105 Springlake Ct #205 · Florida Ridge, FL 32962

$99,000

1 bd · 2.0 ba · 750 sqft · Townhouse public records · 8 Days on market

Built 1979 Est $100k · at est. $496/mo HOA · 33% 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 +18.2/30.0
• 1% rule +10.0/10.0
• ARV discount +7.8/15.0
• DSCR +5.7/10.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Love golf? Vista Royale is an active 55+ community located only 10 minutes from one of the Treasure Coasts ''Best Voted Beaches.'' Community features include three 9-hole golf courses, 4 clubhouses/heated pools, tennis, pickleball, bocce ball, shuffleboard, billiards, ping pong, woodworking, fitness/exercise rooms, and social activities. There are over 3 miles of private roads for walking and biking (sale includes 2 bicycles & golf clubs). This exceptionally well maintained unit has been gently used seasonally only for the last 9 years and has golf views from the main living area. It has newer windows, laminate and tile flooring, a wonderful coastal feel and is being sold furnished (including a portable washing machine and wine cooler). Conveniently located to everything ''Vero.''

Key facts

• Enclosed porch
• $496 HOA
• Parking

Tags

• ENCLOSED PORCH
• UPGRADED WALK-IN SHOWER

Property features AI

Finance

• Other: Community pool available; Has a view
• Financial info: Pets not allowed
• HOA & community: Association managed by Campbell Property Mgmnt; Monthly association fee ($496); Association fee covers common areas, cable TV, insurance, internet, structure maintenance, recreation facilities, reserve fund, sewer, trash and water; Community amenities include barbecue, billiard room, clubhouse, fitness center, pickleball, shuffleboard, tennis courts and pool; Senior community

Exterior

• Parking: Assigned uncovered parking
• Utilities: Public water; County sewer
• Home design: 2-story building; Property faces south; Attached property (multi-unit)
• Construction: Block and concrete construction
• Exterior features: Enclosed porch; Porch

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Pantry (kitchen storage)
• Bedrooms: Bedroom approximately 15 x 16
• Flooring: Laminate; Tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Blinds and single-hung and sliding windows; Pantry; Unfurnished
• Laundry & utility: Laundry in common area; Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath townhouse listed at $99k.

Deal economics

• At list price, monthly cash flow is $22 ($260/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Cap rate 7.4% vs local median 4.5% in Florida Ridge — 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 72/100 on livability (#353 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, employment D, amenities 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 (+4.2%/yr); 348 active listings in the ZIP; 37 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 6y 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.
• Current owner paid $74k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 33% of rent.
• Climate carrying-cost: severe flood risk; 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 $99,000

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.54% ✓
• Cap rate: 7.36%
• Cash-on-cash: 3.81%
• DSCR: 1.17
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $99,750
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
78 Royal Oak Dr #103	0.13mi	1/1.5	750 (0%)	2mo	$111,000	$148	91
7 Vista Gardens Trl #103	0.13mi	1/1.5	750 (0%)	2mo	$79,000	$105	90
14 Vista Gardens Trl #103	0.27mi	1/1.5	750 (0%)	1mo	$84,000	$112	85
14 Vista Gardens Trl #203	0.27mi	1/1.5	750 (0%)	3mo	$120,000	$160	83
89 Crooked Tree Ln #103	0.31mi	1/1.5	750 (0%)	2mo	$66,000	$88	82
18 Vista Gardens Trl #105	0.33mi	1/1.5	750 (0%)	2mo	$132,000	$176	81
55 Woodland Dr #203	0.37mi	1/1.5	750 (0%)	2mo	$90,000	$120	79
22 Vista Gardens Trl #103	0.40mi	1/1.5	750 (0%)	1mo	$100,000	$133	78
44 Vista Gardens Trl W #103	0.43mi	1/1.5	750 (0%)	1mo	$85,000	$113	77
31 Vista Gardens Trl #205	0.61mi	1/1.5	750 (0%)	1mo	$89,500	$119	69
34 Pine Arbor Ln #203	0.62mi	1/1.5	750 (0%)	3mo	$120,000	$160	67
35 Vista Gardens Trl #204	0.60mi	1/1.0	700 (-7%)	0mo	$110,000	$157	57

