103 W Park Shores Cir Unit 10W · Indian River Shores, FL 32963

$430,000

2 bd · 2.0 ba · 1,640 sqft · Condo public records · 158 Days on market

Built 1981 $1082/mo HOA · 21% 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 +17.9/30.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• DSCR +5.6/10.0
• Rent growth +5.0/5.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy a short walk to the beach and being just minutes from dining and shopping along Ocean Drive in this rare opportunity in the secluded Park Shores community on Vero’s Barrier Island. This spacious 2BR/2BA second-floor residence offers a peaceful retreat with an expansive primary suite and open living area. Open and full of natural light, a day spent admiring the mature oaks, blooming foliage and local wildlife is always and inviting day. Ideal as a full-time home or weekend escape. Convenient to the Village Shops. New roof in 2024.

Key facts

• Mature oaks
• Blooming foliage
• Open living area

Tags

• SHORT WALK TO THE BEACH
• SECLUDED PARK SHORES COMMUNITY
• EXPANSIVE PRIMARY SUITE
• OPEN LIVING AREA
• MATURE OAKS
• BLOOMING FOLIAGE

Property features AI

Finance

• Financial info: Pets allowed with restrictions (breed, number and size limits)
• HOA & community: Association: Elliott Merrill; Monthly association fee (paid $1,082 monthly; dues paid quarterly); Association covers common areas, insurance, grounds maintenance, structure maintenance, recreation facilities and reserve fund; Community clubhouse and on-site property manager

Exterior

• Parking: Detached garage with 1 garage space; Garage door opener
• Utilities: Public water; Public sewer; Electric service
• Home design: 2-story property; Faces north; Property is attached
• Construction: Block and concrete construction; Shingle roof
• Exterior features: Enclosed porch; Screened porch; Porch; Community pool; Paved road access; Has view

Interior

• Kitchen: Range; Microwave; Dishwasher; Disposal; Electric water heater; Pantry
• Bedrooms: Two bedrooms (13x13; 15x16)
• Flooring: Carpet; Laminate; Tile
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Sliding doors; Crown molding; High ceilings; Vaulted ceilings; Pantry; Split bedroom layout; Walk-in closets; Furnishing negotiable
• Laundry & utility: In-unit laundry (washer and dryer) in a laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $430k.

Deal economics

• At list price, monthly cash flow is $296 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $430k).
• Recommended offer: $378k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 1.5% in Indian River Shores — 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 68/100 on livability (#517 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A-; Watch: amenities F, commute F, cost of living 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.
• Zoned schools: Beachland Elementary School (math 54% / reading 58%, grade C+, #832 of 2,144 statewide, top 40%, 523 students, 39% FRL); Gifford Middle School (math 46% / reading 45%, grade D+, #305 of 571 statewide, top 54%, 582 students, 72% FRL); Vero Beach High School (math 28% / reading 43%, grade F, #367 of 667 statewide, top 57%, 2,847 students, 50% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents rising fast (+11.0%/yr); 501 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 $3k of loan paydown is wiped out by about $13k 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 + 8.0% rent growth), your $120k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 158 days — a 12% lower offer ($378k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 7y ago 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 $295k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 21% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $378,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 158 days. Have you received any prior offers? Is the seller open to a 12% 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. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.21% ✓
• Cap rate: 7.31%
• Cash-on-cash: 3.61%
• DSCR: 1.16
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -4.7%
• Equity multiple: 0.81×
• Total profit: $-22,674
• Equity at exit: $64,114

10-year hold

• IRR: 11.0%
• Equity multiple: 2.10×
• Total profit: $132,322
• Equity at exit: $37,179

Cash invested: $120,400 (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 32963

• Rents YoY: 11.0%
• Active inventory: 501
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $5,211 high
• Mortgage (P&I): −$2,255
• Tax from tax record: −$238 /mo · $2,852/yr
• Insurance: −$179
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,082
• Vacancy / Maint / Mgmt: −$1,094
• Net cashflow: $296

Break-even live

Break-even rent $4,836

Max offer price $430,000

Occupancy floor 89%

Sensitivity live

Price	-10% $540	-5% $418	+0% $296	+5% $175	+10% $53
Rent	-10% $-115	-5% $90	+0% $296	+5% $502	+10% $708
Rate	-1.0pp $513	-0.5pp $406	base $296	+0.5pp $185	+1.0pp $71

