6940 SE Constitution Blvd #201 · Hobe Sound, FL 33455

$240,000

3 bd · 2.0 ba · 1,346 sqft · Condo public records · 147 Days on market

Built 1985 $559/mo HOA · 20% 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).

• Cash flow +16.8/30.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• DSCR +5.2/10.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lovely second-floor end-unit condo located in the desirable Williamsburg Condominium Community, perfectly situated on the 5th tee with peaceful golf course views. This is a rare opportunity, as there are only 12 three-bedroom residences among the community's 128 total units, offering both space and exclusivity. The condo is well maintained and filled with natural light. Williamsburg is comprised of 13 two-story buildings, and most residences enjoy scenic golf course vistas. Residents have access to a variety of amenities including a community pool, tennis courts, pickleball, cornhole, and a community library. The community is adjacent to Heritage Ridge Golf Club, featuring a picturesque 18-hole championship course designed by Tom Fazio, with five sets of tees suitable for all skill levels. The club also offers a golf academy, driving range, and a restaurant and bar overlooking the finishing holes. Golf is open to the public, with annual and 3-month memberships available.

Key facts

• Community pool
• Pickleball
• Community library

Tags

• SECOND FLOOR END UNIT
• GOLF COURSE VIEWS
• COMMUNITY POOL
• TENNIS COURTS
• PICKLEBALL
• COMMUNITY LIBRARY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $240k.

Deal economics

• At list price, monthly cash flow is $155 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $211k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 3.5% in Hobe Sound — 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 69/100 on livability (#497 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: employment C-, 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.
• Market conditions: Rents rising (+1.8%/yr); 279 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 737 units permitted in Martin County in 2024 (167 in 5+ unit buildings).
• At $2,802/mo this rent would consume 48% of the median local household income ($70k/yr) (locally 317% 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.
• 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 147 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 26y ago; this cycle's ask has dropped $45k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $82k; list at $240k implies a 191% 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.17% ✓
• Cap rate: 7.07%
• Cash-on-cash: 2.77%
• DSCR: 1.12
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.8% rent growth · sell at horizon

5-year hold

• IRR: -13.4%
• Equity multiple: 0.52×
• Total profit: $-32,062
• Equity at exit: $35,785

10-year hold

• IRR: -6.8%
• Equity multiple: 0.59×
• Total profit: $-27,414
• Equity at exit: $20,751

Cash invested: $67,200 (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 33455

• Rents YoY: 1.8%
• Active inventory: 279
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,802 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$141 /mo · $1,689/yr
• Insurance: −$100
• HOA: −$559
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $155

Break-even live

Break-even rent $2,606

Max offer price $240,000

Occupancy floor 89%

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6845 SE Bunker Hill Dr Hobe Sound, FL	2.0	2.0	1552	$3,500	$2.26	14d	1	0.16mi
6215 SE Georgetown Pl Hobe Sound, FL	2.0	2.0	1202	$2,600	$2.16	23d	1	0.29mi
7442 SE Jamestown Ter Hobe Sound, FL	2.0	2.0	1384	$1,800	$1.30	23d	1	0.43mi
7445 SE Independence Ave Hobe Sound, FL	2.0	2.0	1198	$1,900	$1.59	23d	1	0.46mi
7462 SE Jamestown Ter Hobe Sound, FL	2.0	2.0	1384	$2,500	$1.81	23d	1	0.47mi
6024 SE Crooked Oak Ave Hobe Sound, FL	3.0	2.0	1800	$3,200	$1.78	23d	1	0.63mi
7568 SE Swan Ave Hobe Sound, FL	2.0	2.0	1052	$2,300	$2.19	23d	1	0.65mi
7894 SE Saratoga Dr Hobe Sound, FL	2.0	2.0	1248	$2,100	$1.68	23d	1	0.79mi
5152 SE Club Way #104 Stuart, FL	2.0	2.0	1358	$7,500	$5.52	14d	1	1.05mi
5064 SE Mariner Garden Cir Stuart, FL	3.0	2.5	1530	$2,400	$1.57	23d	1	1.09mi
5156 SE Mariner Garden Cir Stuart, FL	3.0	2.5	1434	$2,400	$1.67	23d	1	1.09mi
5176 SE Mariner Garden Cir Stuart, FL	3.0	2.5	1554	$2,400	$1.54	23d	1	1.11mi
8002 SE Skylark Ave Hobe Sound, FL	3.0	2.0	990	$2,000	$2.02	23d	1	1.12mi
4987 SE Mariner Garden Cir Stuart, FL	3.0	2.5	1434	$2,650	$1.85	23d	1	1.14mi
8350 SE Sweetbay Dr Hobe Sound, FL	2.0	2.0	1606	$3,500	$2.18	23d	1	1.15mi
5636 SE Foxcross Pl Stuart, FL	2.0	2.0	1598	$9,000	$5.63	14d	1	1.19mi
7030 SE Ridgeway Ter Hobe Sound, FL	3.0	2.0	1296	$2,500	$1.93	23d	1	1.33mi
6531 SE Federal Hwy Stuart, FL	2.0	2.0	1100	$1,725	$1.57	14d	2	1.40mi
5359 SE Dell St Stuart, FL	3.0	2.0	1272	$2,800	$2.20	23d	1	1.41mi
5795 SE Mitzi Ln Stuart, FL	3.0	2.0	1315	$3,000	$2.28	23d	1	1.41mi
6537 SE Federal Hwy #102 Stuart, FL	2.0	2.0	969	$1,845	$1.90	14d	1	1.45mi
6551 SE Federal Hwy Stuart, FL	2.0	2.0	969	$1,825	$1.88	21d	2	1.45mi
6551 SE Federal Hwy #104 Stuart, FL	2.0	2.0	969	$2,000	$2.06	14d	1	1.45mi
6553 SE Federal Hwy Unit 10-102 Stuart, FL	2.0	2.0	969	$1,750	$1.81	23d	1	1.46mi
6535 SE Federal Hwy Stuart, FL	2.0	2.0	967	$1,750	$1.81	23d	1	1.50mi

