510 SW South River Dr #204 · Stuart, FL 34997

$135,000

1 bd · 1.0 ba · 697 sqft · Condo public records · 154 Days on market

Built 1988 $194/sqft · 12% below area Est $154k · 12% under $360/mo HOA · 21% of rent

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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 +14.1/30.0
• ARV discount +13.0/15.0
• 1% rule +7.4/10.0
• Schools +4.5/10.0
• DSCR +4.3/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ready for a winter retreat or even full time Florida living? This move in ready, fully furnished condo is just for you! This condo is located in the highly desirable 55+ community of South River. The community offers an active lifestyle with a community pool, tennis, pickleball, bocce, shuffleboard, horseshoes, basketball, clubhouse and river access w/ kayak, small boat & rv storage based on availability. You will be conveniently close to shopping, dining, beaches and highways. Make your appointment today!

Key facts

• 55+ community
• Tennis
• Community pool

Tags

• 55+ COMMUNITY
• COMMUNITY POOL
• TENNIS
• PICKLEBALL
• BOCCE
• SHUFFLEBOARD

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $135k.

Deal economics

• At list price, monthly cash flow is $-47 ($-564/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (6.1% below list).
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 3.5% in Stuart — 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 84/100 on livability (#39 in FL, #790 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-, employment C-, amenities D.
• 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 rising (+2.7%/yr); 595 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $933 of loan paydown is wiped out by about $4k 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 ($119k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 21% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,800 (12.0% 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. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
10. 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.
11. 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: 1.24% ✓
• Cap rate: 6.47%
• Cash-on-cash: 0.62%
• DSCR: 1.03
• GRM: 6.7

CMA / ARV

• ARV (median comp): $153,921
• List price: $135,000
• Delta: -12.29%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.71% rent growth · sell at horizon

5-year hold

• IRR: -19.0%
• Equity multiple: 0.34×
• Total profit: $-25,061
• Equity at exit: $20,129

10-year hold

• IRR: -11.8%
• Equity multiple: 0.30×
• Total profit: $-26,467
• Equity at exit: $11,672

Cash invested: $37,800 (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 34997

• Rents YoY: 2.7%
• Active inventory: 595
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,679 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$183 /mo · $2,197/yr
• Insurance: −$56
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$360
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $-47

Break-even live

Break-even rent $1,739

Max offer price $126,698

Occupancy floor 98%

Sensitivity live

Price	-10% $29	-5% $-9	+0% $-47	+5% $-85	+10% $-123
Rent	-10% $-180	-5% $-113	+0% $-47	+5% $19	+10% $86
Rate	-1.0pp $21	-0.5pp $-13	base $-47	+0.5pp $-82	+1.0pp $-118

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 SW South River Dr #104 Stuart, FL	1.0	1.0	697	$1,500	$2.15	24d	1	0.19mi
3800 S Kanner Hwy Stuart, FL	3.0	1.0–2.0	970	$2,265	$2.34	15d	21	0.61mi
4284 SE Cove Lake Cir Stuart, FL	1.0	1.0	719	$1,815	$2.52	24d	1	0.84mi

HOA detail condo

• Monthly dues: $360 · $4,320/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-05-18
   status Pending 518-char remark

   Show marketing remark (518 chars)

   Ready for a winter retreat or even full time Florida living? This move in ready, fully furnished condo is just for you! This condo is located in the highly desirable 55+ community of South River. The community offers an active lifestyle with a community pool, tennis, pickleball, bocce, shuffleboard, horseshoes, basketball, clubhouse and river access w/ kayak, small boat & rv storage based on availability. You will be conveniently close to shopping, dining, beaches and highways. Make your appointment today!

2. 2025-12-15
   listed $135,000 Active 518-char remark

   Show marketing remark (518 chars)

   Ready for a winter retreat or even full time Florida living? This move in ready, fully furnished condo is just for you! This condo is located in the highly desirable 55+ community of South River. The community offers an active lifestyle with a community pool, tennis, pickleball, bocce, shuffleboard, horseshoes, basketball, clubhouse and river access w/ kayak, small boat & rv storage based on availability. You will be conveniently close to shopping, dining, beaches and highways. Make your appointment today!

