4601 Highway A1a #102 · Vero Beach, FL 32963

$325,000

2 bd · 2.0 ba · 1,440 sqft · Condo public records · 233 Days on market

Built 1974 $1032/mo HOA · 21% 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 +25.9/30.0
• 1% rule +10.0/10.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Nice home

Key facts

• Kayak launch
• Canal view
• Canal side pool

Tags

• IMPACT WINDOWS
• CANAL VIEW
• LAUNDRY INSIDE UNIT
• CANAL SIDE POOL
• KAYAK LAUNCH
• DAY DOCK

Property features AI

Finance

• Financial info: Pets allowed with restrictions on breed and number
• HOA & community: Association: Elliott Merrill; Monthly association fee (paid $1,032) covering common areas, cable TV, structure maintenance, parking, recreation facilities, reserve fund, roof, sewer, security, and water; Community amenities include clubhouse, elevator, game room, storage facilities, trash chute, and pool

Exterior

• Parking: Assigned carport; 1 carport space
• Security: Key card entry; Phone entry; Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Attached property in a 5-story building; Reception area in building
• Construction: Block, concrete, and stucco construction
• Exterior features: Covered porch; Porch; Community heated pool with electric heat; Heated community pool; Paved road access; Canal access, Intracoastal access, and beach access; Has view; Faces north

Interior

• Kitchen: Range; Microwave; Refrigerator; Dishwasher; Pantry
• Bedrooms: Bedroom (14 x 13); Bedroom (17 x 14)
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central air conditioning (electric)
• Interior features: Blinds and window treatments; Sliding doors; Pantry; Unfurnished
• Laundry & utility: In-unit laundry with washer and dryer in a laundry closet; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $325k.

Deal economics

• At list price, monthly cash flow is $731 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• Recommended offer: $286k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 2.9% in Vero Beach — 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 80/100 on livability (#116 in FL, #1,784 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: employment D+, amenities 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.
• Market conditions: Rents rising fast (+11.0%/yr); 498 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 39% 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 $10k 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 $91k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 233 days — a 12% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $50k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $145k; list at $325k implies a 124% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 21% 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 $286,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 233 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 1974 — 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.50% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.52%
• DSCR: 1.47
• GRM: 5.6

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: 5.4%
• Equity multiple: 1.22×
• Total profit: $20,263
• Equity at exit: $48,459

10-year hold

• IRR: 19.8%
• Equity multiple: 3.17×
• Total profit: $197,247
• Equity at exit: $28,100

Cash invested: $91,000 (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 32963

• Rents YoY: 11.0%
• Active inventory: 498
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $4,871 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$178 /mo · $2,139/yr
• Insurance: −$135
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,032
• Vacancy / Maint / Mgmt: −$1,023
• Net cashflow: $731

Break-even live

Break-even rent $3,945

Max offer price $325,000

Occupancy floor 80%

Sensitivity live

Price	-10% $915	-5% $823	+0% $731	+5% $639	+10% $547
Rent	-10% $347	-5% $539	+0% $731	+5% $924	+10% $1,116
Rate	-1.0pp $895	-0.5pp $814	base $731	+0.5pp $647	+1.0pp $561

