3480 SE Martinique Trce #102 · Port Salerno, FL 34997

$199,900

2 bd · 2.0 ba · 1,506 sqft · Condo public records · 187 Days on market

Built 1987 $133/sqft · 33% below area Est $299k · 33% under $609/mo HOA · 25% of rent

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Why this score? — see what drove the C 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 +16.7/30.0
• ARV discount +15.0/15.0
• 1% rule +7.4/10.0
• DSCR +5.2/10.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This ground floor condo is a delight to view and always looks stunning. It offers a peaceful, breathtaking lake vista, perfect for enjoying quiet moments while watching wading birds from the recently screened porch. Plantation shutters adorn both the eat-in kitchen and master bedroom, and the space is filled with natural light, opening onto a charming courtyard entrance with your own covered parking. Each room features elegant, modern tile work that adds to the open feel of every space. The unit features modern appliances and a full-size stack-able washer and dryer for added convenience. Situated at the rear of the development, it benefits from quiet streets far from the gated entrance and clubhouse. Mature trees line the private road, and lush landscaping surrounds the condo, creating a picturesque setting. New AC system installed in 2023; under warranty and maintained with a service contract. This property is sure to impress and sell quickly!

Key facts

• $609 HOA
• Parking
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $125 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 3.1% in Port Salerno — 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 70/100 on livability (#440 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, health & safety A; Watch: schools D, 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.
• Market conditions: Rents rising (+2.7%/yr); 588 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 737 units permitted in Martin County in 2024 (167 in 5+ unit buildings).
• This rent runs 38% of the median local income ($78k/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 $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

• It's been on market 187 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y ago; this cycle's ask has dropped $80k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $86k; list at $200k implies a 132% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 25% 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 $175,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 187 days. Have you received any prior offers? Is the seller open to a 12% 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. 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.24% ✓
• Cap rate: 7.04%
• Cash-on-cash: 2.68%
• DSCR: 1.12
• GRM: 6.7

CMA / ARV

• ARV (median comp): $298,916
• List price: $199,900
• Delta: -33.13%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.71% rent growth · sell at horizon

5-year hold

• IRR: -12.3%
• Equity multiple: 0.56×
• Total profit: $-24,828
• Equity at exit: $29,806

10-year hold

• IRR: -3.5%
• Equity multiple: 0.77×
• Total profit: $-13,017
• Equity at exit: $17,284

Cash invested: $55,972 (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 34997

• Rents YoY: 2.7%
• Active inventory: 588
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,481 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$94 /mo · $1,131/yr
• Insurance: −$83
• HOA: −$609
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $125

Break-even live

Break-even rent $2,323

Max offer price $199,900

Occupancy floor 90%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5688 SE Pine Ave Stuart, FL	3.0	2.0	1255	$2,510	$2.00	13d	1	0.28mi
5601 SE Laguna Ave Stuart, FL	2.0	1.0	1080	$2,200	$2.04	13d	1	0.37mi
5968 SE Avalon Dr Stuart, FL	2.0	2.0	1176	$2,800	$2.38	13d	1	0.46mi
6532 SE Broadmoor Ln Stuart, FL	3.0	2.0	1972	$3,300	$1.67	13d	1	0.65mi
6532 SE Broadmoor Ln Stuart, FL	3.0	2.0	1972	$3,300	$1.67	23d	1	0.65mi
3882 SE Canvas Back Pl Stuart, FL	3.0	2.0	1575	$2,200	$1.40	23d	1	0.66mi
5881 SE Windsong Ln Stuart, FL	2.0	2.5	1288	$2,100	$1.63	13d	1	0.69mi
4421 SE Village Rd Stuart, FL	2.0	2.0	1080	$2,100	$1.94	23d	1	0.83mi
4939 SE Salvatori Rd Stuart, FL	3.0	2.0	1334	$2,500	$1.87	23d	1	1.01mi
3257 SE Brook St Unit 3234 Stuart, FL	2.0	2.0	1400	$2,119	$1.51	23d	1	1.05mi
7073 SE Birchwood Ln Stuart, FL	2.0	2.0	1150	$1,750	$1.52	13d	1	1.06mi
6531 SE Federal Hwy Stuart, FL	2.0	2.0	1100	$1,725	$1.57	13d	2	1.20mi
4585 SE Federal Hwy Stuart, FL	1.0–3.0	1.0–2.0	1015	$2,326	$2.29	13d	27	1.25mi
5784 SE Edgewater Cir Stuart, FL	3.0	2.5	1804	$3,000	$1.66	13d	1	1.30mi
4650 SE Manatee Way Stuart, FL	3.0	2.5	1764	$5,900	$3.34	23d	1	1.43mi
4885 SE Capstan Ave #27 Stuart, FL	2.0	2.0	1273	$2,500	$1.96	23d	1	1.43mi
4107 SE Barcelona St Stuart, FL	2.0	1.0	1224	$2,500	$2.04	23d	1	1.45mi

HOA detail condo

• Monthly dues: $609 · $7,308/yr
• Likely covers: landscapingsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-03-20
   price $199,900 958-char remark

   Show marketing remark (958 chars)

   This ground floor condo is a delight to view and always looks stunning. It offers a peaceful, breathtaking lake vista, perfect for enjoying quiet moments while watching wading birds from the recently screened porch. Plantation shutters adorn both the eat-in kitchen and master bedroom, and the space is filled with natural light, opening onto a charming courtyard entrance with your own covered parking. Each room features elegant, modern tile work that adds to the open feel of every space. The unit features modern appliances and a full-size stack-able washer and dryer for added convenience. Situated at the rear of the development, it benefits from quiet streets far from the gated entrance and clubhouse. Mature trees line the private road, and lush landscaping surrounds the condo, creating a picturesque setting. New AC system installed in 2023; under warranty and maintained with a service contract. This property is sure to impress and sell quickly!

