2465 SE Penny Ln · Stuart, FL 34994

$84,000

2 bd · 2.0 ba · 672 sqft · Condo public records · 90 Days on market

Built 1970 $125/sqft · 20% below area Est $106k · 20% under $275/mo HOA · 14% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.5/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great remodeled 2 bedroom 2 bath home. Pass thru from kitchen to dining area. Leisure village co-op is an active adult community with a great heated pool. maintenance fee is only $275 per month and includes water, sewer, lawn, trash removal, cable tv, clubhouse, bocci, shuffleboard Come join the fun

Key facts

• Remodeled
• Heated pool
• 4,922 sq ft lot

Tags

• REMODELED
• HEATED POOL
• MAINTENANCE FEE INCLUDES WATER
• MAINTENANCE FEE INCLUDES SEWER
• MAINTENANCE FEE INCLUDES LAWN
• MAINTENANCE FEE INCLUDES BOCCI

🏷️ Possibly a rental listed for sale. The $84,000 price doesn't fit this home's estimated sale value (~$105,595) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $84k.

Deal economics

• At list price, monthly cash flow is $784 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $84k).
• Recommended offer: $79k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.5% vs local median 4.1% in Stuart — 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 84/100 on livability (#39 in FL, #790 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-, employment C-, amenities D.
• 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: Pinewood Elementary School (math 37% / reading 39%, grade F, #1,587 of 2,144 statewide, top 74%, 726 students, 64% FRL); Dr. David L. Anderson Middle School (math 51% / reading 46%, grade C-, #274 of 571 statewide, top 50%, 1,035 students, 63% FRL); Martin County High School (math 45% / reading 54%, grade D, #179 of 667 statewide, top 29%, 2,273 students, 42% FRL) — zoned schools average 56% FRL vs 41% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.7%/yr); 259 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 737 units permitted in Martin County in 2024 (167 in 5+ unit buildings).
• This rent runs 39% of the median local income ($63k/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 $581 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $24k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,960 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 2.39% ✓
• Cap rate: 17.49%
• Cash-on-cash: 39.99%
• DSCR: 2.78
• GRM: 3.5

CMA / ARV

• ARV (median comp): $105,595
• List price: $84,000
• Delta: -20.45%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 32.4%
• Equity multiple: 2.30×
• Total profit: $30,592
• Equity at exit: $12,525

10-year hold

• IRR: 37.5%
• Equity multiple: 3.93×
• Total profit: $68,857
• Equity at exit: $7,263

Cash invested: $23,520 (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 34994

• Home prices YoY: -27.1%
• Rents YoY: -0.7%
• Active inventory: 259
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $2,008 high
• Mortgage (P&I): −$441
• Tax from tax record: −$52 /mo · $622/yr
• Insurance: −$35
• HOA: −$275
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $784

Break-even live

Break-even rent $1,016

Max offer price $84,000

Occupancy floor 56%

Sensitivity live

Price	-10% $831	-5% $808	+0% $784	+5% $760	+10% $736
Rent	-10% $625	-5% $704	+0% $784	+5% $863	+10% $942
Rate	-1.0pp $826	-0.5pp $805	base $784	+0.5pp $762	+1.0pp $740

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: $21,000
• Closing costs: $2,520
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2600 S Kanner Hwy Stuart, FL	1.0–2.0	1.5–2.0	890	$1,950	$2.19	15d	3	0.20mi
400 SE Central Pkwy Stuart, FL	1.0–2.0	1.0–2.0	918	$2,640	$2.87	15d	16	0.54mi
1041 SE Monterey Rd Unit 2-4 Stuart, FL	1.0	1.0	424	$1,375	$3.24	22d	1	0.73mi
1081 SE Monterey Rd Unit 3-31 Stuart, FL	1.0	1.0	424	$1,200	$2.83	25d	1	0.75mi
2104 SE Edler Dr Stuart, FL	1.0	1.0	726	$1,500	$2.07	25d	1	0.89mi
950 S Kanner Hwy Stuart, FL	1.0–2.0	1.0–2.0	850	$2,000	$2.35	15d	4	1.04mi
3800 S Kanner Hwy Stuart, FL	3.0	1.0–2.0	970	$2,604	$2.68	15d	21	1.14mi
906 SE Tarpon Ave Unit B Stuart, FL	1.0	1.0	600	$1,350	$2.25	25d	1	1.28mi
633 SW Cleveland Ave Stuart, FL	1.0	1.0	548	$2,100	$3.83	15d	1	1.42mi

