104 Royal Oak Dr #103 · Florida Ridge, FL 32962

$77,900

1 bd · 2.0 ba · 750 sqft · Townhouse public records · 25 Days on market

Built 1979 Est $100k · 22% under $496/mo HOA · 33% of rent

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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 +28.2/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Excellent opportunity to Purchase this Well Priced 1st Floor unit. A/C is 4-5 years old as well as the Hot Water Heater. Active community has multiple Pools, Club House with exercise room and a Meeting Room with many Daily scheduled Events. Tennis and Golf is available. This is a Light and Bright End Unit

Key facts

• Exercise room
• 1st floor unit
• Meeting room

Tags

• 1ST FLOOR UNIT
• MULTIPLE POOLS
• CLUB HOUSE
• EXERCISE ROOM
• MEETING ROOM
• DAILY SCHEDULED EVENTS

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Campbell association; Monthly association fee of $496; HOA covers common areas, insurance, grounds maintenance, structure maintenance, and trash; Community amenities include clubhouse, fitness center, game room, tennis courts, and pool; Senior community

Exterior

• Parking: Assigned uncovered parking
• Utilities: Public water; County sewer
• Home design: Two-story building
• Construction: Concrete construction; Built-up roof; Tar and gravel roof
• Exterior features: Patio; Screened porch (16 x 8); Community pool; Less than quarter acre lot; Has a view; Faces west; Property attached (attached unit)

Interior

• Kitchen: Range; Pantry (in kitchen area)
• Bedrooms: One bedroom (16 x 12)
• Flooring: Carpet
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Sliding doors; Pantry; Unfurnished
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath townhouse listed at $78k.

Deal economics

• At list price, monthly cash flow is $180 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• Recommended offer: $77k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 4.5% in Florida Ridge — 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 72/100 on livability (#353 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, employment D, amenities F.
• 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.
• Market conditions: Rents rising fast (+4.2%/yr); 348 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 564 units permitted in Indian River County in 2024 (281 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $539 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Indian River County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $22k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $36k; list at $78k implies a 113% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 33% of rent.
• Climate carrying-cost: severe flood risk; 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 $76,731 (1.5% below list)

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.95% ✓
• Cap rate: 10.09%
• Cash-on-cash: 13.56%
• DSCR: 1.60
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $99,750
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7 Vista Gardens Trl #103	0.11mi	1/1.5	750 (0%)	2mo	$79,000	$105	91
78 Royal Oak Dr #103	0.16mi	1/1.5	750 (0%)	2mo	$111,000	$148	89
14 Vista Gardens Trl #103	0.25mi	1/1.5	750 (0%)	1mo	$84,000	$112	86
14 Vista Gardens Trl #203	0.25mi	1/1.5	750 (0%)	3mo	$120,000	$160	84
18 Vista Gardens Trl #105	0.31mi	1/1.5	750 (0%)	2mo	$132,000	$176	82
89 Crooked Tree Ln #103	0.32mi	1/1.5	750 (0%)	2mo	$66,000	$88	82
22 Vista Gardens Trl #103	0.38mi	1/1.5	750 (0%)	1mo	$100,000	$133	79
44 Vista Gardens Trl W #103	0.40mi	1/1.5	750 (0%)	1mo	$85,000	$113	79
55 Woodland Dr #203	0.40mi	1/1.5	750 (0%)	2mo	$90,000	$120	78
31 Vista Gardens Trl #205	0.58mi	1/1.5	750 (0%)	1mo	$89,500	$119	70
34 Pine Arbor Ln #203	0.65mi	1/1.5	750 (0%)	3mo	$120,000	$160	66
35 Vista Gardens Trl #204	0.57mi	1/1.0	700 (-7%)	0mo	$110,000	$157	58

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 · 4.18% rent growth · sell at horizon

5-year hold

• IRR: 1.2%
• Equity multiple: 1.05×
• Total profit: $983
• Equity at exit: $11,615

