8175 104th Ave

Vero Lake Estates, FL 32967

$342,900F

3 bd · 2.0 ba · 1,270 sqft · Built 2025 · Land · Active · 295 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,505/mo
• Mortgage (P&I): −$1,798
• Tax + insurance: −$998
• HOA: −$0
• Vac / Maint / Mgmt: −$526
• Net cashflow: $-818/mo
• Annual: $-9,812/yr
• Cap rate: 4.92%
• Cash-on-cash: -4.89%
• DSCR: 0.78
• 1% rule: 0.73%
• Cash to close: $96,012

Investor read

• This is a 3-bed/2.0-bath land listed at $343k.
• At list price, monthly cash flow is $-818 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (34.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (27.0% below list).
• It's been on market 295 days — a 12% lower offer ($302k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $225k (34.5% 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 $10k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Indian River (other): math 48% / reading 52% proficiency, ranked #35 of 73 in FL (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents soft (-1.2%/yr); 612 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 564 units permitted in Indian River County in 2024 (281 in 5+ unit buildings).
• Indian River County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 11 sale attempts since 5y 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.
• Current owner paid $35k; list at $343k implies a 880% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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.
• This rent runs 39% of the median local income ($78k/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 295 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.