1965 Westminster Cir #6 · West Vero Corridor, FL 32966

$195,000

2 bd · 3.0 ba · 1,430 sqft · Condo · 28 Days on market

Built 1987 Good condition $263/mo HOA · 12% 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 +17.4/30.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• DSCR +5.4/10.0
• Schools +4.2/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful & cozy 2-story condo available in the desirable Lake in the Woods. Featuring 2 beds, 3 baths, plus a large spacious loft (perfect for guests, home office, den). Updates include a 2023 re-pipe, 2019 AC, 2018 Roof, plus Impact Windows & Doors. Relax on your private balcony overlooking the lake or head over to the community pool, hot tub, tennis courts & library. Unbeatable location to shopping, restaurants, schools and I-95. Currently tenant occupied making this an excellent opportunity for an investor or snowbird looking for a winter escape.

Key facts

• 2018 roof
• 2019 ac
• Large spacious loft

Tags

• LARGE SPACIOUS LOFT
• 2023 RE-PIPE
• 2019 AC
• 2018 ROOF
• IMPACT WINDOWS
• PRIVATE BALCONY

Property features AI

Finance

• Financial info: No land lease; Pets not allowed
• HOA & community: Association managed by Beacon Management; Quarterly HOA fee; HOA covers security, common areas, and recreation facilities; Community amenities include clubhouse, fitness center, pool, tennis courts, billiard room, community room, library, sidewalks, gated access, and recreation facilities

Exterior

• Parking: Assigned open concrete parking; One parking space
• Security: Gated community (no guard)
• Utilities: Public water; Public sewer; Electricity connected
• Home design: Condominium; Two-story building; Faces east; Resale condition
• Construction: Frame construction; Shingle roof; Plans-sourced building area
• Exterior features: Paved road access; Not waterfront

Interior

• Kitchen: Disposal; Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: Two main-level bedrooms
• Flooring: Carpet; Tile
• Bathrooms: Three full bathrooms (two on the main level)
• Heating & cooling: Central electric heating; Central electric cooling
• Interior features: Cathedral ceilings; Walk-in closets; Sliding windows
• Laundry & utility: Inside laundry in a laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $195k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $192k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 4.0% in West Vero Corridor — 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 74/100 on livability (#273 in FL, #4,421 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A; Watch: amenities F, health & safety D-.
• 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.
• Zoned schools: Dodgertown Elementary School (math 27% / reading 32%, grade F, #1,896 of 2,144 statewide, top 90%, 485 students, 78% FRL); Storm Grove Middle School (math 54% / reading 55%, grade B-, #183 of 571 statewide, top 34%, 1,020 students, 50% FRL); Vero Beach High School (math 28% / reading 43%, grade F, #367 of 667 statewide, top 57%, 2,847 students, 50% FRL).
• Market conditions: Rents flat; 380 active listings in the ZIP; 20 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).
• This rent runs 40% of the median local income ($67k/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.
• Indian River County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $192,075 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.14% ✓
• Cap rate: 7.18%
• Cash-on-cash: 3.18%
• DSCR: 1.14
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.6% rent growth · sell at horizon

5-year hold

• IRR: -14.4%
• Equity multiple: 0.50×
• Total profit: $-27,432
• Equity at exit: $29,075

10-year hold

• IRR: -11.0%
• Equity multiple: 0.42×
• Total profit: $-31,726
• Equity at exit: $16,860

Cash invested: $54,600 (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 32966

• Home prices YoY: -26.7%
• Rents YoY: 0.6%
• Active inventory: 380
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,222 high
• Mortgage (P&I): −$1,023
• Tax est. 1.5%: −$244 /mo · $2,925/yr
• Insurance: −$81
• HOA: −$263
• Vacancy / Maint / Mgmt: −$467
• Net cashflow: $145

