29 Vista Gardens Trl #203 · Vero Beach South, FL 32962

$95,000

1 bd · 2.0 ba · 750 sqft · Townhouse public records · 46 Days on market

Built 1982 Est $111k · 14% under $465/mo HOA · 31% 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 +17.2/30.0
• ARV discount +14.0/15.0
• 1% rule +10.0/10.0
• DSCR +5.4/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully decorated second-floor end unit in the desirable Vista Gardens. This bright and inviting home offers added privacy and is conveniently located close to shopping, dining, and just minutes from the beaches. Enjoy a wide range of amenities including a pool, clubhouse, fitness center, and more. A wonderful opportunity to enjoy comfortable living in one of the area’s most sought-after active adult communities. A 55+ community.

Key facts

• Added privacy
• Close to dining
• Pool

Tags

• SECOND-FLOOR END UNIT
• ADDED PRIVACY
• CLOSE TO SHOPPING
• CLOSE TO DINING
• MINUTES FROM THE BEACHES
• POOL

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Managed by Keystone Property MGMT; Monthly association fee of $465; Association dues paid quarterly; Association covers insurance, internet, recreation facilities, sewer, trash and water; Community amenities include clubhouse, fitness center, shuffleboard, tennis courts and pool; Senior community

Exterior

• Parking: Assigned uncovered parking
• Utilities: Public water; County sewer
• Home design: 2-story building
• Construction: Block, concrete and stucco construction; Rolled/hot mop roof
• Exterior features: Community pool; No additional exterior features noted; Less than quarter-acre lot; Property has a view (faces southwest); Attached to another property

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: One bedroom (14 x 15)
• Flooring: Laminate; Tile
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Single-hung windows with window treatments; Sliding doors; Furnishing negotiable
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath townhouse listed at $95k.

Deal economics

• At list price, monthly cash flow is $1 ($14/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 4.3% in Vero Beach South — 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 78/100 on livability (#163 in FL, #2,445 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A; Watch: amenities F.
• 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 (+4.2%/yr); 348 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $657 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 46 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $50k; list at $95k implies a 90% 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $92,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.59% ✓
• Cap rate: 7.15%
• Cash-on-cash: 3.05%
• DSCR: 1.14
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $111,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
29 Vista Gardens Trl #105	0.00mi	1/1.5	750 (0%)	5mo	$115,000	$153	94
22 Vista Gardens Trl #103	0.17mi	1/1.5	750 (0%)	1mo	$100,000	$133	89
31 Vista Gardens Trl #205	0.22mi	1/1.5	750 (0%)	1mo	$89,500	$119	87
18 Vista Gardens Trl #105	0.24mi	1/1.5	750 (0%)	2mo	$132,000	$176	85
14 Vista Gardens Trl #103	0.30mi	1/1.5	750 (0%)	1mo	$84,000	$112	84
14 Vista Gardens Trl #203	0.30mi	1/1.5	750 (0%)	3mo	$120,000	$160	82
44 Vista Gardens Trl W #103	0.35mi	1/1.5	750 (0%)	1mo	$85,000	$113	81
7 Vista Gardens Trl #103	0.43mi	1/1.5	750 (0%)	2mo	$79,000	$105	77
35 Vista Gardens Trl #204	0.20mi	1/1.0	700 (-7%)	0mo	$110,000	$157	75
78 Royal Oak Dr #103	0.68mi	1/1.5	750 (0%)	2mo	$111,000	$148	65
74 Royal Oak Ct #205	0.67mi	1/1.5	750 (0%)	4mo	$75,000	$100	63
84 Crooked Tree Ln #105	0.72mi	1/1.5	750 (0%)	3mo	$124,000	$165	62

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 · 4.18% rent growth · sell at horizon

5-year hold

• IRR: -13.4%
• Equity multiple: 0.51×
• Total profit: $-13,159
• Equity at exit: $14,165

10-year hold

• IRR: -1.2%
• Equity multiple: 0.91×
• Total profit: $-2,335
• Equity at exit: $8,214

Cash invested: $26,600 (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 32962

