400 18th St Unit O-6 · Vero Beach, FL 32960

$159,000

2 bd · 2.0 ba · 1,130 sqft · Condo public records · 54 Days on market

Built 1981 $597/mo HOA · 31% of rent

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Why this score? — see what drove the D 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 +12.8/30.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• DSCR +3.8/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Renovated showplace in the heart of town! This stunning 2BR/2BA condo has been completely remodeled from top to bottom with NEW kitchen, appliances, flooring, bathrooms, doors, hardware, Roof 2024, and A/C 2020. Second-floor location offers added privacy plus peaceful views of mature oaks and lush landscaping. New hurricane-impact enclosed balcony adds extra living space and protection. Resort-style amenities include pool, fitness room, clubhouse, pickleball, tennis, billiards, shuffleboard & more. Walk to the beach!

Key facts

• Renovated showplace
• New kitchen
• Clubhouse

Tags

• RENOVATED SHOWPLACE
• NEW KITCHEN
• RESORT-STYLE AMENITIES
• POOL
• FITNESS ROOM
• CLUBHOUSE

Property features AI

Finance

• Other: Senior community; Community amenities: clubhouse, fitness room, billiard room, tennis courts, pickleball, shuffleboard, pool
• Financial info: Pets not allowed
• HOA & community: AR Choice Management HOA; HOA dues paid monthly; HOA fee includes common areas, HVAC, insurance, grounds maintenance, structure maintenance, parking and recreation facilities; Monthly association fee

Exterior

• Parking: Assigned uncovered parking
• Security: Smoke detectors
• Utilities: Private water; Private sewer
• Home design: 2 stories; Faces south; Attached property
• Construction: Block and concrete construction; Built-up / tar and gravel roof
• Exterior features: Enclosed porch; Porch; Community pool

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: Bedroom — 12 x 12; Bedroom — 15 x 14
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Window treatments; Pantry; Walk-in closet(s); Furnishing negotiable
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $159k.

Deal economics

• At list price, monthly cash flow is $-80 ($-961/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (8.9% below list).
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $145k (8.9% below list) — sets the bar for cash-flow.
• Cap rate 6.2% vs local median 2.8% in Vero Beach — 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 80/100 on livability (#116 in FL, #1,784 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: employment D+, amenities 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); Gifford Middle School (math 46% / reading 45%, grade D+, #305 of 571 statewide, top 54%, 582 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 soft (-1.7%/yr); 208 active listings in the ZIP; 40 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 42% of the median local income ($55k/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 $1k of loan paydown is wiped out by about $5k 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

• It's been on market 54 days — a 3% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $62k; list at $159k implies a 157% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 31% 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 $144,849 (8.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.22% ✓
• Cap rate: 6.19%
• Cash-on-cash: -0.37%
• DSCR: 0.98
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -24.8%
• Equity multiple: 0.19×
• Total profit: $-36,188
• Equity at exit: $23,707

10-year hold

• IRR: -44.4%
• Equity multiple: -0.32×
• Total profit: $-58,579
• Equity at exit: $13,747

Cash invested: $44,520 (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 32960

• Home prices YoY: -25.5%
• Rents YoY: -1.7%
• Active inventory: 208
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,932 high
• Mortgage (P&I): −$834
• Tax from tax record: −$43 /mo · $516/yr
• Insurance: −$66
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$597
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $-80

Break-even live

Break-even rent $2,034

Max offer price $144,849

Occupancy floor 99%

Sensitivity live

Price	-10% $10	-5% $-35	+0% $-80	+5% $-125	+10% $-170
Rent	-10% $-233	-5% $-156	+0% $-80	+5% $-4	+10% $73
Rate	-1.0pp $0	-0.5pp $-40	base $-80	+0.5pp $-121	+1.0pp $-163