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 · 4.18% rent growth · sell at horizon

5-year hold

• IRR: -12.2%
• Equity multiple: 0.55×
• Total profit: $-12,504
• Equity at exit: $14,761

10-year hold

• IRR: -0.0%
• Equity multiple: 1.00×
• Total profit: $-85
• Equity at exit: $8,560

Cash invested: $27,720 (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 32962

• Rents YoY: 4.2%
• Active inventory: 348
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,523 high
• Mortgage (P&I): −$519
• Tax from tax record: −$59 /mo · $708/yr
• Insurance: −$41
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$496
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $22

Break-even live

Break-even rent $1,496

Max offer price $99,000

Occupancy floor 94%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 Royal Oak Dr #106 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	13d	1	0.02mi
102 Royal Oak Dr #105 Vero Beach, FL	1.0	1.5	750	$1,550	$2.07	21d	1	0.08mi
101 Spring Lake Dr #204 Vero Beach, FL	1.0	1.0	630	$1,275	$2.02	21d	1	0.09mi
80 Crooked Tree Ln #106 Vero Beach, FL	2.0	2.0	1000	$1,900	$1.90	13d	1	0.09mi
74 Royal Oak Ct #204 Vero Beach, FL	1.0	1.0	630	$1,175	$1.87	21d	1	0.16mi
85 Crooked Tree Ln #203 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	21d	1	0.18mi
86 Crooked Tree Ln #102 Vero Beach, FL	2.0	2.0	1000	$2,000	$2.00	13d	1	0.19mi
95 Spring Lake Dr #103 Vero Beach, FL	1.0	1.5	750	$1,600	$2.13	21d	1	0.21mi
65 Woodland Dr #207 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	21d	1	0.23mi
60 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,250	$1.98	13d	1	0.27mi
60 Woodland Dr Vero Beach, FL	1.0	1.0	630	$1,125	$1.79	21d	1	0.27mi
15 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	13d	1	0.31mi
58 Woodland Dr #206 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	13d	1	0.32mi
50 Woodland Dr #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	13d	1	0.32mi
52 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	21d	1	0.33mi
43 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	21d	1	0.47mi
23 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	21d	1	0.48mi
37 Pine Arbor Ln #101 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	13d	1	0.57mi
26 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	21d	1	0.57mi
36 Pine Arbor Ln Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	21d	2	0.57mi
5 Vista Palm Ln #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	13d	1	0.59mi
33 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,500	$2.38	13d	1	0.59mi
34 Vista Gardens Trl #107 Vero Beach, FL	2.0	2.0	1000	$1,350	$1.35	21d	1	0.60mi
36 Vista Gardens Trl #201 Vero Beach, FL	2.0	2.0	1000	$1,390	$1.39	21d	1	0.60mi
28 Vista Gardens Trl #102 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	21d	1	0.61mi
35 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	934	$1,400	$1.50	21d	1	0.62mi
11 Vista Gardens Trl #106 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	21d	1	0.65mi
4 Vista Gardens Trl #207 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	13d	1	0.65mi
28 Pine Arbor Ln #103 Vero Beach, FL	1.0	1.5	750	$1,200	$1.60	21d	1	0.74mi
528 7th Sq #102 Vero Beach, FL	2.0	2.0	1095	$3,000	$2.74	21d	1	0.76mi
441 7th Pl #441 Vero Beach, FL	1.0	1.0	550	$1,250	$2.27	21d	1	0.78mi
16 Vista Palm Ln Vero Beach, FL	1.0–2.0	1.5–2.0	800	$1,500	$1.88	21d	2	0.80mi
19 Pine Arbor Ln #105 Vero Beach, FL	1.0	1.5	750	$1,800	$2.40	21d	1	0.80mi
462 7th Pl Vero Beach, FL	1.0	1.0	550	$1,400	$2.55	21d	1	0.81mi
522 7th Pl Unit 522 Vero Beach, FL	1.0	1.0	550	$1,500	$2.73	21d	1	0.84mi
1135 3rd Ave #101 Vero Beach, FL	2.0	2.0	906	$1,800	$1.99	21d	1	1.23mi
1200 6th Dr Vero Beach, FL	2.0	2.0	800	$1,550	$1.94	13d	1	1.42mi

