5151 Highway A1a #506 · Indian River Shores, FL 32963

$429,000

2 bd · 2.0 ba · 1,339 sqft · Condo public records · 100 Days on market

Built 1974 $826/mo HOA · 20% of rent

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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 +12.2/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• 1% rule +4.9/10.0
• Schools +4.2/10.0
• DSCR +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This beautiful updated and immaculately kept 2/2 Vera Cruz condo is the perfect beachside retreat. With impact windows throughout, a private dock and all furniture included, you can simply move in and start enjoying your new carefree lifestyle. Spend your days relaxing on the beach, swimming in the pool or exploring the nearby shops, restaurants an savor the stunning sunset view from your private dock. Don't miss out on this amazing opportunity.

Key facts

• Furniture included
• Stunning sunset view
• Private dock

Tags

• IMPACT WINDOWS
• PRIVATE DOCK
• FURNITURE INCLUDED
• STUNNING SUNSET VIEW

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: AR Choice association; Monthly association fee (paid $826.15); Association covers common areas, insurance, grounds maintenance, structure maintenance, recreation facilities, sewer, trash and water; Dues paid quarterly; Community clubhouse, fitness center, storage facilities, sidewalks, water access, pool; Senior community

Exterior

• Parking: Assigned uncovered parking
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: 2-story property; Faces east; Attached property
• Construction: Block and concrete construction; Tile roof
• Exterior features: Balcony; Community pool; Has view; Residential zoning

Interior

• Kitchen: Built-in oven; Cooktop; Dishwasher; Microwave; Refrigerator; Disposal; Electric water heater
• Bedrooms: Bedroom (10 x 11); Bedroom (12 x 12)
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Window treatments; Sliding doors; Walk-in closet(s); Furnished
• Laundry & utility: Washer; Dryer; Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $429k.

Deal economics

• At list price, monthly cash flow is $-153 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $402k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $423k (1.5% below list).
• Recommended offer: $390k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.1% 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; 40 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).
• This rent runs 34% of the median local income ($150k/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 $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.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($390k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 10y 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 $220k; list at $429k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• 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 $390,390 (9.0% 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 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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.
11. 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.
12. 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: 0.99% ✗
• Cap rate: 6.05%
• Cash-on-cash: -0.86%
• DSCR: 0.96
• GRM: 8.5

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: -12.3%
• Equity multiple: 0.53×
• Total profit: $-56,523
• Equity at exit: $63,965

10-year hold

• IRR: 3.8%
• Equity multiple: 1.35×
• Total profit: $41,496
• Equity at exit: $37,092

Cash invested: $120,120 (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: 8.5×

Monthly cashflow live

• Estimated rent: $4,227 high
• Mortgage (P&I): −$2,250
• Tax from tax record: −$171 /mo · $2,055/yr
• Insurance: −$179
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$826
• Vacancy / Maint / Mgmt: −$888
• Net cashflow: $-153

Break-even live

Break-even rent $4,421

Max offer price $402,001

Occupancy floor 99%

Sensitivity live

Price	-10% $90	-5% $-31	+0% $-153	+5% $-274	+10% $-396
Rent	-10% $-487	-5% $-320	+0% $-153	+5% $14	+10% $181
Rate	-1.0pp $63	-0.5pp $-44	base $-153	+0.5pp $-264	+1.0pp $-377

