5601 Highway A1a Unit 304n · Indian River Shores, FL 32963

$249,900

2 bd · 2.0 ba · 2,115 sqft · Condo · 4 Days on market

Built 1977 Good condition $1476/mo HOA · 28% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Barrier island living without the maintenance. This rare 3rd-floor residence at Robles del Mar lives like a home, with space most condos can't touch: a bonus room for guests or an office, a modern kitchen, open sun-filled living space, wet bar, & in-unit laundry. Enjoy year-round Florida sunshine on the enclosed porch overlooking lush greenery. Spanish-style grounds w/ majestic oaks, heated Olympic size pool, tennis, & pickleball. Two secure underground parking spots, elevator access, 1 pet welcome. Ocean Drive, dining, & the beach are minutes away. This is the lock-and-leave life, done right.

Key facts

• Tennis
• Enclosed balcony
• Bonus room

Tags

• BONUS ROOM
• MODERN KITCHEN
• ENCLOSED BALCONY
• LUSH GROUNDS
• HEATED POOL
• TENNIS

Property features AI

Finance

• Financial info: Pets allowed (size limits apply)
• HOA & community: AR Choice association; Monthly association fee; HOA covers common areas, building insurance, internet, structure maintenance, pest control, recreation facilities, reserve fund, sewer, security and trash; Community amenities include clubhouse, elevator, park, tennis courts, shuffleboard, bicycle storage, storage facilities and pool

Exterior

• Parking: Assigned covered carport; Detached additional parking (2 spaces)
• Security: Key card entry; Phone entry
• Utilities: Public water; Public sewer
• Home design: 3 stories; Faces south; Attached property
• Construction: Block, concrete and stucco construction; Built-up / tar and gravel roof
• Exterior features: Enclosed porch; Porch; Community heated pool (electric heat)

Interior

• Kitchen: Range; Microwave; Refrigerator; Dishwasher; Electric water heater
• Bedrooms: Bedroom (15 x 12); Bedroom (19 x 14); Den (10 x 9)
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning; Ceiling fan(s); Electric cooling
• Interior features: Blinds; Sliding windows; Sliding doors; Wet bar; Furnished
• Laundry & utility: In-unit washer; In-unit dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $250k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $872 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $250k).
• Cap rate 10.8% vs local median 1.5% in Indian River Shores — 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 68/100 on livability (#517 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A-; Watch: schools C-, amenities F, commute 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 (+11.0%/yr); 498 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 564 units permitted in Indian River County in 2024 (281 in 5+ unit buildings).
• This rent runs 42% of the median local income ($150k/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 $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $70k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 17 sale attempts since 5y ago; this cycle's ask has dropped $19k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 28% 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 $249,900

Questions for the listing agent

1. Built in 1977 — 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. 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.
7. 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.
8. 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: 2.10% ✓
• Cap rate: 10.80%
• Cash-on-cash: 16.10%
• DSCR: 1.72
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 14.3%
• Equity multiple: 1.63×
• Total profit: $43,804
• Equity at exit: $37,261

10-year hold

• IRR: 28.1%
• Equity multiple: 4.43×
• Total profit: $239,971
• Equity at exit: $21,607

Cash invested: $69,972 (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 32963

• Rents YoY: 11.0%
• Active inventory: 498
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $5,243 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,476
• Vacancy / Maint / Mgmt: −$1,101
• Net cashflow: $872

