21 Pine Arbor Ln #104 · Florida Ridge, FL 32962

$75,000

1 bd · 1.0 ba · 630 sqft · Condo public records · 36 Days on market

Built 1976 $422/mo HOA · 29% of rent

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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 +27.6/30.0
• 1% rule +10.0/10.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 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

Hottest deal in Vista Royale! First-floor 1BR/1BA condo ideally located right next to the clubhouse. This well-maintained unit features a 2020 water heater, 2018 A/C, and 2022 roof for added peace of mind. Vista Royale is a vibrant 55+ community offering resort-style amenities, including four clubhouses, heated pools, fitness center, 27-hole golf course, pickleball, and more. Conveniently located near shopping, dining, beaches, and everything Vero Beach has to offer. What are you waiting for? Come enjoy the Florida lifestyle!

Key facts

• $422 HOA
• Parking
• Community pool

Property features AI

Finance

• Other: Senior community; Pets not allowed
• HOA & community: Has association (Vista Royale); Monthly association fee: $422; HOA covers cable TV, internet, insurance, water, sewer, trash, maintenance (grounds & structure), common areas, common real estate tax, roof repairs, recreation facility, legal/accounting, reserve funds; Community amenities include: heated pool, spa/hot tub, clubhouse, fitness center, billiard room, game room, tennis courts, pickleball courts, shuffleboard, bocce ball, putting green, golf course, jogging path/trails, community room, cafe/restaurant, library, workshop area, hobby room, storage, manager on site, maintenance, trash chute, street lights, parking, recreation facilities, internet included

Exterior

• Parking: Assigned and deeded parking; Guest parking available; Golf cart parking; Parking surfaces: asphalt and concrete; Total parking spaces: 1
• Utilities: Public water; Public sewer; Underground electrical service; Cable connected; Electricity connected; Sewer connected; Water connected; Underground utilities
• Home design: Condominium; One level (entry level 1); Building named VISTA ROYALE; Faces south
• Construction: Built with block, concrete and stucco (CBS); Concrete block with stucco exterior; Permanent slab foundation; Other roof
• Exterior features: Covered and screened patio/porch; Patio and porch; Private road frontage (east of US-1); Road surface: asphalt, concrete, paved; Private maintained road; Not waterfront; Has in-ground heated gunite spa

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator; Electric water heater
• Bedrooms: One bedroom on the main level
• Flooring: Carpet; Linoleum
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Central electric heating; Central air conditioning
• Interior features: Furnished; Sliding windows
• Laundry & utility: Common area laundry (lower level)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $75k.

Deal economics

• At list price, monthly cash flow is $156 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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: employment D, 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: Vero Beach Elementary School (math 39% / reading 36%, grade F, #1,596 of 2,144 statewide, top 75%, 599 students, 80% FRL); Oslo Middle School (math 39% / reading 45%, grade D-, #340 of 571 statewide, top 61%, 864 students, 72% 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 rising fast (+4.2%/yr); 348 active listings in the ZIP; 18 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 $519 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 + 4.2% rent growth), your $21k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($73k) 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.
• Current owner paid $28k; list at $75k implies a 168% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 29% 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 $72,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.93% ✓
• Cap rate: 9.86%
• Cash-on-cash: 12.73%
• DSCR: 1.57
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.18% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-142
• Equity at exit: $11,183

10-year hold

• IRR: 11.7%
• Equity multiple: 2.01×
• Total profit: $21,278
• Equity at exit: $6,485

Cash invested: $21,000 (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 32962

• Rents YoY: 4.2%
• Active inventory: 348
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,449 high
• Mortgage (P&I): −$393
• Tax from tax record: −$75 /mo · $901/yr
• Insurance: −$31
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$422
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $156

Break-even live

Break-even rent $1,251

Max offer price $75,000

Occupancy floor 84%

Sensitivity live

Price	-10% $199	-5% $178	+0% $156	+5% $135	+10% $114
Rent	-10% $42	-5% $99	+0% $156	+5% $214	+10% $271
Rate	-1.0pp $194	-0.5pp $175	base $156	+0.5pp $137	+1.0pp $117

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19 Pine Arbor Ln #105 Vero Beach, FL	1.0	1.5	750	$1,800	$2.40	21d	1	0.08mi
28 Pine Arbor Ln #103 Vero Beach, FL	1.0	1.5	750	$1,200	$1.60	21d	1	0.09mi
16 Vista Palm Ln Vero Beach, FL	1.0–2.0	1.5–2.0	800	$1,500	$1.88	21d	2	0.16mi
5 Vista Palm Ln #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	14d	1	0.24mi
50 Woodland Dr #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	14d	1	0.49mi
60 Woodland Dr Vero Beach, FL	1.0	1.0	630	$1,125	$1.79	21d	1	0.52mi
60 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,250	$1.98	14d	1	0.52mi
52 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	21d	1	0.53mi
85 Crooked Tree Ln #203 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	21d	1	0.65mi
74 Royal Oak Ct #204 Vero Beach, FL	1.0	1.0	630	$1,175	$1.87	21d	1	0.68mi
101 Spring Lake Dr #204 Vero Beach, FL	1.0	1.0	630	$1,275	$2.02	21d	1	0.78mi
95 Spring Lake Dr #103 Vero Beach, FL	1.0	1.5	750	$1,600	$2.13	21d	1	0.78mi
102 Royal Oak Dr #105 Vero Beach, FL	1.0	1.5	750	$1,550	$2.07	21d	1	0.82mi
15 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	14d	1	1.07mi
43 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	21d	1	1.21mi
23 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	21d	1	1.24mi
26 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	21d	1	1.32mi
33 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,500	$2.38	14d	1	1.35mi