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4601 Highway A1A #103 Vero Beach, FL	2.0	2.0	1600	$2,500	$1.56	21d	1	0.03mi
4601 Highway A1A #202 Vero Beach, FL	2.0	2.0	1440	$3,250	$2.26	21d	1	0.03mi
4600 Highway A1A #409 Vero Beach, FL	2.0	2.0	1725	$7,500	$4.35	21d	1	0.05mi
4600 Highway A1A #507 Vero Beach, FL	2.0	2.0	1400	$5,000	$3.57	21d	1	0.05mi
4450 Highway A1A #303 Vero Beach, FL	2.0	2.0	1080	$3,500	$3.24	21d	1	0.08mi
4450 Florida A1A Unit 102 Vero Beach, FL	2.0	2.0	1000	$3,900	$3.90	21d	1	0.08mi
4450 Highway A1A #404 Vero Beach, FL	2.0	2.0	1080	$3,499	$3.24	14d	1	0.08mi
4800 Highway A1A #506 Vero Beach, FL	2.0	2.0	1850	$4,500	$2.43	21d	1	0.17mi
4800 Highway A1A #207 Vero Beach, FL	2.0	2.0	1850	$7,000	$3.78	21d	1	0.17mi
4800 Highway A1A #116 Vero Beach, FL	2.0	2.0	1822	$3,000	$1.65	21d	1	0.17mi
4834 Bethel Creek Dr Vero Beach, FL	2.0	2.5	1500	$2,900	$1.93	21d	1	0.20mi
4836 Bethel Creek Dr Unit 4836 Vero Beach, FL	2.0	2.5	1650	$3,000	$1.82	14d	1	0.20mi
4890 Bethel Creek Dr #5 Vero Beach, FL	2.0	2.5	1244	$2,200	$1.77	21d	1	0.22mi
4150 Highway A1A #111 Vero Beach, FL	2.0	2.0	1300	$2,600	$2.00	21d	1	0.29mi
4141 Ocean Dr Vero Beach, FL	2.0–3.0	2.0	1200	$3,500	$2.92	14d	4	0.32mi
907 Tropic Dr Vero Beach, FL	3.0	2.0	1830	$10,000	$5.46	21d	1	0.36mi
4019 Silver Palm Dr #8 Vero Beach, FL	2.0	2.5	1460	$3,000	$2.05	21d	1	0.43mi
4026 Silver Palm Dr Vero Beach, FL	2.0	2.0	1200	$3,500	$2.92	14d	1	0.43mi
4009 Silver Palm Dr #3 Vero Beach, FL	2.0	2.5	1430	$5,100	$3.57	21d	1	0.44mi
902 Tides Rd Vero Beach, FL	3.0	3.0	1810	$8,500	$4.70	14d	1	0.45mi
4049 Ocean Dr Vero Beach, FL	2.0	2.0	1250	$3,750	$3.00	21d	2	0.45mi
3939 Ocean Dr Unit B-407 Vero Beach, FL	3.0	2.0	1700	$7,000	$4.12	21d	1	0.50mi
3939 Ocean Dr Ph 8 Vero Beach, FL	2.0	2.0	1080	$7,500	$6.94	21d	1	0.50mi
3939 Ocean Dr Unit 405B Vero Beach, FL	2.0	2.0	1130	$6,300	$5.58	21d	1	0.52mi
3939 Ocean Dr Unit 401B Vero Beach, FL	2.0	2.0	1130	$2,700	$2.39	21d	1	0.52mi
3939 Ocean Dr Unit 201A Vero Beach, FL	2.0	2.0	1130	$4,000	$3.54	21d	1	0.52mi
3939 Ocean Dr Unit 201B Vero Beach, FL	2.0	2.0	1130	$7,800	$6.90	21d	1	0.52mi
3939 Ocean Dr Unit 302B Vero Beach, FL	2.0	2.0	1100	$5,500	$5.00	21d	1	0.52mi
3816 Mockingbird Dr Vero Beach, FL	3.0	3.0	1600	$13,000	$8.12	21d	1	0.57mi
5100 Jimmy Buffett Memorial Hwy Unit 58G INDN RIV SHRS, FL	2.0	2.0	1170	$6,000	$5.13	21d	1	0.63mi
3554 Ocean Dr Unit 504N Vero Beach, FL	2.0	2.0	1112	$10,000	$8.99	21d	1	0.81mi
3554 Ocean Dr #301 Vero Beach, FL	2.0	2.0	1112	$3,700	$3.33	21d	1	0.82mi
3554 Ocean Dr Unit 1202N Vero Beach, FL	2.0	2.0	1112	$12,000	$10.79	14d	1	0.82mi
3555 Ocean Dr #203 Vero Beach, FL	2.0	2.0	1175	$3,500	$2.98	21d	1	0.82mi
5101 Highway A1A #109 Vero Beach, FL	3.0	2.0	1848	$5,500	$2.98	21d	1	0.82mi
515 Cypress Rd Vero Beach, FL	2.0	2.0	1600	$3,500	$2.19	21d	1	0.83mi
3554 Ocean Dr Unit 701S Vero Beach, FL	2.0	2.0	1112	$3,800	$3.42	21d	1	0.84mi
3554 Ocean Dr Unit 802S Vero Beach, FL	2.0	2.0	1100	$7,500	$6.82	21d	1	0.84mi
3554 Ocean Dr Unit 604S Vero Beach, FL	2.0	2.0	1112	$6,500	$5.85	21d	1	0.84mi
3554 Ocean Dr Unit 904S Vero Beach, FL	2.0	2.0	1112	$5,500	$4.95	14d	1	0.84mi

HOA detail condo

• Monthly dues: $1,032 · $12,384/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-05-31
   days on market $325,000 Active 233 DOM
2. 2026-05-30
   days on market $325,000 Active 232 DOM
3. 2026-02-25
   price $325,000
4. 2026-02-24
   price $325,000
5. 2026-02-24
   price $325,000
6. 2025-10-14
   listed $375,000 Active
7. 2025-10-10
   listed $375,000 Active
8. 2025-02-28
   listed $425,000 Active
9. 2002-12-06
   soldstatus $145,000
10. 1994-06-22
    soldstatus $95,000
11. 1977-09-01
    soldstatus $52,900

ⓘ 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: $2,139 · $178/mo
• Projected year-2 tax: $2,698 · $225/mo
• Expected delta: +$558/yr (+$47/mo · 26.1%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% 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: $58,448
• − Mortgage interest: −$18,205
• − Property taxes: −$2,139
• − Insurance: −$2,422
• − Repairs & maintenance: −$4,676
• − Management: −$4,676
• − HOA: −$12,384
• − Depreciation: −$9,455
• Taxable income: $4,491
• Est. tax owed @ 24.0%: −$1,078
• After-tax cash flow: $7,698/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 — Vero Beach

• Score: 80/100
• State rank: #116
• US rank: #1784

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vero Beach, FL
• County: Indian River County · 143,738 people
• City population: 98,707
• 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

+514.4% since first listed

9 events — show timeline

• 2026-02-25 Price Changed $325,000 Beaches MLS
• 2026-02-24 Price Changed $325,000 SCMLS
• 2026-02-24 Price Changed $325,000 RAIRCMLS
• 2025-10-14 Listed $375,000 SCMLS
• 2025-10-10 Listed $375,000 RAIRCMLS
• 2025-02-28 Listed $425,000 RAIRCMLS
• 2002-12-06 Sold (Public Records) $145,000 Public Records
• 1994-06-22 Sold (Public Records) $95,000 Public Records
• 1977-09-01 Sold (Public Records) $52,900 Public Records

Property tax history

+3.0%/yr

Latest (2025): $2,139 · +5.3% YoY. Source: county tax records.