356 Grove Isle Cir · Florida Ridge, FL 32962

$120,000

2 bd · 2.0 ba · 1,200 sqft · Condo public records · 18 Days on market

Built 1986 $561/mo HOA · 28% of rent

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Why this score? — see what drove the B- 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 +25.7/30.0
• 1% rule +10.0/10.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity knocks in the sought-after Grove Isle 55+ community! This 2-bedroom, 2-bath condo is priced to reflect its condition and is perfect for the buyer looking to put their personal touch on a property in one of Vero Beach's most amenity-rich communities. Unit features an enclosed porch with lake views and is being sold as-is. Some flooring has been removed between the living room and guest bedroom there is a minor leak in the enclosed porch area AC 2014 Water heater 2021 Washer & Dryer in Unit With some TLC this unit has tremendous potential. Don't miss this value opportunity! Close

Key facts

• Lake views
• Grove isle community
• Enclosed porch

Tags

• GROVE ISLE COMMUNITY
• ENCLOSED PORCH
• LAKE VIEWS
• AMENITY-RICH COMMUNITIES

Property features AI

Finance

• Other: Association-provided services include pool maintenance and common area upkeep
• Financial info: No land lease; Pets allowed with possible restrictions (cats and dogs okay; breed, number and size limits may apply)
• HOA & community: Has an association (Grove Isle at Vero Beach Condominium Association); Monthly association fee (listed) includes cable TV, internet, grounds maintenance, security, trash, water, common areas, reserve funds, recreation facility, and pool service; Community amenities include pool, tennis courts, shuffleboard, jogging path, community room, maintained community areas, parking, and security; Senior community

Exterior

• Parking: Assigned parking; Detached carport providing one covered space; Total of one parking space
• Security: Smoke detectors; Community security (via association)
• Utilities: Public water; Public sewer; Electric service (generator noted); Cable available; Electricity available
• Home design: Condominium; One level; Southeast-facing
• Construction: Concrete block construction with stucco; Metal roof; Built area reported as approximately 1,200 (source: appraiser); Two-story building (unit on one level)
• Exterior features: Waterfront property (no specific waterfront features listed)

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Electric water heater
• Bedrooms: One main-level bedroom
• Flooring: Laminate; Tile; Vinyl; Wood
• Bathrooms: Two full bathrooms; One bathroom on the main level
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: No notable interior features listed; Shutters on windows
• Laundry & utility: In-unit laundry with washer hookup; Electric dryer hookup; Laundry located in a closet on the main level (in kitchen area)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $221 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 4.5% in Florida Ridge — 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 72/100 on livability (#353 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, 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.
• Zoned schools: Indian River Academy (math 53% / reading 50%, grade C-, #1,035 of 2,144 statewide, top 49%, 430 students, 81% FRL); Oslo Middle School (math 39% / reading 45%, grade D-, #340 of 571 statewide, top 61%, 864 students, 72% FRL); Vero Beach High School (math 28% / reading 43%, grade F, #367 of 667 statewide, top 57%, 2,847 students, 50% FRL).
• Market conditions: Rents rising fast (+4.2%/yr); 351 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 36% 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 $830 of loan paydown is wiped out by about $4k 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 + 4.2% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $81k; 48% 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 28% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,200 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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. 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.
7. 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.
8. 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: 1.67% ✓
• Cap rate: 9.17%
• Cash-on-cash: 10.28%
• DSCR: 1.46
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.18% rent growth · sell at horizon

5-year hold

• IRR: -2.0%
• Equity multiple: 0.92×
• Total profit: $-2,596
• Equity at exit: $17,892

10-year hold

• IRR: 9.7%
• Equity multiple: 1.82×
• Total profit: $27,421
• Equity at exit: $10,375

Cash invested: $33,600 (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: 351
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,999 high
• Mortgage (P&I): −$629
• Tax from tax record: −$51 /mo · $615/yr
• Insurance: −$50
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$561
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $221

Break-even live

Break-even rent $1,719

Max offer price $120,000

Occupancy floor 84%

Sensitivity live

Price	-10% $289	-5% $255	+0% $221	+5% $187	+10% $153
Rent	-10% $63	-5% $142	+0% $221	+5% $300	+10% $379
Rate	-1.0pp $282	-0.5pp $252	base $221	+0.5pp $190	+1.0pp $159

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
655 W Lake Jasmine Cir #207 Vero Beach, FL	2.0	2.0	1213	$1,850	$1.53	15d	1	0.26mi
670 E Lake Jasmine Cir #106 Vero Beach, FL	2.0	2.0	1414	$2,750	$1.94	22d	1	0.32mi
740 Lake Orchid Cir #109 Vero Beach, FL	2.0	2.0	1200	$2,000	$1.67	22d	1	0.34mi
720 Lake Orchid Cir #203 Vero Beach, FL	2.0	2.0	1414	$1,500	$1.06	22d	1	0.34mi
2066 5th Ct SE Vero Beach, FL	2.0	2.0	1415	$3,850	$2.72	22d	1	1.02mi
19 Pine Arbor Ln #105 Vero Beach, FL	1.0	1.5	750	$1,800	$2.40	22d	1	1.15mi
16 Vista Palm Ln Vero Beach, FL	1.0–2.0	1.5–2.0	800	$1,700	$2.12	22d	2	1.18mi
28 Pine Arbor Ln #103 Vero Beach, FL	1.0	1.5	750	$1,200	$1.60	22d	1	1.21mi
650 N Center Ct SW Unit 102 Vero Beach, FL	3.0	2.0	1440	$2,100	$1.46	22d	1	1.28mi
721 Timber Ridge Trl SW Unit D Vero Beach, FL	2.0	2.0	1368	$2,300	$1.68	22d	1	1.33mi
710 Timber Ridge Trl SW Vero Beach, FL	3.0	2.0	1498	$2,500	$1.67	22d	1	1.37mi
37 Pine Arbor Ln #101 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	15d	1	1.38mi
36 Pine Arbor Ln Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	22d	2	1.38mi
5 Vista Palm Ln #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	15d	1	1.39mi
734 5th Pl SW Vero Beach, FL	3.0	1.0	1402	$1,800	$1.28	22d	1	1.47mi

HOA detail condo

• Monthly dues: $561 · $6,732/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-05-09
   status Pending
2. 2026-04-20
   listed $120,000 Active
3. 1998-06-24
   soldstatus $81,000
4. 1986-06-01
   soldstatus $66,000

ⓘ 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: $615 · $51/mo
• Projected year-2 tax: $996 · $83/mo
• Expected delta: +$381/yr (+$32/mo · 62.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 25 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: $23,988
• − Mortgage interest: −$6,722
• − Property taxes: −$615
• − Insurance: −$1,398
• − Repairs & maintenance: −$1,919
• − Management: −$1,919
• − HOA: −$6,732
• − Depreciation: −$3,491
• Taxable income: $1,193
• Est. tax owed @ 24.0%: −$286
• After-tax cash flow: $2,369/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 — Florida Ridge

• Score: 72/100
• State rank: #353
• US rank: #6129

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Florida Ridge, FL
• County: Indian River County · 143,738 people
• City population: 25,629
• 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

+81.8% since first listed

4 events — show timeline

• 2026-05-09 Pending — Beaches MLS
• 2026-04-20 Listed $120,000 Beaches MLS
• 1998-06-24 Sold (Public Records) $81,000 Public Records
• 1986-06-01 Sold (Public Records) $66,000 Public Records

Property tax history

+0.8%/yr

Latest (2025): $615 · +7.5% YoY. Source: county tax records.