1114 Friendship Dr · West Vero Corridor, FL 32966

$74,900

3 bd · 2.0 ba · 1,352 sqft · Manufactured · 77 Days on market

Built 2018 ↓ 35% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Shows like brand new. This 2018 Fleetwood home features an open concept floor plan ideal for entertaining lots of friends & family. The large eat-in kitchen offers many cabinets and lots of counter space. This 3 bed/2 bath home offers a huge owner's suite w/ large closet and oversized bathroom. Modern recessed ceilings add to the beauty. Inside laundry for convenience. Enjoy a private backyard or relax on the welcoming front porch. Large attached carport and an 8×8 shed—perfect to store tools or pool floats. A perfect blend of comfort and functionality! The $923 monthly land lease covers lawn care and resort-style amenities: swimming, fitness center, tennis, shuffleboard,

Key facts

• Large eat-in kitchen
• Huge owner's suite
• Oversized bathroom

Tags

• OPEN CONCEPT FLOOR PLAN
• LARGE EAT-IN KITCHEN
• HUGE OWNER'S SUITE
• OVERSIZED BATHROOM
• MODERN RECESSED CEILINGS
• INSIDE LAUNDRY

Property features AI

Finance

• Other: Pets allowed with possible restrictions and limits
• Financial info: Property on rented lot
• HOA & community: Located in a senior community; Land lease of $923 per month (lease expires 2026-12-31)

Exterior

• Parking: Attached carport (covered) with 2 carport spaces — total 3 parking spaces
• Utilities: Public water; Public sewer; Three-phase electric; Cable available; Electricity connected; Water connected; Sewer connected
• Home design: Manufactured home; Single-story; Resale property; Faces east
• Construction: Modular construction; Shingle roof
• Exterior features: Open patio and open porch

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Disposal; Electric water heater
• Bedrooms: 3 bedrooms on the main level
• Flooring: Carpet; Linoleum; Vinyl
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central electric heat; Central air conditioning (electric)
• Interior features: Walk-in closets; Split bedroom layout
• Laundry & utility: Laundry closet inside the home

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $75k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• Cap rate 23.3% 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: 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.
• Zoned schools: Dodgertown Elementary School (math 27% / reading 32%, grade F, #1,896 of 2,144 statewide, top 90%, 485 students, 78% FRL); Storm Grove Middle School (math 54% / reading 55%, grade B-, #183 of 571 statewide, top 34%, 1,020 students, 50% FRL); Vero Beach High School (math 28% / reading 43%, grade F, #367 of 667 statewide, top 57%, 2,847 students, 50% FRL).
• Market conditions: Rents flat; 388 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $518 of loan paydown is wiped out by about $2k 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 + 0.6% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $70,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% 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: 2.67% ✓
• Cap rate: 23.27%
• Cash-on-cash: 60.63%
• DSCR: 3.70
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $33,800
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
337 Heritage Blvd	0.16mi	2/2.0 (-1)	1,300 (-4%)	21mo	$14,000	$11	63
911 Courier St	0.16mi	2/2.0 (-1)	1,300 (-4%)	22mo	$33,000	$25	63
301 Heritage Blvd	0.40mi	2/2.0 (-1)	1,456 (+8%)	9mo	$85,000	$58	56

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: 56.7%
• Equity multiple: 3.42×
• Total profit: $50,676
• Equity at exit: $11,168

10-year hold

• IRR: 60.7%
• Equity multiple: 6.38×
• Total profit: $112,742
• Equity at exit: $6,476

Cash invested: $20,972 (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: 388
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,997 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,124/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $1,060

Break-even live

Break-even rent $655

Max offer price $74,900

Occupancy floor 42%

Sensitivity live

Price	-10% $1,111	-5% $1,086	+0% $1,060	+5% $1,034	+10% $1,008
Rent	-10% $902	-5% $981	+0% $1,060	+5% $1,139	+10% $1,217
Rate	-1.0pp $1,097	-0.5pp $1,079	base $1,060	+0.5pp $1,040	+1.0pp $1,021

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
344 Heritage Blvd Vero Beach, FL	2.0	2.0	1000	$1,499	$1.50	22d	1	0.06mi
174 Congress St Vero Beach, FL	2.0	2.0	1200	$1,700	$1.42	22d	1	0.08mi
589 Johnathans Cay Vero Beach, FL	3.0	2.0	1409	$1,799	$1.28	15d	1	0.66mi
8775 20th St #59 Vero Beach, FL	2.0	2.0	1147	$1,699	$1.48	22d	1	0.87mi
8775 20th St #909 Vero Beach, FL	2.0	2.0	1000	$1,799	$1.80	22d	1	0.87mi
8775 20th St #925 Vero Beach, FL	3.0	2.0	1356	$1,799	$1.33	22d	1	0.87mi
1625 Pointe West Way Vero Beach, FL	3.0	2.5	1600	$2,000	$1.25	22d	1	1.12mi
1930 Westhampton Ct Vero Beach, FL	2.0	2.0	1531	$1,950	$1.27	22d	1	1.23mi
8415 22nd St Vero Beach, FL	2.0	2.0	1100	$2,000	$1.82	15d	1	1.45mi

Listing history 13 events

1. 2026-06-02
   days on market $74,900 Active 77 DOM
2. 2026-06-01
   days on market $74,900 Active 76 DOM
3. 2026-05-31
   days on market $74,900 Active 75 DOM
4. 2026-05-30
   days on market $74,900 Active 74 DOM
5. 2026-03-27
   price $74,900
6. 2026-03-17
   price $79,900
7. 2026-03-17
   listed $89,900 Active
8. 2026-03-03
   historical
9. 2026-02-26
   price $89,900
10. 2025-12-19
    price $99,000
11. 2025-10-02
    price $105,000
12. 2025-09-05
    listed $114,900 Active
13. 2025-09-05
    historical

ⓘ 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: $23,959
• − Mortgage interest: −$4,196
• − Property taxes: −$1,124
• − Insurance: −$374
• − Repairs & maintenance: −$1,917
• − Management: −$1,917
• − Depreciation: −$2,179
• Taxable income: $12,253
• Est. tax owed @ 24.0%: −$2,941
• After-tax cash flow: $9,775/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

• 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

Price history

-34.8% since first listed

9 events — show timeline

• 2026-03-27 Price Changed $74,900 Beaches MLS
• 2026-03-17 Price Changed $79,900 Beaches MLS
• 2026-03-17 Listed $89,900 Beaches MLS
• 2026-03-03 Listing Removed — Beaches MLS
• 2026-02-26 Price Changed $89,900 Beaches MLS
• 2025-12-19 Price Changed $99,000 Beaches MLS
• 2025-10-02 Price Changed $105,000 Beaches MLS
• 2025-09-05 Listed $114,900 Beaches MLS
• 2025-09-05 Coming Soon — Beaches MLS