635 Centre Ct SW #101 · Florida Ridge, FL 32962

$175,000

3 bd · 2.0 ba · 1,440 sqft · Condo public records · 117 Days on market

Built 1990 $765/mo HOA · 35% 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 +9.8/30.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

NOT YOUR USUAL TIMBER RIDGE VILLA BECAUSE IT WAS CUSTOMIZED BY DEVELOPER & SELLERS INSIDE. YOU HAVE A TRUE 3RD BEDROOM WITH A CLOSET. 2 SKYLIGHTS GIVE NATURAL LIGHTING. EXTRAS ARE DOUBLE BATH SINKS, LAUNDRY TUB, PANTRY. GARAGE ENTRANCE INTO VILLA OFF OF YOUR KITCHEN. IF YOU SHOULD LOSE POWER, "NO WORRY" BECAUSE YOU HAVE A GENERATOR.

Key facts

• $765 HOA
• Garage
• Built 1990

Property features AI

Finance

• Financial info: Pets allowed (number limit)
• HOA & community: Oceans Edge Management Co HOA; Monthly HOA fee; HOA covers common areas, insurance, grounds maintenance, structure maintenance, reserve fund, roof, and trash; Community sidewalks and trails/paths

Exterior

• Parking: Assigned parking; Driveway; Uncovered spaces; 1-car garage
• Utilities: Public water; County sewer
• Home design: 2-story; Property attached
• Construction: Frame construction; Shingle roof
• Exterior features: Patio; Screened porch (16 x 11); Sprinkler / irrigation; Rain gutters; Less than quarter acre lot; Has view; Faces west

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Kitchen island; Disposal
• Bedrooms: Bedroom 1: 12 x 10; Bedroom 2: 15 x 16; Bedroom 3: 13 x 12
• Flooring: Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Skylight(s); Sliding doors; Bathtub; Garden tub / Roman tub; Kitchen island; Skylights; Walk-in closet(s)
• Laundry & utility: Laundry room; Washer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $-112 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (11.3% below list).
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $155k (11.3% below list) — sets the bar for cash-flow.
• Cap rate 5.5% vs local median 4.5% in Florida Ridge — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: employment D, amenities F, health & safety 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); Oslo Middle School (math 39% / reading 45%, grade D-, #340 of 571 statewide, top 61%, 864 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 rising fast (+4.2%/yr); 351 active listings in the ZIP; 22 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 39% 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 $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 117 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $89k; list at $175k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.
• Climate carrying-cost: 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 $155,157 (11.3% 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 117 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.24% ✓
• Cap rate: 5.52%
• Cash-on-cash: -2.75%
• DSCR: 0.88
• GRM: 6.7

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: -18.6%
• Equity multiple: 0.34×
• Total profit: $-32,495
• Equity at exit: $26,093

10-year hold

• IRR: -7.4%
• Equity multiple: 0.49×
• Total profit: $-24,886
• Equity at exit: $15,131

Cash invested: $49,000 (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: 351
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,169 high
• Mortgage (P&I): −$918
• Tax from tax record: −$70 /mo · $842/yr
• Insurance: −$73
• HOA: −$765
• Vacancy / Maint / Mgmt: −$455
• Net cashflow: $-112

Break-even live

Break-even rent $2,311

Max offer price $155,157

Occupancy floor —

Sensitivity live

Price	-10% $-13	-5% $-63	+0% $-112	+5% $-162	+10% $-211
Rent	-10% $-284	-5% $-198	+0% $-112	+5% $-27	+10% $59
Rate	-1.0pp $-24	-0.5pp $-68	base $-112	+0.5pp $-158	+1.0pp $-204

