5601 Highway A1a Unit S100 · Indian River Shores, FL 32963

$435,000

3 bd · 3.0 ba · 2,400 sqft · Townhouse · 127 Days on market

Built 1977 Est $850k · 49% under $2058/mo HOA · 31% of rent ↓ 6% since listing

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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 +16.2/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +5.0/10.0
• Rent growth +5.0/5.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Experience spacious island living in this 2400 sq. ft. corner first-floor apartment in a highly desirable beach area. This generously sized 3BD, 3-BA unit offers a large living space, two car spaces in a secure garage, additional storage and washer and dryer. Enjoy two oversized screened patios, heated pool, tennis facilities, all within walking distance to the beach. New roof and SIRS study completed. Also available for rent. Sizes are approx/subj to error.

Key facts

• Large living space
• Tennis facilities
• Heated pool

Tags

• CORNER FIRST-FLOOR APARTMENT
• LARGE LIVING SPACE
• OVERSIZED SCREENED PATIOS
• HEATED POOL
• TENNIS FACILITIES
• WALKING DISTANCE TO THE BEACH

Property features AI

Finance

• Financial info: Pets allowed with size limit
• HOA & community: ELLIOT MERRIL association; Monthly association fee; Association dues paid monthly; Association covers common areas, cable TV, insurance, structure maintenance, parking, recreation facilities, sewer, trash and water; Community clubhouse, elevator, park, tennis courts, pool, bicycle storage, trash chute

Exterior

• Parking: 2-car garage; Garage parking
• Security: Phone entry
• Utilities: Public water; Public sewer
• Home design: 3 stories; Residential property
• Construction: Block, concrete and stucco construction
• Exterior features: Enclosed porch; Screened porch; Porch; Community tennis courts; Community heated gas pool; Community pool; Has view; Faces north; Property is attached

Interior

• Kitchen: Range; Microwave; Refrigerator; Dishwasher; Electric water heater
• Bedrooms: Bedroom (14 x 12); Bedroom (15 x 12); Bedroom (24 x 15)
• Flooring: Carpet; Tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Window treatments; Closet cabinetry; Unfurnished
• Laundry & utility: Washer and dryer in unit

🏷️ Possibly a rental listed for sale. The $435,000 price doesn't fit this home's estimated sale value (~$849,600) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $435k.

Deal economics

• At list price, monthly cash flow is $161 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $435k).
• Recommended offer: $383k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 1.5% in Indian River Shores — 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 68/100 on livability (#517 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A-; Watch: schools C-, amenities F, commute 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 (+11.0%/yr); 498 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 564 units permitted in Indian River County in 2024 (281 in 5+ unit buildings).
• At $6,699/mo this rent would consume 54% of the median local household income ($150k/yr) (locally 119% 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 $3k of loan paydown is wiped out by about $13k 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 + 8.0% rent growth), your $122k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($383k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 2y ago; this cycle's ask is 13932% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 31% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $382,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.54% ✓
• Cap rate: 6.92%
• Cash-on-cash: 2.25%
• DSCR: 1.10
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $849,600
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5601 Highway A1a Unit N204	0.04mi	2/2.0 (-1)	2,115 (-12%)	3mo	$225,000	$106	66
5536 N Highway A1a #209	0.20mi	3/3.0	2,099 (-12%)	4mo	$1,078,500	$514	66
5536 Highway A1a Hwy #114	0.20mi	3/3.5	2,110 (-12%)	4mo	$800,000	$379	65
5680 Highway A1a #110	0.22mi	2/3.5 (-1)	2,180 (-9%)	3mo	$650,000	$298	65
5680 Highway A1a #307	0.22mi	3/4.0	2,620 (+9%)	8mo	$720,000	$275	64
5670 Highway A1a Unit 317s	0.22mi	2/3.5 (-1)	2,050 (-15%)	12mo	$725,000	$354	48

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.81×
• Total profit: $-23,399
• Equity at exit: $64,860

10-year hold

• IRR: 12.3%
• Equity multiple: 2.31×
• Total profit: $159,707
• Equity at exit: $37,611

Cash invested: $121,800 (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 32963

• Rents YoY: 11.0%
• Active inventory: 498
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $6,699 high
• Mortgage (P&I): −$2,281
• Tax est. 1.5%: −$544 /mo · $6,525/yr
• Insurance: −$181
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$2,058
• Vacancy / Maint / Mgmt: −$1,407
• Net cashflow: $161

Break-even live

Break-even rent $6,494

Max offer price $435,000

Occupancy floor 93%

Sensitivity live

Price	-10% $462	-5% $312	+0% $161	+5% $11	+10% $-139
Rent	-10% $-368	-5% $-103	+0% $161	+5% $426	+10% $691
Rate	-1.0pp $380	-0.5pp $272	base $161	+0.5pp $49	+1.0pp $-66

