9423 S Ocean Dr #75 · Hutchinson Island South, FL 34957

$249,000

2 bd · 1.5 ba · 1,270 sqft · Condo · 24 Days on market

Built 1983 Fair condition $650/mo HOA · 17% 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 +26.4/30.0
• 1% rule +10.0/10.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• Schools +3.7/10.0
• Livability +3.1/5.0
• Rent growth +2.8/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

The Perfect home to make your own beach house! Comes furnished as shown. this is a 2 bedroom 1.5 baths walking distance to the club house and pool, beach access is directly across the street at Ocean Towers. This is a great price for living on the island. Only minutes away to downtown Jensen and Stuart with plenty of restaurants and shopping near by.

Key facts

• $650 HOA
• Community pool
• Built 1983

Property features AI

Finance

• Other: Pets allowed with limits on number and size
• HOA & community: Has homeowners association; Monthly association fee of $650; Association covers management, common areas, cable TV, insurance, grounds maintenance, structure maintenance, parking, pest control, pool(s), recreation facilities, reserve fund, sewer, trash, and water; Community features include beach access, clubhouse with kitchen facilities, non-gated community, pool, street lights, sidewalks, and tennis courts

Exterior

• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Sewer connected; Water connected
• Home design: 2-story property; Resale construction; Metal roof; Private paved road frontage
• Construction: Metal roof
• Exterior features: Patio (open); Sprinkler / irrigation; Storm / security shutters; Community tennis courts; Community pool; Beach access

Interior

• Kitchen: Dishwasher; Electric range; Disposal; Microwave; Refrigerator
• Flooring: Carpet; Ceramic tile; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Furnished; Living/Dining room; Split bedroom floor plan; Sliding windows; Window shutters
• Laundry & utility: Washer; Dryer; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $249k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $587 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $249k).
• Recommended offer: $245k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 1.9% in Hutchinson Island South — 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 61/100 on livability (#783 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing B; Watch: cost of living C-, schools D, amenities 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.
• Market conditions: Rents rising (+1.0%/yr); 536 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 4,868 units permitted in St. Lucie County in 2024 (268 in 5+ unit buildings).
• At $3,828/mo this rent would consume 65% of the median local household income ($70k/yr) (locally 946% 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 $7k 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.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($245k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $245,265 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.54% ✓
• Cap rate: 9.44%
• Cash-on-cash: 11.25%
• DSCR: 1.50
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.0% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.86×
• Total profit: $-10,018
• Equity at exit: $37,127

10-year hold

• IRR: 2.6%
• Equity multiple: 1.17×
• Total profit: $11,667
• Equity at exit: $21,529

Cash invested: $69,720 (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 34957

• Rents YoY: 1.0%
• Active inventory: 536
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $3,828 high
• Mortgage (P&I): −$1,306
• Tax est. 1.5%: −$311 /mo · $3,735/yr
• Insurance: −$104
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$650
• Vacancy / Maint / Mgmt: −$804
• Net cashflow: $587