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
400 18th St Vero Beach, FL	2.0	2.0	1065	$1,512	$1.42	15d	2	0.10mi
400 18th St Vero Beach, FL	2.0	2.0	1065	$1,575	$1.48	23d	1	0.10mi
1765 6th Ave Vero Beach, FL	2.0	1.0	800	$1,550	$1.94	23d	1	0.12mi
635 18th Pl Vero Beach, FL	3.0	2.0	1120	$2,300	$2.05	23d	1	0.14mi
1745 6th Ave Unit 7(R) Vero Beach, FL	2.0	1.0	800	$1,550	$1.94	23d	1	0.15mi
303 18th Pl Vero Beach, FL	2.0	1.5	1200	$1,599	$1.33	23d	1	0.20mi
315 18th Pl Unit 315 Vero Beach, FL	2.0	1.5	1200	$1,599	$1.33	23d	1	0.22mi
686 17th St Vero Beach, FL	2.0	1.0	950	$1,700	$1.79	15d	2	0.22mi
1801 Indian River Blvd Unit C7 Vero Beach, FL	2.0	2.0	1200	$1,700	$1.42	15d	1	0.24mi
1845 Robalo Dr Unit 205 Vero Beach, FL	2.0	2.0	1000	$2,500	$2.50	23d	1	0.32mi
1873 Robalo Dr Vero Beach, FL	2.0	2.0	1152	$2,300	$2.00	23d	1	0.32mi
1953 Robalo Dr Vero Beach, FL	2.0	2.0	1400	$5,000	$3.57	23d	1	0.34mi
1860 Robalo Dr Vero Beach, FL	2.0	2.0	950	$2,600	$2.74	23d	2	0.36mi
1935 Cobia Dr Unit 202E Vero Beach, FL	2.0	2.0	1000	$2,250	$2.25	23d	1	0.41mi
1510 3rd Ct Vero Beach, FL	3.0	2.0	950	$6,000	$6.32	15d	1	0.46mi
1450 5th Ave Vero Beach, FL	3.0	2.0	1124	$2,400	$2.14	23d	1	0.49mi
677 Royal Palm Blvd #22 Vero Beach, FL	2.0	2.0	1200	$1,700	$1.42	15d	1	0.51mi
1840 Tarpon Ln Unit D202 Vero Beach, FL	2.0	2.0	1400	$2,500	$1.79	23d	1	0.52mi
808 22nd St Unit 8 Vero Beach, FL	2.0	2.0	1000	$1,465	$1.47	23d	1	0.52mi
939 19th St Unit 961 Vero Beach, FL	2.0	2.0	1000	$1,850	$1.85	23d	1	0.53mi
516 13th Pl Vero Beach, FL	3.0	2.0	1102	$1,800	$1.63	23d	1	0.57mi
974 14th Ln Vero Beach, FL	1.0–3.0	1.0–3.0	1828	$4,049	$2.21	15d	32	0.57mi
600 Royal Palm Blvd Unit 1A Vero Beach, FL	2.0	2.0	1400	$2,000	$1.43	23d	1	0.58mi
923 22nd Pl #106 Vero Beach, FL	2.0	2.0	860	$1,600	$1.86	23d	1	0.61mi
1200 6th Dr Vero Beach, FL	2.0	2.0	800	$1,550	$1.94	15d	1	0.80mi
1100 Ponce de Leon Cir #305 Vero Beach, FL	2.0	2.0	840	$1,350	$1.61	23d	1	0.81mi
1170 6th Ave Unit 2D Vero Beach, FL	2.0	2.5	1170	$1,800	$1.54	15d	1	0.83mi
2222 Ponce De Leon Cir Unit B Vero Beach, FL	2.0	1.0	970	$1,650	$1.70	15d	1	0.83mi
1135 3rd Ave #101 Vero Beach, FL	2.0	2.0	906	$1,800	$1.99	23d	1	0.88mi
1166 6th Ave Vero Beach, FL	2.0	2.0	1140	$2,200	$1.93	15d	1	0.89mi
1166 6th Ave Unit D Vero Beach, FL	2.0	2.0	1140	$2,000	$1.75	23d	1	0.89mi
23 Royal Palm Pointe Unit B Vero Beach, FL	2.0	2.0	1100	$2,695	$2.45	23d	1	0.95mi
263 Provence Pl Vero Beach, FL	2.0	2.5	1364	$3,500	$2.57	23d	1	0.96mi
2800 Indian River Blvd Vero Beach, FL	1.0–2.0	1.5–2.0	847	$3,200	$3.78	15d	5	0.96mi
1041 Normandie Way Vero Beach, FL	2.0	2.0	1178	$2,100	$1.78	15d	1	0.99mi
1429 19th Pl #4 Vero Beach, FL	2.0	1.0	873	$1,800	$2.06	23d	1	1.00mi
400 E Waverly Pl Unit 2b Vero Beach, FL	2.0	2.5	1170	$1,900	$1.62	23d	1	1.10mi
340 E Waverly Pl Unit 6D Vero Beach, FL	1.0	1.5	1200	$1,000	$0.83	23d	1	1.10mi
1936 18th Ave Unit A Vero Beach, FL	2.0	1.0	1100	$2,000	$1.82	23d	1	1.19mi
1306 12th St Unit B Vero Beach, FL	2.0	1.0	1000	$1,600	$1.60	23d	1	1.19mi

