18380 SE Wood Haven Ln Unit D

Tequesta, FL 33469

$187,700C

2 bd · 2.0 ba · 1,251 sqft · Built 1975 · Condo · Active · 124 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,356/mo
• Mortgage (P&I): −$984
• Tax + insurance: −$302
• HOA: −$1,370
• Vac / Maint / Mgmt: −$705
• Net cashflow: $-5/mo
• Annual: $-64/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.12%
• DSCR: 0.99
• 1% rule: 1.79%
• Cash to close: $52,556

Investor read

• This is a 2-bed/2.0-bath condo listed at $188k.
• At list price, monthly cash flow is $-5 ($-64/yr) — negative.
• To cash-flow at today's rent, offer at most $187k (0.5% below list).
• Meets the 1% rule at list price ($3k rent vs $188k).
• It's been on market 124 days — a 12% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 62/100 on livability (#764 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: schools F, 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.
• Watch-outs: HOA is 41% of rent.
• Market conditions: Rents rising (+3.9%/yr); 209 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 737 units permitted in Martin County in 2024 (167 in 5+ unit buildings).
• Martin County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 22y ago; this cycle's ask has dropped $22k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $144k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.3% vs local median 2.5% in Tequesta — 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.
• This rent runs 38% of the median local income ($106k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?