10-year hold

• IRR: 12.9%
• Equity multiple: 2.13×
• Total profit: $24,573
• Equity at exit: $6,735

Cash invested: $21,812 (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 32962

• Rents YoY: 4.2%
• Active inventory: 348
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,518 high
• Mortgage (P&I): −$409
• Tax from tax record: −$15 /mo · $185/yr
• Insurance: −$32
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$496
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $180

Break-even live

Break-even rent $1,290

Max offer price $77,900

Occupancy floor 83%

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: $19,475
• Closing costs: $2,337
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 Royal Oak Dr #106 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	13d	1	0.07mi
102 Royal Oak Dr #105 Vero Beach, FL	1.0	1.5	750	$1,550	$2.07	20d	1	0.07mi
101 Spring Lake Dr #204 Vero Beach, FL	1.0	1.0	630	$1,275	$2.02	20d	1	0.11mi
80 Crooked Tree Ln #106 Vero Beach, FL	2.0	2.0	1000	$1,900	$1.90	13d	1	0.16mi
74 Royal Oak Ct #204 Vero Beach, FL	1.0	1.0	630	$1,175	$1.87	20d	1	0.20mi
95 Spring Lake Dr #103 Vero Beach, FL	1.0	1.5	750	$1,600	$2.13	20d	1	0.23mi
85 Crooked Tree Ln #203 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	20d	1	0.24mi
15 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	13d	1	0.24mi
86 Crooked Tree Ln #102 Vero Beach, FL	2.0	2.0	1000	$2,000	$2.00	13d	1	0.25mi
65 Woodland Dr #207 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	20d	1	0.29mi
60 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,250	$1.98	13d	1	0.34mi
60 Woodland Dr Vero Beach, FL	1.0	1.0	630	$1,125	$1.79	20d	1	0.34mi
52 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	20d	1	0.38mi
58 Woodland Dr #206 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	13d	1	0.38mi
50 Woodland Dr #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	13d	1	0.39mi
23 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	20d	1	0.41mi
43 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	20d	1	0.41mi
26 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	20d	1	0.51mi
33 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,500	$2.38	13d	1	0.53mi
34 Vista Gardens Trl #107 Vero Beach, FL	2.0	2.0	1000	$1,350	$1.35	20d	1	0.54mi
36 Vista Gardens Trl #201 Vero Beach, FL	2.0	2.0	1000	$1,390	$1.39	20d	1	0.54mi
28 Vista Gardens Trl #102 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	20d	1	0.55mi
35 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	934	$1,400	$1.50	20d	1	0.55mi
4 Vista Gardens Trl #207 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	13d	1	0.58mi
11 Vista Gardens Trl #106 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	20d	1	0.58mi
37 Pine Arbor Ln #101 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	13d	1	0.64mi
36 Pine Arbor Ln Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	20d	2	0.64mi
5 Vista Palm Ln #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	13d	1	0.66mi
528 7th Sq #102 Vero Beach, FL	2.0	2.0	1095	$3,000	$2.74	20d	1	0.70mi
441 7th Pl #441 Vero Beach, FL	1.0	1.0	550	$1,250	$2.27	20d	1	0.72mi
462 7th Pl Vero Beach, FL	1.0	1.0	550	$1,400	$2.55	20d	1	0.75mi
522 7th Pl Unit 522 Vero Beach, FL	1.0	1.0	550	$1,500	$2.73	20d	1	0.78mi
28 Pine Arbor Ln #103 Vero Beach, FL	1.0	1.5	750	$1,200	$1.60	20d	1	0.80mi
16 Vista Palm Ln Vero Beach, FL	1.0–2.0	1.5–2.0	800	$1,500	$1.88	20d	2	0.87mi
19 Pine Arbor Ln #105 Vero Beach, FL	1.0	1.5	750	$1,800	$2.40	20d	1	0.87mi
1135 3rd Ave #101 Vero Beach, FL	2.0	2.0	906	$1,800	$1.99	20d	1	1.16mi
1200 6th Dr Vero Beach, FL	2.0	2.0	800	$1,550	$1.94	13d	1	1.36mi