HOA detail condo

• Monthly dues: $422 · $5,064/yr
• Likely covers: waterpoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-19
   days on market $75,000 Active 36 DOM
2. 2026-06-18
   days on market $75,000 Active 35 DOM
3. 2026-06-17
   days on market $75,000 Active 34 DOM
4. 2026-06-16
   days on market $75,000 Active 33 DOM
5. 2026-06-15
   days on market $75,000 Active 32 DOM
6. 2026-06-14
   days on market $75,000 Active 30 DOM
7. 2026-06-13
   statusdays on market $75,000 Active 29 DOM
8. 2026-06-05
   statusdays on market $75,000 Pending 27 DOM
9. 2026-06-02
   days on market $75,000 Active Under Contract 25 DOM
10. 2026-06-01
    days on market $75,000 Active Under Contract 24 DOM
11. 2026-05-31
    days on market $75,000 Active Under Contract 23 DOM
12. 2026-05-30
    days on market $75,000 Active Under Contract 22 DOM
13. 2026-05-20
    status Pending 531-char remark

    Show marketing remark (531 chars)

    Hottest deal in Vista Royale! First-floor 1BR/1BA condo ideally located right next to the clubhouse. This well-maintained unit features a 2020 water heater, 2018 A/C, and 2022 roof for added peace of mind. Vista Royale is a vibrant 55+ community offering resort-style amenities, including four clubhouses, heated pools, fitness center, 27-hole golf course, pickleball, and more. Conveniently located near shopping, dining, beaches, and everything Vero Beach has to offer. What are you waiting for? Come enjoy the Florida lifestyle!

14. 2026-05-20
    historical Active Under Contract

    Show marketing remark (531 chars)

    Hottest deal in Vista Royale! First-floor 1BR/1BA condo ideally located right next to the clubhouse. This well-maintained unit features a 2020 water heater, 2018 A/C, and 2022 roof for added peace of mind. Vista Royale is a vibrant 55+ community offering resort-style amenities, including four clubhouses, heated pools, fitness center, 27-hole golf course, pickleball, and more. Conveniently located near shopping, dining, beaches, and everything Vero Beach has to offer. What are you waiting for? Come enjoy the Florida lifestyle!

15. 2026-05-20
    historical Active Under Contract 531-char remark

    Show marketing remark (531 chars)

    Hottest deal in Vista Royale! First-floor 1BR/1BA condo ideally located right next to the clubhouse. This well-maintained unit features a 2020 water heater, 2018 A/C, and 2022 roof for added peace of mind. Vista Royale is a vibrant 55+ community offering resort-style amenities, including four clubhouses, heated pools, fitness center, 27-hole golf course, pickleball, and more. Conveniently located near shopping, dining, beaches, and everything Vero Beach has to offer. What are you waiting for? Come enjoy the Florida lifestyle!

16. 2026-05-13
    listed $75,000 Active 531-char remark

    Show marketing remark (531 chars)

    Hottest deal in Vista Royale! First-floor 1BR/1BA condo ideally located right next to the clubhouse. This well-maintained unit features a 2020 water heater, 2018 A/C, and 2022 roof for added peace of mind. Vista Royale is a vibrant 55+ community offering resort-style amenities, including four clubhouses, heated pools, fitness center, 27-hole golf course, pickleball, and more. Conveniently located near shopping, dining, beaches, and everything Vero Beach has to offer. What are you waiting for? Come enjoy the Florida lifestyle!

17. 2026-05-08
    listed $75,000 Active

    Show marketing remark (531 chars)

    Hottest deal in Vista Royale! First-floor 1BR/1BA condo ideally located right next to the clubhouse. This well-maintained unit features a 2020 water heater, 2018 A/C, and 2022 roof for added peace of mind. Vista Royale is a vibrant 55+ community offering resort-style amenities, including four clubhouses, heated pools, fitness center, 27-hole golf course, pickleball, and more. Conveniently located near shopping, dining, beaches, and everything Vero Beach has to offer. What are you waiting for? Come enjoy the Florida lifestyle!

18. 2026-05-08
    listed $75,000 Active 531-char remark

    Show marketing remark (531 chars)

    Hottest deal in Vista Royale! First-floor 1BR/1BA condo ideally located right next to the clubhouse. This well-maintained unit features a 2020 water heater, 2018 A/C, and 2022 roof for added peace of mind. Vista Royale is a vibrant 55+ community offering resort-style amenities, including four clubhouses, heated pools, fitness center, 27-hole golf course, pickleball, and more. Conveniently located near shopping, dining, beaches, and everything Vero Beach has to offer. What are you waiting for? Come enjoy the Florida lifestyle!

19. 1993-06-02
    soldstatus $28,000

ⓘ 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: $901 · $75/mo
• Projected year-2 tax: $901 · $75/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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 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: $17,384
• − Mortgage interest: −$4,201
• − Property taxes: −$901
• − Insurance: −$1,172
• − Repairs & maintenance: −$1,391
• − Management: −$1,391
• − HOA: −$5,064
• − Depreciation: −$2,182
• Taxable income: $1,083
• Est. tax owed @ 24.0%: −$260
• After-tax cash flow: $1,617/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

+167.9% since first listed

7 events — show timeline

• 2026-05-20 Pending — SCMLS
• 2026-05-20 Contingent — Beaches MLS
• 2026-05-20 Contingent — RAIRCMLS
• 2026-05-13 Listed $75,000 SCMLS
• 2026-05-08 Listed $75,000 RAIRCMLS
• 2026-05-08 Listed $75,000 Beaches MLS
• 1993-06-02 Sold (Public Records) $28,000 Public Records

Property tax history

+11.4%/yr

Latest (2025): $901 · +5.3% YoY. Source: county tax records.