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: $108,750
• Closing costs: $13,050
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5601 Jimmy Buffett Memorial Hwy Unit 206C Indian River Shores, FL	3.0	2.0	2400	$6,000	$2.50	21d	1	0.03mi
5601 Jimmy Buffett Memorial Hwy Unit 304N Indian River Shores, FL	2.0	2.0	2115	$1,999	$0.95	21d	1	0.07mi
219 Park Shores Cir Unit 219B Vero Beach, FL	2.0	2.5	1583	$3,000	$1.90	14d	1	0.15mi
131 Peppertree Dr #21 Vero Beach, FL	2.0	2.0	1787	$3,300	$1.85	14d	1	0.15mi
5536 Jimmy Buffett Memorial Hwy Unit 211 Vero Beach, FL	2.0	2.5	1632	$6,000	$3.68	21d	1	0.17mi
5554 Jimmy Buffett Memorial Hwy Unit 201 Indian River Shores, FL	2.0	2.0	1632	$12,000	$7.35	21d	1	0.17mi
5554 Jimmy Buffett Memorial Hwy Unit 202 Indian River Shores, FL	2.0	2.5	1632	$12,000	$7.35	21d	1	0.17mi
270 S Peppertree Dr Vero Beach, FL	3.0	3.0	2261	$3,600	$1.59	21d	1	0.20mi
5680 Highway A1A #111 Vero Beach, FL	3.0	3.0	2050	$6,000	$2.93	21d	1	0.23mi
5680 Highway A1A #112 Vero Beach, FL	3.0	3.0	2620	$7,000	$2.67	21d	1	0.23mi
5670 Jimmy Buffett Memorial Hwy Unit 315S Vero Beach, FL	2.0	3.5	2050	$7,000	$3.41	21d	1	0.23mi
5790 Jimmy Buffett Memorial Hwy Vero Beach, FL	3.0	3.0	2300	$8,500	$3.70	21d	1	0.29mi
101 E Park Shores Cir Unit 2 Indian River Shores, FL	2.0	2.0	1640	$2,600	$1.59	14d	1	0.39mi
133 E Park Shores Cir Unit 7E Vero Beach, FL	2.0	2.0	1640	$3,000	$1.83	14d	1	0.40mi
926 Pebble Ln Vero Beach, FL	3.0	2.0	2695	$15,000	$5.57	21d	1	0.44mi
5101 Highway A1A #109 Vero Beach, FL	3.0	2.0	1848	$5,500	$2.98	21d	1	0.51mi
100 River Oak Ln Vero Beach, FL	3.0	3.0	2245	$13,000	$5.79	21d	1	0.54mi
915 Surfsedge Way Vero Beach, FL	3.0	3.5	3000	$25,000	$8.33	21d	1	0.60mi
4617 Pebble Bay S Vero Beach, FL	3.0	2.5	2240	$8,500	$3.79	21d	1	0.77mi
902 Tides Rd Vero Beach, FL	3.0	3.0	1810	$8,500	$4.70	14d	1	0.89mi
907 Tropic Dr Vero Beach, FL	3.0	2.0	1830	$10,000	$5.46	21d	1	0.98mi
705 Bahia Mar Rd Vero Beach, FL	3.0	2.0	2214	$16,000	$7.23	14d	1	1.02mi
5000 Highway A1A #320 Vero Beach, FL	2.0	2.0	1980	$5,000	$2.53	21d	1	1.08mi
4836 Bethel Creek Dr Unit 4836 Vero Beach, FL	2.0	2.5	1650	$3,000	$1.82	14d	1	1.14mi
4800 Highway A1A #207 Vero Beach, FL	2.0	2.0	1850	$7,000	$3.78	21d	1	1.18mi
4800 Highway A1A #506 Vero Beach, FL	2.0	2.0	1850	$4,500	$2.43	21d	1	1.18mi
4800 Highway A1A #116 Vero Beach, FL	2.0	2.0	1822	$3,000	$1.65	21d	1	1.18mi
4800 Bethel Creek Dr Unit 5S Vero Beach, FL	2.0	2.5	2215	$5,500	$2.48	14d	1	1.19mi
4770 Highway A1A Vero Beach, FL	4.0	4.5	3297	$40,000	$12.13	21d	1	1.26mi
4601 Sunset Dr Vero Beach, FL	4.0	3.0	3092	$20,000	$6.47	21d	1	1.27mi
4601 Highway A1A #103 Vero Beach, FL	2.0	2.0	1600	$2,500	$1.56	21d	1	1.31mi
4600 Highway A1A #409 Vero Beach, FL	2.0	2.0	1725	$7,500	$4.35	21d	1	1.35mi
215 Live Oak Rd Vero Beach, FL	3.0	2.5	3368	$12,000	$3.56	14d	1	1.49mi

