107 W Park Shores Cir Unit 28W · Indian River Shores, FL 32963

$292,000

2 bd · 2.0 ba · 1,640 sqft · Townhouse public records · 72 Days on market

Built 1982 Est $276k · 6% over $1011/mo HOA · 21% 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 +25.6/30.0
• 1% rule +10.0/10.0
• DSCR +8.5/10.0
• Rent growth +5.0/5.0
• ARV discount +4.8/15.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming and Beautiful Corner Unit with Lovely Garden, Lush Foliage and Exquisite Pond Views. Fabulous and Modern Eat In Kitchen, Spacious Dining area and Expansive Living Space. Two Exceptionally Large Ensuite Bedrooms with Walk-in Closets. Walk to the Beach or Relax at the Community Pools. A Pet Friendly Community. Very Close to Shopping, Restaurants and A Variety of Recreational Activities. Paradise! Welcome Home! Room Sizes are approximately/subj to error.

Key facts

• $1,011 HOA
• Garage
• Community pool

Property features AI

Finance

• Financial info: Pets allowed with size limit
• HOA & community: Association: Elliot Merrill; Association fee $1,011 monthly (dues paid quarterly); Association covers common areas, insurance, ground and structure maintenance, recreation facilities, reserve fund, sewer, trash and water; Community clubhouse and pool

Exterior

• Parking: 1-car garage; Garage parking
• Utilities: Public water; Public sewer
• Home design: 2-story building; Faces south
• Construction: Block and concrete construction; Shingle roof
• Exterior features: Balcony; Sprinkler/irrigation; Community pool; Lake and pond waterfront; Less than quarter acre lot; Has a view; Property attached

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: Bedroom (13x13); Bedroom (15x16)
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Window treatments; Sliding doors; Partially furnished; High ceilings; Split bedroom layout; Walk-in closet(s)
• Laundry & utility: In-unit washer; In-unit dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $292k.

Deal economics

• At list price, monthly cash flow is $625 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $292k).
• Recommended offer: $274k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 1.5% in Indian River Shores — 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 68/100 on livability (#517 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A-; Watch: schools C-, amenities F, commute 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 (+11.0%/yr); 498 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 564 units permitted in Indian River County in 2024 (281 in 5+ unit buildings).
• This rent runs 38% of the median local income ($150k/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 $2k of loan paydown is wiped out by about $9k 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 + 8.0% rent growth), your $82k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($274k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 21% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $274,480 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.61% ✓
• Cap rate: 9.14%
• Cash-on-cash: 10.15%
• DSCR: 1.45
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $275,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
107 W Park Shores Cir Unit 22W	0.00mi	2/2.0	1,640 (0%)	3mo	$275,000	$168	98
125 E Park Shores Cir Unit 21E	0.11mi	2/2.0	1,640 (0%)	3mo	$550,000	$335	93
133 E Park Shores Cir Unit 6E	0.05mi	2/2.0	1,540 (-6%)	3mo	$245,000	$159	85
5601 A1a Hwy Unit 305S	0.31mi	2/2.0	1,637 (-0%)	3mo	$150,000	$92	83
5601 Highway A1a Unit 303N	0.35mi	2/2.0	1,637 (-0%)	2mo	$155,000	$95	82
5601 Highway A1a Rd Unit 102N	0.31mi	2/2.0	1,600 (-2%)	9mo	$194,000	$121	74
5601 Highway A1a Unit 203s	0.35mi	2/2.0	1,637 (-0%)	12mo	$175,000	$107	73
5601 Highway A1a Unit 209N	0.35mi	2/2.0	1,637 (-0%)	14mo	$158,000	$97	72
212 Park Shores Cir Unit 212B	0.17mi	2/2.0	1,456 (-11%)	6mo	$440,000	$302	68
200 Sable Oak Ln #203	0.42mi	2/2.0	1,678 (+2%)	13mo	$670,000	$399	66
220 Park Shores Cir Unit 220A	0.23mi	2/2.0	1,456 (-11%)	8mo	$350,000	$240	64
217 Park Shores Cir Unit 217B	0.18mi	2/2.0	1,456 (-11%)	13mo	$330,000	$227	62

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.22×
• Total profit: $18,137
• Equity at exit: $43,538

10-year hold

• IRR: 20.1%
• Equity multiple: 3.24×
• Total profit: $183,370
• Equity at exit: $25,247

Cash invested: $81,760 (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 32963

• Rents YoY: 11.0%
• Active inventory: 498
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $4,711 high
• Mortgage (P&I): −$1,531
• Tax from tax record: −$366 /mo · $4,394/yr
• Insurance: −$122
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,011
• Vacancy / Maint / Mgmt: −$989
• Net cashflow: $625

Break-even live

Break-even rent $3,920

Max offer price $292,000

Occupancy floor 82%

Sensitivity live

Price	-10% $791	-5% $708	+0% $625	+5% $543	+10% $460
Rent	-10% $253	-5% $439	+0% $625	+5% $811	+10% $997
Rate	-1.0pp $772	-0.5pp $700	base $625	+0.5pp $550	+1.0pp $473

