94 Spring Lake Dr #203 · Florida Ridge, FL 32962

$95,900

1 bd · 2.0 ba · 750 sqft · Condo public records · 59 Days on market

Built 1980

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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 +18.1/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• 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

Welcome to your serene retreat at 94 Spring Lake Dr #203 in Vero Beach. This charming condo offers a spacious layout with one bedroom and one and one-half bathrooms. Enjoy the beautiful views of the golf course, or take a stroll around the peaceful community. The property features updated kitchen and bathrooms, and access to many community amenities such as pools, clubhouses, restaurant, golf course. Conveniently located near shopping, dining, and 10 minutes to beaches. This condo combines comfort with a prime location.

Key facts

• Access to clubhouses
• Access to pools
• Community amenities

Tags

• GOLF COURSE VIEWS
• UPDATED KITCHEN
• COMMUNITY AMENITIES
• ACCESS TO POOLS
• ACCESS TO CLUBHOUSES
• ACCESS TO RESTAURANT

Property features AI

Finance

• Other: Furnished; Living area reported as 750 square feet
• Financial info: No specific rental restrictions (leases allowed); Tax amount and other financial details excluded per instructions
• HOA & community: HOA managed by campbellpropertymanagement; Monthly association fee (required); Association includes cable TV, common area taxes, pool, escrow reserves fund, fidelity bond, insurance, internet, structure and grounds maintenance, general maintenance, management, pest control, private road, recreational facilities, sewer, trash and water; Community amenities: clubhouse, fitness center, pool, tennis courts, golf, golf-cart friendly, association recreation, deed restrictions, street lights, no truck/RV/motorcycle parking; Pets allowed

Exterior

• Parking: No specific parking details provided
• Security: No specific security features listed
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Fiber optics available; Phone available; Sewer connected; Underground utilities; Water connected
• Home design: Condominium; Residential property; One level; Faces northwest; Floor 1 of building 7
• Construction: Concrete construction; Built-up roof; Slab foundation; Built in 2-story building (unit on one-level)
• Exterior features: Private mailbox; Sliding doors; Tennis courts; Irrigation equipment; Paved roads

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Range hood; Refrigerator
• Bedrooms: 1 bedroom
• Flooring: Ceramic tile; Laminate
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; Crown molding; Living room/dining room combo; Solid surface counters; Thermostat; Window treatments
• Laundry & utility: Common area laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $96k.

Deal economics

• At list price, monthly cash flow is $18 ($210/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $96k).
• Recommended offer: $93k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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: schools D, employment D, 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; 37 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 $663 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 59 days — a 3% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y 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.
• Current owner paid $66k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 30% of rent.
• Climate carrying-cost: major 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 $93,023 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% 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. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.59% ✓
• Cap rate: 7.34%
• Cash-on-cash: 3.75%
• DSCR: 1.17
• GRM: 5.2

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: -12.3%
• Equity multiple: 0.54×
• Total profit: $-12,247
• Equity at exit: $14,299

10-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-126
• Equity at exit: $8,292

Cash invested: $26,852 (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: 5.2×

Monthly cashflow live

• Estimated rent: $1,525 high
• Mortgage (P&I): −$503
• Tax from tax record: −$114 /mo · $1,367/yr
• Insurance: −$40
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 1 same-building comp: −$464
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $18

Break-even live

Break-even rent $1,503

Max offer price $95,900

Occupancy floor 94%

Sensitivity live

Price	-10% $72	-5% $45	+0% $18	+5% $-10	+10% $-37
Rent	-10% $-103	-5% $-43	+0% $18	+5% $78	+10% $138
Rate	-1.0pp $66	-0.5pp $42	base $18	+0.5pp $-7	+1.0pp $-33

