38 Plantation Dr #203 · West Vero Corridor, FL 32966

$139,900

2 bd · 2.0 ba · 1,188 sqft · Condo public records · 159 Days on market

Built 1988 $653/mo HOA · 33% of rent

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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 +16.9/30.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this lovely unfurnished gem calling your name! Sip morning coffee while enjoying spectacular lake & golf course views, & the morning sun overlooking the water! This dreamy condo, centrally located btwn both heated pools/clubhouse/covered pavilion/pro shop/pickle ball. Boasts upgraded kitchen w/ pantry, granite counters, tile backsplash, tile floors/plush carpets t/o. Spacious Primary bed boasts HUGE walk-in closet & shower! Convenience of washer/dryer in-unit, assigned covered parking & impact windows! Golf course/driving range-open to the public! Near shopping/dining/beaches!

Key facts

• Tile floors
• Lake views
• Upgraded kitchen

Tags

• LAKE VIEWS
• GOLF COURSE VIEWS
• UPGRADED KITCHEN
• GRANITE COUNTERS
• TILE BACKSPLASH
• TILE FLOORS

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: HOA: First Service Residential; Monthly HOA dues; HOA fee includes common areas, cable TV, insurance, internet, structure maintenance, parking, reserve fund, sewer, trash, water; Community amenities: clubhouse, pool, tennis courts, pickleball, shuffleboard, barbecue, library, on-site property manager

Exterior

• Parking: Assigned carport; 1 carport space
• Security: Smoke detector(s)
• Utilities: Public water; County sewer
• Home design: 2-story building; Faces west; Attached property
• Construction: Concrete construction; Shingle roof
• Exterior features: Sprinkler/irrigation; Rain gutters; Lake/pond nearby; Community pool (heated, gas heat, free-form)

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: Bedroom (10 x 12); Bedroom (13 x 12)
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Window treatments; Pantry; Split bedrooms; Walk-in closet(s)
• Laundry & utility: In-unit laundry; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $93 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 4.0% in West Vero Corridor — 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 74/100 on livability (#273 in FL, #4,421 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A; Watch: schools F, amenities F, health & safety 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 flat; 380 active listings in the ZIP; 25 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 36% 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 $967 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.

Negotiation context

• It's been on market 159 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $73k; list at $140k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 159 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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 F-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 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: 1.43% ✓
• Cap rate: 7.09%
• Cash-on-cash: 2.84%
• DSCR: 1.13
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.6% rent growth · sell at horizon

5-year hold

• IRR: -15.7%
• Equity multiple: 0.46×
• Total profit: $-21,143
• Equity at exit: $20,860

10-year hold

• IRR: -14.8%
• Equity multiple: 0.29×
• Total profit: $-27,873
• Equity at exit: $12,096

Cash invested: $39,172 (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 32966

• Home prices YoY: -26.7%
• Rents YoY: 0.6%
• Active inventory: 380
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,005 high
• Mortgage (P&I): −$734
• Tax from tax record: −$47 /mo · $560/yr
• Insurance: −$58
• HOA: −$653
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $93

Break-even live

Break-even rent $1,888

Max offer price $139,900

Occupancy floor 90%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
39 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$2,200	$1.85	21d	1	0.01mi
43 Plantation Dr #106 Vero Beach, FL	2.0	2.0	1188	$1,850	$1.56	21d	1	0.08mi
42 Plantation Dr #103 Vero Beach, FL	2.0	2.0	1188	$1,900	$1.60	21d	1	0.08mi
30 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$2,000	$1.68	21d	1	0.22mi
29 Plantation Dr Vero Beach, FL	2.0	2.0	1188	$1,800	$1.52	21d	1	0.24mi
3 Plantation Dr #105 Vero Beach, FL	1.0	1.0	804	$1,500	$1.87	21d	1	0.26mi
16 Plantation Dr #105 Vero Beach, FL	1.0	1.0	804	$1,850	$2.30	21d	1	0.28mi
24 Plantation Dr #201 Vero Beach, FL	2.0	2.0	1188	$1,750	$1.47	21d	1	0.29mi
28 Plantation Dr Vero Beach, FL	2.0	2.0	1188	$2,000	$1.68	21d	1	0.35mi
20 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$2,200	$1.85	21d	1	0.35mi
1930 Westminster Cir #2 Vero Beach, FL	2.0	3.0	1430	$1,800	$1.26	21d	1	0.49mi
1924 Westminster Cir #6 Vero Beach, FL	2.0	3.0	1350	$2,000	$1.48	21d	1	0.52mi
1827 Aynsley Way Unit 2-27 Vero Beach, FL	2.0	2.0	1500	$3,300	$2.20	21d	1	0.54mi
1868 Sixty Oaks Ln Vero Beach, FL	2.0	2.0	971	$2,450	$2.52	21d	1	0.83mi
1890 Tatnall Sq Vero Beach, FL	1.0–3.0	1.0–2.0	1098	$1,945	$1.77	13d	7	0.87mi
6295 33rd Mnr Vero Beach, FL	3.0	2.0	1464	$2,500	$1.71	13d	1	1.04mi
7580 Heron Cir Vero Beach, FL	1.0–3.0	1.0–2.0	1003	$2,076	$2.07	13d	21	1.14mi
2260 57th Cir #2260 Vero Beach, FL	2.0	2.0	1170	$1,800	$1.54	21d	1	1.21mi
2260 57th Cir Vero Beach, FL	2.0	2.0	1170	$1,850	$1.58	21d	1	1.21mi
2448 57th Cir #2448 Vero Beach, FL	2.0	2.0	1170	$1,750	$1.50	21d	1	1.21mi
2448 57th Cir Vero Beach, FL	2.0	2.0	1170	$1,700	$1.45	21d	1	1.21mi
2288 57th Cir Unit 2288 Vero Beach, FL	1.0	1.0	705	$2,000	$2.84	21d	1	1.21mi
2526 57th Cir Vero Beach, FL	2.0	2.0	1170	$1,800	$1.54	21d	1	1.21mi
2482 57th Cir #2482 Vero Beach, FL	1.0	1.0	851	$1,400	$1.65	21d	1	1.21mi
2050 Griffon Rd Vero Beach, FL	1.0–2.0	1.0–2.0	850	$2,295	$2.70	13d	31	1.31mi