Break-even live

Break-even rent $3,085

Max offer price $249,000

Occupancy floor 80%

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9425 S Ocean Dr #67 Jensen Beach, FL	2.0	1.5	1270	$2,400	$1.89	21d	1	0.06mi
9403 S Ocean Dr Unit 3D Jensen Beach, FL	2.0	2.0	1328	$1,800	$1.36	23d	1	0.13mi
9490 S Ocean Dr #611 Jensen Beach, FL	2.0	2.0	1053	$2,750	$2.61	14d	1	0.19mi
9490 S Ocean Dr #213 Jensen Beach, FL	2.0	2.0	1053	$2,600	$2.47	23d	1	0.19mi
9490 S Ocean Dr Unit 615A Jensen Beach, FL	2.0	2.0	1100	$2,900	$2.64	23d	1	0.19mi
9490 S Ocean Dr Unit 912-A Jensen Beach, FL	2.0	2.0	1053	$3,200	$3.04	23d	1	0.19mi
9400 S Ocean Dr #307 Jensen Beach, FL	2.0	2.0	1053	$2,500	$2.37	23d	1	0.21mi
9400 S Ocean Dr #202 Jensen Beach, FL	2.0	2.0	1053	$5,600	$5.32	23d	1	0.21mi
9400 S Ocean Dr #707 Jensen Beach, FL	2.0	2.0	1053	$3,000	$2.85	23d	1	0.21mi
9400 S Ocean Dr Unit 706B Jensen Beach, FL	2.0	2.0	1053	$3,500	$3.32	23d	1	0.21mi
9400 S Ocean Dr Unit 608B Jensen Beach, FL	2.0	2.0	1112	$6,500	$5.85	23d	1	0.21mi
9400 S Ocean Dr Unit 1003B Jensen Beach, FL	2.0	2.0	1053	$2,700	$2.56	23d	1	0.21mi
9400 S Ocean Dr Unit 504B Jensen Beach, FL	2.0	2.0	1053	$2,400	$2.28	23d	1	0.21mi
9400 S Ocean Dr Unit 604B Jensen Beach, FL	2.0	2.0	1053	$5,400	$5.13	23d	1	0.21mi
9490 S Ocean Dr Unit 113 A Jensen Beach, FL	2.0	2.0	1053	$4,200	$3.99	23d	1	0.22mi
9500 S Ocean Dr #9 Jensen Beach, FL	2.0	2.0	1228	$4,950	$4.03	23d	1	0.24mi
9500 S Ocean Dr #10 Jensen Beach, FL	2.0	2.0	1437	$4,000	$2.78	23d	1	0.24mi
9500 S Ocean Dr Unit 9500PH10 Jensen Beach, FL	2.0	2.0	1437	$6,500	$4.52	23d	1	0.24mi
9500 S Ocean Dr #1310 Jensen Beach, FL	2.0	2.0	1437	$6,000	$4.18	23d	1	0.24mi
9500 S Ocean Dr #201 Jensen Beach, FL	2.0	2.0	1437	$5,400	$3.76	23d	1	0.24mi
9500 S Ocean Dr #1307 Jensen Beach, FL	2.0	2.0	1228	$3,000	$2.44	14d	1	0.24mi
9500 S Ocean Dr #809 Jensen Beach, FL	2.0	2.0	1228	$5,500	$4.48	23d	1	0.24mi
9500 S Ocean Dr #1308 Jensen Beach, FL	2.0	2.0	1224	$3,100	$2.53	23d	1	0.24mi
9550 S Ocean Dr #705 Jensen Beach, FL	3.0	2.0	1544	$7,000	$4.53	23d	1	0.30mi
9550 S Ocean Dr #4 Jensen Beach, FL	2.0	2.0	1228	$6,500	$5.29	23d	1	0.30mi
9550 S Ocean Dr #4 Jensen Beach, FL	2.0	2.0	1228	$6,500	$5.29	14d	1	0.30mi
9600 S Ocean Dr Jensen Beach, FL	2.0–4.0	2.0–3.5	2051	$2,500	$1.22	23d	3	0.38mi
8880 S Ocean Dr #1102 Jensen Beach, FL	1.0	2.0	1011	$5,200	$5.14	23d	1	0.52mi
1333 Nettles Blvd Unit 1546511P Jensen Beach, FL	2.0	2.0	1797	$3,122	$1.74	14d	1	0.60mi
8800 S Ocean Dr #1201 Jensen Beach, FL	3.0	2.0	1587	$6,500	$4.10	23d	1	0.62mi
8800 S Ocean Dr #102 Jensen Beach, FL	2.0	2.0	1228	$3,200	$2.61	23d	1	0.62mi
8800 S Ocean Dr #806 Jensen Beach, FL	3.0	2.0	1485	$6,000	$4.04	23d	1	0.62mi
9900 S Ocean Dr Jensen Beach, FL	1.0–2.0	2.0	1009	$3,500	$3.47	23d	5	0.64mi
9940 S Ocean Dr Jensen Beach, FL	1.0–2.0	1.5–2.0	1009	$3,500	$3.47	14d	5	0.73mi
8750 S Ocean Dr #1134 Jensen Beach, FL	2.0	2.0	1377	$6,000	$4.36	21d	1	0.74mi
9950 S Ocean Dr #4 Jensen Beach, FL	2.0	2.0	1411	$3,500	$2.48	23d	1	0.82mi
9960 S Ocean Dr #5 Jensen Beach, FL	2.0	2.0	1703	$5,000	$2.94	23d	1	0.83mi
9960 S Ocean Dr #502 Jensen Beach, FL	2.0	2.0	1434	$3,000	$2.09	23d	1	0.87mi
10000 S Ocean Dr #206 Jensen Beach, FL	2.0	2.0	1264	$5,100	$4.03	23d	1	0.95mi
10044 S Ocean Dr Jensen Beach, FL	2.0–3.0	2.0	1305	$2,500	$1.91	23d	6	1.03mi

HOA detail condo

• Monthly dues: $650 · $7,800/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-04
   status Pending
2. 2026-04-10
   listed $249,000 Active

ⓘ 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 7/10 Severe FEMA zone X (shaded) · 95% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 22 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,938
• − Mortgage interest: −$13,948
• − Property taxes: −$3,735
• − Insurance: −$2,042
• − Repairs & maintenance: −$3,675
• − Management: −$3,675
• − HOA: −$7,800
• − Depreciation: −$7,244
• Taxable income: $3,819
• Est. tax owed @ 24.0%: −$916
• After-tax cash flow: $6,127/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 · 12 photos

Fair 45/100 Moderate rehab

This property requires moderate renovations to update the kitchen and bathroom, and improve the landscaping. It has a good location and potential for increased value with these updates.

Repairs flagged

• Major kitchen appliances — outdated and in need of replacement
• Major bathroom fixtures — basic and in need of replacement
• Moderate landscaping — moderate landscaping needs improvement

Value-add opportunities

• Resale update kitchen appliances — modern appliances can increase appeal
• Resale update bathroom fixtures — modern fixtures can increase appeal
• Both improve landscaping — enhances curb appeal and resale value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · outdated and in need of replacement	Major	$15,000–50,000
bathroom fixtures · basic and in need of replacement	Major	$15,000–50,000
landscaping · moderate landscaping needs improvement	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$33,000–115,000

Value-add ROI direction

• Resale update kitchen appliances — modern appliances can increase appeal ↑
• Resale update bathroom fixtures — modern fixtures can increase appeal ↑
• Both improve landscaping — enhances curb appeal and resale value ↑

ⓘ 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: 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 — Hutchinson Island South

• Score: 61/100
• State rank: #783
• US rank: #17768

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hutchinson Island South, FL
• County: Martin County · 165,223 people
• Metro: Port St. Lucie, FL
• Population (ZIP): 23,462
• Household income: $70,403
• Rent vs Own: 23.8% rent · 76.2% own
• Severe rent burden: 946.0

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: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 7% Two or more races 6% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1%
• Common ancestry: Romanian 4% Slovak 3% Lithuanian 3%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 5% Other Indo-European 2% Tagalog/Filipino 1%

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: ▼ -319.66%
• Current HPI: 340.0172
• Rent YoY: ▲ 1.00%
• 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

2 events — show timeline

• 2026-05-04 Pending — MCRTC
• 2026-04-10 Listed $249,000 MCRTC