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: $107,250
• Closing costs: $12,870
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5151 Jimmy Buffett Memorial Hwy Unit 516 Indian River Shores, FL	1.0	1.5	937	$3,000	$3.20	23d	1	0.02mi
5151 Jimmy Buffett Memorial Hwy Unit 512 Indian River Shores, FL	2.0	2.0	1339	$4,600	$3.44	23d	1	0.04mi
5151 Jimmy Buffett Memorial Hwy Unit 305 Indian River Shores, FL	2.0	2.0	1339	$2,300	$1.72	23d	1	0.04mi
5151 Jimmy Buffett Memorial Hwy Unit 514 Indian River Shores, FL	1.0	1.0	937	$1,750	$1.87	23d	1	0.04mi
5101 Highway A1A #109 Vero Beach, FL	3.0	2.0	1848	$5,500	$2.98	23d	1	0.12mi
5300 Jimmy Buffett Memorial Hwy #301 Indian River Shores, FL	2.0	2.0	1300	$7,000	$5.38	23d	1	0.22mi
5300 Jimmy Buffett Memorial Hwy Unit 305 Indian River Shores, FL	2.0	2.0	1300	$6,000	$4.62	23d	1	0.22mi
5300 Jimmy Buffett Memorial Hwy Unit 314 Indian River Shores, FL	2.0	2.0	1300	$3,000	$2.31	23d	1	0.22mi
5300 Jimmy Buffett Memorial Hwy Unit 408 Indian River Shores, FL	2.0	2.0	1300	$9,000	$6.92	23d	1	0.22mi
5300 Jimmy Buffett Memorial Hwy Unit 214 Indian River Shores, FL	2.0	2.0	1300	$5,500	$4.23	23d	1	0.22mi
5400 Jimmy Buffett Memorial Hwy Indian River Shores, FL	2.0	2.0	1200	$1,800	$1.50	23d	1	0.26mi
5400 Jimmy Buffett Memorial Hwy Unit A19 Indian River Shores, FL	1.0	1.5	900	$3,000	$3.33	23d	1	0.26mi
131 Peppertree Dr #21 Vero Beach, FL	2.0	2.0	1787	$3,300	$1.85	15d	1	0.27mi
5400 Jimmy Buffett Memorial Hwy Unit I24 Indian River Shores, FL	1.0	1.5	1000	$1,650	$1.65	23d	1	0.32mi
5400 Jimmy Buffett Memorial Hwy Unit 5400A11 Indian River Shores, FL	1.0	2.0	1000	$2,500	$2.50	23d	1	0.32mi
5400 Jimmy Buffett Memorial Hwy Unit B8 Indian River Shores, FL	1.0	1.5	1000	$1,650	$1.65	15d	1	0.32mi
5100 Jimmy Buffett Memorial Hwy Unit 58G INDN RIV SHRS, FL	2.0	2.0	1170	$6,000	$5.13	23d	1	0.34mi
5536 Jimmy Buffett Memorial Hwy Unit 211 Vero Beach, FL	2.0	2.5	1632	$6,000	$3.68	23d	1	0.40mi
5554 Jimmy Buffett Memorial Hwy Unit 202 Indian River Shores, FL	2.0	2.5	1632	$12,000	$7.35	23d	1	0.44mi
5554 Jimmy Buffett Memorial Hwy Unit 201 Indian River Shores, FL	2.0	2.0	1632	$12,000	$7.35	23d	1	0.44mi
902 Tides Rd Vero Beach, FL	3.0	3.0	1810	$8,500	$4.70	15d	1	0.48mi
219 Park Shores Cir Unit 219B Vero Beach, FL	2.0	2.5	1583	$3,000	$1.90	15d	1	0.54mi
907 Tropic Dr Vero Beach, FL	3.0	2.0	1830	$10,000	$5.46	23d	1	0.58mi
4890 Bethel Creek Dr #5 Vero Beach, FL	2.0	2.5	1244	$2,200	$1.77	23d	1	0.71mi
4836 Bethel Creek Dr Unit 4836 Vero Beach, FL	2.0	2.5	1650	$3,000	$1.82	15d	1	0.73mi
4834 Bethel Creek Dr Vero Beach, FL	2.0	2.5	1500	$2,900	$1.93	23d	1	0.73mi
4800 Highway A1A #207 Vero Beach, FL	2.0	2.0	1850	$7,000	$3.78	23d	1	0.78mi
4800 Highway A1A #116 Vero Beach, FL	2.0	2.0	1822	$3,000	$1.65	23d	1	0.78mi
4800 Highway A1A #506 Vero Beach, FL	2.0	2.0	1850	$4,500	$2.43	23d	1	0.78mi
101 E Park Shores Cir Unit 2 Indian River Shores, FL	2.0	2.0	1640	$2,600	$1.59	15d	1	0.80mi
133 E Park Shores Cir Unit 7E Vero Beach, FL	2.0	2.0	1640	$3,000	$1.83	15d	1	0.81mi
133 E Park Shores Cir Unit 4E Vero Beach, FL	2.0	2.0	1540	$3,500	$2.27	15d	1	0.81mi
4601 Highway A1A #202 Vero Beach, FL	2.0	2.0	1440	$3,250	$2.26	23d	1	0.91mi
4601 Highway A1A #103 Vero Beach, FL	2.0	2.0	1600	$2,500	$1.56	23d	1	0.91mi
4600 Highway A1A #409 Vero Beach, FL	2.0	2.0	1725	$7,500	$4.35	23d	1	0.95mi
4600 Highway A1A #507 Vero Beach, FL	2.0	2.0	1400	$5,000	$3.57	23d	1	0.95mi
4450 Florida A1A Unit 102 Vero Beach, FL	2.0	2.0	1000	$3,900	$3.90	23d	1	1.00mi
4450 Highway A1A #404 Vero Beach, FL	2.0	2.0	1080	$3,499	$3.24	15d	1	1.00mi
4450 Highway A1A #303 Vero Beach, FL	2.0	2.0	1080	$3,500	$3.24	23d	1	1.00mi
4150 Highway A1A #111 Vero Beach, FL	2.0	2.0	1300	$2,600	$2.00	23d	1	1.19mi

