400 18th St Unit N 5 · Vero Beach, FL 32960

$105,000

2 bd · 2.0 ba · 1,130 sqft · Townhouse · 105 Days on market

Built 1975 Est $138k · 24% under $597/mo HOA · 31% 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 +23.9/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +7.7/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

55+ Community centrally located. End unit provides convenience and privacy. Enclosed sun room adjacent to family room expands living area. Large bedrooms with plenty of natural light. Priced to sell. Bring all offers. Sentry lock box.

Key facts

• Gourmet restaurants
• Scenic beauty
• Prime location

Tags

• PRIME LOCATION
• GOURMET RESTAURANTS
• SCENIC BEAUTY

Property features AI

Finance

• Other: Not a pet-friendly property; Senior community
• HOA & community: Has association; Monthly HOA fee (includes water and trash); Community clubhouse; Community pool; Tennis courts; Pickleball courts; Community room

Exterior

• Parking: 1 open parking space
• Utilities: Public water; Three-phase electric; Water available
• Home design: Condominium; 2-story building; Faces south; Resale property
• Construction: Block/Concrete/CBS construction; 1,130 sq ft building area
• Exterior features: Screened patio; Patio

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Linoleum
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Walk-in closets; Partially furnished
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $105k.

Deal economics

• At list price, monthly cash flow is $137 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $96k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.
• Zoned schools: Beachland Elementary School (math 54% / reading 58%, grade C+, #832 of 2,144 statewide, top 40%, 523 students, 39% FRL); Gifford Middle School (math 46% / reading 45%, grade D+, #305 of 571 statewide, top 54%, 582 students, 72% FRL); Vero Beach High School (math 28% / reading 43%, grade F, #367 of 667 statewide, top 57%, 2,847 students, 50% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents soft (-1.7%/yr); 206 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); 564 units permitted in Indian River County in 2024 (281 in 5+ unit buildings).
• This rent runs 42% of the median local income ($55k/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 $726 of loan paydown is wiped out by about $3k 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 105 days — a 9% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $105k implies a 162% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 31% 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 $95,550 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.84% ✓
• Cap rate: 8.62%
• Cash-on-cash: 8.32%
• DSCR: 1.37
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $137,860
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
400 18th St Unit C6	0.00mi	2/2.0	1,130 (0%)	0mo	$89,000	$79	100
400 18th St Unit D3	0.00mi	2/2.0	1,130 (0%)	1mo	$118,000	$104	99
400 18th St	0.00mi	2/2.0	1,130 (0%)	2mo	$115,000	$102	99
400 18th St Unit F7	0.15mi	2/2.0	1,130 (0%)	2mo	$115,000	$102	92
1901 Indian River Blvd Unit 210D	0.21mi	2/2.5	1,152 (+2%)	0mo	$114,000	$99	85
1901 Indian River Blvd Unit 201a	0.21mi	2/2.5	1,152 (+2%)	1mo	$142,000	$123	84
1901 Indian River Blvd #201	0.21mi	2/2.5	1,152 (+2%)	1mo	$141,000	$122	84
1901 Indian River Blvd Unit 201B	0.21mi	2/2.5	1,152 (+2%)	1mo	$141,000	$122	84
2333 Indian River Blvd #502	0.47mi	2/2.0	1,076 (-5%)	2mo	$180,000	$167	69
677 Royal Palm Blvd #23	0.49mi	2/2.0	1,200 (+6%)	1mo	$160,000	$133	66
677 Royal Palm Blvd #25	0.49mi	2/2.0	1,200 (+6%)	1mo	$130,000	$108	66
835 18th St #103	0.45mi	2/2.0	960 (-15%)	1mo	$126,000	$131	53

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -13.4%
• Equity multiple: 0.54×
• Total profit: $-13,492
• Equity at exit: $15,656

10-year hold

• IRR: -17.0%
• Equity multiple: 0.30×
• Total profit: $-20,593
• Equity at exit: $9,078

Cash invested: $29,400 (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 32960

• Home prices YoY: -25.5%
• Rents YoY: -1.7%
• Active inventory: 206
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,932 high
• Mortgage (P&I): −$551
• Tax est. 1.5%: −$131 /mo · $1,575/yr
• Insurance: −$44
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$597
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $137

