5400 Highway A1a Unit C21 · Indian River Shores, FL 32963

$259,000

2 bd · 2.0 ba · 1,200 sqft · Townhouse · 124 Days on market

Built 1972 Est $318k · 19% under $571/mo HOA · 15% of rent ↓ 12% since listing

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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 +26.5/30.0
• ARV discount +15.0/15.0
• 1% rule +9.9/10.0
• DSCR +9.0/10.0
• 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

Turnkey, Ocean Front Community, East of A1A, quiet corner location, 55+ active community living w/ clubhouse and heated pool. Large sunny patio featuring impact windows. Your new breezy, beachy, home awaits! Rmsizesapprox/subj2err.

Key facts

• Clubhouse
• East of a1a
• Heated pool

Tags

• EAST OF A1A
• QUIET CORNER LOCATION
• CLUBHOUSE
• HEATED POOL
• LARGE SUNNY PATIO
• IMPACT WINDOWS

Property features AI

Finance

• Other: Has view
• Financial info: Pets not allowed
• HOA & community: Del Mar Association with monthly fee ($571); Association fees cover common areas, cable TV, insurance, structure maintenance, reserve fund, sewer, trash and water; Dues paid quarterly; On-site property manager; Community amenities include pool and shuffleboard, library; Senior community

Exterior

• Parking: Assigned uncovered parking
• Security: Smoke detectors
• Utilities: Public water; County sewer
• Home design: 3-story building; North-facing; Attached property
• Construction: Block, concrete and stucco construction
• Exterior features: Enclosed porch; Porch; Beach access; Community pool (heated, electric heat)

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Electric water heater
• Bedrooms: Bedroom (13 x 10); Bedroom (13 x 12)
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Window treatments; Furnished
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $259k.

Deal economics

• At list price, monthly cash flow is $683 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $259k).
• Recommended offer: $228k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• This rent runs 31% of the median local income ($150k/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 $2k of loan paydown is wiped out by about $8k 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 $73k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 4 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: major 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 $227,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 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 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.49% ✓
• Cap rate: 9.46%
• Cash-on-cash: 11.30%
• DSCR: 1.50
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $318,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5400 Highway A1a Unit D31	0.12mi	2/2.0	1,200 (0%)	2mo	$290,000	$242	93
5400 Highway A1a Unit H24	0.12mi	2/2.0	1,200 (0%)	3mo	$275,000	$229	92
5151 Highway A1a #103	0.28mi	2/2.0	1,200 (0%)	2mo	$490,000	$408	85
5300 Highway A1a #206	0.14mi	2/2.0	1,300 (+8%)	0mo	$325,000	$250	80
5300 Highway A1a #412	0.14mi	2/2.0	1,300 (+8%)	1mo	$380,000	$292	79
5400 A1a Hwy Unit I-10	0.12mi	2/2.0	1,300 (+8%)	2mo	$275,000	$212	79
5400 Highway A1a Unit G31	0.12mi	2/2.0	1,300 (+8%)	3mo	$345,000	$265	78
5300 Highway A1a #401	0.14mi	2/2.0	1,300 (+8%)	2mo	$325,000	$250	78
5100 Highway A1a Unit 56G	0.47mi	2/2.0	1,170 (-2%)	3mo	$315,000	$269	71
5400 Highway A1a Unit C9	0.10mi	2/2.0	1,300 (+8%)	12mo	$283,000	$218	71
5100 Highway A1a Unit D33	0.48mi	2/2.0	1,170 (-2%)	3mo	$380,000	$325	71
5100 Highway A1a Hwy Unit 44E	0.47mi	2/2.0	1,170 (-2%)	12mo	$410,000	$350	64

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: 7.4%
• Equity multiple: 1.31×
• Total profit: $22,309
• Equity at exit: $38,618

10-year hold

• IRR: 21.4%
• Equity multiple: 3.34×
• Total profit: $169,788
• Equity at exit: $22,394

Cash invested: $72,520 (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: 5.6×

Monthly cashflow live

• Estimated rent: $3,853 high
• Mortgage (P&I): −$1,358
• Tax est. 1.5%: −$324 /mo · $3,885/yr
• Insurance: −$108
• HOA: −$571
• Vacancy / Maint / Mgmt: −$809
• Net cashflow: $683

