1390 Schumann Dr · Sebastian, FL 32958

$374,900

4 bd · 2.0 ba · 2,052 sqft · Land · 122 Days on market

Built 2025 10,019 sqft lot

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Why this score? — see what drove the D- 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 +11.1/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Rent growth +4.1/5.0
• Livability +4.0/5.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

A great place to build your dream home on a fishing canal in the heart of Sebastian. Great central location at Barber St and Schumann Dr for commuting and school access. Within walking distance to Pelican Island Elementary and day care. Adjacent lot available to build your home on a double lot with extra elbow room. Adjacent home also currently available. Own a slice of paradise!

Key facts

• Open-concept kitchen
• Wide walk in pantry
• Large island

Tags

• WATERFRONT CANAL LOT
• OPEN-CONCEPT KITCHEN
• LARGE ISLAND
• WIDE WALK IN PANTRY
• 17 DEEP WALK IN CLOSET
• DOUBLE VANITIES

Property features AI

Finance

• Other: Pets allowed with no restrictions

Exterior

• Parking: Attached 2-car garage (covered)
• Utilities: Public water and well; Septic tank; Three-phase electric; Water service available
• Home design: Single-family residence; One-story; Resale property; Faces east
• Construction: Block/Concrete/CBS construction; Composition shingle roof; Building area reported as 2,475 (total); living area reported as 2,052
• Exterior features: Patio; Waterfront lot; Lot dimensions approximately 80 ft x 125 ft

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: 4 bedrooms on the main level
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central air conditioning (electric)
• Interior features: Walk-in closets; Split bedroom layout

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $375k.

Deal economics

• At list price, monthly cash flow is $-154 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $348k (7.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $264k (29.5% below list).
• Recommended offer: $264k (29.5% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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: Pelican Island Elementary School (math 47% / reading 52%, grade D, #1,088 of 2,144 statewide, top 53%, 343 students, 70% FRL); Storm Grove Middle School (math 54% / reading 55%, grade B-, #183 of 571 statewide, top 34%, 1,020 students, 50% FRL); Sebastian River High School (math 29% / reading 45%, grade F, #340 of 667 statewide, top 52%, 1,843 students, 52% FRL) — zoned schools at 58% FRL track the district average.
• Market conditions: Rents rising fast (+6.2%/yr); 412 active listings in the ZIP; 4 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).
• At $2,643/mo this rent would consume 47% of the median local household income ($67k/yr) (locally 646% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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 122 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 8y ago; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $264,324 (29.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
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 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.71% ✗
• Cap rate: 5.80%
• Cash-on-cash: -1.76%
• DSCR: 0.92
• GRM: 11.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.22% rent growth · sell at horizon

5-year hold

• IRR: -16.2%
• Equity multiple: 0.41×
• Total profit: $-61,900
• Equity at exit: $55,899

10-year hold

• IRR: -3.6%
• Equity multiple: 0.73×
• Total profit: $-28,491
• Equity at exit: $32,415

Cash invested: $104,972 (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 32958

• Home prices YoY: -13.1%
• Rents YoY: 6.2%
• Active inventory: 412
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,643 medium
• Mortgage (P&I): −$1,966
• Tax from tax record: −$120 /mo · $1,441/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$555
• Net cashflow: $-154

Break-even live

Break-even rent $2,838

Max offer price $347,675

Occupancy floor —

Sensitivity live

Price	-10% $58	-5% $-48	+0% $-154	+5% $-260	+10% $-366
Rent	-10% $-363	-5% $-259	+0% $-154	+5% $-50	+10% $55
Rate	-1.0pp $35	-0.5pp $-59	base $-154	+0.5pp $-251	+1.0pp $-350

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: $93,725
• Closing costs: $11,247
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1836 Barber St Sebastian, FL	4.0	2.0	1851	$2,000	$1.08	22d	1	0.26mi
155 Midvale Ter Sebastian, FL	3.0	2.0	1853	$3,000	$1.62	22d	1	0.70mi
366 Joy Haven Dr Sebastian, FL	3.0	2.0	1885	$2,095	$1.11	14d	1	1.10mi
431 Midvale Ter Sebastian, FL	4.0	2.0	2264	$3,500	$1.55	22d	1	1.18mi

Listing history 43 events

1. 2026-06-19
   days on market $374,900 Active 122 DOM
2. 2026-06-18
   days on market $374,900 Active 121 DOM
3. 2026-06-17
   days on market $374,900 Active 120 DOM
4. 2026-06-17
   price $374,900 Active 119 DOM
5. 2026-06-16
   days on market $384,900 Active 119 DOM
6. 2026-06-15
   days on market $384,900 Active 118 DOM
7. 2026-06-14
   days on market $384,900 Active 116 DOM
8. 2026-06-13
   days on market $384,900 Active 115 DOM
9. 2026-06-10
   days on market $384,900 Active 113 DOM
10. 2026-06-09
    days on market $384,900 Active 112 DOM
11. 2026-06-08
    days on market $384,900 Active 111 DOM
12. 2026-06-07
    days on market $384,900 Active 110 DOM
13. 2026-06-05
    days on market $384,900 Active 107 DOM
14. 2026-06-02
    days on market $384,900 Active 105 DOM
15. 2026-06-01
    days on market $384,900 Active 104 DOM
16. 2026-05-31
    days on market $384,900 Active 103 DOM
17. 2026-05-30
    days on market $384,900 Active 102 DOM
18. 2026-03-17
    price $384,900
19. 2026-02-17
    listed $399,900 Active
20. 2025-04-16
    soldstatus $343,990
21. 2024-07-31
    soldstatus $77,069
22. 2023-10-30
    soldstatus $140,000
23. 2023-09-29
    soldstatus $70,000 Closed 382-char remark

