57 Woodland Dr #102 · Florida Ridge, FL 32962

$89,990

2 bd · 2.0 ba · 1,000 sqft · Condo public records · 4 Days on market

Built 1978 $620/mo HOA · 36% of rent

---

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 +23.6/30.0
• 1% rule +10.0/10.0
• DSCR +7.6/10.0
• 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

Another Great Listing in Grand Royale at Vista Royale! Don't miss this incredible opportunity to own in the highly desirable Grand Royale at Vista Royale community. This fixer-upper is full of potential and waiting for the right owner to add their personal touch and transform it into the perfect home. Whether you're an investor, seasonal resident, or looking for your next project, this property offers endless possibilities at an attractive value. Conveniently located near shopping, dining, golf, and beautiful beaches, you'll enjoy everything this sought-after community has to give. Location. Location. Location. This opportunity won't last long—schedule your showing today!

Key facts

• Conveniently located
• $620 HOA
• Community pool

Tags

• CONVENIENTLY LOCATED
• SOUGHT-AFTER COMMUNITY

Property features AI

Finance

• Other: Unfurnished; Homestead exempt; Universal property ID available
• Financial info: Total monthly HOA/condo fees: $620 (total annual fees $7,440); No lease restrictions noted
• HOA & community: HOA: Grand royale Vista / Grand Royale; Monthly condominium fee of $620 (includes cable TV, pool, and other amenities); Association approval required; Community clubhouse and community mailbox; Senior community; Pets allowed (cats and dogs), maximum pet weight ~20 lbs

Exterior

• Parking: Parking information not provided
• Security: No specific security features listed
• Utilities: Public water; Public sewer; Cable available and connected
• Home design: Residential condominium; One story; Faces north; Second-floor unit in Building 1
• Construction: Concrete construction; Shingle roof; Slab foundation; Built as part of Building 1
• Exterior features: Other exterior features; Asphalt road access

Interior

• Kitchen: Dishwasher; Garbage disposal
• Bedrooms: 2 bedrooms
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Open floorplan; Other interior features
• Laundry & utility: Laundry closet; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $90k.

Deal economics

• At list price, monthly cash flow is $103 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Cap rate 8.6% 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; 35 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).
• This rent runs 31% of the median local income ($67k/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 $622 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $62k; 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 36% 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 $89,990

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.91% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.09%
• DSCR: 1.36
• GRM: 4.4

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: -5.7%
• Equity multiple: 0.78×
• Total profit: $-5,514
• Equity at exit: $13,418

10-year hold

• IRR: 6.7%
• Equity multiple: 1.56×
• Total profit: $14,061
• Equity at exit: $7,781

Cash invested: $25,197 (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: 4.4×

Monthly cashflow live

• Estimated rent: $1,722 high
• Mortgage (P&I): −$472
• Tax from tax record: −$61 /mo · $734/yr
• Insurance: −$37
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$620
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $103

Break-even live

Break-even rent $1,591

Max offer price $89,990

Occupancy floor 89%

Sensitivity live

Price	-10% $154	-5% $129	+0% $103	+5% $78	+10% $52
Rent	-10% $-33	-5% $35	+0% $103	+5% $171	+10% $239
Rate	-1.0pp $149	-0.5pp $126	base $103	+0.5pp $80	+1.0pp $56

