1635 SW Silver Pine Way Unit B1 · Palm City, FL 34990

$196,900

2 bd · 2.0 ba · 1,111 sqft · Condo public records · 6 Days on market

Built 1986 $583/mo HOA · 27% 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 +11.8/30.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• DSCR +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This first-floor 2-bedroom, 2-bathroom condominium offers comfortable living, convenient access, and the peace of mind of a 2020 HVAC system along with roll-down shutter storm protection. Residents enjoy an impressive selection of amenities, including a community pool and spa, tennis courts, pickleball courts, bocce ball, and an on-site property manager. The pool is cooled during the summer and heated during the winter, providing year-round enjoyment. Conveniently located near shopping, dining, golf, parks, and major commuter routes, this home provides an excellent opportunity to enjoy the Palm City lifestyle within a secure, gated community.

Key facts

• Pickleball courts
• Community pool
• Spa

Tags

• 2020 HVAC SYSTEM
• COMMUNITY POOL
• SPA
• TENNIS COURTS
• PICKLEBALL COURTS
• BOCCE BALL

Property features AI

Finance

• Other: Part of a 16-unit community
• Financial info: Pets allowed with number, size and other restrictions
• HOA & community: Homeowners association with a fee of $150; HOA covers management, cable TV, insurance, grounds and structure maintenance, recreation facilities, reserve fund, road maintenance, and trash; Community amenities include pool, clubhouse, tennis courts, pickleball, bocce court, sidewalks, street lights, on-site property manager, and gated access

Exterior

• Parking: Assigned parking; Guest parking; See remarks for additional parking details
• Security: Community gate; Smoke detectors
• Utilities: Public water; Public sewer
• Home design: 2-story property; Faces east; Resale unit
• Construction: Concrete and stucco construction; Concrete and tile roof
• Exterior features: Covered screened patio; Patio; Storm/security shutters; Gated community

Interior

• Kitchen: Dishwasher; Electric range; Garbage disposal; Microwave; Refrigerator
• Bedrooms: Bedrooms not specifically listed
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central electric cooling
• Interior features: Eat-in kitchen; Combined living and dining area; Separate shower; Walk-in closet(s); Unfurnished
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $197k.

Deal economics

• At list price, monthly cash flow is $-53 ($-638/yr) — negative.
• To cash-flow at today's rent, offer at most $188k (4.8% below list).
• Meets the 1% rule at list price ($2k rent vs $197k).
• Recommended offer: $188k (4.8% below list) — sets the bar for cash-flow.
• Cap rate 6.0% 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.

Location & tenants

• Location reads 79/100 on livability (#140 in FL, #2,113 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing 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.
• Zoned schools: Bessey Creek Elementary School (math 78% / reading 78%, grade A, #149 of 2,144 statewide, top 8%, 562 students, 28% FRL); Hidden Oaks Middle School (math 82% / reading 71%, grade A, #33 of 571 statewide, top 6%, 940 students, 23% FRL); Martin County High School (math 45% / reading 54%, grade D, #179 of 667 statewide, top 29%, 2,273 students, 42% FRL).
• Zoned-school proficiency averages 68% at this address vs 52% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Martin average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-0.1%/yr); 452 active listings in the ZIP; 22 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).

Forward outlook

• 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.
• Martin County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $90k; list at $197k implies a 118% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.
• 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.

Recommended offer $187,506 (4.8% 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. 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.10% ✓
• Cap rate: 5.97%
• Cash-on-cash: -1.16%
• DSCR: 0.95
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -22.6%
• Equity multiple: 0.25×
• Total profit: $-41,370
• Equity at exit: $29,358

10-year hold

• IRR: -32.0%
• Equity multiple: -0.16×
• Total profit: $-63,813
• Equity at exit: $17,024

Cash invested: $55,132 (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 34990

• Home prices YoY: -29.7%
• Rents YoY: -0.1%
• Active inventory: 452
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,170 high
• Mortgage (P&I): −$1,033
• Tax from tax record: −$70 /mo · $838/yr
• Insurance: −$82
• HOA: −$583
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $-53

Break-even live

Break-even rent $2,237

Max offer price $187,506

Occupancy floor 97%

Sensitivity live

Price	-10% $58	-5% $3	+0% $-53	+5% $-109	+10% $-165
Rent	-10% $-225	-5% $-139	+0% $-53	+5% $33	+10% $118
Rate	-1.0pp $46	-0.5pp $-3	base $-53	+0.5pp $-104	+1.0pp $-156