    Show marketing remark (382 chars)

    A great place to build your dream home on a fishing canal in the heart of Sebastian. Great central location at Barber St and Schumann Dr for commuting and school access. Within walking distance to Pelican Island Elementary and day care. Adjacent lot available to build your home on a double lot with extra elbow room. Adjacent home also currently available. Own a slice of paradise!

24. 2023-09-11
    historical Active Under Contract 382-char remark

    Show marketing remark (382 chars)

    A great place to build your dream home on a fishing canal in the heart of Sebastian. Great central location at Barber St and Schumann Dr for commuting and school access. Within walking distance to Pelican Island Elementary and day care. Adjacent lot available to build your home on a double lot with extra elbow room. Adjacent home also currently available. Own a slice of paradise!

25. 2023-07-16
    listed $75,000 Active 382-char remark

    Show marketing remark (382 chars)

    A great place to build your dream home on a fishing canal in the heart of Sebastian. Great central location at Barber St and Schumann Dr for commuting and school access. Within walking distance to Pelican Island Elementary and day care. Adjacent lot available to build your home on a double lot with extra elbow room. Adjacent home also currently available. Own a slice of paradise!

26. 2023-07-01
    historical
27. 2023-07-01
    historical
28. 2023-03-17
    price $75,000
29. 2023-03-17
    price $75,000
30. 2023-03-17
    price $75,000
31. 2023-01-22
    listed $79,900 Active
32. 2023-01-22
    listed $79,900 Active
33. 2023-01-20
    listed $79,900 Active
34. 2022-12-08
    historical
35. 2022-12-08
    historical
36. 2022-10-03
    price $80,000
37. 2022-10-03
    price $80,000
38. 2022-10-01
    price $80,000
39. 2022-07-08
    listed $107,000 Active
40. 2022-07-08
    listed $107,000 Active
41. 2022-07-08
    listed $107,000 Active
42. 2019-04-24
    historical
43. 2018-04-20
    listed $45,000 Active

ⓘ 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: $1,441 · $120/mo
• Projected year-2 tax: $3,112 · $259/mo
• Expected delta: +$1,671/yr (+$139/mo · 116.0%)

ⓘ 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: $31,719
• − Mortgage interest: −$21,000
• − Property taxes: −$1,441
• − Insurance: −$1,874
• − Repairs & maintenance: −$2,538
• − Management: −$2,538
• − Depreciation: −$10,906
• Taxable loss: −$8,578
• Est. tax savings @ 24.0%: +$2,059
• After-tax cash flow: $209/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

+755.3% since first listed

26 events — show timeline

• 2026-03-17 Price Changed $384,900 Beaches MLS
• 2026-02-17 Listed $399,900 Beaches MLS
• 2025-04-16 Sold (Public Records) $343,990 Public Records
• 2024-07-31 Sold (Public Records) $77,069 Public Records
• 2023-10-30 Sold (Public Records) $140,000 Public Records
• 2023-09-29 Sold (MLS) $70,000 RAIRCMLS
• 2023-09-11 Contingent — RAIRCMLS
• 2023-07-16 Listed $75,000 RAIRCMLS
• 2023-07-01 Listing Removed — SCMLS
• 2023-07-01 Listing Removed — Beaches MLS
• 2023-03-17 Price Changed $75,000 SCMLS
• 2023-03-17 Price Changed $75,000 Beaches MLS
• 2023-03-17 Price Changed $75,000 RAIRCMLS
• 2023-01-22 Listed $79,900 Beaches MLS
• 2023-01-22 Listed $79,900 SCMLS
• 2023-01-20 Listed $79,900 RAIRCMLS
• 2022-12-08 Listing Removed — SCMLS
• 2022-12-08 Listing Removed — Beaches MLS
• 2022-10-03 Price Changed $80,000 Beaches MLS
• 2022-10-03 Price Changed $80,000 SCMLS
• 2022-10-01 Price Changed $80,000 RAIRCMLS
• 2022-07-08 Listed $107,000 RAIRCMLS
• 2022-07-08 Listed $107,000 Beaches MLS
• 2022-07-08 Listed $107,000 SCMLS
• 2019-04-24 Delisted — RAIRCMLS
• 2018-04-20 Listed $45,000 RAIRCMLS

Property tax history

+12.1%/yr

Latest (2025): $1,441 · +57.3% YoY. Source: county tax records.