HOA detail condo

• Monthly dues: $559 · $6,708/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-01
   days on market $240,000 Active 147 DOM
2. 2026-05-31
   days on market $240,000 Active 146 DOM
3. 2026-05-31
   days on market $240,000 Active 145 DOM
4. 2026-04-29
   price $240,000 986-char remark

   Show marketing remark (986 chars)

   Lovely second-floor end-unit condo located in the desirable Williamsburg Condominium Community, perfectly situated on the 5th tee with peaceful golf course views. This is a rare opportunity, as there are only 12 three-bedroom residences among the community's 128 total units, offering both space and exclusivity. The condo is well maintained and filled with natural light. Williamsburg is comprised of 13 two-story buildings, and most residences enjoy scenic golf course vistas. Residents have access to a variety of amenities including a community pool, tennis courts, pickleball, cornhole, and a community library. The community is adjacent to Heritage Ridge Golf Club, featuring a picturesque 18-hole championship course designed by Tom Fazio, with five sets of tees suitable for all skill levels. The club also offers a golf academy, driving range, and a restaurant and bar overlooking the finishing holes. Golf is open to the public, with annual and 3-month memberships available.

5. 2026-02-03
   price $275,000 986-char remark

   Show marketing remark (986 chars)

   Lovely second-floor end-unit condo located in the desirable Williamsburg Condominium Community, perfectly situated on the 5th tee with peaceful golf course views. This is a rare opportunity, as there are only 12 three-bedroom residences among the community's 128 total units, offering both space and exclusivity. The condo is well maintained and filled with natural light. Williamsburg is comprised of 13 two-story buildings, and most residences enjoy scenic golf course vistas. Residents have access to a variety of amenities including a community pool, tennis courts, pickleball, cornhole, and a community library. The community is adjacent to Heritage Ridge Golf Club, featuring a picturesque 18-hole championship course designed by Tom Fazio, with five sets of tees suitable for all skill levels. The club also offers a golf academy, driving range, and a restaurant and bar overlooking the finishing holes. Golf is open to the public, with annual and 3-month memberships available.

6. 2026-01-05
   listed $285,000 Active 986-char remark

   Show marketing remark (986 chars)

   Lovely second-floor end-unit condo located in the desirable Williamsburg Condominium Community, perfectly situated on the 5th tee with peaceful golf course views. This is a rare opportunity, as there are only 12 three-bedroom residences among the community's 128 total units, offering both space and exclusivity. The condo is well maintained and filled with natural light. Williamsburg is comprised of 13 two-story buildings, and most residences enjoy scenic golf course vistas. Residents have access to a variety of amenities including a community pool, tennis courts, pickleball, cornhole, and a community library. The community is adjacent to Heritage Ridge Golf Club, featuring a picturesque 18-hole championship course designed by Tom Fazio, with five sets of tees suitable for all skill levels. The club also offers a golf academy, driving range, and a restaurant and bar overlooking the finishing holes. Golf is open to the public, with annual and 3-month memberships available.

7. 2018-07-10
   historical
8. 2018-04-10
   listed $172,000 Active
9. 2013-09-21
   historical
10. 2008-01-10
    listed $175,000
11. 2000-05-01
    soldstatus $82,500
12. 2000-02-24
    listed $85,000

ⓘ 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: $1,689 · $141/mo
• Projected year-2 tax: $1,992 · $166/mo
• Expected delta: +$303/yr (+$25/mo · 17.9%)

ⓘ 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 · 26 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: $33,623
• − Mortgage interest: −$13,444
• − Property taxes: −$1,689
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,690
• − Management: −$2,690
• − HOA: −$6,708
• − Depreciation: −$6,982
• Taxable loss: −$1,779
• Est. tax savings @ 24.0%: +$427
• After-tax cash flow: $2,289/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 — Hobe Sound

• Score: 69/100
• State rank: #497
• US rank: #8763

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Martin County · 165,223 people
• City population: 20,018
• Metro: Port St. Lucie, FL
• Population (ZIP): 20,018
• Household income: $70,389
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 317.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 8% Two or more races 6% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 3% Dominican 1%
• Common ancestry: Romanian 5% Italian 2% Slovak 2%
• Foreign-born: 8% · Canada
• Languages at home: 91% English-only · Spanish 6% 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: ▼ -287.05%
• Current HPI: 356.7273
• Rent YoY: ▲ 1.80%
• 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

+182.4% since first listed

9 events — show timeline

• 2026-04-29 Price Changed $240,000 Beaches MLS
• 2026-02-03 Price Changed $275,000 Beaches MLS
• 2026-01-05 Listed $285,000 Beaches MLS
• 2018-07-10 Listing Removed — Beaches MLS
• 2018-04-10 Listed $172,000 Beaches MLS
• 2013-09-21 Listing Removed — Beaches MLS
• 2008-01-10 Listed $175,000 Beaches MLS
• 2000-05-01 Sold (Public Records) $82,500 Public Records
• 2000-02-24 Listed $85,000 MCRTC

Property tax history

+1.7%/yr

Latest (2025): $1,689 · -1.1% YoY. Source: county tax records.