HOA detail condo

• Monthly dues: $275 · $3,300/yr
• Likely covers: watersewertrashcablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-21
   days on market $84,000 Active 90 DOM
2. 2026-06-18
   days on market $84,000 Active 87 DOM
3. 2026-06-17
   days on market $84,000 Active 86 DOM
4. 2026-06-16
   days on market $84,000 Active 85 DOM
5. 2026-06-15
   days on market $84,000 Active 84 DOM
6. 2026-06-14
   days on market $84,000 Active 82 DOM
7. 2026-06-13
   days on market $84,000 Active 81 DOM
8. 2026-06-10
   days on market $84,000 Active 79 DOM
9. 2026-06-09
   days on market $84,000 Active 78 DOM
10. 2026-06-08
    days on market $84,000 Active 77 DOM
11. 2026-06-07
    days on market $84,000 Active 76 DOM
12. 2026-06-03
    days on market $84,000 Active 72 DOM
13. 2026-06-02
    days on market $84,000 Active 71 DOM
14. 2026-06-01
    days on market $84,000 Active 70 DOM
15. 2026-05-31
    days on market $84,000 Active 69 DOM
16. 2026-05-31
    days on market $84,000 Active 68 DOM
17. 2026-03-22
    listed $84,000 Active 301-char remark

    Show marketing remark (301 chars)

    Great remodeled 2 bedroom 2 bath home. Pass thru from kitchen to dining area. Leisure village co-op is an active adult community with a great heated pool. maintenance fee is only $275 per month and includes water, sewer, lawn, trash removal, cable tv, clubhouse, bocci, shuffleboard Come join the fun

18. 2020-03-19
    historical
19. 2020-03-09
    price $67,500
20. 2020-02-24
    price $69,500
21. 2020-01-27
    listed $74,900 Active

ⓘ 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: $622 · $52/mo
• Projected year-2 tax: $697 · $58/mo
• Expected delta: +$75/yr (+$6/mo · 12.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 23 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: $24,094
• − Mortgage interest: −$4,705
• − Property taxes: −$622
• − Insurance: −$420
• − Repairs & maintenance: −$1,927
• − Management: −$1,927
• − HOA: −$3,300
• − Depreciation: −$2,444
• Taxable income: $8,747
• Est. tax owed @ 24.0%: −$2,099
• After-tax cash flow: $7,306/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 — Stuart

• Score: 84/100
• State rank: #39
• US rank: #790

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Martin County · 165,223 people
• City population: 65,812
• Metro: Port St. Lucie, FL
• Population (ZIP): 18,737
• Household income: $62,533
• Rent vs Own: 42.1% rent · 57.9% own
• Severe rent burden: 1408.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 21% Two or more races 12% Black 11%
• Hispanic origin (detail): Mexican 6% Puerto Rican 5% Cuban 1%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 12% · Canada
• Languages at home: 80% English-only · Spanish 16% Russian/Polish/Slavic 2% 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: ▼ -130.08%
• Current HPI: 349.7061
• Rent YoY: ▼ -0.69%
• 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

+12.1% since first listed

5 events — show timeline

• 2026-03-22 Listed $84,000 MCRTC
• 2020-03-19 Listing Removed — Beaches MLS
• 2020-03-09 Price Changed $67,500 Beaches MLS
• 2020-02-24 Price Changed $69,500 Beaches MLS
• 2020-01-27 Listed $74,900 Beaches MLS

Property tax history

+7.6%/yr

Latest (2025): $622 · -4.0% YoY. Source: county tax records.