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: $107,500
• Closing costs: $12,900
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 E Park Shores Cir Unit 2 Indian River Shores, FL	2.0	2.0	1640	$2,600	$1.59	15d	1	0.02mi
133 E Park Shores Cir Unit 7E Vero Beach, FL	2.0	2.0	1640	$3,000	$1.83	15d	1	0.05mi
133 E Park Shores Cir Unit 4E Vero Beach, FL	2.0	2.0	1540	$3,500	$2.27	15d	1	0.05mi
100 River Oak Ln Vero Beach, FL	3.0	3.0	2245	$13,000	$5.79	22d	1	0.19mi
219 Park Shores Cir Unit 219B Vero Beach, FL	2.0	2.5	1583	$3,000	$1.90	15d	1	0.25mi
5680 Highway A1A #111 Vero Beach, FL	3.0	3.0	2050	$6,000	$2.93	22d	1	0.28mi
5670 Jimmy Buffett Memorial Hwy Unit 315S Vero Beach, FL	2.0	3.5	2050	$7,000	$3.41	22d	1	0.28mi
5690 Jimmy Buffett Memorial Hwy Unit 102N Vero Beach, FL	1.0	3.5	1900	$4,500	$2.37	22d	1	0.30mi
5601 Jimmy Buffett Memorial Hwy Unit 304N Indian River Shores, FL	2.0	2.0	2115	$1,999	$0.95	22d	1	0.33mi
5554 Jimmy Buffett Memorial Hwy Unit 202 Indian River Shores, FL	2.0	2.5	1632	$12,000	$7.35	22d	1	0.49mi
5554 Jimmy Buffett Memorial Hwy Unit 201 Indian River Shores, FL	2.0	2.0	1632	$12,000	$7.35	22d	1	0.49mi
5536 Jimmy Buffett Memorial Hwy Unit 211 Vero Beach, FL	2.0	2.5	1632	$6,000	$3.68	22d	1	0.51mi
131 Peppertree Dr #21 Vero Beach, FL	2.0	2.0	1787	$3,300	$1.85	15d	1	0.53mi
5400 Jimmy Buffett Memorial Hwy Indian River Shores, FL	2.0	2.0	1200	$1,800	$1.50	22d	1	0.60mi
5300 Jimmy Buffett Memorial Hwy #301 Indian River Shores, FL	2.0	2.0	1300	$7,000	$5.38	22d	1	0.73mi
5300 Jimmy Buffett Memorial Hwy Unit 214 Indian River Shores, FL	2.0	2.0	1300	$5,500	$4.23	22d	1	0.74mi
5300 Jimmy Buffett Memorial Hwy Unit 314 Indian River Shores, FL	2.0	2.0	1300	$3,000	$2.31	22d	1	0.74mi
5300 Jimmy Buffett Memorial Hwy Unit 408 Indian River Shores, FL	2.0	2.0	1300	$9,000	$6.92	22d	1	0.74mi
5300 Jimmy Buffett Memorial Hwy Unit 305 Indian River Shores, FL	2.0	2.0	1300	$6,000	$4.62	22d	1	0.74mi
5151 Jimmy Buffett Memorial Hwy Unit 512 Indian River Shores, FL	2.0	2.0	1339	$4,600	$3.44	22d	1	0.81mi
5151 Jimmy Buffett Memorial Hwy Unit 305 Indian River Shores, FL	2.0	2.0	1339	$2,300	$1.72	22d	1	0.81mi
5101 Highway A1A #109 Vero Beach, FL	3.0	2.0	1848	$5,500	$2.98	22d	1	0.90mi
5100 Jimmy Buffett Memorial Hwy Unit 58G INDN RIV SHRS, FL	2.0	2.0	1170	$6,000	$5.13	22d	1	1.10mi
4617 Pebble Bay S Vero Beach, FL	3.0	2.5	2240	$8,500	$3.79	22d	1	1.15mi
902 Tides Rd Vero Beach, FL	3.0	3.0	1810	$8,500	$4.70	15d	1	1.27mi
907 Tropic Dr Vero Beach, FL	3.0	2.0	1830	$10,000	$5.46	22d	1	1.37mi
5225 E Harbor Village Dr #303 Vero Beach, FL	3.0	2.0	1582	$13,000	$8.22	22d	1	1.38mi
5545 E Harbor Village Dr Vero Beach, FL	3.0	3.0	1967	$10,000	$5.08	22d	1	1.39mi
705 Bahia Mar Rd Vero Beach, FL	3.0	2.0	2214	$16,000	$7.23	15d	1	1.40mi
926 Tropic Dr Vero Beach, FL	1.0	1.0	2000	$2,000	$1.00	15d	1	1.43mi
5000 Highway A1A #320 Vero Beach, FL	2.0	2.0	1980	$5,000	$2.53	22d	1	1.47mi