Break-even live

Break-even rent $2,039

Max offer price $195,000

Occupancy floor 88%

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1930 Westminster Cir #2 Vero Beach, FL	2.0	3.0	1430	$1,800	$1.26	20d	1	0.02mi
1924 Westminster Cir #6 Vero Beach, FL	2.0	3.0	1350	$2,000	$1.48	20d	1	0.04mi
1827 Aynsley Way Unit 2-27 Vero Beach, FL	2.0	2.0	1500	$3,300	$2.20	20d	1	0.08mi
42 Plantation Dr #103 Vero Beach, FL	2.0	2.0	1188	$1,900	$1.60	20d	1	0.43mi
43 Plantation Dr #106 Vero Beach, FL	2.0	2.0	1188	$1,850	$1.56	20d	1	0.45mi
39 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$2,200	$1.85	20d	1	0.50mi
24 Plantation Dr #201 Vero Beach, FL	2.0	2.0	1188	$1,750	$1.47	20d	1	0.51mi
28 Plantation Dr Vero Beach, FL	2.0	2.0	1188	$2,000	$1.68	20d	1	0.59mi
20 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$2,200	$1.85	20d	1	0.59mi
29 Plantation Dr Vero Beach, FL	2.0	2.0	1188	$1,800	$1.52	20d	1	0.68mi
30 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$2,000	$1.68	20d	1	0.69mi
7580 Heron Cir Vero Beach, FL	1.0–3.0	1.0–2.0	1003	$2,076	$2.07	13d	21	0.79mi
2590 Bella Vista Cir Vero Beach, FL	3.0	2.0	1624	$2,550	$1.57	20d	1	0.85mi
2050 Griffon Rd Vero Beach, FL	1.0–2.0	1.0–2.0	850	$2,295	$2.70	13d	31	0.97mi
6510 Oxford Cir #101 Vero Beach, FL	3.0	2.0	1746	$2,200	$1.26	20d	1	1.02mi
1868 Sixty Oaks Ln Vero Beach, FL	2.0	2.0	971	$2,450	$2.52	20d	1	1.11mi
1625 Pointe West Way Vero Beach, FL	3.0	2.5	1600	$2,000	$1.25	20d	1	1.14mi
1890 Tatnall Sq Vero Beach, FL	1.0–3.0	1.0–2.0	1098	$1,945	$1.77	13d	7	1.18mi
1930 Westhampton Ct Vero Beach, FL	2.0	2.0	1531	$1,950	$1.27	20d	1	1.30mi
6008 Bella Rosa Ln Vero Beach, FL	2.0	2.0	1571	$2,750	$1.75	13d	1	1.38mi

HOA detail condo

• Monthly dues: $263 · $3,156/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-19
   days on market $195,000 Active 28 DOM
2. 2026-06-18
   days on market $195,000 Active 27 DOM
3. 2026-06-17
   days on market $195,000 Active 26 DOM
4. 2026-06-16
   days on market $195,000 Active 25 DOM
5. 2026-06-15
   days on market $195,000 Active 24 DOM
6. 2026-06-14
   days on market $195,000 Active 22 DOM
7. 2026-06-13
   days on market $195,000 Active 21 DOM
8. 2026-06-10
   days on market $195,000 Active 19 DOM
9. 2026-06-09
   days on market $195,000 Active 18 DOM
10. 2026-06-08
    days on market $195,000 Active 17 DOM
11. 2026-06-07
    days on market $195,000 Active 16 DOM
12. 2026-06-05
    days on market $195,000 Active 13 DOM
13. 2026-06-02
    days on market $195,000 Active 11 DOM
14. 2026-06-01
    days on market $195,000 Active 10 DOM
15. 2026-05-31
    days on market $195,000 Active 9 DOM
16. 2026-05-30
    days on market $195,000 Active 8 DOM
17. 2026-05-21
    listed $195,000 Active 574-char remark

    Show marketing remark (574 chars)

    Beautiful & cozy 2-story condo available in the desirable Lake in the Woods. Featuring 2 beds, 3 baths, plus a large spacious loft (perfect for guests, home office, den). Updates include a 2023 re-pipe, 2019 AC, 2018 Roof, plus Impact Windows & Doors. Relax on your private balcony overlooking the lake or head over to the community pool, hot tub, tennis courts & library. Unbeatable location to shopping, restaurants, schools and I-95. Currently tenant occupied making this an excellent opportunity for an investor or snowbird looking for a winter escape.