HOA detail

• Monthly dues: $2,058 · $24,696/yr
• Likely covers: pool

Listing history 36 events

1. 2026-06-19
   days on market $435,000 Active 127 DOM
2. 2026-06-18
   days on market $435,000 Active 126 DOM
3. 2026-06-17
   days on market $435,000 Active 125 DOM
4. 2026-06-16
   days on market $435,000 Active 124 DOM
5. 2026-06-15
   days on market $435,000 Active 123 DOM
6. 2026-06-14
   days on market $435,000 Active 121 DOM
7. 2026-06-13
   days on market $435,000 Active 120 DOM
8. 2026-06-10
   days on market $435,000 Active 118 DOM
9. 2026-06-09
   days on market $435,000 Active 117 DOM
10. 2026-06-08
    days on market $435,000 Active 116 DOM
11. 2026-06-07
    days on market $435,000 Active 115 DOM
12. 2026-06-05
    days on market $435,000 Active 112 DOM
13. 2026-06-02
    days on market $435,000 Active 110 DOM
14. 2026-06-01
    days on market $435,000 Active 109 DOM
15. 2026-05-31
    days on market $435,000 Active 108 DOM
16. 2026-05-30
    days on market $435,000 Active 107 DOM
17. 2026-05-04
    listed $3,100
18. 2026-04-16
    historical $3,100
19. 2026-03-16
    listed $3,100
20. 2026-03-02
    historical $3,100
21. 2026-02-11
    listed $495,000 Active
22. 2026-02-02
    price $3,100
23. 2026-01-31
    listed $2,950
24. 2025-03-26
    historical $3,200
25. 2025-02-19
    listed $3,200
26. 2025-01-20
    historical $3,200
27. 2025-01-08
    historical $3,200
28. 2025-01-07
    listed $3,200
29. 2024-12-29
    listed $3,200
30. 2024-12-01
    historical $3,400
31. 2024-10-29
    historical $3,400
32. 2024-10-23
    listed $3,400
33. 2024-10-02
    price $3,600
34. 2024-08-22
    listed $4,000
35. 2024-05-23
    historical $3,300
36. 2024-04-24
    listed $3,300

ⓘ 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 9/10 Extreme FEMA zone X (unshaded) · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 25 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: $80,386
• − Mortgage interest: −$24,367
• − Property taxes: −$6,525
• − Insurance: −$2,972
• − Repairs & maintenance: −$6,431
• − Management: −$6,431
• − HOA: −$24,696
• − Depreciation: −$12,655
• Taxable loss: −$3,691
• Est. tax savings @ 24.0%: +$886
• After-tax cash flow: $2,823/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 — Indian River Shores

• Score: 68/100
• State rank: #517
• US rank: #9512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Indian River Shores, FL
• County: Indian River County · 143,738 people
• City population: 15,008
• Metro: Sebastian-Vero Beach, FL
• Population (ZIP): 15,008
• Household income: $149,923
• Rent vs Own: 4.9% rent · 95.1% own
• Severe rent burden: 119.0

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 (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 5% Lithuanian 4% Italian 3%
• Foreign-born: 9% · Canada
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 1% German/W. Germanic 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: ▼ -180.47%
• Current HPI: 312.0326
• Rent YoY: ▲ 11.04%
• 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

-6.1% since first listed

20 events — show timeline

• 2026-05-04 Listed for Rent $3,100 TURBOTENANT
• 2026-04-16 Rental Removed $3,100 TURBOTENANT
• 2026-03-16 Listed for Rent $3,100 TURBOTENANT
• 2026-03-02 Rental Removed $3,100 TURBOTENANT
• 2026-02-11 Listed $495,000 RAIRCMLS
• 2026-02-02 Price Changed $3,100 TURBOTENANT
• 2026-01-31 Listed for Rent $2,950 TURBOTENANT
• 2025-03-26 Rental Removed $3,200 TURBOTENANT
• 2025-02-19 Listed for Rent $3,200 TURBOTENANT
• 2025-01-20 Rental Removed $3,200 TURBOTENANT
• 2025-01-08 Rental Removed $3,200 RAIRCMLS
• 2025-01-07 Listed for Rent $3,200 TURBOTENANT
• 2024-12-29 Listed for Rent $3,200 RAIRCMLS
• 2024-12-01 Rental Removed $3,400 RAIRCMLS
• 2024-10-29 Rental Removed $3,400 TURBOTENANT
• 2024-10-23 Listed for Rent $3,400 RAIRCMLS
• 2024-10-02 Price Changed $3,600 TURBOTENANT
• 2024-08-22 Listed for Rent $4,000 TURBOTENANT
• 2024-05-23 Rental Removed $3,300 TURBOTENANT
• 2024-04-24 Listed for Rent $3,300 TURBOTENANT