334 Seahorse Ter · Indian River Estates, FL 34982

$119,500

2 bd · 2.0 ba · 1,006 sqft · Manufactured public records · 111 Days on market

Built 1991 6,970 sqft lot $260/mo HOA · 12% of rent ↓ 20% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.4/5.0
• Schools +3.7/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

CO-OP OWNED - NO LAND LEASE! Welcome to 344 Seahorse Terrace, a bright and inviting 2BR/2BA home in the sought-after 55+ Community of Tropical Isles! With 1006 sq ft of enjoyable living space. This home was tastefully updated in 2025 including Kitchen Appliances, Granite Counter Tops, New Kitchen Cabinets, LVP & Carpet Flooring & New Hot Water Heater! The low $260 HOA monthly fee covers lawn care, common areas, pool access, recreation facilities and more! Enjoy your covered carport along with an oversized enclosed private porch, perfect for your morning coffee or an evening dinner! There is also an attached, enclosed Storage Room, perfect for all those extra items. This home of

Key facts

• Carpet flooring
• New hot water heater
• New kitchen cabinets

Tags

• UPDATED KITCHEN APPLIANCES
• GRANITE COUNTER TOPS
• NEW KITCHEN CABINETS
• LVP FLOORING
• CARPET FLOORING
• NEW HOT WATER HEATER

Property features AI

Finance

• HOA & community: Association with monthly fee (association amenities include clubhouse, pool, tennis, pickleball, shuffleboard, bocce, billiard and game rooms, community room, business center, manager on site); Senior community; Pets allowed with restrictions (breed, number, size limits possible)

Exterior

• Parking: Attached carport (covered, 1 space)
• Utilities: Public water; Public sewer; 220V electric service with three-phase; Cable available; Underground utilities; Water and sewer available
• Home design: Manufactured home (Fleetwood model); Single-story; Entry-level living area; Faces south; Private road frontage
• Construction: Modular construction; Composition/shingle roof; Other skirt
• Exterior features: Covered patio; Screened porch; Patio and porch; Corner lot; Paved road frontage; Not waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central electric heating; Central electric air conditioning; Paddle fans
• Interior features: Cathedral and vaulted ceilings; Split bedroom layout; Blinds on windows; Unfurnished
• Laundry & utility: Laundry areas both inside and outside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $560 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.9% vs local median 5.3% in Indian River Estates — 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 65/100 on livability (#653 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D+, amenities F, commute 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.
• Zoned schools: Savanna Ridge Elementary School (math 40% / reading 45%, grade F, #1,383 of 2,144 statewide, top 65%, 452 students, 75% FRL); Southern Oaks Middle School (math 39% / reading 43%, grade F, #353 of 571 statewide, top 63%, 894 students, 76% FRL); Port St. Lucie High School (math 21% / reading 43%, grade F, #415 of 667 statewide, top 63%, 1,748 students, 67% FRL).
• Market conditions: Rents rising fast (+7.4%/yr); 336 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $2,102/mo this rent would consume 47% of the median local household income ($54k/yr) (locally 1086% 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 $826 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 7.4% rent growth), your $33k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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

• Climate carrying-cost: major flood risk; 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 $108,745 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.76% ✓
• Cap rate: 11.91%
• Cash-on-cash: 20.07%
• DSCR: 1.89
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $67,402
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5683 Hemingway Ct	0.30mi	2/2.0	1,144 (+14%)	1mo	$76,800	$67	63

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 · 7.42% rent growth · sell at horizon

5-year hold

• IRR: 18.2%
• Equity multiple: 1.78×
• Total profit: $26,244
• Equity at exit: $17,818

10-year hold

• IRR: 30.0%
• Equity multiple: 4.39×
• Total profit: $113,460
• Equity at exit: $10,332

Cash invested: $33,460 (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 34982

• Home prices YoY: -33.4%
• Rents YoY: 7.4%
• Active inventory: 336
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $2,102 high
• Mortgage (P&I): −$627
• Tax from tax record: −$164 /mo · $1,970/yr
• Insurance: −$50
• HOA: −$260
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $560

Break-even live

Break-even rent $1,393

Max offer price $119,500

Occupancy floor 68%

Sensitivity live

Price	-10% $627	-5% $593	+0% $560	+5% $526	+10% $492
Rent	-10% $394	-5% $477	+0% $560	+5% $643	+10% $726
Rate	-1.0pp $620	-0.5pp $590	base $560	+0.5pp $529	+1.0pp $497