18. 2026-05-21
    listed $195,000 Active

    Show marketing remark (574 chars)

    Beautiful & cozy 2-story condo available in the desirable Lake in the Woods. Featuring 2 beds, 3 baths, plus a large spacious loft (perfect for guests, home office, den). Updates include a 2023 re-pipe, 2019 AC, 2018 Roof, plus Impact Windows & Doors. Relax on your private balcony overlooking the lake or head over to the community pool, hot tub, tennis courts & library. Unbeatable location to shopping, restaurants, schools and I-95. Currently tenant occupied making this an excellent opportunity for an investor or snowbird looking for a winter escape.

19. 2026-05-20
    listed $195,000 Active 574-char remark

    Show marketing remark (574 chars)

    Beautiful & cozy 2-story condo available in the desirable Lake in the Woods. Featuring 2 beds, 3 baths, plus a large spacious loft (perfect for guests, home office, den). Updates include a 2023 re-pipe, 2019 AC, 2018 Roof, plus Impact Windows & Doors. Relax on your private balcony overlooking the lake or head over to the community pool, hot tub, tennis courts & library. Unbeatable location to shopping, restaurants, schools and I-95. Currently tenant occupied making this an excellent opportunity for an investor or snowbird looking for a winter escape.

20. 2024-10-16
    historical $1,900
21. 2024-09-27
    price $1,900
22. 2024-09-17
    listed $2,000
23. 2024-09-17
    historical $2,000
24. 2024-09-17
    listed $2,000

ⓘ 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 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 23 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: $26,662
• − Mortgage interest: −$10,923
• − Property taxes: −$2,925
• − Insurance: −$975
• − Repairs & maintenance: −$2,133
• − Management: −$2,133
• − HOA: −$3,156
• − Depreciation: −$5,673
• Taxable loss: −$1,256
• Est. tax savings @ 24.0%: +$301
• After-tax cash flow: $2,037/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 · 1 photo

Good 75/100 Cosmetic rehab

This 2-story condo is in good condition with recent updates, offering a cozy and well-maintained living space. Potential for minor cosmetic improvements to further enhance its appeal and value.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both New flooring in common areas — Improves aesthetics and adds value
• Both New kitchen appliances — Enhances functionality and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both New flooring in common areas — Improves aesthetics and adds value ↑
• Both New kitchen appliances — Enhances functionality and adds value ↑

ⓘ 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: 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 — West Vero Corridor

• Score: 74/100
• State rank: #273
• US rank: #4421

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Vero Corridor, FL
• County: Indian River County · 143,738 people
• Metro: Sebastian-Vero Beach, FL
• Population (ZIP): 20,686
• Household income: $66,771
• Rent vs Own: 25.1% rent · 74.9% own
• Severe rent burden: 766.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 7% Black 5%
• Hispanic origin (detail): Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 7% Russian/Polish/Slavic 1% 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: ▼ -102.01%
• Current HPI: 280.669
• Rent YoY: ▲ 0.60%
• 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

+9650.0% since first listed

8 events — show timeline

• 2026-05-21 Listed $195,000 Beaches MLS
• 2026-05-21 Listed $195,000 SCMLS
• 2026-05-20 Listed $195,000 RAIRCMLS
• 2024-10-16 Rental Removed $1,900 RMLSFL
• 2024-09-27 Price Changed $1,900 RMLSFL
• 2024-09-17 Listed for Rent $2,000 RMLSFL
• 2024-09-17 Rental Removed $2,000 RAIRCMLS
• 2024-09-17 Listed for Rent $2,000 RAIRCMLS