66 Woodland Dr · Florida Ridge, FL 32962

$120,000

1 bd · 1.5 ba · 750 sqft · SingleFamily · 245 Days on market

Built 1978 Est $117k · at est.

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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 +27.7/30.0
• DSCR +9.8/10.0
• 1% rule +7.6/10.0
• ARV discount +6.3/15.0
• 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 MLS

Spacious and beautifully furnished first floor 2 bedroom condo is a one of a kind! Beautiful views of gof, lake and wildlife. Karistan wool rugs, large living room, marble showers and bath room sinks, updated patio windows and tile floor in the lanai. Move in condition. 55+ Community with 4 Clubhouses , pools, tennis, and shuffleboard courts. Close to beach, shopping and restaurants.

Key facts

• Replaced a c unit
• Replaced stove
• Replaced refrig

Tags

• IMPACT WINDOWS
• REPLACED WATER HEATER
• REPLACED A C UNIT
• REPLACED REFRIG
• REPLACED STOVE
• REPLACED MICROWAVE

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $297 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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; 36 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k 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 + 4.2% rent growth), your $34k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 245 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $72k; list at $120k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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 $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 245 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.26% ✓
• Cap rate: 9.93%
• Cash-on-cash: 12.98%
• DSCR: 1.58
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $117,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
58 Woodland Dr #105	0.15mi	1/1.5	750 (0%)	17mo	$85,000	$113	79
97 Spring Lake Dr #105	0.24mi	1/1.5	750 (0%)	15mo	$103,000	$137	76
91 Crooked Tree Ln #205	0.26mi	1/1.5	750 (0%)	14mo	$110,000	$147	76
44 Woodland Dr #103	0.30mi	1/1.5	750 (0%)	14mo	$117,000	$156	75
55 Woodland Dr #105	0.15mi	1/1.5	750 (0%)	22mo	$112,000	$149	75
111 Spring Lake Ct #105	0.22mi	1/1.5	750 (0%)	18mo	$141,000	$188	74
110 Spring Lake Ct #103	0.26mi	1/1.5	750 (0%)	17mo	$142,000	$189	74
106 Spring Lake Ct #105	0.23mi	1/1.5	750 (0%)	22mo	$107,000	$143	71
98 Spring Lake Dr #203	0.24mi	1/1.5	747 (-0%)	22mo	$98,000	$131	70
20 Vista Gardens Trl #103	0.59mi	1/1.5	750 (0%)	20mo	$136,000	$181	56
21 Vista Gardens Trl #203	0.62mi	1/1.5	747 (-0%)	19mo	$133,500	$179	54
608 3rd Pl SW	0.67mi	2/1.0 (+1)	780 (+4%)	7mo	$210,000	$269	49

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: 1.0%
• Equity multiple: 1.04×
• Total profit: $1,350
• Equity at exit: $17,892

10-year hold

• IRR: 11.9%
• Equity multiple: 1.99×
• Total profit: $33,416
• Equity at exit: $10,375

Cash invested: $33,600 (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: 6.6×

Monthly cashflow live

• Estimated rent: $1,510 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $297

