489 Swan Ln · West Vero Corridor, FL 32966

$24,900

2 bd · 2.0 ba · 1,152 sqft · Manufactured · 73 Days on market

Built 1983 Est $29k · 14% under $993/mo HOA · 54% of rent ↓ 36% since listing

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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 +15.0/30.0
• ARV discount +13.6/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Gated 55+ community, Freshly painted and move in ready, bright and airy modular home with high ceilings, Updated Laminate floors throughout, 2 bedrooms, 2baths, living room, dining room plus lanai and carport- 2 pets allowed For sale or rent

Key facts

• Parking
• Community pool
• Built 1983

Property features AI

Finance

• Other: Senior community; Pets allowed (number limit confirmed)
• HOA & community: Homeowners association with a monthly fee of $993; Association fee covers management, common areas, grounds maintenance, pool(s), taxes, and trash

Exterior

• Parking: 1 total parking space; 1 covered parking space
• Security: Gated community
• Utilities: Electricity available
• Home design: Single-story residence; Resale property; Aluminum siding
• Construction: Aluminum siding construction
• Exterior features: Community pool; Community spa; Gated community; Clubhouse; Fitness center; Shuffleboard; Bocce court; Tennis courts; Street lights; Property manager on-site; Maintenance of common areas included in association

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Unfurnished

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $25k.

Deal economics

• At list price, monthly cash flow is $280 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $23k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.8% 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; 14 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 33% 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 $172 of loan paydown is wiped out by about $747 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 + 0.6% rent growth), your $7k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($23k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask is 1461% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: HOA is 54% of rent.

Recommended offer $23,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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: 7.34% ✓
• Cap rate: 19.77%
• Cash-on-cash: 48.12%
• DSCR: 3.14
• GRM: 1.1

CMA / ARV

• ARV (on-the-fly): $28,800
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
911 Courier St	0.71mi	2/2.0	1,300 (+13%)	22mo	$33,000	$25	27

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 · 0.6% rent growth · sell at horizon

5-year hold

• IRR: 37.7%
• Equity multiple: 2.45×
• Total profit: $10,096
• Equity at exit: $3,713

10-year hold

• IRR: 40.2%
• Equity multiple: 3.50×
• Total profit: $17,445
• Equity at exit: $2,153

Cash invested: $6,972 (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: 1.1×

Monthly cashflow live

• Estimated rent: $1,829 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $374/yr
• Insurance: −$10
• HOA: −$993
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $280

Break-even live

Break-even rent $1,475

Max offer price $24,900

Occupancy floor 80%

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8775 20th St #909 Vero Beach, FL	2.0	2.0	1000	$1,799	$1.80	21d	1	0.18mi
8775 20th St #925 Vero Beach, FL	3.0	2.0	1356	$1,799	$1.33	21d	1	0.18mi
8775 20th St #59 Vero Beach, FL	2.0	2.0	1147	$1,699	$1.48	21d	1	0.18mi
1405 82nd Ave #19 Vero Beach, FL	2.0	2.0	842	$1,699	$2.02	21d	1	0.18mi
589 Johnathans Cay Vero Beach, FL	3.0	2.0	1409	$1,799	$1.28	13d	1	0.47mi
8775 20th St #610 Vero Beach, FL	1.0	1.0	840	$1,399	$1.67	21d	1	0.48mi
8415 22nd St Vero Beach, FL	2.0	2.0	1100	$2,000	$1.82	13d	1	0.61mi
2240 86th Dr Vero Beach, FL	2.0	2.0	951	$1,875	$1.97	21d	1	0.75mi
34 Freedom Dr Vero Beach, FL	1.0	1.0	840	$1,299	$1.55	13d	1	0.82mi
344 Heritage Blvd Vero Beach, FL	2.0	2.0	1000	$1,499	$1.50	21d	1	0.86mi
174 Congress St Vero Beach, FL	2.0	2.0	1200	$1,700	$1.42	21d	1	0.89mi
2050 Griffon Rd Vero Beach, FL	1.0–2.0	1.0–2.0	850	$2,295	$2.70	13d	31	0.95mi
2365 89th Dr Vero Beach, FL	2.0	2.0	1182	$1,700	$1.44	21d	1	1.02mi
7580 Heron Cir Vero Beach, FL	1.0–3.0	1.0–2.0	1003	$2,076	$2.07	13d	21	1.10mi

HOA detail

• Monthly dues: $993 · $11,916/yr
• Likely covers: security

Listing history 22 events

1. 2026-06-19
   days on market $24,900 Active 73 DOM
2. 2026-06-18
   days on market $24,900 Active 72 DOM
3. 2026-06-17
   days on market $24,900 Active 71 DOM
4. 2026-06-16
   days on market $24,900 Active 70 DOM
5. 2026-06-15
   days on market $24,900 Active 69 DOM
6. 2026-06-14
   days on market $24,900 Active 67 DOM
7. 2026-06-13
   days on market $24,900 Active 66 DOM
8. 2026-06-10
   days on market $24,900 Active 64 DOM
9. 2026-06-09
   days on market $24,900 Active 63 DOM
10. 2026-06-08
    days on market $24,900 Active 62 DOM
11. 2026-06-07
    days on market $24,900 Active 61 DOM
12. 2026-06-05
    days on market $24,900 Active 58 DOM
13. 2026-06-02
    days on market $24,900 Active 56 DOM
14. 2026-06-01
    days on market $24,900 Active 55 DOM
15. 2026-05-31
    days on market $24,900 Active 54 DOM
16. 2026-05-30
    days on market $24,900 Active 53 DOM
17. 2026-05-02
    price $24,900
18. 2026-04-08
    listed $1,595
19. 2026-04-07
    listed $29,900 Active
20. 2026-02-16
    historical
21. 2025-12-17
    price $29,900
22. 2025-11-11
    listed $39,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $21,944
• − Mortgage interest: −$1,395
• − Property taxes: −$374
• − Insurance: −$124
• − Repairs & maintenance: −$1,756
• − Management: −$1,756
• − HOA: −$11,916
• − Depreciation: −$724
• Taxable income: $3,900
• Est. tax owed @ 24.0%: −$936
• After-tax cash flow: $2,419/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

-36.2% since first listed

6 events — show timeline

• 2026-05-02 Price Changed $24,900 MCRTC
• 2026-04-08 Listed for Rent $1,595 MCRTC
• 2026-04-07 Listed $29,900 MCRTC
• 2026-02-16 Listing Removed — MCRTC
• 2025-12-17 Price Changed $29,900 MCRTC
• 2025-11-11 Listed $39,000 MCRTC