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: $22,498
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
58 Woodland Dr #206 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	14d	1	0.04mi
65 Woodland Dr #207 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	22d	1	0.16mi
86 Crooked Tree Ln #102 Vero Beach, FL	2.0	2.0	1000	$2,000	$2.00	14d	1	0.19mi
85 Crooked Tree Ln #203 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	22d	1	0.22mi
50 Woodland Dr #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	14d	1	0.24mi
5 Vista Palm Ln #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	14d	1	0.24mi
80 Crooked Tree Ln #106 Vero Beach, FL	2.0	2.0	1000	$1,900	$1.90	14d	1	0.26mi
37 Pine Arbor Ln #101 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	14d	1	0.29mi
36 Pine Arbor Ln Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	22d	2	0.31mi
103 Royal Oak Dr #106 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	14d	1	0.35mi
95 Spring Lake Dr #103 Vero Beach, FL	1.0	1.5	750	$1,600	$2.13	22d	1	0.35mi
102 Royal Oak Dr #105 Vero Beach, FL	1.0	1.5	750	$1,550	$2.07	22d	1	0.39mi
28 Pine Arbor Ln #103 Vero Beach, FL	1.0	1.5	750	$1,200	$1.60	22d	1	0.43mi
16 Vista Palm Ln Vero Beach, FL	1.0–2.0	1.5–2.0	800	$1,700	$2.12	22d	2	0.45mi
19 Pine Arbor Ln #105 Vero Beach, FL	1.0	1.5	750	$1,800	$2.40	22d	1	0.46mi
161 6th Ct SW Vero Beach, FL	2.0	1.0	1298	$1,590	$1.22	14d	1	0.53mi
355 6th Rd SW Vero Beach, FL	3.0	1.0	880	$1,800	$2.05	22d	1	0.58mi
734 5th Pl SW Vero Beach, FL	3.0	1.0	1402	$1,800	$1.28	22d	1	0.77mi
43 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	22d	1	0.78mi
710 Timber Ridge Trl SW Vero Beach, FL	3.0	2.0	1498	$2,500	$1.67	22d	1	0.79mi
23 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	22d	1	0.83mi
650 N Center Ct SW Unit 102 Vero Beach, FL	3.0	2.0	1440	$2,100	$1.46	22d	1	0.84mi
26 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	22d	1	0.92mi
36 Vista Gardens Trl #201 Vero Beach, FL	2.0	2.0	1000	$1,390	$1.39	22d	1	0.93mi
34 Vista Gardens Trl #107 Vero Beach, FL	2.0	2.0	1000	$1,350	$1.35	22d	1	0.93mi
35 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	934	$1,400	$1.50	22d	1	0.95mi
28 Vista Gardens Trl #102 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	22d	1	0.96mi
4 Vista Gardens Trl #207 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	14d	1	0.97mi
11 Vista Gardens Trl #106 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	22d	1	0.97mi
721 Timber Ridge Trl SW Unit D Vero Beach, FL	2.0	2.0	1368	$2,300	$1.68	22d	1	0.97mi
528 7th Sq #102 Vero Beach, FL	2.0	2.0	1095	$3,000	$2.74	22d	1	1.07mi
855 6th Ave Vero Beach, FL	2.0	2.0	1194	$1,950	$1.63	14d	1	1.29mi
340 E Waverly Pl Unit 6D Vero Beach, FL	1.0	1.5	1200	$1,000	$0.83	22d	1	1.34mi
400 E Waverly Pl Unit 2b Vero Beach, FL	2.0	2.5	1170	$1,900	$1.62	22d	1	1.35mi
1041 Normandie Way Vero Beach, FL	2.0	2.0	1178	$2,100	$1.78	14d	1	1.46mi

HOA detail condo

• Monthly dues: $620 · $7,440/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-06-19
   days on market $89,990 Active 4 DOM
2. 2026-06-18
   days on market $89,990 Active 3 DOM
3. 2026-06-17
   days on market $89,990 Active 2 DOM
4. 2026-06-15
   remarks 681-char remark
5. 2026-06-15
   listed $89,990 Active 1 DOM

ⓘ 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: $734 · $61/mo
• Projected year-2 tax: $747 · $62/mo
• Expected delta: +$13/yr (+$1/mo · 1.8%)

ⓘ 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 3/10 Moderate
• 🌡 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: $20,664
• − Mortgage interest: −$5,041
• − Property taxes: −$734
• − Insurance: −$1,247
• − Repairs & maintenance: −$1,653
• − Management: −$1,653
• − HOA: −$7,440
• − Depreciation: −$2,618
• Taxable income: $278
• Est. tax owed @ 24.0%: −$67
• After-tax cash flow: $1,174/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

+130.2% since first listed

5 events — show timeline

• 2026-06-15 Listed $89,990 Stellar MLS as Distributed by MLS Grid
• 2002-12-06 Sold (Public Records) $62,500 Public Records
• 2000-10-20 Sold (Public Records) $49,500 Public Records
• 1999-02-23 Sold (Public Records) $48,000 Public Records
• 1978-10-01 Sold (Public Records) $39,100 Public Records

Property tax history

-0.2%/yr

Latest (2025): $734 · +6.4% YoY. Source: county tax records.