Break-even live

Break-even rent $1,134

Max offer price $120,000

Occupancy floor 75%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
65 Woodland Dr #207 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	21d	1	0.05mi
60 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,250	$1.98	13d	1	0.09mi
60 Woodland Dr Vero Beach, FL	1.0	1.0	630	$1,125	$1.79	21d	1	0.09mi
80 Crooked Tree Ln #106 Vero Beach, FL	2.0	2.0	1000	$1,900	$1.90	13d	1	0.11mi
86 Crooked Tree Ln #102 Vero Beach, FL	2.0	2.0	1000	$2,000	$2.00	13d	1	0.12mi
58 Woodland Dr #206 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	13d	1	0.13mi
85 Crooked Tree Ln #203 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	21d	1	0.14mi
50 Woodland Dr #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	13d	1	0.18mi
74 Royal Oak Ct #204 Vero Beach, FL	1.0	1.0	630	$1,175	$1.87	21d	1	0.19mi
103 Royal Oak Dr #106 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	13d	1	0.21mi
52 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	21d	1	0.21mi
101 Spring Lake Dr #204 Vero Beach, FL	1.0	1.0	630	$1,275	$2.02	21d	1	0.23mi
102 Royal Oak Dr #105 Vero Beach, FL	1.0	1.5	750	$1,550	$2.07	21d	1	0.26mi
95 Spring Lake Dr #103 Vero Beach, FL	1.0	1.5	750	$1,600	$2.13	21d	1	0.28mi
37 Pine Arbor Ln #101 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	13d	1	0.37mi
36 Pine Arbor Ln Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	21d	2	0.38mi
5 Vista Palm Ln #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	13d	1	0.39mi
15 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	13d	1	0.51mi
28 Pine Arbor Ln #103 Vero Beach, FL	1.0	1.5	750	$1,200	$1.60	21d	1	0.53mi
19 Pine Arbor Ln #105 Vero Beach, FL	1.0	1.5	750	$1,800	$2.40	21d	1	0.60mi
16 Vista Palm Ln Vero Beach, FL	1.0–2.0	1.5–2.0	800	$1,500	$1.88	21d	2	0.60mi
43 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	21d	1	0.66mi
23 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	21d	1	0.69mi
26 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	21d	1	0.78mi
33 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,500	$2.38	13d	1	0.80mi
36 Vista Gardens Trl #201 Vero Beach, FL	2.0	2.0	1000	$1,390	$1.39	21d	1	0.80mi
34 Vista Gardens Trl #107 Vero Beach, FL	2.0	2.0	1000	$1,350	$1.35	21d	1	0.81mi
28 Vista Gardens Trl #102 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	21d	1	0.82mi
35 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	934	$1,400	$1.50	21d	1	0.82mi
11 Vista Gardens Trl #106 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	21d	1	0.84mi
4 Vista Gardens Trl #207 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	13d	1	0.84mi
528 7th Sq #102 Vero Beach, FL	2.0	2.0	1095	$3,000	$2.74	21d	1	0.95mi
441 7th Pl #441 Vero Beach, FL	1.0	1.0	550	$1,250	$2.27	21d	1	0.97mi
462 7th Pl Vero Beach, FL	1.0	1.0	550	$1,400	$2.55	21d	1	1.00mi
522 7th Pl Unit 522 Vero Beach, FL	1.0	1.0	550	$1,500	$2.73	21d	1	1.03mi
1135 3rd Ave #101 Vero Beach, FL	2.0	2.0	906	$1,800	$1.99	21d	1	1.43mi

Listing history 18 events

1. 2026-06-19
   days on market $120,000 Active 245 DOM
2. 2026-06-18
   days on market $120,000 Active 244 DOM
3. 2026-06-17
   days on market $120,000 Active 243 DOM
4. 2026-06-16
   days on market $120,000 Active 242 DOM
5. 2026-06-15
   days on market $120,000 Active 241 DOM
6. 2026-06-14
   days on market $120,000 Active 239 DOM
7. 2026-06-13
   days on market $120,000 Active 238 DOM
8. 2026-06-10
   days on market $120,000 Active 236 DOM
9. 2026-06-09
   days on market $120,000 Active 235 DOM
10. 2026-06-08
    days on market $120,000 Active 234 DOM
11. 2026-06-07
    days on market $120,000 Active 233 DOM
12. 2026-06-05
    days on market $120,000 Active 230 DOM
13. 2026-06-02
    days on market $120,000 Active 228 DOM
14. 2026-06-01
    days on market $120,000 Active 227 DOM
15. 2026-05-31
    days on market $120,000 Active 226 DOM
16. 2026-05-30
    days on market $120,000 Active 225 DOM
17. 2025-10-17
    listed $120,000 Active
18. 2015-05-29
    soldstatus $72,500 387-char remark

    Show marketing remark (387 chars)

    Spacious and beautifully furnished first floor 2 bedroom condo is a one of a kind! Beautiful views of gof, lake and wildlife. Karistan wool rugs, large living room, marble showers and bath room sinks, updated patio windows and tile floor in the lanai. Move in condition. 55+ Community with 4 Clubhouses , pools, tennis, and shuffleboard courts. Close to beach, shopping and restaurants.

ⓘ 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) · 99% 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: $18,118
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$1,398
• − Repairs & maintenance: −$1,449
• − Management: −$1,449
• − Depreciation: −$3,491
• Taxable income: $1,809
• Est. tax owed @ 24.0%: −$434
• After-tax cash flow: $3,130/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

+65.5% since first listed

2 events — show timeline

• 2025-10-17 Listed $120,000 ForSaleByOwner.com
• 2015-05-29 Sold (MLS) $72,500 RAIRCMLS