14550 Dulce Real Ave · Vero Beach South, FL 34951

$219,000

3 bd · 2.0 ba · 1,707 sqft · SingleFamily public records · 100 Days on market

Built 2014 5,720 sqft lot Est $263k · 17% under · waterfront ↓ 5% 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 +26.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +6.0/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully maintained 3-bedroom, 2-bath home located in the 55+ community of Spanish Lakes Fairways. Enjoy tranquil lake views and a relaxed Florida lifestyle in this bright and open residence. The home has laminate wood flooring throughout—no carpet here—offering a clean, modern feel. The spacious great room flows seamlessly into the open kitchen, which features elegant granite countertops and ample cabinet space. The primary suite includes a generous walk-in closet and a double vanity. Enjoy your morning coffee or evening cocktail on the screened-in lanai, which offers a serene view of the lake. The home also features a 1-car garage, a full indoor laundry room, and well-maintained landscaping that enhances its curb appeal. For added peace of mind, the home is protected by accordion storm shutters, including around the screened-in lanai. Enjoy access to many amenities, including a clubhouse, two pools, tennis courts, Pickleball, and an 18-hole golf course. Community events and activities offer endless opportunities to stay active and social in this well-established, age-restricted neighborhood.

Key facts

• Double vanity
• Walk-in closet
• Open layout

Tags

• OPEN LAYOUT
• GRANITE COUNTERTOPS
• WALK-IN CLOSET
• DOUBLE VANITY
• COVERED SCREENED PATIO
• ACCORDION HURRICANE SHUTTERS

Property features AI

Finance

• Other: Building area reported from public records
• Financial info: Land lease required (monthly); Pending sale
• HOA & community: Located in a senior community; Pets allowed (restrictions may apply)

Exterior

• Parking: Attached 1-car garage; 1 covered parking space; 2 open parking spaces (total 2)
• Security: Security patrol
• Utilities: Public water; Public sewer; Three-phase electric service; Cable available
• Home design: Single-family residence; One story; Resale property; Faces south
• Construction: Concrete / CBS construction; Metal roof
• Exterior features: Screened patio; Patio; Waterfront property

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms on the main level
• Flooring: Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central electric air conditioning; Ceiling fans
• Interior features: Walk-in closets; Split bedroom layout; Plantation shutters
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $219k.

Deal economics

• At list price, monthly cash flow is $554 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $219k).
• Recommended offer: $199k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 4.3% in Vero Beach South — 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 78/100 on livability (#163 in FL, #2,445 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A; Watch: amenities F.
• St. Lucie (urban): math 40% / reading 48% proficiency, ranked #51 of 73 in FL (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Manatee Academy K-8 (math 53% / reading 51%, grade C-, #990 of 2,144 statewide, top 48%, 1,664 students, 65% FRL); Southern Oaks Middle School (math 39% / reading 43%, grade F, #353 of 571 statewide, top 63%, 894 students, 76% FRL); Fort Pierce Central High School (math 15% / reading 45%, grade F, #441 of 667 statewide, top 67%, 3,091 students, 62% FRL).
• Market conditions: 296 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4,868 units permitted in St. Lucie County in 2024 (268 in 5+ unit buildings).
• At $2,403/mo this rent would consume 46% of the median local household income ($63k/yr) (locally 140% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• St. Lucie County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($199k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $199,290 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 1.10% ✓
• Cap rate: 9.33%
• Cash-on-cash: 10.84%
• DSCR: 1.48
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $262,707
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6539 Yedra Ave	0.07mi	2/2.5 (-1)	1,839 (+8%)	2mo	$309,000	$168	74
6449 Alemendra St	0.42mi	3/2.5	1,753 (+3%)	5mo	$309,000	$176	70
14374 Azucena Court Ct	0.19mi	2/2.0 (-1)	1,599 (-6%)	9mo	$175,000	$109	68
6631 Nuevo Lagos	0.38mi	3/2.0	1,714 (+0%)	21mo	$175,000	$102	64
6655 Alemendra St	0.50mi	2/2.0 (-1)	1,530 (-10%)	2mo	$175,000	$114	53
14126 Cisne Cir	0.37mi	2/2.0 (-1)	1,487 (-13%)	7mo	$150,000	$101	50
6763 Mar Pacifico	0.35mi	2/2.0 (-1)	1,451 (-15%)	4mo	$154,000	$106	50
14434 Azucena Ct	0.13mi	2/2.0 (-1)	1,487 (-13%)	24mo	$170,000	$114	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-278
• Equity at exit: $32,654