• Rents YoY: 4.2%
• Active inventory: 348
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,506 high
• Mortgage (P&I): −$498
• Tax from tax record: −$120 /mo · $1,436/yr
• Insurance: −$40
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$465
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $1

Break-even live

Break-even rent $1,505

Max offer price $95,000

Occupancy floor 95%

Sensitivity live

Price	-10% $55	-5% $28	+0% $1	+5% $-26	+10% $-53
Rent	-10% $-118	-5% $-58	+0% $1	+5% $61	+10% $120
Rate	-1.0pp $49	-0.5pp $25	base $1	+0.5pp $-23	+1.0pp $-48

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 Vista Gardens Trl #102 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	21d	1	0.01mi
26 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	21d	1	0.07mi
23 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	21d	1	0.15mi
33 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,500	$2.38	14d	1	0.15mi
34 Vista Gardens Trl #107 Vero Beach, FL	2.0	2.0	1000	$1,350	$1.35	21d	1	0.19mi
35 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	934	$1,400	$1.50	21d	1	0.21mi
36 Vista Gardens Trl #201 Vero Beach, FL	2.0	2.0	1000	$1,390	$1.39	21d	1	0.24mi
11 Vista Gardens Trl #106 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	21d	1	0.28mi
4 Vista Gardens Trl #207 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	14d	1	0.28mi
15 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	14d	1	0.32mi
43 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	21d	1	0.34mi
441 7th Pl #441 Vero Beach, FL	1.0	1.0	550	$1,250	$2.27	21d	1	0.40mi
528 7th Sq #102 Vero Beach, FL	2.0	2.0	1095	$3,000	$2.74	21d	1	0.41mi
462 7th Pl Vero Beach, FL	1.0	1.0	550	$1,400	$2.55	21d	1	0.41mi
522 7th Pl Unit 522 Vero Beach, FL	1.0	1.0	550	$1,500	$2.73	21d	1	0.48mi
102 Royal Oak Dr #105 Vero Beach, FL	1.0	1.5	750	$1,550	$2.07	21d	1	0.59mi
103 Royal Oak Dr #106 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	14d	1	0.62mi
101 Spring Lake Dr #204 Vero Beach, FL	1.0	1.0	630	$1,275	$2.02	21d	1	0.63mi
1135 3rd Ave #101 Vero Beach, FL	2.0	2.0	906	$1,800	$1.99	21d	1	0.66mi
95 Spring Lake Dr #103 Vero Beach, FL	1.0	1.5	750	$1,600	$2.13	21d	1	0.70mi
74 Royal Oak Ct #204 Vero Beach, FL	1.0	1.0	630	$1,175	$1.87	21d	1	0.70mi
80 Crooked Tree Ln #106 Vero Beach, FL	2.0	2.0	1000	$1,900	$1.90	14d	1	0.72mi
85 Crooked Tree Ln #203 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	21d	1	0.78mi
86 Crooked Tree Ln #102 Vero Beach, FL	2.0	2.0	1000	$2,000	$2.00	14d	1	0.80mi
65 Woodland Dr #207 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	21d	1	0.84mi
52 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	21d	1	0.88mi
60 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,250	$1.98	14d	1	0.89mi
60 Woodland Dr Vero Beach, FL	1.0	1.0	630	$1,125	$1.79	21d	1	0.89mi
50 Woodland Dr #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	14d	1	0.90mi
58 Woodland Dr #206 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	14d	1	0.94mi
1200 6th Dr Vero Beach, FL	2.0	2.0	800	$1,550	$1.94	14d	1	0.95mi
36 Pine Arbor Ln Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	21d	2	1.17mi
37 Pine Arbor Ln #101 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	14d	1	1.18mi
5 Vista Palm Ln #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	14d	1	1.21mi
28 Pine Arbor Ln #103 Vero Beach, FL	1.0	1.5	750	$1,200	$1.60	21d	1	1.34mi
974 14th Ln Vero Beach, FL	1.0–3.0	1.0–3.0	1828	$2,199	$1.20	14d	32	1.38mi
19 Pine Arbor Ln #105 Vero Beach, FL	1.0	1.5	750	$1,800	$2.40	21d	1	1.42mi
16 Vista Palm Ln Vero Beach, FL	1.0–2.0	1.5–2.0	800	$1,500	$1.88	21d	2	1.42mi
1815 Robalo Dr Unit C201 Vero Beach, FL	1.0	1.0	650	$1,700	$2.62	14d	1	1.44mi
1830 Robalo Dr Apt B103 Vero Beach, FL	1.0	1.0	650	$2,100	$3.23	14d	1	1.44mi