Break-even live

Break-even rent $4,139

Max offer price $249,900

Occupancy floor 78%

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5601 Jimmy Buffett Memorial Hwy Unit 206C Indian River Shores, FL	3.0	2.0	2400	$6,000	$2.50	21d	1	0.03mi
5601 Jimmy Buffett Memorial Hwy Unit 304N Indian River Shores, FL	2.0	2.0	2115	$1,999	$0.95	21d	1	0.07mi
219 Park Shores Cir Unit 219B Vero Beach, FL	2.0	2.5	1583	$3,000	$1.90	13d	1	0.15mi
131 Peppertree Dr #21 Vero Beach, FL	2.0	2.0	1787	$3,300	$1.85	13d	1	0.15mi
5536 Jimmy Buffett Memorial Hwy Unit 211 Vero Beach, FL	2.0	2.5	1632	$6,000	$3.68	21d	1	0.17mi
5554 Jimmy Buffett Memorial Hwy Unit 201 Indian River Shores, FL	2.0	2.0	1632	$12,000	$7.35	21d	1	0.17mi
5554 Jimmy Buffett Memorial Hwy Unit 202 Indian River Shores, FL	2.0	2.5	1632	$12,000	$7.35	21d	1	0.17mi
270 S Peppertree Dr Vero Beach, FL	3.0	3.0	2261	$3,600	$1.59	21d	1	0.20mi
5680 Highway A1A #112 Vero Beach, FL	3.0	3.0	2620	$7,000	$2.67	21d	1	0.23mi
5680 Highway A1A #111 Vero Beach, FL	3.0	3.0	2050	$6,000	$2.93	21d	1	0.23mi
5670 Jimmy Buffett Memorial Hwy Unit 315S Vero Beach, FL	2.0	3.5	2050	$7,000	$3.41	21d	1	0.23mi
5690 Jimmy Buffett Memorial Hwy Unit 102N Vero Beach, FL	1.0	3.5	1900	$4,500	$2.37	21d	1	0.24mi
5790 Jimmy Buffett Memorial Hwy Vero Beach, FL	3.0	3.0	2300	$8,500	$3.70	21d	1	0.29mi
101 E Park Shores Cir Unit 2 Indian River Shores, FL	2.0	2.0	1640	$2,600	$1.59	13d	1	0.39mi
133 E Park Shores Cir Unit 7E Vero Beach, FL	2.0	2.0	1640	$3,000	$1.83	13d	1	0.40mi
133 E Park Shores Cir Unit 4E Vero Beach, FL	2.0	2.0	1540	$3,500	$2.27	13d	1	0.40mi
926 Pebble Ln Vero Beach, FL	3.0	2.0	2695	$15,000	$5.57	21d	1	0.44mi
5101 Highway A1A #109 Vero Beach, FL	3.0	2.0	1848	$5,500	$2.98	21d	1	0.51mi
100 River Oak Ln Vero Beach, FL	3.0	3.0	2245	$13,000	$5.79	21d	1	0.54mi
915 Surfsedge Way Vero Beach, FL	3.0	3.5	3000	$25,000	$8.33	21d	1	0.60mi
4617 Pebble Bay S Vero Beach, FL	3.0	2.5	2240	$8,500	$3.79	21d	1	0.77mi
902 Tides Rd Vero Beach, FL	3.0	3.0	1810	$8,500	$4.70	13d	1	0.89mi
907 Tropic Dr Vero Beach, FL	3.0	2.0	1830	$10,000	$5.46	21d	1	0.98mi
705 Bahia Mar Rd Vero Beach, FL	3.0	2.0	2214	$16,000	$7.23	13d	1	1.02mi
926 Tropic Dr Vero Beach, FL	1.0	1.0	2000	$2,000	$1.00	13d	1	1.04mi
5000 Highway A1A #320 Vero Beach, FL	2.0	2.0	1980	$5,000	$2.53	21d	1	1.08mi
4836 Bethel Creek Dr Unit 4836 Vero Beach, FL	2.0	2.5	1650	$3,000	$1.82	13d	1	1.14mi
4834 Bethel Creek Dr Vero Beach, FL	2.0	2.5	1500	$2,900	$1.93	21d	1	1.14mi
4800 Highway A1A #506 Vero Beach, FL	2.0	2.0	1850	$4,500	$2.43	21d	1	1.18mi
4800 Highway A1A #116 Vero Beach, FL	2.0	2.0	1822	$3,000	$1.65	21d	1	1.18mi
4800 Highway A1A #207 Vero Beach, FL	2.0	2.0	1850	$7,000	$3.78	21d	1	1.18mi
4800 Bethel Creek Dr Unit 5S Vero Beach, FL	2.0	2.5	2215	$5,500	$2.48	13d	1	1.19mi
4601 Highway A1A #103 Vero Beach, FL	2.0	2.0	1600	$2,500	$1.56	21d	1	1.31mi
4601 Highway A1A #202 Vero Beach, FL	2.0	2.0	1440	$3,250	$2.26	21d	1	1.31mi
4600 Highway A1A #409 Vero Beach, FL	2.0	2.0	1725	$7,500	$4.35	21d	1	1.35mi
4600 Highway A1A #507 Vero Beach, FL	2.0	2.0	1400	$5,000	$3.57	21d	1	1.35mi