2. 2025-11-19
   listed $279,900 Active 958-char remark

   Show marketing remark (958 chars)

   This ground floor condo is a delight to view and always looks stunning. It offers a peaceful, breathtaking lake vista, perfect for enjoying quiet moments while watching wading birds from the recently screened porch. Plantation shutters adorn both the eat-in kitchen and master bedroom, and the space is filled with natural light, opening onto a charming courtyard entrance with your own covered parking. Each room features elegant, modern tile work that adds to the open feel of every space. The unit features modern appliances and a full-size stack-able washer and dryer for added convenience. Situated at the rear of the development, it benefits from quiet streets far from the gated entrance and clubhouse. Mature trees line the private road, and lush landscaping surrounds the condo, creating a picturesque setting. New AC system installed in 2023; under warranty and maintained with a service contract. This property is sure to impress and sell quickly!

3. 1999-11-01
   soldstatus $86,000 305-char remark

   Show marketing remark (305 chars)

   GROUND FLOOR CONDO IS A PLEASURE TO SHOW & ALWAYS SHOWS BEAUTIFULLY! TRANQUIL LAKE VIEWS TO WATCH WADING BIRDS. NICE SCREENED PORCH. PLANTATION SHUTTERS IN EAT-IN KITCHEN & MASTER BEDROOM. BRIGHT & OPENS TO LOVELY COURTYARD ENTRANCE FROM YOUR OWN COVEREDPARKING! A MUST SHOW/ SURE SELL!!

4. 1999-11-01
   soldstatus $86,000

   Show marketing remark (305 chars)

   GROUND FLOOR CONDO IS A PLEASURE TO SHOW & ALWAYS SHOWS BEAUTIFULLY! TRANQUIL LAKE VIEWS TO WATCH WADING BIRDS. NICE SCREENED PORCH. PLANTATION SHUTTERS IN EAT-IN KITCHEN & MASTER BEDROOM. BRIGHT & OPENS TO LOVELY COURTYARD ENTRANCE FROM YOUR OWN COVEREDPARKING! A MUST SHOW/ SURE SELL!!

5. 1999-04-22
   listed $88,000 305-char remark

   Show marketing remark (305 chars)

   GROUND FLOOR CONDO IS A PLEASURE TO SHOW & ALWAYS SHOWS BEAUTIFULLY! TRANQUIL LAKE VIEWS TO WATCH WADING BIRDS. NICE SCREENED PORCH. PLANTATION SHUTTERS IN EAT-IN KITCHEN & MASTER BEDROOM. BRIGHT & OPENS TO LOVELY COURTYARD ENTRANCE FROM YOUR OWN COVEREDPARKING! A MUST SHOW/ SURE SELL!!

6. 1997-05-15
   soldstatus $75,000

ⓘ 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: $1,131 · $94/mo
• Projected year-2 tax: $1,659 · $138/mo
• Expected delta: +$528/yr (+$44/mo · 46.7%)

ⓘ 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 3/10 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: $29,772
• − Mortgage interest: −$11,198
• − Property taxes: −$1,131
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,382
• − Management: −$2,382
• − HOA: −$7,308
• − Depreciation: −$5,815
• Taxable loss: −$1,443
• Est. tax savings @ 24.0%: +$346
• After-tax cash flow: $1,848/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 — Port Salerno

• Score: 70/100
• State rank: #440
• US rank: #7873

Category grades

Amenities F Commute F Cost of living B Crime A 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
• Metro: Port St. Lucie, FL
• Population (ZIP): 47,075
• Household income: $78,136
• Rent vs Own: 19.1% rent · 80.9% own
• Severe rent burden: 1323.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 19% Two or more races 9% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Cuban 3%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 14% · Canada, Jamaica, China
• Languages at home: 81% English-only · Spanish 14% French/Haitian/Cajun 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: ▼ -319.78%
• Current HPI: 336.7717
• Rent YoY: ▲ 2.71%
• 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

+166.5% since first listed

6 events — show timeline

• 2026-03-20 Price Changed $199,900 MCRTC
• 2025-11-19 Listed $279,900 MCRTC
• 1999-11-01 Sold (Public Records) $86,000 Public Records
• 1999-11-01 Sold (MLS) $86,000 MCRTC
• 1999-04-22 Listed $88,000 MCRTC
• 1997-05-15 Sold (Public Records) $75,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $1,131 · -0.7% YoY. Source: county tax records.