45 Vista Gardens Trl · Vero Beach South, FL 32962

$109,000

1 bd · 1.5 ba · 750 sqft · Condo · 24 Days on market

Built 1984 Fair condition ↓ 9% since listing

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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 +10.7/30.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.5/5.0
• DSCR +3.1/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

comfortable

Key facts

• Built 1984
• Listed 23 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $109k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-119 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Recommended offer: $107k (1.5% below list) — sets the bar for market timing.
• Cap rate 5.7% vs local median 4.3% in Vero Beach South — 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 78/100 on livability (#163 in FL, #2,445 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A; Watch: 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; 39 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 $754 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

• It's been on market 24 days — a 2% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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 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 $107,365 (1.5% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 1.39% ✓
• Cap rate: 5.71%
• Cash-on-cash: -2.07%
• DSCR: 0.91
• GRM: 6.0

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: -21.4%
• Equity multiple: 0.24×
• Total profit: $-23,066
• Equity at exit: $16,252

10-year hold

• IRR: -10.0%
• Equity multiple: 0.32×
• Total profit: $-20,716
• Equity at exit: $9,424

Cash invested: $30,520 (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 32962

• Rents YoY: 4.2%
• Active inventory: 348
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,515 high
• Mortgage (P&I): −$572
• Tax est. 1.5%: −$136 /mo · $1,635/yr
• Insurance: −$45
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 2 same-building comps: −$496
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $-119

Break-even live

Break-even rent $1,665

Max offer price $91,753

Occupancy floor —

Sensitivity live

Price	-10% $-44	-5% $-82	+0% $-119	+5% $-157	+10% $-195
Rent	-10% $-239	-5% $-179	+0% $-119	+5% $-59	+10% $0
Rate	-1.0pp $-64	-0.5pp $-91	base $-119	+0.5pp $-147	+1.0pp $-176

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
43 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	22d	1	0.08mi
36 Vista Gardens Trl #201 Vero Beach, FL	2.0	2.0	1000	$1,390	$1.39	22d	1	0.24mi
15 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	14d	1	0.25mi
4 Vista Gardens Trl #207 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	14d	1	0.26mi
11 Vista Gardens Trl #106 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	22d	1	0.26mi
34 Vista Gardens Trl #107 Vero Beach, FL	2.0	2.0	1000	$1,350	$1.35	22d	1	0.27mi
35 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	934	$1,400	$1.50	22d	1	0.27mi
23 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	22d	1	0.29mi
33 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,500	$2.38	14d	1	0.29mi
102 Royal Oak Dr #105 Vero Beach, FL	1.0	1.5	750	$1,550	$2.07	22d	1	0.35mi
528 7th Sq #102 Vero Beach, FL	2.0	2.0	1095	$3,000	$2.74	22d	1	0.35mi
101 Spring Lake Dr #204 Vero Beach, FL	1.0	1.0	630	$1,275	$2.02	22d	1	0.37mi
95 Spring Lake Dr #103 Vero Beach, FL	1.0	1.5	750	$1,600	$2.13	22d	1	0.37mi
441 7th Pl #441 Vero Beach, FL	1.0	1.0	550	$1,250	$2.27	22d	1	0.37mi
462 7th Pl Vero Beach, FL	1.0	1.0	550	$1,400	$2.55	22d	1	0.40mi
28 Vista Gardens Trl #102 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	22d	1	0.41mi
26 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	22d	1	0.41mi
103 Royal Oak Dr #106 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	14d	1	0.41mi
522 7th Pl Unit 522 Vero Beach, FL	1.0	1.0	550	$1,500	$2.73	22d	1	0.43mi
85 Crooked Tree Ln #203 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	22d	1	0.50mi
80 Crooked Tree Ln #106 Vero Beach, FL	2.0	2.0	1000	$1,900	$1.90	14d	1	0.51mi
86 Crooked Tree Ln #102 Vero Beach, FL	2.0	2.0	1000	$2,000	$2.00	14d	1	0.52mi
74 Royal Oak Ct #204 Vero Beach, FL	1.0	1.0	630	$1,175	$1.87	22d	1	0.57mi
60 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,250	$1.98	14d	1	0.62mi
60 Woodland Dr Vero Beach, FL	1.0	1.0	630	$1,125	$1.79	22d	1	0.63mi
65 Woodland Dr #207 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	22d	1	0.64mi
58 Woodland Dr #206 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	14d	1	0.67mi
50 Woodland Dr #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	14d	1	0.75mi
52 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	22d	1	0.75mi
1135 3rd Ave #101 Vero Beach, FL	2.0	2.0	906	$1,800	$1.99	22d	1	0.86mi
5 Vista Palm Ln #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	14d	1	0.94mi
37 Pine Arbor Ln #101 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	14d	1	0.98mi
36 Pine Arbor Ln Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	22d	2	0.99mi
1200 6th Dr Vero Beach, FL	2.0	2.0	800	$1,550	$1.94	14d	1	1.01mi
28 Pine Arbor Ln #103 Vero Beach, FL	1.0	1.5	750	$1,200	$1.60	22d	1	1.13mi
16 Vista Palm Ln Vero Beach, FL	1.0–2.0	1.5–2.0	800	$1,500	$1.88	22d	2	1.15mi
19 Pine Arbor Ln #105 Vero Beach, FL	1.0	1.5	750	$1,800	$2.40	22d	1	1.17mi
1306 12th St Unit B Vero Beach, FL	2.0	1.0	1000	$1,600	$1.60	22d	1	1.44mi
974 14th Ln Vero Beach, FL	1.0–3.0	1.0–3.0	1828	$2,199	$1.20	14d	32	1.45mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-19
   days on market $109,000 Active 24 DOM
2. 2026-06-18
   days on market $109,000 Active 23 DOM
3. 2026-06-17
   days on market $109,000 Active 22 DOM
4. 2026-06-16
   days on market $109,000 Active 21 DOM
5. 2026-06-15
   days on market $109,000 Active 20 DOM
6. 2026-06-14
   days on market $109,000 Active 18 DOM
7. 2026-06-13
   days on market $109,000 Active 17 DOM
8. 2026-06-10
   days on market $109,000 Active 15 DOM
9. 2026-06-09
   days on market $109,000 Active 14 DOM
10. 2026-06-08
    days on market $109,000 Active 13 DOM
11. 2026-06-07
    days on market $109,000 Active 12 DOM
12. 2026-06-05
    days on market $109,000 Active 9 DOM
13. 2026-06-02
    days on market $109,000 Active 7 DOM
14. 2026-06-01
    days on market $109,000 Active 6 DOM
15. 2026-05-31
    days on market $109,000 Active 5 DOM
16. 2026-05-30
    days on market $109,000 Active 4 DOM
17. 2026-05-27
    listed $109,000 Active
18. 2016-08-16
    historical
19. 2008-04-10
    listed $119,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 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: $18,175
• − Mortgage interest: −$6,106
• − Property taxes: −$1,635
• − Insurance: −$1,342
• − Repairs & maintenance: −$1,454
• − Management: −$1,454
• − HOA: −$5,952
• − Depreciation: −$3,171
• Taxable loss: −$2,939
• Est. tax savings @ 24.0%: +$705
• After-tax cash flow: $-725/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.