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
650 N Center Ct SW Unit 102 Vero Beach, FL	3.0	2.0	1440	$2,100	$1.46	22d	1	0.01mi
710 Timber Ridge Trl SW Vero Beach, FL	3.0	2.0	1498	$2,500	$1.67	22d	1	0.09mi
721 Timber Ridge Trl SW Unit D Vero Beach, FL	2.0	2.0	1368	$2,300	$1.68	22d	1	0.15mi
734 5th Pl SW Vero Beach, FL	3.0	1.0	1402	$1,800	$1.28	22d	1	0.19mi
355 6th Rd SW Vero Beach, FL	3.0	1.0	880	$1,800	$2.05	22d	1	0.40mi
16 Vista Palm Ln Vero Beach, FL	1.0–2.0	1.5–2.0	800	$1,700	$2.12	22d	2	0.55mi
161 6th Ct SW Vero Beach, FL	2.0	1.0	1298	$1,590	$1.22	15d	1	0.64mi
58 Woodland Dr #206 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	15d	1	0.85mi
37 Pine Arbor Ln #101 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	15d	1	0.86mi
36 Pine Arbor Ln Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	22d	2	0.89mi
86 Crooked Tree Ln #102 Vero Beach, FL	2.0	2.0	1000	$2,000	$2.00	15d	1	0.95mi
65 Woodland Dr #207 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	22d	1	0.99mi
80 Crooked Tree Ln #106 Vero Beach, FL	2.0	2.0	1000	$1,900	$1.90	15d	1	1.07mi
103 Royal Oak Dr #106 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	15d	1	1.13mi
150 12th Pl SE Vero Beach, FL	3.0	2.0	1564	$2,900	$1.85	15d	1	1.23mi
1110 19th Ave SW Vero Beach, FL	3.0	2.0	1534	$2,000	$1.30	22d	1	1.25mi
2020 Vero South Cir SW #2 Vero Beach, FL	2.0	3.0	1600	$1,900	$1.19	22d	1	1.28mi
235 14th Ave Vero Beach, FL	3.0	2.0	1586	$2,700	$1.70	22d	1	1.30mi
275 16th Ave Vero Beach, FL	2.0	2.0	1144	$1,600	$1.40	15d	1	1.41mi
826 Middleton Dr SW Vero Beach, FL	3.0	2.0	1464	$2,150	$1.47	22d	1	1.45mi
655 W Lake Jasmine Cir #207 Vero Beach, FL	2.0	2.0	1213	$1,850	$1.53	15d	1	1.47mi
670 E Lake Jasmine Cir #106 Vero Beach, FL	2.0	2.0	1414	$2,750	$1.94	22d	1	1.48mi

HOA detail condo

• Monthly dues: $765 · $9,180/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-22
   days on market $175,000 Active 117 DOM
2. 2026-06-19
   days on market $175,000 Active 115 DOM
3. 2026-06-18
   days on market $175,000 Active 114 DOM
4. 2026-06-17
   days on market $175,000 Active 113 DOM
5. 2026-06-16
   days on market $175,000 Active 112 DOM
6. 2026-06-15
   price $175,000 Active 111 DOM
7. 2026-06-15
   days on market $185,000 Active 111 DOM
8. 2026-06-14
   days on market $185,000 Active 109 DOM
9. 2026-06-13
   days on market $185,000 Active 108 DOM
10. 2026-06-10
    days on market $185,000 Active 106 DOM
11. 2026-06-09
    days on market $185,000 Active 105 DOM
12. 2026-06-08
    days on market $185,000 Active 104 DOM
13. 2026-06-07
    days on market $185,000 Active 103 DOM
14. 2026-06-05
    days on market $185,000 Active 100 DOM
15. 2026-06-02
    days on market $185,000 Active 98 DOM
16. 2026-06-01
    days on market $185,000 Active 97 DOM
17. 2026-05-31
    days on market $185,000 Active 96 DOM
18. 2026-05-30
    days on market $185,000 Active 95 DOM
19. 2026-05-15
    price $185,000
20. 2026-02-24
    listed $200,000 Active
21. 2026-02-18
    historical $200,000
22. 2013-03-20
    soldstatus $89,000
23. 2013-03-01
    soldstatus $89,000 350-char remark

    Show marketing remark (350 chars)

    NOT YOUR USUAL TIMBER RIDGE VILLA BECAUSE IT WAS CUSTOMIZED BY DEVELOPER & SELLERS INSIDE. YOU HAVE A TRUE 3RD BEDROOM WITH A CLOSET. 2 SKYLIGHTS GIVE NATURAL LIGHTING. EXTRAS ARE DOUBLE BATH SINKS, LAUNDRY TUB, PANTRY. GARAGE ENTRANCE INTO VILLA OFF OF YOUR KITCHEN. IF YOU SHOULD LOSE POWER, "NO WORRY" BECAUSE YOU HAVE A GENERATOR.

24. 1990-01-01
    soldstatus $83,500

ⓘ 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: $842 · $70/mo
• Projected year-2 tax: $1,452 · $121/mo
• Expected delta: +$611/yr (+$51/mo · 72.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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: $26,027
• − Mortgage interest: −$9,803
• − Property taxes: −$842
• − Insurance: −$875
• − Repairs & maintenance: −$2,082
• − Management: −$2,082
• − HOA: −$9,180
• − Depreciation: −$5,091
• Taxable loss: −$3,928
• Est. tax savings @ 24.0%: +$943
• After-tax cash flow: $-405/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

+121.6% since first listed

6 events — show timeline

• 2026-05-15 Price Changed $185,000 RAIRCMLS
• 2026-02-24 Listed $200,000 RAIRCMLS
• 2026-02-18 Coming Soon $200,000 RAIRCMLS
• 2013-03-20 Sold (Public Records) $89,000 Public Records
• 2013-03-01 Sold (MLS) $89,000 RAIRCMLS
• 1990-01-01 Sold (Public Records) $83,500 Public Records

Property tax history

-2.7%/yr

Latest (2025): $842 · +5.9% YoY. Source: county tax records.