83 Darby Cay · West Vero Corridor, FL 32966

$164,900

3 bd · 2.0 ba · 1,393 sqft · Manufactured · 534 Days on market

Built 2023

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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 +26.2/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

55+ age qualified community. NO RENT UNTIL FEBRUARY! Welcome to Heron Cay a 55+ age-qualified active and vibrant community, where you can find yourself in your dream home. We have a stunning, 2023, 3 bed, 2 bath Palm Harbor Aurora home for sale or rent featuring 1393.60 sq ft of beautifully designed living space. Located in Vero Beach, this property offers the perfect blend of modern amenities and timeless charm. Step inside to find an open-concept floor plan, luxury vinyl floors, high ceilings, natural light. The beautiful open kitchen boasts stainless steel appliances, soft close drawers, and lots of cabinetry, perfect for both everyday living and entertaining. The spacious primary suite

Key facts

• Built 2023
• Listed 534 days

Property features AI

Finance

• Other: Listing status: Active; Listing last modified: 2025-12-20
• Financial info: Listed for $164,900

Exterior

• Home design: Single-family residence (spec build)
• Exterior features: Address: 83 Darby Cay, Vero Beach, FL 32966

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Spec home — Aurora plan; Living area approximately 1,393

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $165k.

Deal economics

• At list price, monthly cash flow is $422 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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: schools F, 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.
• Market conditions: Rents flat; 380 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 36% 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 $5k 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 534 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Recommended offer $145,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 534 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.20% ✓
• Cap rate: 9.37%
• Cash-on-cash: 10.97%
• DSCR: 1.49
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $34,825
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
911 Courier St	0.59mi	2/2.0 (-1)	1,300 (-7%)	22mo	$33,000	$25	38
337 Heritage Blvd	0.71mi	2/2.0 (-1)	1,300 (-7%)	21mo	$14,000	$11	33

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 · 0.6% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-4,464
• Equity at exit: $24,587

10-year hold

• IRR: 4.2%
• Equity multiple: 1.27×
• Total profit: $12,626
• Equity at exit: $14,258

Cash invested: $46,172 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,977 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,474/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $422

Break-even live

Break-even rent $1,443

Max offer price $164,900

Occupancy floor 74%

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
589 Johnathans Cay Vero Beach, FL	3.0	2.0	1409	$1,799	$1.28	13d	1	0.19mi
8775 20th St #909 Vero Beach, FL	2.0	2.0	1000	$1,799	$1.80	21d	1	0.54mi
8775 20th St #925 Vero Beach, FL	3.0	2.0	1356	$1,799	$1.33	21d	1	0.54mi
8775 20th St #59 Vero Beach, FL	2.0	2.0	1147	$1,699	$1.48	21d	1	0.54mi
344 Heritage Blvd Vero Beach, FL	2.0	2.0	1000	$1,499	$1.50	21d	1	0.66mi
174 Congress St Vero Beach, FL	2.0	2.0	1200	$1,700	$1.42	21d	1	0.68mi
2240 86th Dr Vero Beach, FL	2.0	2.0	951	$1,875	$1.97	21d	1	1.04mi
2365 89th Dr Vero Beach, FL	2.0	2.0	1182	$1,700	$1.44	21d	1	1.08mi
8415 22nd St Vero Beach, FL	2.0	2.0	1100	$2,000	$1.82	13d	1	1.10mi
1930 Westhampton Ct Vero Beach, FL	2.0	2.0	1531	$1,950	$1.27	21d	1	1.17mi
1625 Pointe West Way Vero Beach, FL	3.0	2.5	1600	$2,000	$1.25	21d	1	1.26mi

Listing history 15 events

1. 2026-06-18
   days on market $164,900 Active 534 DOM
2. 2026-06-17
   days on market $164,900 Active 533 DOM
3. 2026-06-16
   days on market $164,900 Active 532 DOM
4. 2026-06-15
   days on market $164,900 Active 531 DOM
5. 2026-06-14
   days on market $164,900 Active 529 DOM
6. 2026-06-13
   days on market $164,900 Active 528 DOM
7. 2026-06-10
   days on market $164,900 Active 526 DOM
8. 2026-06-09
   days on market $164,900 Active 525 DOM
9. 2026-06-08
   days on market $164,900 Active 524 DOM
10. 2026-06-07
    days on market $164,900 Active 523 DOM
11. 2026-06-05
    days on market $164,900 Active 520 DOM
12. 2026-06-02
    days on market $164,900 Active 518 DOM
13. 2026-06-01
    days on market $164,900 Active 517 DOM
14. 2026-05-31
    days on market $164,900 Active 516 DOM
15. 2026-05-30
    days on market $164,900 Active 515 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $23,723
• − Mortgage interest: −$9,237
• − Property taxes: −$2,474
• − Insurance: −$824
• − Repairs & maintenance: −$1,898
• − Management: −$1,898
• − Depreciation: −$4,797
• Taxable income: $2,596
• Est. tax owed @ 24.0%: −$623
• After-tax cash flow: $4,443/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 — 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