HOA detail

• Monthly dues: $496 · $5,952/yr
• Likely covers: pool

Listing history 8 events

1. 2026-06-19
   days on market $99,000 Active 8 DOM
2. 2026-06-18
   days on market $99,000 Active 7 DOM
3. 2026-06-17
   days on market $99,000 Active 6 DOM
4. 2026-06-16
   days on market $99,000 Active 5 DOM
5. 2026-06-15
   days on market $99,000 Active 4 DOM
6. 2026-06-14
   days on market $99,000 Active 2 DOM
7. 2026-06-13
   remarks 608-char remark
8. 2026-06-13
   listed $99,000 Active 1 DOM

ⓘ 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: $708 · $59/mo
• Projected year-2 tax: $822 · $68/mo
• Expected delta: +$114/yr (+$10/mo · 16.1%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°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: $18,281
• − Mortgage interest: −$5,546
• − Property taxes: −$708
• − Insurance: −$1,292
• − Repairs & maintenance: −$1,462
• − Management: −$1,462
• − HOA: −$5,952
• − Depreciation: −$2,880
• Taxable loss: −$1,022
• Est. tax savings @ 24.0%: +$245
• After-tax cash flow: $505/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 — Florida Ridge

• Score: 72/100
• State rank: #353
• US rank: #6129

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Florida Ridge, FL
• County: Indian River County · 143,738 people
• City population: 25,629
• Metro: Sebastian-Vero Beach, FL
• Population (ZIP): 25,522
• Household income: $66,664
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 425.0

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 (70%)
• Race & ethnicity: White 70% Black 13% Hispanic / Latino 12% Two or more races 5% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1%
• Common ancestry: Romanian 4% Lithuanian 4% Italian 3%
• Foreign-born: 12% · Canada, Jamaica, Dominican Republic
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 2% 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: ▼ -182.13%
• Current HPI: 333.3274
• Rent YoY: ▲ 4.18%
• 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

+147.5% since first listed

23 events — show timeline

• 2026-06-11 Listed $99,000 RAIRCMLS
• 2021-03-25 Sold (MLS) $74,000 RAIRCMLS
• 2021-03-25 Sold (MLS) $74,000 Beaches MLS
• 2021-03-03 Contingent — Beaches MLS
• 2021-03-03 Contingent — RAIRCMLS
• 2021-03-01 Relisted — Beaches MLS
• 2021-03-01 Relisted — RAIRCMLS
• 2021-02-24 Contingent — Beaches MLS
• 2021-02-24 Contingent — RAIRCMLS
• 2021-02-15 Relisted — Beaches MLS
• 2021-02-15 Relisted — RAIRCMLS
• 2021-02-15 Contingent — RAIRCMLS
• 2021-02-10 Contingent — Beaches MLS
• 2021-02-02 Relisted — RAIRCMLS
• 2021-02-02 Relisted — Beaches MLS
• 2021-01-24 Pending — Beaches MLS
• 2021-01-24 Contingent — RAIRCMLS
• 2020-12-28 Listed $77,500 RAIRCMLS
• 2020-12-28 Listed $77,500 Beaches MLS
• 2020-12-23 Coming Soon $77,500 RAIRCMLS
• 2020-07-22 Listed $77,500 RAIRCMLS
• 2012-03-19 Sold (MLS) $30,000 RAIRCMLS
• 1990-02-01 Sold (Public Records) $40,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $708 · +6.5% YoY. Source: county tax records.