3800 Spatterdock Ln · Indian River Estates, FL 34952

$139,999

3 bd · 2.0 ba · 1,566 sqft · Manufactured public records · 38 Days on market

Built 2001 6,262 sqft lot Est $175k · 20% under $340/mo HOA · 15% of rent

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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 +25.6/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +8.5/10.0
• Schools +3.7/10.0
• Livability +3.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

New roof, Upgraded A/C, irrigation on a well. True 3 bedroom. Island kitchen

Key facts

• Irrigation on a well
• Island kitchen
• Upgraded a/c

Tags

• NEW ROOF
• UPGRADED A/C
• IRRIGATION ON A WELL
• ISLAND KITCHEN

Property features AI

Finance

• Other: Senior community; Pets allowed with breed restrictions
• Financial info: Land lease in place with monthly rent of $700; lease expires 2096-05-11
• HOA & community: Has association (Sun Communities); Monthly association fee of $340; Association amenities include clubhouse, fitness center, pool (heated), spa/hot tub, tennis courts, pickleball and shuffleboard courts, golf course and putting green, bocce, basketball court, billiard room, cafe/restaurant, community room, library, management/manager on site, security, internet included, trash, sauna, heated pool, and reserve funds

Exterior

• Parking: Six total parking spaces; One covered/attached carport space; Attached carport and driveway; Four open parking spaces
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Sewer and water connected; 150 amp electric service
• Home design: Single-family residence; One story; Resale property; Faces south; Entry east of US-1
• Construction: Vinyl siding; Shingle roof; Raised foundation; Built area reported as 2,300 (source: public records)
• Exterior features: Asphalt road frontage; Publicly maintained road; Not waterfront

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Laminate; Tile; Wood
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Central heating (electric and radiant); Central air; Ceiling fans; Wall/window AC units
• Interior features: Kitchen island; Walk-in closets; Split bedroom layout; Skylights; Shutters
• Laundry & utility: Indoor laundry room with washer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $332 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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+, schools F, 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 (+1.9%/yr); 639 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 4,868 units permitted in St. Lucie County in 2024 (268 in 5+ unit buildings).
• This rent runs 43% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 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.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 12y 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.
• Current owner paid $77k; list at $140k implies a 83% 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,799 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.59% ✓
• Cap rate: 9.14%
• Cash-on-cash: 10.15%
• DSCR: 1.45
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $175,392
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3720 Pebble Bch	0.36mi	3/2.0	1,608 (+3%)	3mo	$225,000	$140	76
7928 Meadowlark Ln	0.12mi	2/3.0 (-1)	1,475 (-6%)	1mo	$65,000	$44	75
7822 White Ibis Ln	0.51mi	3/2.0	1,612 (+3%)	2mo	$115,000	$71	70
3700 Westchester Ct	0.41mi	2/2.0 (-1)	1,480 (-6%)	8mo	$130,000	$88	60
7728 Mcclintock Ct	0.29mi	2/2.0 (-1)	1,692 (+8%)	11mo	$185,000	$109	59
3817 Sleepy Hollow Ln	0.33mi	2/2.0 (-1)	1,390 (-11%)	4mo	$260,000	$187	57
8380 Gallberry Cir	0.47mi	2/2.0 (-1)	1,527 (-2%)	15mo	$278,000	$182	56
8394 Delphinium Ct	0.52mi	3/2.0	1,392 (-11%)	4mo	$220,000	$158	54
3115 Palm Warbler Ct	0.49mi	2/2.0 (-1)	1,429 (-9%)	9mo	$140,000	$98	50
3005 Approach Shot Way	0.46mi	2/2.0 (-1)	1,333 (-15%)	3mo	$149,900	$112	46
2968 Eagles Nest Way	0.68mi	3/2.0	1,786 (+14%)	8mo	$199,999	$112	38
2948 Eagles Nest Way	0.72mi	3/2.0	1,786 (+14%)	15mo	$125,000	$70	31

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 · 1.92% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.91×
• Total profit: $-3,643
• Equity at exit: $20,874

10-year hold

• IRR: 5.7%
• Equity multiple: 1.40×
• Total profit: $15,704
• Equity at exit: $12,105

Cash invested: $39,200 (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 34952

• Home prices YoY: -29.6%
• Rents YoY: 1.9%
• Active inventory: 639
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,222 high
• Mortgage (P&I): −$734
• Tax from tax record: −$292 /mo · $3,498/yr
• Insurance: −$58
• HOA: −$340
• Vacancy / Maint / Mgmt: −$467
• Net cashflow: $332

Break-even live

Break-even rent $1,803

Max offer price $139,999

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3784 Sapodilla Ct Port Saint Lucie, FL	2.0	2.0	1121	$2,300	$2.05	23d	1	0.57mi
2209 SE East Dunbrooke Cir Port Saint Lucie, FL	3.0	2.0	1212	$2,950	$2.43	13d	1	1.19mi
71 W Caribbean Port St. Lucie, FL	2.0	2.0	1417	$1,700	$1.20	23d	1	1.19mi
1900 Bella Vista Way Port Saint Lucie, FL	1.0–2.0	1.0–2.0	995	$1,764	$1.77	13d	15	1.25mi
2183 SE Wild Meadow Cir Port Saint Lucie, FL	2.0	2.0	1550	$1,900	$1.23	13d	1	1.29mi
2130 SE Wild Meadow Cir Port Saint Lucie, FL	2.0	2.0	1440	$1,695	$1.18	13d	1	1.33mi
2058 SE Wild Meadow Cir #101 Port St Lucie, FL	2.0	2.5	1425	$2,200	$1.54	13d	1	1.34mi
2082 SE Wild Meadow Cir Port Saint Lucie, FL	2.0	2.0	1524	$1,850	$1.21	23d	1	1.36mi
1811 SE Walton Lakes Dr Port Saint Lucie, FL	2.0	1.0–2.0	1117	$1,926	$1.72	13d	6	1.42mi

