973 Fulton Way · Sebastian, FL 32958

$160,000

2 bd · 1.0 ba · 865 sqft · SingleFamily public records · 32 Days on market

Built 1985 0.28 ac lot Est $197k · 19% under

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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 +29.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.3/10.0
• Schools +4.2/10.0
• Rent growth +4.1/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

2bd/1ba, 865 sq. ft. , built in 1981. New roof (2025). HVAC is 2 years old. Kitchen and bath are in original condition. Tile/vinyl flooring. 1-car garage.

Key facts

• 0.28 acre lot
• Garage
• Built 1985

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: No HOA (N/A)

Exterior

• Parking: Driveway; Attached garage with 1 parking space
• Utilities: Public water; Septic tank
• Home design: Single-story home
• Construction: Frame construction; Shingle roof
• Exterior features: Patio; Property offers a view; North-facing

Interior

• Kitchen: Kitchen (9 x 8)
• Bedrooms: Two bedrooms (11 x 10 and 10 x 11)
• Flooring: Tile and vinyl flooring
• Bathrooms: One full bathroom
• Interior features: Sliding windows; Unfurnished
• Laundry & utility: Laundry area located in the garage

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $579 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 4.4% in Sebastian — 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 81/100 on livability (#89 in FL, #1,421 nationally) — a professional / high-income tenant draw. Strengths: housing A+, crime A, health & safety A; Watch: 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: Sebastian Elementary School (math 37% / reading 42%, grade F, #1,513 of 2,144 statewide, top 73%, 329 students, 72% FRL); Sebastian River Middle School (math 46% / reading 44%, grade D, #310 of 571 statewide, top 56%, 862 students, 65% FRL); Sebastian River High School (math 29% / reading 45%, grade F, #340 of 667 statewide, top 52%, 1,843 students, 52% FRL).
• Market conditions: Rents rising fast (+6.2%/yr); 411 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 35% 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 $5k 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 + 6.2% rent growth), your $45k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $45k; list at $160k implies a 256% 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→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $155,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 1.23% ✓
• Cap rate: 10.64%
• Cash-on-cash: 15.51%
• DSCR: 1.69
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $197,220
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
766 Tuxedo Ter	0.32mi	2/1.0	891 (+3%)	1mo	$275,000	$309	79
925 Jamaica Ave	0.25mi	2/1.0	794 (-8%)	13mo	$247,000	$311	64
454 Tunison Ln	0.65mi	2/1.0	891 (+3%)	10mo	$197,000	$221	56
722 Cody Ave	0.49mi	2/1.0	910 (+5%)	15mo	$207,500	$228	56
1138 Breezy Way Unit 3C	0.45mi	2/2.0	960 (+11%)	15mo	$135,000	$141	44
957 Devon Ave	0.43mi	2/2.0	936 (+8%)	23mo	$290,000	$310	43
1196 Breezy Way Unit 6H	0.45mi	2/2.0	960 (+11%)	20mo	$168,000	$175	40
432 Watercrest St	0.63mi	2/2.0	962 (+11%)	10mo	$265,000	$275	39
1166 Breezy Way Unit 5A	0.46mi	2/2.0	960 (+11%)	23mo	$180,000	$188	38
1124 Breezy Way Unit 2D	0.45mi	2/2.0	960 (+11%)	24mo	$169,000	$176	37

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 · 6.22% rent growth · sell at horizon

5-year hold

• IRR: 9.6%
• Equity multiple: 1.39×
• Total profit: $17,515
• Equity at exit: $23,857

10-year hold

• IRR: 21.1%
• Equity multiple: 3.04×
• Total profit: $91,509
• Equity at exit: $13,834

Cash invested: $44,800 (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 32958

• Home prices YoY: -13.1%
• Rents YoY: 6.2%
• Active inventory: 411
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,975 high
• Mortgage (P&I): −$839
• Tax from tax record: −$75 /mo · $901/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $579

Break-even live

Break-even rent $1,242

Max offer price $160,000

Occupancy floor 66%

Sensitivity live

Price	-10% $670	-5% $624	+0% $579	+5% $534	+10% $489
Rent	-10% $423	-5% $501	+0% $579	+5% $657	+10% $735
Rate	-1.0pp $660	-0.5pp $620	base $579	+0.5pp $538	+1.0pp $495

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1198 Breezy Way Unit 7A Sebastian, FL	2.0	2.0	960	$1,900	$1.98	23d	1	0.43mi
882 Foster Ave Sebastian, FL	3.0	2.0	1080	$2,450	$2.27	23d	1	0.71mi
742 Capon Ter Sebastian, FL	2.0	2.0	1080	$2,000	$1.85	23d	1	0.81mi
741 Smith St Sebastian, FL	2.0	1.5	891	$1,900	$2.13	23d	1	0.81mi
586 Gerald St Sebastian, FL	3.0	3.0	936	$1,600	$1.71	15d	1	1.30mi
449 Del Monte Rd Unit A Sebastian, FL	2.0	1.0	840	$1,750	$2.08	23d	1	1.39mi
371 Keen Ter Unit A Sebastian, FL	2.0	2.0	1037	$1,650	$1.59	23d	1	1.45mi
11195 Roseland Rd Unit 4 Sebastian, FL	1.0	1.0	871	$1,650	$1.89	15d	1	1.49mi

Listing history 3 events

1. 2026-05-07
   price $160,000
2. 2026-04-15
   listed $165,000 Active
3. 1994-05-11
   soldstatus $44,900

ⓘ 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: $901 · $75/mo
• Projected year-2 tax: $1,328 · $111/mo
• Expected delta: +$427/yr (+$36/mo · 47.4%)

ⓘ 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 2/10 Low
• 🌡 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: $23,695
• − Mortgage interest: −$8,962
• − Property taxes: −$901
• − Insurance: −$800
• − Repairs & maintenance: −$1,896
• − Management: −$1,896
• − Depreciation: −$4,655
• Taxable income: $4,586
• Est. tax owed @ 24.0%: −$1,101
• After-tax cash flow: $5,849/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 — Sebastian

• Score: 81/100
• State rank: #89
• US rank: #1421

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sebastian, FL
• County: Indian River County · 143,738 people
• City population: 30,023
• Metro: Sebastian-Vero Beach, FL
• Population (ZIP): 30,023
• Household income: $66,840
• Rent vs Own: 14.5% rent · 85.5% own
• Severe rent burden: 646.0

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Two or more races 7% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 3%
• Common ancestry: Lithuanian 4% Slovak 4% Romanian 3%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 6% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -49.85%
• Current HPI: 330.1691
• Rent YoY: ▲ 6.22%
• 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

+256.3% since first listed

3 events — show timeline

• 2026-05-07 Price Changed $160,000 RAIRCMLS
• 2026-04-15 Listed $165,000 RAIRCMLS
• 1994-05-11 Sold (Public Records) $44,900 Public Records

Property tax history

+6.6%/yr

Latest (2025): $901 · -4.7% YoY. Source: county tax records.