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: $49,225
• Closing costs: $5,907
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1544 SW Silver Pine Way Unit F-104 Palm City, FL	2.0	2.0	1170	$2,500	$2.14	15d	1	0.03mi
1605 SW Silver Pine Way Unit F2 Palm City, FL	2.0	2.0	1111	$2,000	$1.80	25d	1	0.06mi
1485 SW Silver Pine Way Unit 107 B-2 Palm City, FL	1.0	1.0	830	$1,650	$1.99	25d	1	0.10mi
2703 SW Matheson Ave Unit 116- B1 Palm City, FL	1.0	1.0	842	$1,750	$2.08	15d	1	0.21mi
2703 SW Matheson Ave Unit 116-G2 Palm City, FL	1.0	1.0	842	$1,400	$1.66	25d	1	0.21mi
2868 SW Shinnecock Hills Ct Palm City, FL	3.0	2.0	1451	$3,000	$2.07	25d	1	0.56mi
3375 SW Mapp Rd Unit 204 Palm City, FL	3.0	2.0	1067	$2,300	$2.16	25d	1	0.57mi
2819 SW Cornell Ave Palm City, FL	2.0	1.5	1060	$2,150	$2.03	23d	1	0.66mi
3405 SW Feroe Ave Palm City, FL	2.0	2.0	1275	$2,800	$2.20	25d	1	0.67mi
1634 SW Crossing Cir Palm City, FL	2.0	1.5	1258	$2,200	$1.75	25d	1	0.97mi
664 SW 35th St Apt 3 Palm City, FL	2.0	1.5	900	$1,775	$1.97	15d	1	1.01mi
664 SW 35th St Unit 6 Palm City, FL	2.0	1.5	900	$1,850	$2.06	15d	1	1.01mi
544 SW 35th St Palm City, FL	2.0	1.0	850	$1,850	$2.18	25d	1	1.09mi
1950 SW Palm City Rd Unit 4-4205 Stuart, FL	2.0	2.0	938	$2,400	$2.56	15d	1	1.14mi
1950 SW Palm City Rd Stuart, FL	2.0	2.0	1031	$3,150	$3.05	25d	3	1.14mi
1868 SW Palm City Rd Apt 202 Stuart, FL	2.0	2.0	1191	$2,900	$2.43	25d	1	1.14mi
3662 SW Sunset Trace Cir Palm City, FL	3.0	2.0	1296	$2,500	$1.93	15d	1	1.23mi
2600 S Kanner Hwy Stuart, FL	1.0–2.0	1.5–2.0	890	$1,950	$2.19	15d	3	1.32mi
3579 SW Sunset Trace Cir Palm City, FL	2.0	2.5	1236	$2,300	$1.86	25d	1	1.34mi
3599 SW Sunset Trace Cir Palm City, FL	2.0	2.5	1236	$2,200	$1.78	23d	1	1.37mi
1871 SW Palm City Rd Unit G401 Stuart, FL	3.0	2.0	1289	$2,200	$1.71	25d	1	1.42mi
1900 S Kanner Hwy Unit 2-203 Stuart, FL	2.0	2.0	1086	$1,800	$1.66	15d	1	1.46mi

HOA detail condo

• Monthly dues: $583 · $6,996/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-06-15
   days on market $196,900 Active 6 DOM
2. 2026-06-14
   days on market $196,900 Active 4 DOM
3. 2026-06-13
   days on market $196,900 Active 3 DOM
4. 2026-06-10
   remarks 650-char remark
5. 2026-06-10
   listed $196,900 Active 1 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: $838 · $70/mo
• Projected year-2 tax: $1,634 · $136/mo
• Expected delta: +$796/yr (+$66/mo · 95.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 24 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: $26,040
• − Mortgage interest: −$11,029
• − Property taxes: −$838
• − Insurance: −$984
• − Repairs & maintenance: −$2,083
• − Management: −$2,083
• − HOA: −$6,996
• − Depreciation: −$5,728
• Taxable loss: −$3,703
• Est. tax savings @ 24.0%: +$889
• After-tax cash flow: $251/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 — Palm City

• Score: 79/100
• State rank: #140
• US rank: #2113

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palm City, FL
• County: Martin County · 165,223 people
• City population: 30,592
• Metro: Port St. Lucie, FL
• Population (ZIP): 30,592
• Household income: $129,560
• Rent vs Own: 9.2% rent · 90.8% own
• Severe rent burden: 249.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 10% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Cuban 3%
• Common ancestry: Romanian 4% Italian 3% Scotch-Irish 2%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 90% English-only · Spanish 6% Russian/Polish/Slavic 1% Tagalog/Filipino 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: ▼ -138.81%
• Current HPI: 328.9662
• Rent YoY: ▼ -0.09%
• 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

+245.4% since first listed

4 events — show timeline

• 2026-06-08 Listed $196,900 MCRTC
• 2015-08-11 Sold (Public Records) $90,500 Public Records
• 2003-04-09 Sold (Public Records) $104,000 Public Records
• 1998-03-19 Sold (Public Records) $57,000 Public Records

Property tax history

-1.1%/yr

Latest (2025): $838 · -0.9% YoY. Source: county tax records.