10-year hold

• IRR: 9.5%
• Equity multiple: 1.73×
• Total profit: $44,908
• Equity at exit: $18,935

Cash invested: $61,320 (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 34951

• Home prices YoY: -23.6%
• Active inventory: 296
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,403 medium
• Mortgage (P&I): −$1,148
• Tax from tax record: −$105 /mo · $1,260/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $554

Break-even live

Break-even rent $1,702

Max offer price $219,000

Occupancy floor 72%

Sensitivity live

Price	-10% $678	-5% $616	+0% $554	+5% $492	+10% $430
Rent	-10% $364	-5% $459	+0% $554	+5% $649	+10% $744
Rate	-1.0pp $664	-0.5pp $610	base $554	+0.5pp $497	+1.0pp $439

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6765 Spanish Lakes Blvd Fort Pierce, FL	2.0	2.0	1368	$2,500	$1.83	25d	1	0.36mi

Listing history 11 events

1. 2026-04-28
   status Pending
2. 2026-04-13
   price $219,000
3. 2026-02-06
   price $222,000
4. 2026-01-18
   listed $225,000 Active
5. 2026-01-09
   soldstatus $222,900 Closed 1141-char remark

   Show marketing remark (1141 chars)

   Welcome to this beautifully maintained 3-bedroom, 2-bath home located in the 55+ community of Spanish Lakes Fairways. Enjoy tranquil lake views and a relaxed Florida lifestyle in this bright and open residence. The home has laminate wood flooring throughout—no carpet here—offering a clean, modern feel. The spacious great room flows seamlessly into the open kitchen, which features elegant granite countertops and ample cabinet space. The primary suite includes a generous walk-in closet and a double vanity. Enjoy your morning coffee or evening cocktail on the screened-in lanai, which offers a serene view of the lake. The home also features a 1-car garage, a full indoor laundry room, and well-maintained landscaping that enhances its curb appeal. For added peace of mind, the home is protected by accordion storm shutters, including around the screened-in lanai. Enjoy access to many amenities, including a clubhouse, two pools, tennis courts, Pickleball, and an 18-hole golf course. Community events and activities offer endless opportunities to stay active and social in this well-established, age-restricted neighborhood.

6. 2025-12-02
   historical Active Under Contract 1141-char remark

   Show marketing remark (1141 chars)

   Welcome to this beautifully maintained 3-bedroom, 2-bath home located in the 55+ community of Spanish Lakes Fairways. Enjoy tranquil lake views and a relaxed Florida lifestyle in this bright and open residence. The home has laminate wood flooring throughout—no carpet here—offering a clean, modern feel. The spacious great room flows seamlessly into the open kitchen, which features elegant granite countertops and ample cabinet space. The primary suite includes a generous walk-in closet and a double vanity. Enjoy your morning coffee or evening cocktail on the screened-in lanai, which offers a serene view of the lake. The home also features a 1-car garage, a full indoor laundry room, and well-maintained landscaping that enhances its curb appeal. For added peace of mind, the home is protected by accordion storm shutters, including around the screened-in lanai. Enjoy access to many amenities, including a clubhouse, two pools, tennis courts, Pickleball, and an 18-hole golf course. Community events and activities offer endless opportunities to stay active and social in this well-established, age-restricted neighborhood.