HOA detail condo

• Monthly dues: $1,476 · $17,712/yr
• Likely covers: landscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-19
   days on market $249,900 Active 4 DOM
2. 2026-06-18
   days on market $249,900 Active 3 DOM
3. 2026-06-17
   remarks 603-char remark
4. 2026-06-17
   price $249,900 Active 2 DOM
5. 2026-06-17
   days on market $269,000 Active 2 DOM
6. 2026-06-15
   days on marketlisting id $269,000 Active 1 DOM
7. 2026-06-15
   days on market $269,000 Active 76 DOM
8. 2026-06-14
   days on market $269,000 Active 74 DOM
9. 2026-06-13
   days on market $269,000 Active 73 DOM
10. 2026-06-10
    days on market $269,000 Active 71 DOM
11. 2026-06-09
    days on market $269,000 Active 70 DOM
12. 2026-06-08
    days on market $269,000 Active 69 DOM
13. 2026-06-07
    days on market $269,000 Active 68 DOM
14. 2026-06-05
    days on market $269,000 Active 65 DOM
15. 2026-06-02
    days on market $269,000 Active 63 DOM
16. 2026-06-01
    days on market $269,000 Active 62 DOM
17. 2026-05-31
    days on market $269,000 Active 61 DOM
18. 2026-05-30
    days on market $269,000 Active 60 DOM
19. 2026-04-03
    listed $269,000 Active
20. 2026-03-12
    listed $269,000 Active
21. 2025-10-23
    listed $269,000 Active
22. 2024-10-23
    historical $2,250
23. 2024-08-20
    price $2,250
24. 2024-08-20
    price $325,000
25. 2024-07-20
    listed $2,350
26. 2024-07-17
    price $329,500
27. 2024-06-28
    listed $333,000 Active
28. 2024-05-03
    historical $4,500
29. 2024-05-03
    historical
30. 2024-04-19
    listed $338,500 Active
31. 2024-04-03
    listed $4,500
32. 2024-04-03
    listed $338,500 Active
33. 2024-03-27
    price $338,500
34. 2024-03-02
    historical
35. 2024-03-02
    listed $339,500 Active
36. 2024-02-21
    price $339,500
37. 2024-02-21
    price $339,500
38. 2024-02-01
    listed $341,500 Active
39. 2024-01-25
    price $341,500
40. 2023-10-26
    historical $3,950
41. 2023-10-23
    listed $349,900 Active
42. 2023-10-22
    listed $3,950
43. 2023-10-07
    price $349,900
44. 2023-08-09
    status Active
45. 2023-06-04
    historical Active Under Contract
46. 2023-04-26
    listed $365,000 Active
47. 2023-04-18
    price $367,500
48. 2023-03-29
    price $369,500
49. 2023-03-16
    price $372,500
50. 2023-01-26
    price $375,000

ⓘ 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) · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 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: $62,914
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$2,047
• − Repairs & maintenance: −$5,033
• − Management: −$5,033
• − HOA: −$17,712
• − Depreciation: −$7,270
• Taxable income: $8,073
• Est. tax owed @ 24.0%: −$1,937
• After-tax cash flow: $8,531/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 · 12 photos

Good 80/100 Cosmetic rehab

This 3rd-floor condo in Robles del Mar is in excellent condition with modern amenities and a great location. It's move-in ready with minor maintenance items to address.