Break-even live

Break-even rent $1,758

Max offer price $105,000

Occupancy floor 88%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
400 18th St Vero Beach, FL	2.0	2.0	1065	$1,512	$1.42	13d	2	0.10mi
400 18th St Vero Beach, FL	2.0	2.0	1065	$1,575	$1.48	21d	1	0.10mi
1765 6th Ave Vero Beach, FL	2.0	1.0	800	$1,550	$1.94	21d	1	0.12mi
635 18th Pl Vero Beach, FL	3.0	2.0	1120	$2,300	$2.05	21d	1	0.14mi
1745 6th Ave Unit 7(R) Vero Beach, FL	2.0	1.0	800	$1,550	$1.94	21d	1	0.15mi
303 18th Pl Vero Beach, FL	2.0	1.5	1200	$1,599	$1.33	21d	1	0.20mi
315 18th Pl Unit 315 Vero Beach, FL	2.0	1.5	1200	$1,599	$1.33	21d	1	0.22mi
686 17th St Vero Beach, FL	2.0	1.0	950	$1,700	$1.79	13d	2	0.22mi
1801 Indian River Blvd Unit C7 Vero Beach, FL	2.0	2.0	1200	$1,700	$1.42	13d	1	0.24mi
1845 Robalo Dr Unit 205 Vero Beach, FL	2.0	2.0	1000	$2,500	$2.50	21d	1	0.32mi
1873 Robalo Dr Vero Beach, FL	2.0	2.0	1152	$2,300	$2.00	21d	1	0.32mi
1953 Robalo Dr Vero Beach, FL	2.0	2.0	1400	$5,000	$3.57	21d	1	0.34mi
1860 Robalo Dr Vero Beach, FL	2.0	2.0	950	$2,600	$2.74	21d	2	0.36mi
1935 Cobia Dr Unit 202E Vero Beach, FL	2.0	2.0	1000	$2,250	$2.25	21d	1	0.41mi
1510 3rd Ct Vero Beach, FL	3.0	2.0	950	$6,000	$6.32	13d	1	0.46mi
1450 5th Ave Vero Beach, FL	3.0	2.0	1124	$2,400	$2.14	21d	1	0.49mi
677 Royal Palm Blvd #22 Vero Beach, FL	2.0	2.0	1200	$1,700	$1.42	13d	1	0.51mi
1840 Tarpon Ln Unit D202 Vero Beach, FL	2.0	2.0	1400	$2,500	$1.79	21d	1	0.52mi
808 22nd St Unit 8 Vero Beach, FL	2.0	2.0	1000	$1,465	$1.47	21d	1	0.52mi
939 19th St Unit 961 Vero Beach, FL	2.0	2.0	1000	$1,850	$1.85	21d	1	0.53mi
516 13th Pl Vero Beach, FL	3.0	2.0	1102	$1,800	$1.63	21d	1	0.57mi
974 14th Ln Vero Beach, FL	1.0–3.0	1.0–3.0	1828	$4,049	$2.21	13d	32	0.57mi
600 Royal Palm Blvd Unit 1A Vero Beach, FL	2.0	2.0	1400	$2,000	$1.43	21d	1	0.58mi
923 22nd Pl #106 Vero Beach, FL	2.0	2.0	860	$1,600	$1.86	21d	1	0.61mi
1200 6th Dr Vero Beach, FL	2.0	2.0	800	$1,550	$1.94	13d	1	0.80mi
1100 Ponce de Leon Cir #305 Vero Beach, FL	2.0	2.0	840	$1,350	$1.61	21d	1	0.81mi
1170 6th Ave Unit 2D Vero Beach, FL	2.0	2.5	1170	$1,800	$1.54	13d	1	0.83mi
2222 Ponce De Leon Cir Unit B Vero Beach, FL	2.0	1.0	970	$1,650	$1.70	13d	1	0.83mi
1135 3rd Ave #101 Vero Beach, FL	2.0	2.0	906	$1,800	$1.99	21d	1	0.88mi
1166 6th Ave Vero Beach, FL	2.0	2.0	1140	$2,200	$1.93	13d	1	0.89mi
1166 6th Ave Unit D Vero Beach, FL	2.0	2.0	1140	$2,000	$1.75	21d	1	0.89mi
23 Royal Palm Pointe Unit B Vero Beach, FL	2.0	2.0	1100	$2,695	$2.45	21d	1	0.95mi
263 Provence Pl Vero Beach, FL	2.0	2.5	1364	$3,500	$2.57	21d	1	0.96mi
2800 Indian River Blvd Vero Beach, FL	1.0–2.0	1.5–2.0	847	$3,200	$3.78	13d	5	0.96mi
1041 Normandie Way Vero Beach, FL	2.0	2.0	1178	$2,100	$1.78	13d	1	0.99mi
1429 19th Pl #4 Vero Beach, FL	2.0	1.0	873	$1,800	$2.06	21d	1	1.00mi
400 E Waverly Pl Unit 2b Vero Beach, FL	2.0	2.5	1170	$1,900	$1.62	21d	1	1.10mi
340 E Waverly Pl Unit 6D Vero Beach, FL	1.0	1.5	1200	$1,000	$0.83	21d	1	1.10mi
1936 18th Ave Unit A Vero Beach, FL	2.0	1.0	1100	$2,000	$1.82	21d	1	1.19mi
1306 12th St Unit B Vero Beach, FL	2.0	1.0	1000	$1,600	$1.60	21d	1	1.19mi