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: $29,875
• Closing costs: $3,585
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
203 Melton Dr Unit B Fort Pierce, FL	2.0	1.0	1200	$1,800	$1.50	25d	1	0.24mi
341 Ashley St Fort Pierce, FL	3.0	2.0	1128	$2,460	$2.18	25d	1	0.41mi
355 Johnston St Fort Pierce, FL	3.0	1.5	1118	$2,500	$2.24	25d	1	0.45mi
352 Johnston St Fort Pierce, FL	3.0	2.0	936	$2,100	$2.24	25d	1	0.48mi
330 Borraclough St Fort Pierce, FL	3.0	2.0	1404	$2,175	$1.55	15d	1	0.55mi
5300 Seagrape Dr Fort Pierce, FL	3.0	2.0	1300	$2,450	$1.88	25d	1	0.77mi
492 Salisbury Cir Fort Pierce, FL	3.0	2.5	1486	$2,395	$1.61	25d	1	0.84mi
526 Salisbury Cir Fort Pierce, FL	3.0	2.5	1486	$2,399	$1.61	15d	1	0.87mi
5315 Hickory Dr Fort Pierce, FL	3.0	2.0	1400	$2,045	$1.46	25d	1	0.96mi
699 W Weatherbee Rd Fort Pierce, FL	2.0	1.5	1100	$1,875	$1.70	25d	1	1.17mi
4210 Gator Trace Cir Fort Pierce, FL	2.0	2.0	1316	$2,100	$1.60	15d	1	1.47mi
4591 Whispering Pines Ln Fort Pierce, FL	2.0	1.0–2.0	576	$1,850	$3.21	25d	1	1.50mi

HOA detail

• Monthly dues: $260 · $3,120/yr
• Likely covers: waterlandscapingpool

Listing history 16 events

1. 2026-06-21
   days on market $119,500 Active 111 DOM
2. 2026-06-18
   days on market $119,500 Active 108 DOM
3. 2026-06-17
   days on market $119,500 Active 107 DOM
4. 2026-06-16
   days on market $119,500 Active 106 DOM
5. 2026-06-15
   days on market $119,500 Active 105 DOM
6. 2026-06-14
   days on market $119,500 Active 103 DOM
7. 2026-06-13
   days on market $119,500 Active 102 DOM
8. 2026-06-10
   days on market $119,500 Active 100 DOM
9. 2026-06-09
   days on market $119,500 Active 99 DOM
10. 2026-06-08
    days on market $119,500 Active 98 DOM
11. 2026-06-07
    statusdays on market $119,500 Active 97 DOM
12. 2026-05-13
    status Pending
13. 2026-02-06
    listed $119,500 Active
14. 2025-10-17
    historical
15. 2025-04-24
    listed $165,000 Active
16. 2007-04-20
    soldstatus $150,000

ⓘ 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: $1,970 · $164/mo
• Projected year-2 tax: $1,970 · $164/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 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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: $25,220
• − Mortgage interest: −$6,694
• − Property taxes: −$1,970
• − Insurance: −$598
• − Repairs & maintenance: −$2,018
• − Management: −$2,018
• − HOA: −$3,120
• − Depreciation: −$3,476
• Taxable income: $5,327
• Est. tax owed @ 24.0%: −$1,278
• After-tax cash flow: $5,438/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: 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 — Indian River Estates

• Score: 65/100
• State rank: #653
• US rank: #12946

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Indian River Estates, FL
• County: Saint Lucie County · 337,150 people
• City population: 27,447
• Metro: Port St. Lucie, FL
• Population (ZIP): 31,143
• Household income: $54,082
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 1086.0

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: Majority White (62%)
• Race & ethnicity: White 62% Hispanic / Latino 22% Two or more races 12% Black 12%
• Hispanic origin (detail): Mexican 10% Puerto Rican 3% Cuban 3%
• Common ancestry: Italian 7% Hispanic 2% Lithuanian 1%
• Foreign-born: 12% · Canada
• Languages at home: 80% English-only · Spanish 16% French/Haitian/Cajun 3%

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: ▼ -199.47%
• Current HPI: 397.2649
• Rent YoY: ▲ 7.42%
• 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

-20.3% since first listed

5 events — show timeline

• 2026-05-13 Pending — Beaches MLS
• 2026-02-06 Listed $119,500 Beaches MLS
• 2025-10-17 Listing Removed — Beaches MLS
• 2025-04-24 Listed $165,000 Beaches MLS
• 2007-04-20 Sold (Public Records) $150,000 Public Records

Property tax history

+9.3%/yr

Latest (2025): $1,970 · +1290.0% YoY. Source: county tax records.