HOA detail condo

• Monthly dues: $653 · $7,836/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-19
   days on market $139,900 Active 159 DOM
2. 2026-06-18
   days on market $139,900 Active 158 DOM
3. 2026-06-17
   days on market $139,900 Active 157 DOM
4. 2026-06-16
   days on market $139,900 Active 156 DOM
5. 2026-06-15
   pricedays on market $139,900 Active 155 DOM
6. 2026-06-14
   days on market $149,900 Active 153 DOM
7. 2026-06-13
   days on market $149,900 Active 152 DOM
8. 2026-06-10
   days on market $149,900 Active 150 DOM
9. 2026-06-09
   days on market $149,900 Active 149 DOM
10. 2026-06-08
    days on market $149,900 Active 148 DOM
11. 2026-06-07
    days on market $149,900 Active 147 DOM
12. 2026-06-05
    days on market $149,900 Active 144 DOM
13. 2026-06-02
    days on market $149,900 Active 142 DOM
14. 2026-06-01
    days on market $149,900 Active 141 DOM
15. 2026-05-31
    days on market $149,900 Active 140 DOM
16. 2026-05-30
    days on market $149,900 Active 139 DOM
17. 2026-05-20
    price $149,900
18. 2026-04-30
    price $158,900
19. 2026-04-13
    price $168,500
20. 2026-03-19
    price $174,900
21. 2026-01-11
    listed $178,900 Active
22. 2015-04-06
    soldstatus $73,000
23. 2002-04-05
    soldstatus $86,400
24. 1989-03-01
    soldstatus $68,500
25. 1988-09-01
    soldstatus $68,900

ⓘ 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: $560 · $47/mo
• Projected year-2 tax: $1,161 · $97/mo
• Expected delta: +$601/yr (+$50/mo · 107.2%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 23 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: $24,066
• − Mortgage interest: −$7,837
• − Property taxes: −$560
• − Insurance: −$700
• − Repairs & maintenance: −$1,925
• − Management: −$1,925
• − HOA: −$7,836
• − Depreciation: −$4,070
• Taxable loss: −$787
• Est. tax savings @ 24.0%: +$189
• After-tax cash flow: $1,301/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 — West Vero Corridor

• Score: 74/100
• State rank: #273
• US rank: #4421

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Vero Corridor, FL
• County: Indian River County · 143,738 people
• Metro: Sebastian-Vero Beach, FL
• Population (ZIP): 20,686
• Household income: $66,771
• Rent vs Own: 25.1% rent · 74.9% own
• Severe rent burden: 766.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 7% Black 5%
• Hispanic origin (detail): Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 7% Russian/Polish/Slavic 1% 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: ▼ -102.01%
• Current HPI: 280.669
• Rent YoY: ▲ 0.60%
• 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

+117.6% since first listed

9 events — show timeline

• 2026-05-20 Price Changed $149,900 RAIRCMLS
• 2026-04-30 Price Changed $158,900 RAIRCMLS
• 2026-04-13 Price Changed $168,500 RAIRCMLS
• 2026-03-19 Price Changed $174,900 RAIRCMLS
• 2026-01-11 Listed $178,900 RAIRCMLS
• 2015-04-06 Sold (Public Records) $73,000 Public Records
• 2002-04-05 Sold (Public Records) $86,400 Public Records
• 1989-03-01 Sold (Public Records) $68,500 Public Records
• 1988-09-01 Sold (Public Records) $68,900 Public Records

Property tax history

+0.6%/yr

Latest (2025): $560 · +9.0% YoY. Source: county tax records.