5650 Hemingway Ct #9 · Indian River Estates, FL 34982

$125,900

2 bd · 2.0 ba · 1,150 sqft · Manufactured · 102 Days on market

Built 1989 Fair condition 5,663 sqft lot $260/mo HOA · 12% of rent ↓ 11% 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 +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

This home comes with a ''Share'' in the coop so you pay no Lot Lease. Has nice view of the water behind the home with open patio plus an enclosed Florida room to enjoy the breezes. Home has applianced kitchen, roomy living room, dining room plus dinette area off the kitchen. 2 bedrooms plus 2 baths and storage shed. Let's look today!!

Key facts

• View of the water
• Open patio
• Roomy living room

Tags

• VIEW OF THE WATER
• OPEN PATIO
• ENCLOSED FLORIDA ROOM
• APPLIANCED KITCHEN
• ROOMY LIVING ROOM
• DINING ROOM

Property features AI

Finance

• Financial info: Pets allowed with possible restrictions (breed, number, size)
• HOA & community: Community is a senior community; HOA/association present; monthly fee (information available) with amenities including clubhouse, pool, spa/hot tub, tennis courts, pickleball and shuffleboard courts, bocce ball, billiard room, community room, manager on site

Exterior

• Parking: Attached carport (covered) with 1 carport space
• Security: Security patrol
• Utilities: Public water; Public sewer; Sewer available; Water available
• Home design: Manufactured home; Single-story; Faces west; Resale property
• Construction: Modular construction; Composition/shingle roof
• Exterior features: Open patio; Screened patio; Patio; Waterfront

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central electric heating; Central electric air conditioning
• Interior features: Bedroom layout with stacked bedrooms; Unfurnished
• Laundry & utility: Laundry inside the home

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $126k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $557 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $126k).
• Recommended offer: $115k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.6% 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); 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; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $2,136/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 $870 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 $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($115k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $114,569 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
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 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: 1.70% ✓
• Cap rate: 11.61%
• Cash-on-cash: 18.98%
• DSCR: 1.84
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $77,050
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5683 Hemingway Ct	0.06mi	2/2.0	1,144 (-0%)	1mo	$76,800	$67	96

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: 16.7%
• Equity multiple: 1.72×
• Total profit: $25,216
• Equity at exit: $18,772

10-year hold

• IRR: 28.7%
• Equity multiple: 4.21×
• Total profit: $113,065
• Equity at exit: $10,886

Cash invested: $35,252 (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: 4.9×

Monthly cashflow live

• Estimated rent: $2,136 high
• Mortgage (P&I): −$660
• Tax est. 1.5%: −$157 /mo · $1,888/yr
• Insurance: −$52
• HOA: −$260
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $557

Break-even live

Break-even rent $1,430

Max offer price $125,900

Occupancy floor 69%

Sensitivity live

Price	-10% $644	-5% $601	+0% $557	+5% $514	+10% $470
Rent	-10% $389	-5% $473	+0% $557	+5% $642	+10% $726
Rate	-1.0pp $621	-0.5pp $589	base $557	+0.5pp $525	+1.0pp $492

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: $31,475
• Closing costs: $3,777
• Reserves months: —
• Total cash needed: —

Rent comps 10 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	24d	1	0.44mi
341 Ashley St Fort Pierce, FL	3.0	2.0	1128	$2,460	$2.18	24d	1	0.61mi
355 Johnston St Fort Pierce, FL	3.0	1.5	1118	$2,500	$2.24	24d	1	0.65mi
352 Johnston St Fort Pierce, FL	3.0	2.0	936	$2,100	$2.24	24d	1	0.68mi
492 Salisbury Cir Fort Pierce, FL	3.0	2.5	1486	$2,395	$1.61	24d	1	0.70mi
526 Salisbury Cir Fort Pierce, FL	3.0	2.5	1486	$2,399	$1.61	14d	1	0.72mi
330 Borraclough St Fort Pierce, FL	3.0	2.0	1404	$2,175	$1.55	14d	1	0.75mi
5300 Seagrape Dr Fort Pierce, FL	3.0	2.0	1300	$2,450	$1.88	24d	1	0.84mi
5315 Hickory Dr Fort Pierce, FL	3.0	2.0	1400	$2,045	$1.46	24d	1	1.00mi
699 W Weatherbee Rd Fort Pierce, FL	2.0	1.5	1100	$1,875	$1.70	24d	1	1.35mi