HOA detail condo

• Monthly dues: $826 · $9,912/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-22
   days on market $429,000 Active 100 DOM
2. 2026-06-19
   days on market $429,000 Active 98 DOM
3. 2026-06-18
   days on market $429,000 Active 97 DOM
4. 2026-06-17
   days on market $429,000 Active 96 DOM
5. 2026-06-16
   days on market $429,000 Active 95 DOM
6. 2026-06-15
   days on market $429,000 Active 94 DOM
7. 2026-06-14
   days on market $429,000 Active 92 DOM
8. 2026-06-13
   days on market $429,000 Active 91 DOM
9. 2026-06-10
   days on market $429,000 Active 89 DOM
10. 2026-06-09
    days on market $429,000 Active 88 DOM
11. 2026-06-08
    days on market $429,000 Active 87 DOM
12. 2026-06-07
    days on market $429,000 Active 86 DOM
13. 2026-06-05
    days on market $429,000 Active 83 DOM
14. 2026-06-02
    days on market $429,000 Active 81 DOM
15. 2026-06-01
    days on market $429,000 Active 80 DOM
16. 2026-05-31
    days on market $429,000 Active 79 DOM
17. 2026-05-30
    days on market $429,000 Active 78 DOM
18. 2026-03-12
    listed $429,000 Active
19. 2026-03-10
    historical
20. 2025-12-08
    listed $429,000 Active
21. 2025-12-08
    listed $429,000 Active
22. 2025-12-06
    historical
23. 2025-12-05
    historical
24. 2025-07-01
    price $429,000
25. 2025-07-01
    price $429,000
26. 2025-07-01
    price $429,000
27. 2024-12-04
    listed $489,000 Active
28. 2024-12-04
    listed $489,000 Active
29. 2024-12-03
    listed $489,000 Active
30. 2024-07-09
    historical
31. 2024-07-09
    historical
32. 2023-10-09
    listed $525,000 Active
33. 2023-10-08
    listed $525,000 Active
34. 2023-10-06
    listed $525,000 Active
35. 2023-09-30
    historical
36. 2019-12-20
    soldstatus $220,000
37. 2019-12-13
    soldstatus $220,000 Sold
38. 2019-11-20
    historical Contingent
39. 2019-10-25
    listed $250,000 Active
40. 2019-10-18
    historical
41. 2019-10-18
    historical
42. 2018-12-18
    listed $260,000 Active
43. 2018-12-16
    listed $260,000 Active
44. 2017-05-03
    soldstatus $233,500
45. 2017-04-26
    soldstatus $233,500
46. 2016-02-12
    listed $249,900
47. 2016-02-12
    listed $264,000
48. 2015-11-17
    soldstatus $162,000
49. 2015-11-10
    soldstatus $161,959
50. 1987-10-01
    soldstatus $106,000

ⓘ 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: $2,055 · $171/mo
• Projected year-2 tax: $3,561 · $297/mo
• Expected delta: +$1,505/yr (+$125/mo · 73.2%)

ⓘ 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 (shaded) · 99% 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: $50,725
• − Mortgage interest: −$24,031
• − Property taxes: −$2,055
• − Insurance: −$2,942
• − Repairs & maintenance: −$4,058
• − Management: −$4,058
• − HOA: −$9,912
• − Depreciation: −$12,480
• Taxable loss: −$8,812
• Est. tax savings @ 24.0%: +$2,115
• After-tax cash flow: $281/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

+591.9% since first listed

34 events — show timeline

• 2026-03-12 Listed $429,000 RAIRCMLS
• 2026-03-10 Listing Removed — Beaches MLS
• 2025-12-08 Listed $429,000 RAIRCMLS
• 2025-12-08 Listed $429,000 Beaches MLS
• 2025-12-06 Listing Removed — Beaches MLS
• 2025-12-05 Listing Removed — SCMLS
• 2025-07-01 Price Changed $429,000 Beaches MLS
• 2025-07-01 Price Changed $429,000 RAIRCMLS
• 2025-07-01 Price Changed $429,000 SCMLS
• 2024-12-04 Listed $489,000 SCMLS
• 2024-12-04 Listed $489,000 Beaches MLS
• 2024-12-03 Listed $489,000 RAIRCMLS
• 2024-07-09 Listing Removed — SCMLS
• 2024-07-09 Listing Removed — Beaches MLS
• 2023-10-09 Listed $525,000 SCMLS
• 2023-10-08 Listed $525,000 Beaches MLS
• 2023-10-06 Listed $525,000 RAIRCMLS
• 2023-09-30 Coming Soon — RAIRCMLS
• 2019-12-20 Sold (Public Records) $220,000 Public Records
• 2019-12-13 Sold (MLS) $220,000 RAIRCMLS
• 2019-11-20 Contingent — RAIRCMLS
• 2019-10-25 Listed $250,000 RAIRCMLS
• 2019-10-18 Delisted — RAIRCMLS
• 2019-10-18 Listing Removed — Beaches MLS
• 2018-12-18 Listed $260,000 RAIRCMLS
• 2018-12-16 Listed $260,000 Beaches MLS
• 2017-05-03 Sold (Public Records) $233,500 Public Records
• 2017-04-26 Sold (MLS) $233,500 RAIRCMLS
• 2016-02-12 Listed $264,000 RAIRCMLS
• 2016-02-12 Listed $249,900 RAIRCMLS
• 2015-11-17 Sold (Public Records) $162,000 Public Records
• 2015-11-10 Sold (MLS) $161,959 RAIRCMLS
• 1987-10-01 Sold (Public Records) $106,000 Public Records
• 1978-09-01 Sold (Public Records) $62,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $2,055 · +3.4% YoY. Source: county tax records.