HOA detail condo

• Monthly dues: $1,082 · $12,984/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-19
   days on market $430,000 Active 158 DOM
2. 2026-06-18
   days on market $430,000 Active 157 DOM
3. 2026-06-17
   days on market $430,000 Active 156 DOM
4. 2026-06-16
   days on market $430,000 Active 155 DOM
5. 2026-06-15
   days on market $430,000 Active 154 DOM
6. 2026-06-14
   days on market $430,000 Active 152 DOM
7. 2026-06-13
   days on market $430,000 Active 151 DOM
8. 2026-06-10
   days on market $430,000 Active 149 DOM
9. 2026-06-09
   days on market $430,000 Active 148 DOM
10. 2026-06-08
    days on market $430,000 Active 147 DOM
11. 2026-06-07
    days on market $430,000 Active 146 DOM
12. 2026-06-05
    days on market $430,000 Active 143 DOM
13. 2026-06-02
    days on market $430,000 Active 141 DOM
14. 2026-06-01
    days on market $430,000 Active 140 DOM
15. 2026-05-31
    days on market $430,000 Active 139 DOM
16. 2026-05-30
    days on market $430,000 Active 138 DOM
17. 2026-03-26
    price $430,000
18. 2026-01-12
    listed $450,000 Active
19. 2025-03-14
    price $465,000
20. 2025-02-18
    price $475,000
21. 2024-11-13
    listed $490,000 Active
22. 2024-09-08
    historical
23. 2024-05-14
    listed $490,000 Active
24. 2024-05-13
    listed $490,000 Active
25. 2024-05-06
    historical
26. 2020-12-09
    status Pending
27. 2020-12-04
    soldstatus $295,000 Closed
28. 2020-10-05
    historical Active Under Contract
29. 2020-10-01
    listed $295,000 Active
30. 2020-03-17
    historical
31. 2020-01-27
    price $299,000
32. 2020-01-03
    listed $320,000 Active
33. 2019-09-17
    historical
34. 2019-05-21
    listed $325,000 Active
35. 2007-08-08
    soldstatus $275,000
36. 2003-06-19
    soldstatus $185,000
37. 1997-05-01
    soldstatus $90,000
38. 1981-09-01
    soldstatus $135,000

ⓘ 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: $2,852 · $238/mo
• Projected year-2 tax: $3,569 · $297/mo
• Expected delta: +$717/yr (+$60/mo · 25.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 97% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 8 d/yr ≥105°F today · 26 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: $62,529
• − Mortgage interest: −$24,087
• − Property taxes: −$2,852
• − Insurance: −$2,948
• − Repairs & maintenance: −$5,002
• − Management: −$5,002
• − HOA: −$12,984
• − Depreciation: −$12,509
• Taxable loss: −$2,855
• Est. tax savings @ 24.0%: +$685
• After-tax cash flow: $4,240/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 — Indian River Shores

• Score: 68/100
• State rank: #517
• US rank: #9512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Indian River Shores, FL
• County: Indian River County · 143,738 people
• City population: 15,008
• Metro: Sebastian-Vero Beach, FL
• Population (ZIP): 15,008
• Household income: $149,923
• Rent vs Own: 4.9% rent · 95.1% own
• Severe rent burden: 119.0

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 (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 5% Lithuanian 4% Italian 3%
• Foreign-born: 9% · Canada
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 1% German/W. Germanic 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: ▼ -180.47%
• Current HPI: 312.0326
• Rent YoY: ▲ 11.04%
• 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

+218.5% since first listed

22 events — show timeline

• 2026-03-26 Price Changed $430,000 RAIRCMLS
• 2026-01-12 Listed $450,000 RAIRCMLS
• 2025-03-14 Price Changed $465,000 RAIRCMLS
• 2025-02-18 Price Changed $475,000 RAIRCMLS
• 2024-11-13 Listed $490,000 RAIRCMLS
• 2024-09-08 Listing Removed — SCMLS
• 2024-05-14 Listed $490,000 SCMLS
• 2024-05-13 Listed $490,000 RAIRCMLS
• 2024-05-06 Coming Soon — RAIRCMLS
• 2020-12-09 Pending — RAIRCMLS
• 2020-12-04 Sold (MLS) $295,000 RAIRCMLS
• 2020-10-05 Contingent — RAIRCMLS
• 2020-10-01 Listed $295,000 RAIRCMLS
• 2020-03-17 Delisted — RAIRCMLS
• 2020-01-27 Price Changed $299,000 RAIRCMLS
• 2020-01-03 Listed $320,000 RAIRCMLS
• 2019-09-17 Delisted — RAIRCMLS
• 2019-05-21 Listed $325,000 RAIRCMLS
• 2007-08-08 Sold (Public Records) $275,000 Public Records
• 2003-06-19 Sold (Public Records) $185,000 Public Records
• 1997-05-01 Sold (Public Records) $90,000 Public Records
• 1981-09-01 Sold (Public Records) $135,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $2,852 · +3.1% YoY. Source: county tax records.