HOA detail

• Monthly dues: $597 · $7,164/yr

Listing history 25 events

1. 2026-06-19
   days on market $105,000 Active 105 DOM
2. 2026-06-18
   days on market $105,000 Active 104 DOM
3. 2026-06-17
   days on market $105,000 Active 103 DOM
4. 2026-06-16
   days on market $105,000 Active 102 DOM
5. 2026-06-15
   days on market $105,000 Active 101 DOM
6. 2026-06-14
   days on market $105,000 Active 99 DOM
7. 2026-06-13
   days on market $105,000 Active 98 DOM
8. 2026-06-10
   days on market $105,000 Active 96 DOM
9. 2026-06-09
   days on market $105,000 Active 95 DOM
10. 2026-06-08
    days on market $105,000 Active 94 DOM
11. 2026-06-07
    days on market $105,000 Active 93 DOM
12. 2026-06-05
    days on market $105,000 Active 90 DOM
13. 2026-06-02
    days on market $105,000 Active 88 DOM
14. 2026-06-01
    days on market $105,000 Active 87 DOM
15. 2026-05-31
    days on market $105,000 Active 86 DOM
16. 2026-05-30
    days on market $105,000 Active 85 DOM
17. 2026-05-07
    price $105,000
18. 2026-03-06
    listed $115,000 Active
19. 2026-02-10
    historical
20. 2026-01-06
    price $115,000
21. 2025-11-07
    price $120,000
22. 2025-09-04
    price $125,000
23. 2025-04-15
    price $129,000
24. 2025-03-18
    listed $135,000 Active
25. 2013-10-18
    soldstatus $40,000 234-char remark

    Show marketing remark (234 chars)

    55+ Community centrally located. End unit provides convenience and privacy. Enclosed sun room adjacent to family room expands living area. Large bedrooms with plenty of natural light. Priced to sell. Bring all offers. Sentry lock box.

ⓘ 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 (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $23,186
• − Mortgage interest: −$5,882
• − Property taxes: −$1,575
• − Insurance: −$1,322
• − Repairs & maintenance: −$1,855
• − Management: −$1,855
• − HOA: −$7,164
• − Depreciation: −$3,055
• Taxable income: $479
• Est. tax owed @ 24.0%: −$115
• After-tax cash flow: $1,533/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): 25,259
• Household income: $54,682
• Rent vs Own: 40.7% rent · 59.3% own
• Severe rent burden: 1166.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 16% Two or more races 12% Black 10% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 3% Cuban 2%
• Common ancestry: Italian 4% Slovak 3% Romanian 3%
• Foreign-born: 11% · Canada, Jamaica, Vietnam
• Languages at home: 82% English-only · Spanish 13% French/Haitian/Cajun 2% Other Asian/Pacific 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: ▼ -103.20%
• Current HPI: 302.0029
• Rent YoY: ▼ -1.66%
• 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

+162.5% since first listed

9 events — show timeline

• 2026-05-07 Price Changed $105,000 Beaches MLS
• 2026-03-06 Listed $115,000 Beaches MLS
• 2026-02-10 Listing Removed — SCMLS
• 2026-01-06 Price Changed $115,000 SCMLS
• 2025-11-07 Price Changed $120,000 SCMLS
• 2025-09-04 Price Changed $125,000 SCMLS
• 2025-04-15 Price Changed $129,000 SCMLS
• 2025-03-18 Listed $135,000 SCMLS
• 2013-10-18 Sold (MLS) $40,000 RAIRCMLS