Break-even live

Break-even rent $2,988

Max offer price $259,000

Occupancy floor 77%

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5400 Jimmy Buffett Memorial Hwy Indian River Shores, FL	2.0	2.0	1200	$1,800	$1.50	20d	1	0.03mi
5400 Jimmy Buffett Memorial Hwy Unit A19 Indian River Shores, FL	1.0	1.5	900	$3,000	$3.33	20d	1	0.03mi
5400 Jimmy Buffett Memorial Hwy Unit 5400A11 Indian River Shores, FL	1.0	2.0	1000	$2,500	$2.50	20d	1	0.08mi
5400 Jimmy Buffett Memorial Hwy Unit B8 Indian River Shores, FL	1.0	1.5	1000	$1,650	$1.65	13d	1	0.08mi
5400 Jimmy Buffett Memorial Hwy Unit I24 Indian River Shores, FL	1.0	1.5	1000	$1,650	$1.65	20d	1	0.08mi
5300 Jimmy Buffett Memorial Hwy #301 Indian River Shores, FL	2.0	2.0	1300	$7,000	$5.38	20d	1	0.16mi
5300 Jimmy Buffett Memorial Hwy Unit 408 Indian River Shores, FL	2.0	2.0	1300	$9,000	$6.92	20d	1	0.17mi
5300 Jimmy Buffett Memorial Hwy Unit 305 Indian River Shores, FL	2.0	2.0	1300	$6,000	$4.62	20d	1	0.17mi
5300 Jimmy Buffett Memorial Hwy Unit 214 Indian River Shores, FL	2.0	2.0	1300	$5,500	$4.23	20d	1	0.17mi
5300 Jimmy Buffett Memorial Hwy Unit 314 Indian River Shores, FL	2.0	2.0	1300	$3,000	$2.31	20d	1	0.17mi
837 Seminole Ln Vero Beach, FL	2.0	2.0	860	$2,800	$3.26	13d	1	0.20mi
5151 Jimmy Buffett Memorial Hwy Unit 514 Indian River Shores, FL	1.0	1.0	937	$1,750	$1.87	20d	1	0.28mi
5151 Jimmy Buffett Memorial Hwy Unit 512 Indian River Shores, FL	2.0	2.0	1339	$4,600	$3.44	20d	1	0.28mi
5151 Jimmy Buffett Memorial Hwy Unit 305 Indian River Shores, FL	2.0	2.0	1339	$2,300	$1.72	20d	1	0.28mi
5151 Jimmy Buffett Memorial Hwy Unit 516 Indian River Shores, FL	1.0	1.5	937	$3,000	$3.20	20d	1	0.29mi
5100 Jimmy Buffett Memorial Hwy Unit 58G INDN RIV SHRS, FL	2.0	2.0	1170	$6,000	$5.13	20d	1	0.53mi
4890 Bethel Creek Dr #5 Vero Beach, FL	2.0	2.5	1244	$2,200	$1.77	20d	1	0.95mi
4834 Bethel Creek Dr Vero Beach, FL	2.0	2.5	1500	$2,900	$1.93	20d	1	0.97mi
4601 Highway A1A #202 Vero Beach, FL	2.0	2.0	1440	$3,250	$2.26	20d	1	1.14mi
4600 Highway A1A #507 Vero Beach, FL	2.0	2.0	1400	$5,000	$3.57	20d	1	1.17mi
4450 Highway A1A #303 Vero Beach, FL	2.0	2.0	1080	$3,500	$3.24	20d	1	1.22mi
4450 Highway A1A #404 Vero Beach, FL	2.0	2.0	1080	$3,499	$3.24	13d	1	1.22mi
4450 Florida A1A Unit 102 Vero Beach, FL	2.0	2.0	1000	$3,900	$3.90	20d	1	1.22mi
4400 Highway A1A #10 Vero Beach, FL	2.0	2.0	800	$5,500	$6.88	20d	1	1.29mi
4150 Highway A1A #111 Vero Beach, FL	2.0	2.0	1300	$2,600	$2.00	20d	1	1.43mi
4141 Ocean Dr Vero Beach, FL	2.0–3.0	2.0	1200	$3,500	$2.92	13d	4	1.48mi

HOA detail

• Monthly dues: $571 · $6,852/yr
• Likely covers: pool

Listing history 27 events

1. 2026-06-19
   days on market $259,000 Active 124 DOM
2. 2026-06-18
   days on market $259,000 Active 123 DOM
3. 2026-06-17
   days on market $259,000 Active 122 DOM
4. 2026-06-16
   days on market $259,000 Active 121 DOM
5. 2026-06-15
   days on market $259,000 Active 120 DOM
6. 2026-06-14
   days on market $259,000 Active 118 DOM
7. 2026-06-13
   days on market $259,000 Active 117 DOM
8. 2026-06-10
   days on market $259,000 Active 115 DOM
9. 2026-06-09
   days on market $259,000 Active 114 DOM
10. 2026-06-08
    days on market $259,000 Active 113 DOM
11. 2026-06-07
    days on market $259,000 Active 112 DOM
12. 2026-06-05
    days on market $259,000 Active 109 DOM
13. 2026-06-02
    days on market $259,000 Active 107 DOM
14. 2026-06-01
    days on market $259,000 Active 106 DOM
15. 2026-05-31
    days on market $259,000 Active 105 DOM
16. 2026-05-30
    days on market $259,000 Active 104 DOM
17. 2026-05-21
    price $259,000
18. 2026-02-14
    listed $270,000 Active
19. 2026-02-09
    historical
20. 2025-02-28
    price $270,000
21. 2025-02-28
    price $270,000
22. 2024-04-20
    price $285,000
23. 2024-04-20
    price $285,000
24. 2024-03-22
    status Active
25. 2024-03-18
    historical Active Under Contract
26. 2024-03-14
    listed $295,000 Active
27. 2024-03-08
    listed $295,000 Active

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 59% 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: $46,238
• − Mortgage interest: −$14,508
• − Property taxes: −$3,885
• − Insurance: −$1,295
• − Repairs & maintenance: −$3,699
• − Management: −$3,699
• − HOA: −$6,852
• − Depreciation: −$7,535
• Taxable income: $4,765
• Est. tax owed @ 24.0%: −$1,144
• After-tax cash flow: $7,053/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

-12.2% since first listed

11 events — show timeline

• 2026-05-21 Price Changed $259,000 RAIRCMLS
• 2026-02-14 Listed $270,000 RAIRCMLS
• 2026-02-09 Listing Removed — Beaches MLS
• 2025-02-28 Price Changed $270,000 Beaches MLS
• 2025-02-28 Price Changed $270,000 RAIRCMLS
• 2024-04-20 Price Changed $285,000 Beaches MLS
• 2024-04-20 Price Changed $285,000 RAIRCMLS
• 2024-03-22 Relisted — RAIRCMLS
• 2024-03-18 Contingent — RAIRCMLS
• 2024-03-14 Listed $295,000 Beaches MLS
• 2024-03-08 Listed $295,000 RAIRCMLS