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: $23,975
• Closing costs: $2,877
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
95 Spring Lake Dr #103 Vero Beach, FL	1.0	1.5	750	$1,600	$2.13	22d	1	0.05mi
85 Crooked Tree Ln #203 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	22d	1	0.09mi
86 Crooked Tree Ln #102 Vero Beach, FL	2.0	2.0	1000	$2,000	$2.00	14d	1	0.12mi
101 Spring Lake Dr #204 Vero Beach, FL	1.0	1.0	630	$1,275	$2.02	22d	1	0.12mi
102 Royal Oak Dr #105 Vero Beach, FL	1.0	1.5	750	$1,550	$2.07	22d	1	0.16mi
103 Royal Oak Dr #106 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	14d	1	0.18mi
80 Crooked Tree Ln #106 Vero Beach, FL	2.0	2.0	1000	$1,900	$1.90	14d	1	0.19mi
60 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,250	$1.98	14d	1	0.22mi
60 Woodland Dr Vero Beach, FL	1.0	1.0	630	$1,125	$1.79	22d	1	0.22mi
58 Woodland Dr #206 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	14d	1	0.26mi
65 Woodland Dr #207 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	22d	1	0.27mi
74 Royal Oak Ct #204 Vero Beach, FL	1.0	1.0	630	$1,175	$1.87	22d	1	0.32mi
50 Woodland Dr #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	14d	1	0.41mi
15 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	14d	1	0.42mi
52 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	22d	1	0.43mi
43 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	22d	1	0.49mi
5 Vista Palm Ln #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	14d	1	0.52mi
23 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	22d	1	0.58mi
37 Pine Arbor Ln #101 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	14d	1	0.58mi
36 Pine Arbor Ln Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	22d	2	0.60mi
36 Vista Gardens Trl #201 Vero Beach, FL	2.0	2.0	1000	$1,390	$1.39	22d	1	0.65mi
34 Vista Gardens Trl #107 Vero Beach, FL	2.0	2.0	1000	$1,350	$1.35	22d	1	0.66mi
33 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,500	$2.38	14d	1	0.66mi
35 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	934	$1,400	$1.50	22d	1	0.67mi
11 Vista Gardens Trl #106 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	22d	1	0.68mi
4 Vista Gardens Trl #207 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	14d	1	0.68mi
26 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	22d	1	0.69mi
28 Vista Gardens Trl #102 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	22d	1	0.72mi
28 Pine Arbor Ln #103 Vero Beach, FL	1.0	1.5	750	$1,200	$1.60	22d	1	0.73mi
16 Vista Palm Ln Vero Beach, FL	1.0–2.0	1.5–2.0	800	$1,500	$1.88	22d	2	0.73mi
19 Pine Arbor Ln #105 Vero Beach, FL	1.0	1.5	750	$1,800	$2.40	22d	1	0.76mi
528 7th Sq #102 Vero Beach, FL	2.0	2.0	1095	$3,000	$2.74	22d	1	0.77mi
441 7th Pl #441 Vero Beach, FL	1.0	1.0	550	$1,250	$2.27	22d	1	0.79mi
462 7th Pl Vero Beach, FL	1.0	1.0	550	$1,400	$2.55	22d	1	0.82mi
522 7th Pl Unit 522 Vero Beach, FL	1.0	1.0	550	$1,500	$2.73	22d	1	0.84mi
1135 3rd Ave #101 Vero Beach, FL	2.0	2.0	906	$1,800	$1.99	22d	1	1.27mi
1200 6th Dr Vero Beach, FL	2.0	2.0	800	$1,550	$1.94	14d	1	1.42mi

HOA detail condo

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

Listing history 50 events

1. 2026-06-19
   days on market $95,900 Active 59 DOM
2. 2026-06-18
   days on market $95,900 Active 58 DOM
3. 2026-06-17
   days on market $95,900 Active 57 DOM
4. 2026-06-16
   days on market $95,900 Active 56 DOM
5. 2026-06-15
   days on market $95,900 Active 55 DOM
6. 2026-06-14
   days on market $95,900 Active 53 DOM
7. 2026-06-13
   days on market $95,900 Active 52 DOM
8. 2026-06-10
   days on market $95,900 Active 50 DOM
9. 2026-06-09
   days on market $95,900 Active 49 DOM
10. 2026-06-08
    days on market $95,900 Active 48 DOM
11. 2026-06-07
    days on market $95,900 Active 47 DOM
12. 2026-06-05
    days on market $95,900 Active 44 DOM
13. 2026-06-02
    days on market $95,900 Active 42 DOM
14. 2026-06-01
    days on market $95,900 Active 41 DOM
15. 2026-05-31
    days on market $95,900 Active 40 DOM
16. 2026-05-30
    days on market $95,900 Active 39 DOM
17. 2026-04-21
    listed $95,900 Active
18. 2026-01-23
    historical
19. 2026-01-23
    listed $95,900 Active
20. 2026-01-23
    historical
21. 2026-01-23
    price $95,900
22. 2025-12-13
    price $85,900
23. 2025-12-04
    price $89,900
24. 2025-10-25
    price $96,900
25. 2025-09-09
    price $89,500
26. 2025-07-31
    price $98,500
27. 2025-07-08
    price $89,900
28. 2025-05-17
    price $95,500
29. 2025-05-10
    historical
30. 2025-05-10
    status Active
31. 2025-05-10
    price $97,500
32. 2025-05-04
    price $104,000
33. 2025-05-02
    price $109,000
34. 2025-04-26
    price $119,000
35. 2025-04-26
    price $124,000
36. 2025-04-22
    price $99,900
37. 2025-04-15
    price $108,900
38. 2025-03-15
    price $98,900
39. 2025-03-05
    price $103,500
40. 2025-02-24
    price $104,500
41. 2025-02-20
    price $109,900
42. 2025-02-10
    listed $116,900 Active
43. 2020-07-20
    soldstatus $66,500
44. 2020-07-14
    soldstatus $66,500 Sold
45. 2020-06-23
    historical Contingent
46. 2020-05-20
    price $69,999
47. 2020-05-20
    price $69,900
48. 2020-03-20
    price $72,000
49. 2020-02-28
    price $74,000
50. 2020-02-04
    listed $75,000 Active