Value-add opportunities

• Both Paint exterior walls — Enhances curb appeal and resale value.
• Both Replace ceiling fan blades — Improves air circulation and aesthetics.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior walls — Enhances curb appeal and resale value. ↑
• Both Replace ceiling fan blades — Improves air circulation and aesthetics. ↑

ⓘ 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 — Indian River Shores

• Score: 68/100
• State rank: #517
• US rank: #9512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Indian River Shores, FL
• County: Indian River County · 143,738 people
• City population: 15,008
• Metro: Sebastian-Vero Beach, FL
• Population (ZIP): 15,008
• Household income: $149,923
• Rent vs Own: 4.9% rent · 95.1% own
• Severe rent burden: 119.0

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 (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 5% Lithuanian 4% Italian 3%
• Foreign-born: 9% · Canada
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 1% German/W. Germanic 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: ▼ -180.47%
• Current HPI: 312.0326
• Rent YoY: ▲ 11.04%
• 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

+68.1% since first listed

42 events — show timeline

• 2026-04-03 Listed $269,000 SCMLS
• 2026-03-12 Listed $269,000 RAIRCMLS
• 2025-10-23 Listed $269,000 RAIRCMLS
• 2024-10-23 Rental Removed $2,250 RAIRCMLS
• 2024-08-20 Price Changed $2,250 RAIRCMLS
• 2024-08-20 Price Changed $325,000 RAIRCMLS
• 2024-07-20 Listed for Rent $2,350 RAIRCMLS
• 2024-07-17 Price Changed $329,500 RAIRCMLS
• 2024-06-28 Listed $333,000 RAIRCMLS
• 2024-05-03 Rental Removed $4,500 RAIRCMLS
• 2024-05-03 Listing Removed — Beaches MLS
• 2024-04-19 Listed $338,500 Beaches MLS
• 2024-04-03 Listed for Rent $4,500 RAIRCMLS
• 2024-04-03 Listed $338,500 RAIRCMLS
• 2024-03-27 Price Changed $338,500 RAIRCMLS
• 2024-03-02 Listing Removed — Beaches MLS
• 2024-03-02 Listed $339,500 RAIRCMLS
• 2024-02-21 Price Changed $339,500 Beaches MLS
• 2024-02-21 Price Changed $339,500 RAIRCMLS
• 2024-02-01 Listed $341,500 Beaches MLS
• 2024-01-25 Price Changed $341,500 RAIRCMLS
• 2023-10-26 Rental Removed $3,950 LISTANZA
• 2023-10-23 Listed $349,900 RAIRCMLS
• 2023-10-22 Listed for Rent $3,950 LISTANZA
• 2023-10-07 Price Changed $349,900 RAIRCMLS
• 2023-08-09 Relisted — RAIRCMLS
• 2023-06-04 Contingent — RAIRCMLS
• 2023-04-26 Listed $365,000 RAIRCMLS
• 2023-04-18 Price Changed $367,500 RAIRCMLS
• 2023-03-29 Price Changed $369,500 RAIRCMLS
• 2023-03-16 Price Changed $372,500 RAIRCMLS
• 2023-01-26 Price Changed $375,000 RAIRCMLS
• 2023-01-03 Price Changed $382,500 RAIRCMLS
• 2022-11-28 Price Changed $392,500 RAIRCMLS
• 2022-11-01 Listed $397,500 RAIRCMLS
• 2022-10-21 Coming Soon — RAIRCMLS
• 2021-10-21 Sold (MLS) $284,000 RAIRCMLS
• 2021-09-08 Contingent — RAIRCMLS
• 2021-09-03 Listed $290,000 RAIRCMLS
• 2021-09-03 Listed $290,000 Beaches MLS
• 2021-08-20 Coming Soon $290,000 RAIRCMLS
• 2013-01-30 Sold (MLS) $160,000 RAIRCMLS