HOA detail

• Monthly dues: $465 · $5,580/yr
• Likely covers: poolgym

Listing history 24 events

1. 2026-06-19
   days on market $95,000 Active 46 DOM
2. 2026-06-18
   days on market $95,000 Active 45 DOM
3. 2026-06-17
   days on market $95,000 Active 44 DOM
4. 2026-06-16
   days on market $95,000 Active 43 DOM
5. 2026-06-15
   days on market $95,000 Active 42 DOM
6. 2026-06-14
   days on market $95,000 Active 40 DOM
7. 2026-06-13
   days on market $95,000 Active 39 DOM
8. 2026-06-10
   days on market $95,000 Active 37 DOM
9. 2026-06-09
   days on market $95,000 Active 36 DOM
10. 2026-06-08
    days on market $95,000 Active 35 DOM
11. 2026-06-07
    days on market $95,000 Active 34 DOM
12. 2026-06-05
    days on market $95,000 Active 31 DOM
13. 2026-06-02
    days on market $95,000 Active 29 DOM
14. 2026-06-01
    days on market $95,000 Active 28 DOM
15. 2026-05-31
    days on market $95,000 Active 27 DOM
16. 2026-05-30
    days on market $95,000 Active 26 DOM
17. 2026-05-05
    price $1,200
18. 2026-04-29
    listed $95,000 Active
19. 2026-04-08
    price $1,350
20. 2026-03-11
    listed $1,500
21. 2025-04-19
    historical $1,500
22. 2025-03-26
    price $1,500
23. 2025-03-04
    listed $1,800
24. 1986-08-01
    soldstatus $50,000

ⓘ 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: $1,436 · $120/mo
• Projected year-2 tax: $1,436 · $120/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 24 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: $18,077
• − Mortgage interest: −$5,321
• − Property taxes: −$1,436
• − Insurance: −$1,272
• − Repairs & maintenance: −$1,446
• − Management: −$1,446
• − HOA: −$5,580
• − Depreciation: −$2,764
• Taxable loss: −$1,189
• Est. tax savings @ 24.0%: +$285
• After-tax cash flow: $300/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 South

• Score: 78/100
• State rank: #163
• US rank: #2445

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vero Beach South, FL
• County: Indian River County · 143,738 people
• Metro: Sebastian-Vero Beach, FL
• Population (ZIP): 25,522
• Household income: $66,664
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 425.0

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 (70%)
• Race & ethnicity: White 70% Black 13% Hispanic / Latino 12% Two or more races 5% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1%
• Common ancestry: Romanian 4% Lithuanian 4% Italian 3%
• Foreign-born: 12% · Canada, Jamaica, Dominican Republic
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 2% 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: ▼ -182.13%
• Current HPI: 333.3274
• Rent YoY: ▲ 4.18%
• 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

-97.6% since first listed

8 events — show timeline

• 2026-05-05 Price Changed $1,200 RAIRCMLS
• 2026-04-29 Listed $95,000 RAIRCMLS
• 2026-04-08 Price Changed $1,350 RAIRCMLS
• 2026-03-11 Listed for Rent $1,500 RAIRCMLS
• 2025-04-19 Rental Removed $1,500 RAIRCMLS
• 2025-03-26 Price Changed $1,500 RAIRCMLS
• 2025-03-04 Listed for Rent $1,800 RAIRCMLS
• 1986-08-01 Sold (Public Records) $50,000 Public Records

Property tax history

+10.1%/yr

Latest (2025): $1,436 · +66.9% YoY. Source: county tax records.