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: $73,000
• Closing costs: $8,760
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 E Park Shores Cir Unit 2 Indian River Shores, FL	2.0	2.0	1640	$2,600	$1.59	13d	1	0.09mi
133 E Park Shores Cir Unit 7E Vero Beach, FL	2.0	2.0	1640	$3,000	$1.83	13d	1	0.10mi
133 E Park Shores Cir Unit 4E Vero Beach, FL	2.0	2.0	1540	$3,500	$2.27	13d	1	0.10mi
219 Park Shores Cir Unit 219B Vero Beach, FL	2.0	2.5	1583	$3,000	$1.90	13d	1	0.17mi
5680 Highway A1A #111 Vero Beach, FL	3.0	3.0	2050	$6,000	$2.93	21d	1	0.20mi
5670 Jimmy Buffett Memorial Hwy Unit 315S Vero Beach, FL	2.0	3.5	2050	$7,000	$3.41	21d	1	0.20mi
5690 Jimmy Buffett Memorial Hwy Unit 102N Vero Beach, FL	1.0	3.5	1900	$4,500	$2.37	21d	1	0.22mi
5601 Jimmy Buffett Memorial Hwy Unit 304N Indian River Shores, FL	2.0	2.0	2115	$1,999	$0.95	21d	1	0.24mi
100 River Oak Ln Vero Beach, FL	3.0	3.0	2245	$13,000	$5.79	21d	1	0.27mi
5554 Jimmy Buffett Memorial Hwy Unit 201 Indian River Shores, FL	2.0	2.0	1632	$12,000	$7.35	21d	1	0.40mi
5554 Jimmy Buffett Memorial Hwy Unit 202 Indian River Shores, FL	2.0	2.5	1632	$12,000	$7.35	21d	1	0.40mi
5536 Jimmy Buffett Memorial Hwy Unit 211 Vero Beach, FL	2.0	2.5	1632	$6,000	$3.68	21d	1	0.41mi
131 Peppertree Dr #21 Vero Beach, FL	2.0	2.0	1787	$3,300	$1.85	13d	1	0.45mi
5400 Jimmy Buffett Memorial Hwy Indian River Shores, FL	2.0	2.0	1200	$1,800	$1.50	21d	1	0.51mi
5300 Jimmy Buffett Memorial Hwy #301 Indian River Shores, FL	2.0	2.0	1300	$7,000	$5.38	21d	1	0.64mi
5300 Jimmy Buffett Memorial Hwy Unit 314 Indian River Shores, FL	2.0	2.0	1300	$3,000	$2.31	21d	1	0.65mi
5300 Jimmy Buffett Memorial Hwy Unit 408 Indian River Shores, FL	2.0	2.0	1300	$9,000	$6.92	21d	1	0.65mi
5300 Jimmy Buffett Memorial Hwy Unit 305 Indian River Shores, FL	2.0	2.0	1300	$6,000	$4.62	21d	1	0.65mi
5300 Jimmy Buffett Memorial Hwy Unit 214 Indian River Shores, FL	2.0	2.0	1300	$5,500	$4.23	21d	1	0.65mi
5151 Jimmy Buffett Memorial Hwy Unit 512 Indian River Shores, FL	2.0	2.0	1339	$4,600	$3.44	21d	1	0.72mi
5151 Jimmy Buffett Memorial Hwy Unit 305 Indian River Shores, FL	2.0	2.0	1339	$2,300	$1.72	21d	1	0.72mi
5101 Highway A1A #109 Vero Beach, FL	3.0	2.0	1848	$5,500	$2.98	21d	1	0.81mi
5100 Jimmy Buffett Memorial Hwy Unit 58G INDN RIV SHRS, FL	2.0	2.0	1170	$6,000	$5.13	21d	1	1.01mi
4617 Pebble Bay S Vero Beach, FL	3.0	2.5	2240	$8,500	$3.79	21d	1	1.07mi
902 Tides Rd Vero Beach, FL	3.0	3.0	1810	$8,500	$4.70	13d	1	1.19mi
907 Tropic Dr Vero Beach, FL	3.0	2.0	1830	$10,000	$5.46	21d	1	1.28mi
705 Bahia Mar Rd Vero Beach, FL	3.0	2.0	2214	$16,000	$7.23	13d	1	1.31mi
926 Tropic Dr Vero Beach, FL	1.0	1.0	2000	$2,000	$1.00	13d	1	1.34mi
5000 Highway A1A #320 Vero Beach, FL	2.0	2.0	1980	$5,000	$2.53	21d	1	1.38mi
4890 Bethel Creek Dr #5 Vero Beach, FL	2.0	2.5	1244	$2,200	$1.77	21d	1	1.42mi
5225 E Harbor Village Dr #303 Vero Beach, FL	3.0	2.0	1582	$13,000	$8.22	21d	1	1.44mi
4836 Bethel Creek Dr Unit 4836 Vero Beach, FL	2.0	2.5	1650	$3,000	$1.82	13d	1	1.44mi
4834 Bethel Creek Dr Vero Beach, FL	2.0	2.5	1500	$2,900	$1.93	21d	1	1.44mi
5545 E Harbor Village Dr Vero Beach, FL	3.0	3.0	1967	$10,000	$5.08	21d	1	1.46mi
4800 Highway A1A #207 Vero Beach, FL	2.0	2.0	1850	$7,000	$3.78	21d	1	1.48mi
4800 Highway A1A #506 Vero Beach, FL	2.0	2.0	1850	$4,500	$2.43	21d	1	1.48mi
4800 Highway A1A #116 Vero Beach, FL	2.0	2.0	1822	$3,000	$1.65	21d	1	1.48mi
4800 Bethel Creek Dr Unit 5S Vero Beach, FL	2.0	2.5	2215	$5,500	$2.48	13d	1	1.49mi