HOA detail

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

Listing history 18 events

1. 2026-06-18
   days on market $125,900 Active 102 DOM
2. 2026-06-17
   days on market $125,900 Active 101 DOM
3. 2026-06-16
   days on market $125,900 Active 100 DOM
4. 2026-06-15
   days on market $125,900 Active 99 DOM
5. 2026-06-14
   days on market $125,900 Active 97 DOM
6. 2026-06-13
   days on market $125,900 Active 96 DOM
7. 2026-06-10
   pricedays on market $125,900 Active 94 DOM
8. 2026-06-09
   days on market $159,000 Active 93 DOM
9. 2026-06-08
   days on market $159,000 Active 92 DOM
10. 2026-06-07
    days on market $159,000 Active 91 DOM
11. 2026-06-05
    days on market $159,000 Active 88 DOM
12. 2026-06-03
    days on market $159,000 Active 87 DOM
13. 2026-06-02
    days on market $159,000 Active 86 DOM
14. 2026-06-01
    days on market $159,000 Active 85 DOM
15. 2026-05-31
    days on market $159,000 Active 84 DOM
16. 2026-05-30
    days on market $159,000 Active 83 DOM
17. 2026-03-23
    price $159,000
18. 2026-03-06
    listed $179,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $25,633
• − Mortgage interest: −$7,052
• − Property taxes: −$1,888
• − Insurance: −$630
• − Repairs & maintenance: −$2,051
• − Management: −$2,051
• − HOA: −$3,120
• − Depreciation: −$3,663
• Taxable income: $5,179
• Est. tax owed @ 24.0%: −$1,243
• After-tax cash flow: $5,446/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.

Condition & rehab AI · 13 photos

Fair 45/100 Cosmetic rehab

This manufactured home presents as move-in ready with cosmetic updates needed to enhance its curb appeal and value. The home has a nice view and open patio, but improvements to the exterior, landscaping, and appliances can significantly boost its resale and rental potential.

Repairs flagged

• Minor Kitchen cabinets — Dated cabinetry and countertops need updating.
• Minor Bathroom tile — Dated tile in bathrooms needs updating.
• Minor Exterior paint — Paint on siding and exterior needs touch-up.
• Minor Landscaping — Landscaping appears unkempt and could benefit from trimming and planting.
• Minor Window replacement — Windows show signs of wear and may need replacement.
• Minor Appliance replacement — Appliances appear dated and could be replaced with modern models.

Value-add opportunities

• Resale Paint touch-up and exterior maintenance — Fresh paint and exterior maintenance can enhance curb appeal and home value.
• Rental Landscaping and window replacement — Improved landscaping and new windows can attract renters and increase rental value.
• Both Appliance replacement — Modern appliances can attract both buyers and renters, increasing both resale and rental value.
• Both Kitchen and bathroom updates — Updating the kitchen and bathrooms can significantly increase the home's value for both buyers and renters by modernizing the living spaces.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Dated cabinetry and countertops need updating.	Minor	$500–3,000
Bathroom tile · Dated tile in bathrooms needs updating.	Minor	$500–3,000
Exterior paint · Paint on siding and exterior needs touch-up.	Minor	$500–3,000
Landscaping · Landscaping appears unkempt and could benefit from trimming and planting.	Minor	$500–3,000
Window replacement · Windows show signs of wear and may need replacement.	Minor	$500–3,000
Appliance replacement · Appliances appear dated and could be replaced with modern models.	Minor	$500–3,000
Total estimated repair cost · 6 items		$3,000–18,000

Value-add ROI direction

• Resale Paint touch-up and exterior maintenance — Fresh paint and exterior maintenance can enhance curb appeal and home value. ↑
• Rental Landscaping and window replacement — Improved landscaping and new windows can attract renters and increase rental value. ↑
• Both Appliance replacement — Modern appliances can attract both buyers and renters, increasing both resale and rental value. ↑
• Both Kitchen and bathroom updates — Updating the kitchen and bathrooms can significantly increase the home's value for both buyers and renters by modernizing the living spaces. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-11.2% since first listed

2 events — show timeline

• 2026-03-23 Price Changed $159,000 Beaches MLS
• 2026-03-06 Listed $179,000 Beaches MLS