2405 3rd Av Ave SE · Florida Ridge, FL 32962

$237,500

2 bd · 1.0 ba · 990 sqft · SingleFamily public records · 37 Days on market

Built 1957 Est $220k · 8% over

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Why this score? — see what drove the F 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 +7.7/30.0
• Schools +4.2/10.0
• ARV discount +3.9/15.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0
• 1% rule +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move-in ready home in the heart of Vero beach! This cute single family home is ready for it's new owner. The property has a nice split bedroom plan, huge back yard, new bathroom and centrally located right by many shopping and dining options. New electrical and new central ac, this property is priced to sell so don't miss out! - Seller holds Equitable Interest in property.

Key facts

• Built 1957
• Listed 37 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $238k.

Deal economics

• At list price, monthly cash flow is $-275 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (20.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (32.8% below list).
• Recommended offer: $160k (32.8% below list) — sets the bar for 1% rule.

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; 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 $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.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $115k; list at $238k implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• 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 $159,525 (32.8% 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 37 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.67% ✗
• Cap rate: 4.90%
• Cash-on-cash: -4.96%
• DSCR: 0.78
• GRM: 12.4

CMA / ARV

• ARV (on-the-fly): $219,780
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2263 4th Ave SE	0.26mi	2/1.0	978 (-1%)	3mo	$312,000	$319	84
2303 2nd Ct SE	0.15mi	2/1.0	1,002 (+1%)	18mo	$219,000	$219	76
2429 2nd Ave SE	0.10mi	3/1.0 (+1)	1,056 (+7%)	5mo	$136,000	$129	75
2343 2nd Ct SE	0.06mi	2/1.5	1,056 (+7%)	13mo	$234,900	$222	73
2338 2nd Ct SE	0.07mi	3/2.0 (+1)	1,080 (+9%)	2mo	$289,000	$268	71
154 21 St SW	0.54mi	3/2.0 (+1)	1,000 (+1%)	2mo	$282,000	$282	62
2317 2nd Ave SE	0.15mi	3/2.0 (+1)	1,008 (+2%)	23mo	$235,000	$233	62
2218 1st Ave SE	0.31mi	3/1.0 (+1)	900 (-9%)	7mo	$195,000	$217	60
2159 Sunrise Dr SW	0.70mi	3/1.0 (+1)	998 (+1%)	11mo	$142,500	$143	52
2443 2nd Ct SE	0.08mi	3/1.0 (+1)	1,118 (+13%)	23mo	$126,000	$113	51

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.18% rent growth · sell at horizon

5-year hold

• IRR: -23.6%
• Equity multiple: 0.19×
• Total profit: $-54,131
• Equity at exit: $35,412

10-year hold

• IRR: -15.8%
• Equity multiple: 0.07×
• Total profit: $-61,810
• Equity at exit: $20,535

Cash invested: $66,500 (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: 12.4×

Monthly cashflow live

• Estimated rent: $1,595 medium
• Mortgage (P&I): −$1,245
• Tax from tax record: −$191 /mo · $2,291/yr
• Insurance: −$99
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $-275

Break-even live

Break-even rent $1,943

Max offer price $188,902

Occupancy floor —

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: $59,375
• Closing costs: $7,125
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-03-11
   status Pending
2. 2023-03-16
   status Pending
3. 2023-03-06
   historical Active Under Contract
4. 2023-02-28
   status Active
5. 2023-02-24
   historical Active Under Contract
6. 2023-02-06
   listed $237,500 Active
7. 2022-11-21
   soldstatus $115,000 Closed 375-char remark

   Show marketing remark (375 chars)

   Move-in ready home in the heart of Vero beach! This cute single family home is ready for it's new owner. The property has a nice split bedroom plan, huge back yard, new bathroom and centrally located right by many shopping and dining options. New electrical and new central ac, this property is priced to sell so don't miss out! - Seller holds Equitable Interest in property.

8. 2022-10-11
   historical Contingent 375-char remark

   Show marketing remark (375 chars)

   Move-in ready home in the heart of Vero beach! This cute single family home is ready for it's new owner. The property has a nice split bedroom plan, huge back yard, new bathroom and centrally located right by many shopping and dining options. New electrical and new central ac, this property is priced to sell so don't miss out! - Seller holds Equitable Interest in property.

9. 2022-09-22
   price $124,900 375-char remark

   Show marketing remark (375 chars)

   Move-in ready home in the heart of Vero beach! This cute single family home is ready for it's new owner. The property has a nice split bedroom plan, huge back yard, new bathroom and centrally located right by many shopping and dining options. New electrical and new central ac, this property is priced to sell so don't miss out! - Seller holds Equitable Interest in property.

10. 2022-09-15
    price $139,900 375-char remark

    Show marketing remark (375 chars)

    Move-in ready home in the heart of Vero beach! This cute single family home is ready for it's new owner. The property has a nice split bedroom plan, huge back yard, new bathroom and centrally located right by many shopping and dining options. New electrical and new central ac, this property is priced to sell so don't miss out! - Seller holds Equitable Interest in property.

11. 2022-09-07
    listed $149,900 Active 375-char remark

    Show marketing remark (375 chars)

    Move-in ready home in the heart of Vero beach! This cute single family home is ready for it's new owner. The property has a nice split bedroom plan, huge back yard, new bathroom and centrally located right by many shopping and dining options. New electrical and new central ac, this property is priced to sell so don't miss out! - Seller holds Equitable Interest in property.

12. 2005-02-28
    soldstatus $76,000

ⓘ 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: $2,291 · $191/mo
• Projected year-2 tax: $2,291 · $191/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°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: $19,143
• − Mortgage interest: −$13,304
• − Property taxes: −$2,291
• − Insurance: −$1,188
• − Repairs & maintenance: −$1,531
• − Management: −$1,531
• − Depreciation: −$6,909
• Taxable loss: −$7,611
• Est. tax savings @ 24.0%: +$1,827
• After-tax cash flow: $-1,475/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

+212.5% since first listed

12 events — show timeline

• 2026-03-11 Pending — Beaches MLS
• 2023-03-16 Pending — Beaches MLS
• 2023-03-06 Contingent — Beaches MLS
• 2023-02-28 Relisted — Beaches MLS
• 2023-02-24 Contingent — Beaches MLS
• 2023-02-06 Listed $237,500 Beaches MLS
• 2022-11-21 Sold (MLS) $115,000 SCMLS
• 2022-10-11 Contingent — SCMLS
• 2022-09-22 Price Changed $124,900 SCMLS
• 2022-09-15 Price Changed $139,900 SCMLS
• 2022-09-07 Listed $149,900 SCMLS
• 2005-02-28 Sold (Public Records) $76,000 Public Records

Property tax history

+35.8%/yr

Latest (2025): $2,291 · -6.8% YoY. Source: county tax records.