Condition & rehab AI · 2 photos

Fair 45/100 Cosmetic rehab

The property is in fair condition with some cosmetic issues that can be addressed with minor repairs and maintenance. The living room appears lived-in and could benefit from cleaning and touch-ups to improve its appearance.

Repairs flagged

• Major Construction debris removal — Construction cones and debris suggest ongoing work that needs cleanup.
• Minor Paint touch-ups — Paint appears faded in some areas, indicating wear and tear.
• Minor Floor cleaning — Carpeted flooring in the living room may need cleaning to remove dust and debris.
• Minor Interior cleaning — Living room appears lived-in but shows signs of wear and tear, indicating a need for cleaning and possibly minor repairs.

Value-add opportunities

• Both Paint touch-ups — Fresh paint can improve the appearance and value of the property.
• Both Floor cleaning — A clean and well-maintained floor can enhance the overall appeal of the property.
• Both Interior cleaning — A clean and well-maintained interior can improve the overall appeal of the property and make it more attractive to potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Construction debris removal · Construction cones and debris suggest ongoing work that needs cleanup.	Major	$15,000–50,000
Paint touch-ups · Paint appears faded in some areas, indicating wear and tear.	Minor	$500–3,000
Floor cleaning · Carpeted flooring in the living room may need cleaning to remove dust and debris.	Minor	$500–3,000
Interior cleaning · Living room appears lived-in but shows signs of wear and tear, indicating a need for cleaning and possibly minor repairs.	Minor	$500–3,000
Total estimated repair cost · 4 items		$16,500–59,000

Value-add ROI direction

• Both Paint touch-ups — Fresh paint can improve the appearance and value of the property. ↑
• Both Floor cleaning — A clean and well-maintained floor can enhance the overall appeal of the property. ↑
• Both Interior cleaning — A clean and well-maintained interior can improve the overall appeal of the property and make it more attractive to potential buyers or renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 South

• Score: 78/100
• State rank: #163
• US rank: #2445

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vero Beach South, FL
• County: Indian River County · 143,738 people
• 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

-9.1% since first listed

3 events — show timeline

• 2026-05-27 Listed $109,000 FSBO.com
• 2016-08-16 Listing Removed — SCMLS
• 2008-04-10 Listed $119,900 SCMLS