwood Ln	0.55mi	2/2.0 (-1)	1,056 (+8%)	17mo	$87,250	$83	42
7062 SE Yellowood Ln	0.63mi	2/2.0 (-1)	1,100 (+12%)	6mo	$68,000	$62	40
4677 SE Copperwood Ter	0.67mi	2/2.0 (-1)	1,064 (+9%)	19mo	$67,000	$63	33
7078 Rosewood Ln	0.70mi	2/2.0 (-1)	1,120 (+14%)	10mo	$79,900	$71	30

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 · 2.71% rent growth · sell at horizon

5-year hold

• IRR: -22.4%
• Equity multiple: 0.23×
• Total profit: $-49,556
• Equity at exit: $34,294

10-year hold

• IRR: -17.3%
• Equity multiple: 0.06×
• Total profit: $-60,452
• Equity at exit: $19,886

Cash invested: $64,400 (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 34997

• Rents YoY: 2.7%
• Active inventory: 601
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $1,588 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$62 /mo · $746/yr
• Insurance: −$96
• HOA: −$75
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $-185

Break-even live

Break-even rent $1,822

Max offer price $197,395

Occupancy floor —

Sensitivity live

Price	-10% $-54	-5% $-119	+0% $-185	+5% $-250	+10% $-315
Rent	-10% $-310	-5% $-247	+0% $-185	+5% $-122	+10% $-59
Rate	-1.0pp $-69	-0.5pp $-126	base $-185	+0.5pp $-244	+1.0pp $-305

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4421 SE Village Rd Stuart, FL	2.0	2.0	1080	$2,100	$1.94	26d	1	0.15mi
6535 SE Federal Hwy Stuart, FL	2.0	2.0	967	$1,750	$1.81	26d	1	0.19mi
4667 SE Salvatori Rd Unit 4667 Stuart, FL	2.0	2.0	800	$2,100	$2.62	26d	1	0.24mi
6537 SE Federal Hwy #102 Stuart, FL	2.0	2.0	969	$1,845	$1.90	16d	1	0.25mi
6551 SE Federal Hwy Stuart, FL	2.0	2.0	969	$1,825	$1.88	23d	2	0.25mi
6551 SE Federal Hwy #104 Stuart, FL	2.0	2.0	969	$2,000	$2.06	16d	1	0.25mi
6553 SE Federal Hwy Unit 10-102 Stuart, FL	2.0	2.0	969	$1,750	$1.81	26d	1	0.26mi
6531 SE Federal Hwy Stuart, FL	2.0	2.0	1100	$1,725	$1.57	16d	2	0.27mi
5803 SE Collins Ave Stuart, FL	2.0	2.0	874	$2,200	$2.52	26d	1	0.61mi
5045 SE Primrose Way Stuart, FL	2.0	2.0	837	$1,900	$2.27	16d	1	0.77mi
4606 SE Binnacle Way Unit 1 Stuart, FL	2.0	1.0	928	$1,850	$1.99	16d	1	1.02mi
5601 SE Laguna Ave Stuart, FL	2.0	1.0	1080	$2,200	$2.04	16d	1	1.19mi

HOA detail

• Monthly dues: $75 · $900/yr
• Likely covers: pool

Listing history 9 events

1. 2026-06-23
   days on market $230,000 Active 12 DOM
2. 2026-06-21
   days on market $230,000 Active 11 DOM
3. 2026-06-18
   days on market $230,000 Active 8 DOM
4. 2026-06-17
   days on market $230,000 Active 7 DOM
5. 2026-06-16
   days on market $230,000 Active 6 DOM
6. 2026-06-15
   days on market $230,000 Active 5 DOM
7. 2026-06-14
   days on market $230,000 Active 3 DOM
8. 2026-06-13
   remarks 699-char remark
9. 2026-06-13
   listed $230,000 Active 2 DOM

ⓘ 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: $746 · $62/mo
• Projected year-2 tax: $1,909 · $159/mo
• Expected delta: +$1,163/yr (+$97/mo · 155.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 25 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: $19,057
• − Mortgage interest: −$12,884
• − Property taxes: −$746
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,525
• − Management: −$1,525
• − HOA: −$900
• − Depreciation: −$6,691
• Taxable loss: −$6,363
• Est. tax savings @ 24.0%: +$1,527
• After-tax cash flow: $-688/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 — Port Salerno

• Score: 70/100
• State rank: #440
• US rank: #7873

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Port Salerno, FL
• County: Martin County · 165,223 people
• Metro: Port St. Lucie, FL
• Population (ZIP): 47,075
• Household income: $78,136
• Rent vs Own: 19.1% rent · 80.9% own
• Severe rent burden: 1323.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 19% Two or more races 9% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Cuban 3%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 14% · Canada, Jamaica, China
• Languages at home: 81% English-only · Spanish 14% French/Haitian/Cajun 2% 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: ▼ -319.78%
• Current HPI: 336.7717
• Rent YoY: ▲ 2.71%
• 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

+618.8% since first listed

4 events — show timeline

• 2026-06-11 Listed $230,000 MCRTC
• 1998-06-01 Sold (MLS) $30,000 MCRTC
• 1997-05-24 Listed $34,900 MCRTC
• 1979-08-01 Sold (Public Records) $32,000 Public Records

Property tax history

+4.3%/yr

Latest (2025): $746 · +3.9% YoY. Source: county tax records.