HOA detail

• Monthly dues: $496 · $5,952/yr
• Likely covers: waterpool

Listing history 13 events

1. 2026-06-13
   status $77,900 Pending 25 DOM
2. 2026-06-10
   days on market $77,900 Active 25 DOM
3. 2026-06-09
   days on market $77,900 Active 24 DOM
4. 2026-06-08
   days on market $77,900 Active 23 DOM
5. 2026-06-07
   days on market $77,900 Active 22 DOM
6. 2026-06-05
   days on market $77,900 Active 19 DOM
7. 2026-06-02
   days on market $77,900 Active 17 DOM
8. 2026-06-01
   days on market $77,900 Active 16 DOM
9. 2026-05-31
   days on market $77,900 Active 15 DOM
10. 2026-05-30
    days on market $77,900 Active 14 DOM
11. 2026-05-16
    listed $81,900 Active
12. 1995-12-04
    soldstatus $36,500
13. 1979-06-01
    soldstatus $37,000

ⓘ 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: $185 · $15/mo
• Projected year-2 tax: $647 · $54/mo
• Expected delta: +$462/yr (+$38/mo · 249.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,210
• − Mortgage interest: −$4,364
• − Property taxes: −$185
• − Insurance: −$1,187
• − Repairs & maintenance: −$1,457
• − Management: −$1,457
• − HOA: −$5,952
• − Depreciation: −$2,266
• Taxable income: $1,343
• Est. tax owed @ 24.0%: −$322
• After-tax cash flow: $1,838/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: Indian River
• NCES district ID: 1200930
• Math proficiency: 48% ▼ -9.00%
• Reading proficiency: 52% ▼ -3.00%
• Median HH income: $46,597
• Composite: 42.45/100
• National rank: #3218
• State rank: #35 of 73 in FL

Livability — Florida Ridge

• Score: 72/100
• State rank: #353
• US rank: #6129

Category grades

Amenities F Commute A+ Cost of living A+ Crime C+ Employment D Housing A+ Health & safety D- User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Florida Ridge, FL
• County: Indian River County · 143,738 people
• City population: 25,629
• Metro: Sebastian-Vero Beach, FL
• Population (ZIP): 25,522
• Household income: $66,664
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 425.0

Population outlook (Indian River County) Hauer SSP2

• Today (2025): 165,104 people
• By 2030: 172,869 · +4.7%
• By 2040: 185,640 · +12.4%
• By 2050: 194,465 · +17.8%
• By 2075: 211,115 · +27.9%
• By 2100: 211,781 · +28.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 13% Hispanic / Latino 12% Two or more races 5% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1%
• Common ancestry: Romanian 4% Lithuanian 4% Italian 3%
• Foreign-born: 12% · Canada, Jamaica, Dominican Republic
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Indian River

• 2024 margin: Strong R (+27.4) · D 36.0% · R 63.4%
• 2008→2024 swing: -12.5pp toward R · 2008: -14.8pp · 2024: -27.4pp
• All cycles: 2024: R+27.4 2020: R+21.6 2016: R+24.5 2012: R+22.3 2008: R+14.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -182.13%
• Current HPI: 333.3274
• Rent YoY: ▲ 4.18%
• Metro: Sebastian-Vero Beach, 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

+121.4% since first listed

3 events — show timeline

• 2026-05-16 Listed $81,900 RAIRCMLS
• 1995-12-04 Sold (Public Records) $36,500 Public Records
• 1979-06-01 Sold (Public Records) $37,000 Public Records

Property tax history

+10.9%/yr

Latest (2025): $185 · +18.9% YoY. Source: county tax records.