7. 2025-11-15
   price $222,900 1141-char remark

   Show marketing remark (1141 chars)

   Welcome to this beautifully maintained 3-bedroom, 2-bath home located in the 55+ community of Spanish Lakes Fairways. Enjoy tranquil lake views and a relaxed Florida lifestyle in this bright and open residence. The home has laminate wood flooring throughout—no carpet here—offering a clean, modern feel. The spacious great room flows seamlessly into the open kitchen, which features elegant granite countertops and ample cabinet space. The primary suite includes a generous walk-in closet and a double vanity. Enjoy your morning coffee or evening cocktail on the screened-in lanai, which offers a serene view of the lake. The home also features a 1-car garage, a full indoor laundry room, and well-maintained landscaping that enhances its curb appeal. For added peace of mind, the home is protected by accordion storm shutters, including around the screened-in lanai. Enjoy access to many amenities, including a clubhouse, two pools, tennis courts, Pickleball, and an 18-hole golf course. Community events and activities offer endless opportunities to stay active and social in this well-established, age-restricted neighborhood.

8. 2025-11-03
   status Active 1141-char remark

   Show marketing remark (1141 chars)

   Welcome to this beautifully maintained 3-bedroom, 2-bath home located in the 55+ community of Spanish Lakes Fairways. Enjoy tranquil lake views and a relaxed Florida lifestyle in this bright and open residence. The home has laminate wood flooring throughout—no carpet here—offering a clean, modern feel. The spacious great room flows seamlessly into the open kitchen, which features elegant granite countertops and ample cabinet space. The primary suite includes a generous walk-in closet and a double vanity. Enjoy your morning coffee or evening cocktail on the screened-in lanai, which offers a serene view of the lake. The home also features a 1-car garage, a full indoor laundry room, and well-maintained landscaping that enhances its curb appeal. For added peace of mind, the home is protected by accordion storm shutters, including around the screened-in lanai. Enjoy access to many amenities, including a clubhouse, two pools, tennis courts, Pickleball, and an 18-hole golf course. Community events and activities offer endless opportunities to stay active and social in this well-established, age-restricted neighborhood.

9. 2025-10-30
   historical Active Under Contract 1141-char remark

   Show marketing remark (1141 chars)

   Welcome to this beautifully maintained 3-bedroom, 2-bath home located in the 55+ community of Spanish Lakes Fairways. Enjoy tranquil lake views and a relaxed Florida lifestyle in this bright and open residence. The home has laminate wood flooring throughout—no carpet here—offering a clean, modern feel. The spacious great room flows seamlessly into the open kitchen, which features elegant granite countertops and ample cabinet space. The primary suite includes a generous walk-in closet and a double vanity. Enjoy your morning coffee or evening cocktail on the screened-in lanai, which offers a serene view of the lake. The home also features a 1-car garage, a full indoor laundry room, and well-maintained landscaping that enhances its curb appeal. For added peace of mind, the home is protected by accordion storm shutters, including around the screened-in lanai. Enjoy access to many amenities, including a clubhouse, two pools, tennis courts, Pickleball, and an 18-hole golf course. Community events and activities offer endless opportunities to stay active and social in this well-established, age-restricted neighborhood.

10. 2025-08-16
    price $229,950 1141-char remark

    Show marketing remark (1141 chars)

    Welcome to this beautifully maintained 3-bedroom, 2-bath home located in the 55+ community of Spanish Lakes Fairways. Enjoy tranquil lake views and a relaxed Florida lifestyle in this bright and open residence. The home has laminate wood flooring throughout—no carpet here—offering a clean, modern feel. The spacious great room flows seamlessly into the open kitchen, which features elegant granite countertops and ample cabinet space. The primary suite includes a generous walk-in closet and a double vanity. Enjoy your morning coffee or evening cocktail on the screened-in lanai, which offers a serene view of the lake. The home also features a 1-car garage, a full indoor laundry room, and well-maintained landscaping that enhances its curb appeal. For added peace of mind, the home is protected by accordion storm shutters, including around the screened-in lanai. Enjoy access to many amenities, including a clubhouse, two pools, tennis courts, Pickleball, and an 18-hole golf course. Community events and activities offer endless opportunities to stay active and social in this well-established, age-restricted neighborhood.