HOA detail

• Monthly dues: $340 · $4,080/yr

Listing history 35 events

1. 2026-06-18
   days on market $139,999 Active 38 DOM
2. 2026-06-17
   days on market $139,999 Active 37 DOM
3. 2026-06-16
   days on market $139,999 Active 36 DOM
4. 2026-06-15
   days on market $139,999 Active 35 DOM
5. 2026-06-14
   days on market $139,999 Active 33 DOM
6. 2026-06-13
   days on market $139,999 Active 32 DOM
7. 2026-06-10
   days on market $139,999 Active 30 DOM
8. 2026-06-09
   days on market $139,999 Active 29 DOM
9. 2026-06-08
   days on market $139,999 Active 28 DOM
10. 2026-06-07
    days on market $139,999 Active 27 DOM
11. 2026-06-05
    days on market $139,999 Active 24 DOM
12. 2026-06-03
    days on market $139,999 Active 23 DOM
13. 2026-06-02
    days on market $139,999 Active 22 DOM
14. 2026-06-01
    days on market $139,999 Active 21 DOM
15. 2026-05-31
    days on market $139,999 Active 20 DOM
16. 2026-05-30
    days on market $139,999 Active 19 DOM
17. 2026-05-11
    listed $139,999 Active
18. 2025-05-01
    historical
19. 2025-01-19
    listed $179,000 Active
20. 2025-01-11
    historical
21. 2024-07-18
    price $189,900
22. 2024-05-01
    price $199,900
23. 2024-04-17
    listed $219,900 Active
24. 2021-09-14
    soldstatus $76,600 Closed
25. 2021-08-09
    status Pending
26. 2021-08-03
    listed $50,000 Active
27. 2020-05-22
    historical
28. 2020-05-01
    listed $50,000 Active
29. 2015-09-23
    historical
30. 2015-09-21
    status Active
31. 2015-07-17
    historical Active Under Contract
32. 2015-07-07
    status Active
33. 2015-02-27
    historical Contingent
34. 2014-05-13
    listed $32,550 Active
35. 2003-12-08
    soldstatus $8,500,000

ⓘ 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: $3,498 · $292/mo
• Projected year-2 tax: $3,498 · $292/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 25 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: $26,667
• − Mortgage interest: −$7,842
• − Property taxes: −$3,498
• − Insurance: −$700
• − Repairs & maintenance: −$2,133
• − Management: −$2,133
• − HOA: −$4,080
• − Depreciation: −$4,073
• Taxable income: $2,208
• Est. tax owed @ 24.0%: −$530
• After-tax cash flow: $3,449/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

• County: Saint Lucie County · 337,150 people
• City population: 27,447
• Metro: Port St. Lucie, FL
• Population (ZIP): 42,655
• Household income: $61,628
• Rent vs Own: 25.8% rent · 74.2% own
• Severe rent burden: 1759.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 62% Hispanic / Latino 19% Two or more races 14% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4% Cuban 2% Dominican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Hispanic 1%
• Foreign-born: 18% · Canada, Jamaica, China
• Languages at home: 76% English-only · Spanish 16% French/Haitian/Cajun 3% Tagalog/Filipino 2%

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: ▼ -155.80%
• Current HPI: 371.0573
• Rent YoY: ▲ 1.92%
• 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

-98.4% since first listed

19 events — show timeline

• 2026-05-11 Listed $139,999 Beaches MLS
• 2025-05-01 Listing Removed — Beaches MLS
• 2025-01-19 Listed $179,000 Beaches MLS
• 2025-01-11 Listing Removed — MCRTC
• 2024-07-18 Price Changed $189,900 MCRTC
• 2024-05-01 Price Changed $199,900 MCRTC
• 2024-04-17 Listed $219,900 MCRTC
• 2021-09-14 Sold (MLS) $76,600 MCRTC
• 2021-08-09 Pending — MCRTC
• 2021-08-03 Listed $50,000 MCRTC
• 2020-05-22 Listing Removed — Beaches MLS
• 2020-05-01 Listed $50,000 Beaches MLS
• 2015-09-23 Listing Removed — Beaches MLS
• 2015-09-21 Relisted — Beaches MLS
• 2015-07-17 Contingent — Beaches MLS
• 2015-07-07 Relisted — Beaches MLS
• 2015-02-27 Contingent — Beaches MLS
• 2014-05-13 Listed $32,550 Beaches MLS
• 2003-12-08 Sold (Public Records) $8,500,000 Public Records

Property tax history

+17.7%/yr

Latest (2025): $3,498 · +3.6% YoY. Source: county tax records.