ⓘ 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: $1,367 · $114/mo
• Projected year-2 tax: $1,367 · $114/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 7/10 Severe FEMA zone X (unshaded) · 96% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°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: $18,300
• − Mortgage interest: −$5,372
• − Property taxes: −$1,367
• − Insurance: −$1,277
• − Repairs & maintenance: −$1,464
• − Management: −$1,464
• − HOA: −$5,568
• − Depreciation: −$2,790
• Taxable loss: −$1,002
• Est. tax savings @ 24.0%: +$240
• After-tax cash flow: $451/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

+107.6% since first listed

36 events — show timeline

• 2026-04-21 Listed $95,900 Stellar MLS as Distributed by MLS Grid
• 2026-01-23 Price Changed $95,900 Stellar MLS as Distributed by MLS Grid
• 2026-01-23 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-01-23 Listed $95,900 Stellar MLS as Distributed by MLS Grid
• 2026-01-23 Listing Removed — Beaches MLS
• 2025-12-13 Price Changed $85,900 Beaches MLS
• 2025-12-04 Price Changed $89,900 Beaches MLS
• 2025-10-25 Price Changed $96,900 Beaches MLS
• 2025-09-09 Price Changed $89,500 Beaches MLS
• 2025-07-31 Price Changed $98,500 Beaches MLS
• 2025-07-08 Price Changed $89,900 Beaches MLS
• 2025-05-17 Price Changed $95,500 Beaches MLS
• 2025-05-10 Listing Removed — Beaches MLS
• 2025-05-10 Relisted — Beaches MLS
• 2025-05-10 Price Changed $97,500 Beaches MLS
• 2025-05-04 Price Changed $104,000 Beaches MLS
• 2025-05-02 Price Changed $109,000 Beaches MLS
• 2025-04-26 Price Changed $119,000 Beaches MLS
• 2025-04-26 Price Changed $124,000 Beaches MLS
• 2025-04-22 Price Changed $99,900 Beaches MLS
• 2025-04-15 Price Changed $108,900 Beaches MLS
• 2025-03-15 Price Changed $98,900 Beaches MLS
• 2025-03-05 Price Changed $103,500 Beaches MLS
• 2025-02-24 Price Changed $104,500 Beaches MLS
• 2025-02-20 Price Changed $109,900 Beaches MLS
• 2025-02-10 Listed $116,900 Beaches MLS
• 2020-07-20 Sold (Public Records) $66,500 Public Records
• 2020-07-14 Sold (MLS) $66,500 RAIRCMLS
• 2020-06-23 Contingent — RAIRCMLS
• 2020-05-20 Price Changed $69,999 RAIRCMLS
• 2020-05-20 Price Changed $69,900 RAIRCMLS
• 2020-03-20 Price Changed $72,000 RAIRCMLS
• 2020-02-28 Price Changed $74,000 RAIRCMLS
• 2020-02-04 Listed $75,000 RAIRCMLS
• 2019-01-15 Sold (Public Records) $64,000 Public Records
• 1980-10-01 Sold (Public Records) $46,200 Public Records

Property tax history

+11.2%/yr

Latest (2025): $1,367 · +6.1% YoY. Source: county tax records.