HOA detail

• Monthly dues: $1,011 · $12,132/yr
• Likely covers: pool

Listing history 30 events

1. 2026-06-19
   days on market $292,000 Active 72 DOM
2. 2026-06-18
   days on market $292,000 Active 71 DOM
3. 2026-06-17
   days on market $292,000 Active 70 DOM
4. 2026-06-16
   days on market $292,000 Active 69 DOM
5. 2026-06-15
   days on market $292,000 Active 68 DOM
6. 2026-06-14
   days on market $292,000 Active 66 DOM
7. 2026-06-13
   days on market $292,000 Active 65 DOM
8. 2026-06-10
   days on market $292,000 Active 63 DOM
9. 2026-06-09
   days on market $292,000 Active 62 DOM
10. 2026-06-08
    days on market $292,000 Active 61 DOM
11. 2026-06-07
    days on market $292,000 Active 60 DOM
12. 2026-06-05
    days on market $292,000 Active 57 DOM
13. 2026-06-02
    days on market $292,000 Active 55 DOM
14. 2026-06-01
    days on market $292,000 Active 54 DOM
15. 2026-05-31
    days on market $292,000 Active 53 DOM
16. 2026-05-30
    days on market $292,000 Active 52 DOM
17. 2026-04-08
    listed $292,000 Active
18. 2026-04-02
    historical $3,200
19. 2025-07-31
    listed $3,200
20. 2025-07-17
    historical $3,200
21. 2025-04-07
    listed $3,200
22. 2024-11-14
    listed $449,000 Active
23. 2024-05-09
    listed $479,000 Active
24. 2024-05-02
    historical
25. 2017-10-13
    soldstatus $263,500 Sold
26. 2017-10-13
    soldstatus $263,500
27. 2017-10-05
    listed Contingent
28. 2014-03-17
    soldstatus $170,000
29. 1997-07-02
    soldstatus $120,000
30. 1992-11-01
    soldstatus $115,000

ⓘ 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: $4,394 · $366/mo
• Projected year-2 tax: $4,394 · $366/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 8/10 Severe FEMA zone X (shaded) · 97% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 25 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: $56,534
• − Mortgage interest: −$16,357
• − Property taxes: −$4,394
• − Insurance: −$2,258
• − Repairs & maintenance: −$4,523
• − Management: −$4,523
• − HOA: −$12,132
• − Depreciation: −$8,495
• Taxable income: $3,854
• Est. tax owed @ 24.0%: −$925
• After-tax cash flow: $6,578/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 — Indian River Shores

• Score: 68/100
• State rank: #517
• US rank: #9512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Indian River Shores, FL
• County: Indian River County · 143,738 people
• City population: 15,008
• Metro: Sebastian-Vero Beach, FL
• Population (ZIP): 15,008
• Household income: $149,923
• Rent vs Own: 4.9% rent · 95.1% own
• Severe rent burden: 119.0

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 (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 5% Lithuanian 4% Italian 3%
• Foreign-born: 9% · Canada
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 1% German/W. Germanic 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: ▼ -180.47%
• Current HPI: 312.0326
• Rent YoY: ▲ 11.04%
• 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

+153.9% since first listed

14 events — show timeline

• 2026-04-08 Listed $292,000 RAIRCMLS
• 2026-04-02 Rental Removed $3,200 RAIRCMLS
• 2025-07-31 Listed for Rent $3,200 RAIRCMLS
• 2025-07-17 Rental Removed $3,200 RAIRCMLS
• 2025-04-07 Listed for Rent $3,200 RAIRCMLS
• 2024-11-14 Listed $449,000 RAIRCMLS
• 2024-05-09 Listed $479,000 RAIRCMLS
• 2024-05-02 Coming Soon — RAIRCMLS
• 2017-10-13 Sold (Public Records) $263,500 Public Records
• 2017-10-13 Sold (MLS) $263,500 RAIRCMLS
• 2017-10-05 Listed — RAIRCMLS
• 2014-03-17 Sold (Public Records) $170,000 Public Records
• 1997-07-02 Sold (Public Records) $120,000 Public Records
• 1992-11-01 Sold (Public Records) $115,000 Public Records

Property tax history

+7.0%/yr

Latest (2025): $4,394 · +4.4% YoY. Source: county tax records.