HOA detail condo

• Monthly dues: $597 · $7,164/yr
• Likely covers: landscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-22
   days on market $159,000 Active 54 DOM
2. 2026-06-19
   days on market $159,000 Active 52 DOM
3. 2026-06-18
   days on market $159,000 Active 51 DOM
4. 2026-06-17
   days on market $159,000 Active 50 DOM
5. 2026-06-16
   days on market $159,000 Active 49 DOM
6. 2026-06-15
   days on market $159,000 Active 48 DOM
7. 2026-06-14
   days on market $159,000 Active 46 DOM
8. 2026-06-13
   days on market $159,000 Active 45 DOM
9. 2026-06-10
   days on market $159,000 Active 43 DOM
10. 2026-06-09
    days on market $159,000 Active 42 DOM
11. 2026-06-08
    days on market $159,000 Active 41 DOM
12. 2026-06-07
    days on market $159,000 Active 40 DOM
13. 2026-06-05
    days on market $159,000 Active 37 DOM
14. 2026-06-02
    days on market $159,000 Active 35 DOM
15. 2026-06-01
    days on market $159,000 Active 34 DOM
16. 2026-05-31
    days on market $159,000 Active 33 DOM
17. 2026-05-30
    days on market $159,000 Active 32 DOM
18. 2026-04-28
    listed $159,000 Active
19. 2008-06-03
    soldstatus $61,900
20. 2000-05-03
    soldstatus $54,000
21. 1988-05-01
    soldstatus $51,000

ⓘ 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: $516 · $43/mo
• Projected year-2 tax: $1,320 · $110/mo
• Expected delta: +$803/yr (+$67/mo · 155.6%)

ⓘ 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 2/10 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: $23,186
• − Mortgage interest: −$8,906
• − Property taxes: −$516
• − Insurance: −$1,592
• − Repairs & maintenance: −$1,855
• − Management: −$1,855
• − HOA: −$7,164
• − Depreciation: −$4,625
• Taxable loss: −$3,328
• Est. tax savings @ 24.0%: +$799
• After-tax cash flow: $-163/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 — Vero Beach

• Score: 80/100
• State rank: #116
• US rank: #1784

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vero Beach, FL
• County: Indian River County · 143,738 people
• City population: 98,707
• Metro: Sebastian-Vero Beach, FL
• Population (ZIP): 25,259
• Household income: $54,682
• Rent vs Own: 40.7% rent · 59.3% own
• Severe rent burden: 1166.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 16% Two or more races 12% Black 10% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 3% Cuban 2%
• Common ancestry: Italian 4% Slovak 3% Romanian 3%
• Foreign-born: 11% · Canada, Jamaica, Vietnam
• Languages at home: 82% English-only · Spanish 13% French/Haitian/Cajun 2% Other Asian/Pacific 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: ▼ -103.20%
• Current HPI: 302.0029
• Rent YoY: ▼ -1.66%
• 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

+211.8% since first listed

4 events — show timeline

• 2026-04-28 Listed $159,000 RAIRCMLS
• 2008-06-03 Sold (Public Records) $61,900 Public Records
• 2000-05-03 Sold (Public Records) $54,000 Public Records
• 1988-05-01 Sold (Public Records) $51,000 Public Records

Property tax history

+6.2%/yr

Latest (2025): $516 · +9.0% YoY. Source: county tax records.