5100 Highway A1a Hwy Unit 20B · Indian River Shores, FL 32963

$450,000

3 bd · 2.0 ba · 1,290 sqft · Condo public records · 330 Days on market

Built 1975 $963/mo HOA · 18% 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 +18.0/30.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• DSCR +5.6/10.0
• 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

Located in Pebble Beach Villas, this rare 3-bedroom, 2-bath condo offers the beachside lifestyle you’ve been waiting for. Situated east of A1A with deeded beach access, it's just a short stroll to the sand and minutes from Ocean Drive’s shops and dining. Light, bright, and move-in ready, this end unit features generous living space and a 1-car garage. The community offers a pool, tennis, shuffleboard, and clubhouse—perfect for enjoying the best of Vero Beach living.

Key facts

• Deeded beach access
• Tennis
• Clubhouse

Tags

• DEEDED BEACH ACCESS
• COMMUNITY POOL
• TENNIS
• SHUFFLEBOARD
• CLUBHOUSE

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Association: Elliott Merrill; Monthly association fee of $963; HOA covers common areas, structure insurance, maintenance, sewer, trash and water; Community amenities include clubhouse, shuffleboard, sidewalks, tennis courts and pool

Exterior

• Parking: Driveway; Garage with garage door opener; One garage space
• Utilities: Public water; Public sewer; Electric service
• Home design: Two-story property; Faces west; Property is attached
• Construction: Block, concrete, and stucco construction; Metal roof
• Exterior features: Community pool; Beach access; Has a view; No additional exterior features listed

Interior

• Kitchen: Refrigerator; Range; Microwave; Dishwasher; Disposal; Pantry
• Bedrooms: Three bedrooms (15x14, 12x11, 15x14)
• Flooring: Carpet; Tile
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating (electric); Central air; Ceiling fans
• Interior features: Crown molding; Window treatments; Sliding doors; Pantry; Walk-in closets; Unfurnished
• Laundry & utility: Washer and dryer in unit; Laundry closet; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $450k.

Deal economics

• At list price, monthly cash flow is $385 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• Recommended offer: $396k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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; 40 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).
• This rent runs 43% 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 $3k of loan paydown is wiped out by about $14k 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 $126k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 330 days — a 12% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $115k; list at $450k implies a 291% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $396,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 330 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 1975 — 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. 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?
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 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: 1.20% ✓
• Cap rate: 7.32%
• Cash-on-cash: 3.66%
• DSCR: 1.16
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-19,316
• Equity at exit: $67,096

10-year hold

• IRR: 11.6%
• Equity multiple: 2.17×
• Total profit: $146,889
• Equity at exit: $38,908

Cash invested: $126,000 (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: 6.9×

Monthly cashflow live

• Estimated rent: $5,400 high
• Mortgage (P&I): −$2,360
• Tax from tax record: −$371 /mo · $4,452/yr
• Insurance: −$188
• HOA: −$963
• Vacancy / Maint / Mgmt: −$1,134
• Net cashflow: $385

Break-even live

Break-even rent $4,913

Max offer price $450,000

Occupancy floor 88%

Sensitivity live

Price	-10% $640	-5% $512	+0% $385	+5% $257	+10% $130
Rent	-10% $-42	-5% $172	+0% $385	+5% $598	+10% $811
Rate	-1.0pp $611	-0.5pp $499	base $385	+0.5pp $268	+1.0pp $150