3. 2023-03-30
   soldstatus $170,000
4. 2023-03-29
   soldstatus $170,000 Closed 569-char remark

   Show marketing remark (569 chars)

   ADULT 1/1 GATED COMMUNITY. FURNISHED UNIT ONLY SEASAONLLY USED. PATIO OVERLOOKS A PEACEFUL GREEN SPACE. LARGE STORAGE CLOSET OFF THE PATIO. SOUTH RIVER IS A BEAUTIFUL COMMUNITY WITH MUCH OPEN GREEN SPACES. COVERED CARPORT #24 REMAINS WITH THE UNIT. SOUTH RIVER OFFERS LIMITLESS ACTIVITIES, INCLUDING A BOAT RAMP ON THE ST LUCIE RIVER. BOAT & RV STORAGE STORAGE-BASED ON AVAILIBILITY. POOL, TENNIS, PICKLE BALL, WORKSHOP, BOCCE, SHUFFLEBOARD, HORSEHOES, BASKETBALL, AND MORE. MONTHLY FEE ALSO INCLUDES THE INTERNET. NO PETS! NO RENTALS THE FIRST YEAR OF OWNERSHIP.

5. 2023-03-11
   historical Active Under Contract 569-char remark

   Show marketing remark (569 chars)

   ADULT 1/1 GATED COMMUNITY. FURNISHED UNIT ONLY SEASAONLLY USED. PATIO OVERLOOKS A PEACEFUL GREEN SPACE. LARGE STORAGE CLOSET OFF THE PATIO. SOUTH RIVER IS A BEAUTIFUL COMMUNITY WITH MUCH OPEN GREEN SPACES. COVERED CARPORT #24 REMAINS WITH THE UNIT. SOUTH RIVER OFFERS LIMITLESS ACTIVITIES, INCLUDING A BOAT RAMP ON THE ST LUCIE RIVER. BOAT & RV STORAGE STORAGE-BASED ON AVAILIBILITY. POOL, TENNIS, PICKLE BALL, WORKSHOP, BOCCE, SHUFFLEBOARD, HORSEHOES, BASKETBALL, AND MORE. MONTHLY FEE ALSO INCLUDES THE INTERNET. NO PETS! NO RENTALS THE FIRST YEAR OF OWNERSHIP.

6. 2023-03-09
   listed $169,500 Active 569-char remark

   Show marketing remark (569 chars)

   ADULT 1/1 GATED COMMUNITY. FURNISHED UNIT ONLY SEASAONLLY USED. PATIO OVERLOOKS A PEACEFUL GREEN SPACE. LARGE STORAGE CLOSET OFF THE PATIO. SOUTH RIVER IS A BEAUTIFUL COMMUNITY WITH MUCH OPEN GREEN SPACES. COVERED CARPORT #24 REMAINS WITH THE UNIT. SOUTH RIVER OFFERS LIMITLESS ACTIVITIES, INCLUDING A BOAT RAMP ON THE ST LUCIE RIVER. BOAT & RV STORAGE STORAGE-BASED ON AVAILIBILITY. POOL, TENNIS, PICKLE BALL, WORKSHOP, BOCCE, SHUFFLEBOARD, HORSEHOES, BASKETBALL, AND MORE. MONTHLY FEE ALSO INCLUDES THE INTERNET. NO PETS! NO RENTALS THE FIRST YEAR OF OWNERSHIP.

7. 1997-03-21
   soldstatus $32,000
8. 1988-07-01
   soldstatus $44,900

ⓘ 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: $2,197 · $183/mo
• Projected year-2 tax: $2,197 · $183/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 7/10 Severe FEMA zone X (shaded) · 91% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 6 d/yr ≥106°F today · 20 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: $20,153
• − Mortgage interest: −$7,562
• − Property taxes: −$2,197
• − Insurance: −$1,472
• − Repairs & maintenance: −$1,612
• − Management: −$1,612
• − HOA: −$4,320
• − Depreciation: −$3,927
• Taxable loss: −$2,550
• Est. tax savings @ 24.0%: +$612
• After-tax cash flow: $48/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 — Stuart

• Score: 84/100
• State rank: #39
• US rank: #790

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Martin County · 165,223 people
• City population: 65,812
• 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

+200.7% since first listed

8 events — show timeline

• 2026-05-18 Pending — Beaches MLS
• 2025-12-15 Listed $135,000 Beaches MLS
• 2023-03-30 Sold (Public Records) $170,000 Public Records
• 2023-03-29 Sold (MLS) $170,000 Beaches MLS
• 2023-03-11 Contingent — Beaches MLS
• 2023-03-09 Listed $169,500 Beaches MLS
• 1997-03-21 Sold (Public Records) $32,000 Public Records
• 1988-07-01 Sold (Public Records) $44,900 Public Records

Property tax history

+12.1%/yr

Latest (2025): $2,197 · -8.1% YoY. Source: county tax records.