2400 S Ocean Dr Unit Cc-1111

Fort Pierce, FL 34949

$229,000D

2 bd · 2.0 ba · 1,069 sqft · Built 1976 · Condo · Active · 122 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,138/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$448
• HOA: −$1,080
• Vac / Maint / Mgmt: −$659
• Net cashflow: $-250/mo
• Annual: $-3,004/yr
• Cap rate: 5.33%
• Cash-on-cash: -3.44%
• DSCR: 0.85
• 1% rule: 1.37%
• Cash to close: $64,120

Investor read

• This is a 2-bed/2.0-bath condo listed at $229k.
• At list price, monthly cash flow is $-250 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (15.8% below list).
• Meets the 1% rule at list price ($3k rent vs $229k).
• It's been on market 122 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $193k (15.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#226 in FL, #3,360 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, amenities F, employment 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: Weatherbee Elementary School (math 32% / reading 32%, grade F, #1,797 of 2,144 statewide, top 86%, 672 students, 90% FRL); Dan Mccarty Middle School (math 23% / reading 23%, grade F, #542 of 571 statewide, top 95%, 747 students, 88% FRL); Fort Pierce Westwood Academy The W.E.S.T. Prep Magnet (math 16% / reading 36%, grade F, #494 of 667 statewide, top 75%, 2,010 students, 75% FRL) — zoned schools average 85% FRL vs 59% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 44% district-wide (-17 pts) — the specific schools serving this property underperform the St. Lucie average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $66/mo; HOA is 34% of rent.
• Market conditions: Rents rising fast (+13.6%/yr); 382 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,868 units permitted in St. Lucie County in 2024 (268 in 5+ unit buildings).
• St. Lucie County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $36k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $195k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.3% vs local median 3.7% in Fort Pierce — 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.

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 122 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.