11. 2025-07-25
    listed $230,000 Active 1141-char remark

    Show marketing remark (1141 chars)

    Welcome to this beautifully maintained 3-bedroom, 2-bath home located in the 55+ community of Spanish Lakes Fairways. Enjoy tranquil lake views and a relaxed Florida lifestyle in this bright and open residence. The home has laminate wood flooring throughout—no carpet here—offering a clean, modern feel. The spacious great room flows seamlessly into the open kitchen, which features elegant granite countertops and ample cabinet space. The primary suite includes a generous walk-in closet and a double vanity. Enjoy your morning coffee or evening cocktail on the screened-in lanai, which offers a serene view of the lake. The home also features a 1-car garage, a full indoor laundry room, and well-maintained landscaping that enhances its curb appeal. For added peace of mind, the home is protected by accordion storm shutters, including around the screened-in lanai. Enjoy access to many amenities, including a clubhouse, two pools, tennis courts, Pickleball, and an 18-hole golf course. Community events and activities offer endless opportunities to stay active and social in this well-established, age-restricted neighborhood.

ⓘ 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: $1,260 · $105/mo
• Projected year-2 tax: $1,818 · $151/mo
• Expected delta: +$557/yr (+$46/mo · 44.2%)

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

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 ≥107°F today · 24 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: $28,840
• − Mortgage interest: −$12,267
• − Property taxes: −$1,260
• − Insurance: −$1,095
• − Repairs & maintenance: −$2,307
• − Management: −$2,307
• − Depreciation: −$6,371
• Taxable income: $3,232
• Est. tax owed @ 24.0%: −$776
• After-tax cash flow: $5,871/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: St. Lucie
• NCES district ID: 1201770
• Math proficiency: 40% ▼ -11.00%
• Reading proficiency: 48% ▼ -4.00%
• Median HH income: $44,737
• Composite: 37.28/100
• National rank: #4449
• State rank: #51 of 73 in FL

Livability — Vero Beach South

• Score: 78/100
• State rank: #163
• US rank: #2445

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Lucie County · 337,150 people
• Metro: Port St. Lucie, FL
• Population (ZIP): 17,148
• Household income: $63,122
• Rent vs Own: 11.7% rent · 88.3% own
• Severe rent burden: 140.0

Population outlook (St. Lucie County) Hauer SSP2

• Today (2025): 338,016 people
• By 2030: 355,687 · +5.2%
• By 2040: 385,521 · +14.1%
• By 2050: 406,106 · +20.1%
• By 2075: 441,054 · +30.5%
• By 2100: 436,885 · +29.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 13% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 10% · Canada, Jamaica, Vietnam
• Languages at home: 88% English-only · Spanish 7% French/Haitian/Cajun 3% Vietnamese 1%

Political lean MEDSL · St. Lucie

• 2024 margin: Lean R (+9.1) · D 45.1% · R 54.2%
• 2008→2024 swing: -21.2pp toward R · 2008: 12.1pp · 2024: -9.1pp
• All cycles: 2024: R+9.1 2020: R+1.6 2016: R+2.5 2012: D+7.9 2008: D+12.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -106.06%
• Current HPI: 343.1376
• Rent YoY: —
• Metro: Port St. Lucie, 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

-4.8% since first listed

11 events — show timeline

• 2026-04-28 Pending — Beaches MLS
• 2026-04-13 Price Changed $219,000 Beaches MLS
• 2026-02-06 Price Changed $222,000 Beaches MLS
• 2026-01-18 Listed $225,000 Beaches MLS
• 2026-01-09 Sold (MLS) $222,900 Beaches MLS
• 2025-12-02 Contingent — Beaches MLS
• 2025-11-15 Price Changed $222,900 Beaches MLS
• 2025-11-03 Relisted — Beaches MLS
• 2025-10-30 Contingent — Beaches MLS
• 2025-08-16 Price Changed $229,950 Beaches MLS
• 2025-07-25 Listed $230,000 Beaches MLS

Property tax history

+1.6%/yr

Latest (2025): $1,260 · +4.3% YoY. Source: county tax records.