1435 21st Ave SW · Florida Ridge, FL 32962

$200,000

2 bd · 1.0 ba · 1,010 sqft · SingleFamily public records · 28 Days on market

Built 1979 Est $229k · 13% under

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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 +23.4/30.0
• ARV discount +13.2/15.0
• DSCR +7.5/10.0
• 1% rule +5.9/10.0
• 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

Many updates including new impact windows installed 2025. Newer A/C unit installed 2024. Marble countertops , new appliances .

Key facts

• Marble countertops
• A/c unit
• New appliances

Tags

• IMPACT WINDOWS
• A/C UNIT
• MARBLE COUNTERTOPS
• NEW APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $369 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% 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; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $6k 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 28 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $29k; list at $200k implies a 595% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $197,000 (1.5% below list)

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.09% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.91%
• DSCR: 1.35
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $229,270
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1375 26th Ave SW	0.31mi	2/1.0	1,036 (+3%)	0mo	$153,000	$148	81
1395 25th Ave Ave SW	0.21mi	2/2.0	1,051 (+4%)	2mo	$239,000	$227	78
1340 18th Ave SW	0.26mi	2/2.0	951 (-6%)	2mo	$249,900	$263	72
1420 18th Ave SW	0.23mi	2/1.0	1,090 (+8%)	9mo	$250,000	$229	69
1676 17th Pl SW	0.51mi	2/2.0	960 (-5%)	1mo	$195,000	$203	63
1320 21st Ave SW	0.13mi	2/2.0	1,146 (+14%)	9mo	$239,000	$209	60
1336 26th Ave SW	0.30mi	2/1.0	1,158 (+15%)	5mo	$235,000	$203	58
1255 18th Ave SW	0.30mi	3/1.0 (+1)	1,152 (+14%)	1mo	$229,000	$199	57
1635 22nd Ave SW	0.26mi	3/2.0 (+1)	1,141 (+13%)	4mo	$315,000	$276	54
1150 19th Ave SW	0.40mi	3/2.0 (+1)	1,128 (+12%)	4mo	$264,900	$235	50
1550 17th Ct SW	0.32mi	3/2.0 (+1)	1,152 (+14%)	5mo	$240,000	$208	48
1175 13th Ave SW	0.60mi	3/2.0 (+1)	1,118 (+11%)	2mo	$270,000	$242	43

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: -2.9%
• Equity multiple: 0.89×
• Total profit: $-6,272
• Equity at exit: $29,821

10-year hold

• IRR: 8.0%
• Equity multiple: 1.64×
• Total profit: $35,886
• Equity at exit: $17,292

Cash invested: $56,000 (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: 348
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,183 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$224 /mo · $2,685/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $369

Break-even live

Break-even rent $1,716

Max offer price $200,000

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2565 Langrove Ln SW Vero Beach, FL	3.0	2.0	1464	$2,000	$1.37	21d	1	0.77mi
826 Middleton Dr SW Vero Beach, FL	3.0	2.0	1464	$2,150	$1.47	21d	1	0.78mi
2619 Langrove Ln SW Unit 2619 Vero Beach, FL	3.0	2.0	1464	$2,450	$1.67	21d	1	0.82mi
2543 Stockbridge Sq SW Vero Beach, FL	3.0	2.0	1464	$2,200	$1.50	13d	1	0.92mi
1123 37th Ave SW Unit 1541760P Vero Beach, FL	3.0	2.0	1248	$3,075	$2.46	13d	1	1.11mi
985 23rd Pl SW Vero Beach, FL	3.0	2.0	1176	$2,200	$1.87	21d	1	1.44mi
721 Timber Ridge Trl SW Unit D Vero Beach, FL	2.0	2.0	1368	$2,300	$1.68	21d	1	1.46mi

Listing history 17 events

1. 2026-06-17
   status $200,000 Under Contract 28 DOM
2. 2026-06-16
   days on market $200,000 Active 28 DOM
3. 2026-06-15
   days on market $200,000 Active 27 DOM
4. 2026-06-14
   days on market $200,000 Active 25 DOM
5. 2026-06-13
   days on market $200,000 Active 24 DOM
6. 2026-06-10
   days on market $200,000 Active 22 DOM
7. 2026-06-09
   days on market $200,000 Active 21 DOM
8. 2026-06-08
   days on market $200,000 Active 20 DOM
9. 2026-06-07
   days on market $200,000 Active 19 DOM
10. 2026-06-05
    days on market $200,000 Active 16 DOM
11. 2026-06-02
    days on market $200,000 Active 14 DOM
12. 2026-06-01
    days on market $200,000 Active 13 DOM
13. 2026-05-31
    days on market $200,000 Active 12 DOM
14. 2026-05-30
    days on market $200,000 Active 11 DOM
15. 2026-05-20
    listed $200,000 Active
16. 1992-07-01
    soldstatus $28,772
17. 1983-08-01
    soldstatus $38,000

ⓘ 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: $2,685 · $224/mo
• Projected year-2 tax: $2,685 · $224/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 ≥106°F today · 24 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: $26,200
• − Mortgage interest: −$11,203
• − Property taxes: −$2,685
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,096
• − Management: −$2,096
• − Depreciation: −$5,818
• Taxable income: $1,302
• Est. tax owed @ 24.0%: −$312
• After-tax cash flow: $4,115/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

+426.3% since first listed

3 events — show timeline

• 2026-05-20 Listed $200,000 FSBO.com
• 1992-07-01 Sold (Public Records) $28,772 Public Records
• 1983-08-01 Sold (Public Records) $38,000 Public Records

Property tax history

+13.1%/yr

Latest (2025): $2,685 · +11.9% YoY. Source: county tax records.