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5100 Jimmy Buffett Memorial Hwy Unit 58G INDN RIV SHRS, FL	2.0	2.0	1170	$6,000	$5.13	22d	1	0.02mi
5101 Highway A1A #109 Vero Beach, FL	3.0	2.0	1848	$5,500	$2.98	22d	1	0.20mi
902 Tides Rd Vero Beach, FL	3.0	3.0	1810	$8,500	$4.70	14d	1	0.23mi
5151 Jimmy Buffett Memorial Hwy Unit 512 Indian River Shores, FL	2.0	2.0	1339	$4,600	$3.44	22d	1	0.29mi
5151 Jimmy Buffett Memorial Hwy Unit 305 Indian River Shores, FL	2.0	2.0	1339	$2,300	$1.72	22d	1	0.29mi
907 Tropic Dr Vero Beach, FL	3.0	2.0	1830	$10,000	$5.46	22d	1	0.32mi
5300 Jimmy Buffett Memorial Hwy Unit 214 Indian River Shores, FL	2.0	2.0	1300	$5,500	$4.23	22d	1	0.36mi
5300 Jimmy Buffett Memorial Hwy Unit 408 Indian River Shores, FL	2.0	2.0	1300	$9,000	$6.92	22d	1	0.36mi
5300 Jimmy Buffett Memorial Hwy Unit 314 Indian River Shores, FL	2.0	2.0	1300	$3,000	$2.31	22d	1	0.36mi
5300 Jimmy Buffett Memorial Hwy Unit 305 Indian River Shores, FL	2.0	2.0	1300	$6,000	$4.62	22d	1	0.36mi
5300 Jimmy Buffett Memorial Hwy #301 Indian River Shores, FL	2.0	2.0	1300	$7,000	$5.38	22d	1	0.37mi
4890 Bethel Creek Dr #5 Vero Beach, FL	2.0	2.5	1244	$2,200	$1.77	22d	1	0.44mi
4836 Bethel Creek Dr Unit 4836 Vero Beach, FL	2.0	2.5	1650	$3,000	$1.82	14d	1	0.46mi
4834 Bethel Creek Dr Vero Beach, FL	2.0	2.5	1500	$2,900	$1.93	22d	1	0.46mi
4800 Highway A1A #116 Vero Beach, FL	2.0	2.0	1822	$3,000	$1.65	22d	1	0.49mi
4800 Highway A1A #207 Vero Beach, FL	2.0	2.0	1850	$7,000	$3.78	22d	1	0.49mi
4800 Highway A1A #506 Vero Beach, FL	2.0	2.0	1850	$4,500	$2.43	22d	1	0.49mi
5400 Jimmy Buffett Memorial Hwy Indian River Shores, FL	2.0	2.0	1200	$1,800	$1.50	22d	1	0.49mi
131 Peppertree Dr #21 Vero Beach, FL	2.0	2.0	1787	$3,300	$1.85	14d	1	0.55mi
5536 Jimmy Buffett Memorial Hwy Unit 211 Vero Beach, FL	2.0	2.5	1632	$6,000	$3.68	22d	1	0.61mi
4601 Highway A1A #103 Vero Beach, FL	2.0	2.0	1600	$2,500	$1.56	22d	1	0.63mi
4601 Highway A1A #202 Vero Beach, FL	2.0	2.0	1440	$3,250	$2.26	22d	1	0.63mi
5554 Jimmy Buffett Memorial Hwy Unit 202 Indian River Shores, FL	2.0	2.5	1632	$12,000	$7.35	22d	1	0.64mi
5554 Jimmy Buffett Memorial Hwy Unit 201 Indian River Shores, FL	2.0	2.0	1632	$12,000	$7.35	22d	1	0.64mi
4600 Highway A1A #507 Vero Beach, FL	2.0	2.0	1400	$5,000	$3.57	22d	1	0.66mi
4600 Highway A1A #409 Vero Beach, FL	2.0	2.0	1725	$7,500	$4.35	22d	1	0.66mi
4450 Florida A1A Unit 102 Vero Beach, FL	2.0	2.0	1000	$3,900	$3.90	22d	1	0.71mi
4450 Highway A1A #404 Vero Beach, FL	2.0	2.0	1080	$3,499	$3.24	14d	1	0.71mi
4450 Highway A1A #303 Vero Beach, FL	2.0	2.0	1080	$3,500	$3.24	22d	1	0.71mi
219 Park Shores Cir Unit 219B Vero Beach, FL	2.0	2.5	1583	$3,000	$1.90	14d	1	0.83mi
4150 Highway A1A #111 Vero Beach, FL	2.0	2.0	1300	$2,600	$2.00	22d	1	0.92mi
4141 Ocean Dr Vero Beach, FL	2.0–3.0	2.0	1200	$8,500	$7.08	14d	4	0.96mi
4019 Silver Palm Dr #8 Vero Beach, FL	2.0	2.5	1460	$3,000	$2.05	22d	1	1.07mi
4026 Silver Palm Dr Vero Beach, FL	2.0	2.0	1200	$3,500	$2.92	14d	1	1.08mi
101 E Park Shores Cir Unit 2 Indian River Shores, FL	2.0	2.0	1640	$2,600	$1.59	14d	1	1.08mi
4009 Silver Palm Dr #3 Vero Beach, FL	2.0	2.5	1430	$5,100	$3.57	22d	1	1.08mi
133 E Park Shores Cir Unit 4E Vero Beach, FL	2.0	2.0	1540	$3,500	$2.27	14d	1	1.09mi
133 E Park Shores Cir Unit 7E Vero Beach, FL	2.0	2.0	1640	$3,000	$1.83	14d	1	1.09mi
4049 Ocean Dr Vero Beach, FL	2.0	2.0	1250	$3,750	$3.00	22d	2	1.10mi
3939 Ocean Dr Unit B-407 Vero Beach, FL	3.0	2.0	1700	$7,000	$4.12	22d	1	1.15mi

HOA detail condo

• Monthly dues: $963 · $11,556/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 $450,000 Active 330 DOM
2. 2026-06-18
   days on market $450,000 Active 329 DOM
3. 2026-06-17
   days on market $450,000 Active 328 DOM
4. 2026-06-16
   days on market $450,000 Active 327 DOM
5. 2026-06-15
   days on market $450,000 Active 326 DOM
6. 2026-06-14
   days on market $450,000 Active 324 DOM
7. 2026-06-13
   days on market $450,000 Active 323 DOM
8. 2026-06-10
   days on market $450,000 Active 321 DOM
9. 2026-06-09
   days on market $450,000 Active 320 DOM
10. 2026-06-08
    days on market $450,000 Active 319 DOM
11. 2026-06-07
    days on market $450,000 Active 318 DOM
12. 2026-06-05
    days on market $450,000 Active 315 DOM
13. 2026-06-02
    days on market $450,000 Active 313 DOM
14. 2026-06-01
    days on market $450,000 Active 312 DOM
15. 2026-05-31
    days on market $450,000 Active 311 DOM
16. 2026-05-30
    days on market $450,000 Active 310 DOM
17. 2026-04-24
    price $450,000
18. 2026-03-13
    price $470,000
19. 2026-01-31
    price $480,000
20. 2026-01-16
    price $495,000
21. 2025-10-08
    price $525,000
22. 2025-07-24
    listed $545,000 Active
23. 1988-01-01
    soldstatus $115,000
24. 1980-12-01
    soldstatus $88,000

ⓘ 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: $4,452 · $371/mo
• Projected year-2 tax: $4,452 · $371/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 8 d/yr ≥105°F today · 26 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: $64,802
• − Mortgage interest: −$25,207
• − Property taxes: −$4,452
• − Insurance: −$2,250
• − Repairs & maintenance: −$5,184
• − Management: −$5,184
• − HOA: −$11,556
• − Depreciation: −$13,091
• Taxable loss: −$2,122
• Est. tax savings @ 24.0%: +$509
• After-tax cash flow: $5,127/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

+411.4% since first listed

8 events — show timeline

• 2026-04-24 Price Changed $450,000 RAIRCMLS
• 2026-03-13 Price Changed $470,000 RAIRCMLS
• 2026-01-31 Price Changed $480,000 RAIRCMLS
• 2026-01-16 Price Changed $495,000 RAIRCMLS
• 2025-10-08 Price Changed $525,000 RAIRCMLS
• 2025-07-24 Listed $545,000 RAIRCMLS
• 1988-01-01 Sold (Public Records) $115,000 Public Records
• 1980-12-01 Sold (Public Records) $88,000 Public Records

Property tax history

+6.5%/yr

Latest (2025): $4,452 · +4.3% YoY. Source: county tax records.