500 Grove Isle Cir · Florida Ridge, FL 32962

$249,900

2 bd · 2.0 ba · 1,312 sqft · SingleFamily · 219 Days on market

Est $265k · 6% under

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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 +13.3/30.0
• ARV discount +10.1/15.0
• Schools +4.2/10.0
• DSCR +4.0/10.0
• 1% rule +3.8/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful 2/2 updated Condo in Grove Isle 55+ Community with an excellent view. Completely updated and remodeled unit. All new plumbing pipes throughout. 7 yr old A/C, 3 yr old water heater. Impact windows, new luxury vinyl plank flooring throughout. Customer design kitchen with customer cabinets, corian countertops, stainless steel appliances and design lighting. New bathroom vanities, and custom master shower. Must see - Must have.

Key facts

• New plumbing pipes
• Excellent view
• 7 yr old a/c

Tags

• EXCELLENT VIEW
• NEW PLUMBING PIPES
• 7 YR OLD A/C
• 3 YR OLD WATER HEATER
• IMPACT WINDOWS
• CUSTOM DESIGN KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-66 ($-786/yr) — negative.
• To cash-flow at today's rent, offer at most $240k (3.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $219k (12.5% below list).
• Recommended offer: $219k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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: schools D, employment D, 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; 15 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).
• This rent runs 39% 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 $2k of loan paydown is wiped out by about $7k 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 219 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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.

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 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,727 (12.5% 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 219 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.88% ✗
• Cap rate: 6.30%
• Cash-on-cash: 0.02%
• DSCR: 1.00
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $265,024
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
210 N Grove Isle Cir	0.17mi	2/2.0	1,405 (+7%)	8mo	$238,000	$169	74
334 15th St SW	0.58mi	2/2.0	1,240 (-6%)	2mo	$250,000	$202	62
1810 Hawthorne Dr	0.53mi	2/2.0	1,382 (+5%)	6mo	$245,000	$177	62
204 SW 14th St St SW #1	0.36mi	2/2.0	1,132 (-14%)	1mo	$265,000	$234	59
204 14th St SW	0.37mi	3/2.0 (+1)	1,132 (-14%)	1mo	$265,000	$234	54
364 16th St SW	0.62mi	2/2.0	1,196 (-9%)	4mo	$242,000	$202	53
241 Hawthorne Ln	0.66mi	2/2.0	1,418 (+8%)	4mo	$270,000	$190	52
420 Hawthorne Ln	0.72mi	2/2.0	1,257 (-4%)	10mo	$260,000	$207	51
1625 2nd Ave SW	0.47mi	3/2.0 (+1)	1,138 (-13%)	2mo	$200,000	$176	49
308 14th Pl SW	0.47mi	2/2.0	1,128 (-14%)	8mo	$240,000	$213	48
415 13th Ln SW	0.64mi	3/2.0 (+1)	1,146 (-13%)	8mo	$299,000	$261	38
411 13th Ln SW	0.63mi	3/1.0 (+1)	1,138 (-13%)	7mo	$193,500	$170	34

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: -16.7%
• Equity multiple: 0.40×
• Total profit: $-41,966
• Equity at exit: $37,261

10-year hold

• IRR: -6.5%
• Equity multiple: 0.56×
• Total profit: $-30,573
• Equity at exit: $21,607

Cash invested: $69,972 (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 32962

• Rents YoY: 4.2%
• Active inventory: 348
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,187 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $-66

Break-even live

Break-even rent $2,270

Max offer price $240,419

Occupancy floor 98%

Sensitivity live

Price	-10% $107	-5% $21	+0% $-66	+5% $-152	+10% $-238
Rent	-10% $-238	-5% $-152	+0% $-66	+5% $21	+10% $107
Rate	-1.0pp $60	-0.5pp $-2	base $-66	+0.5pp $-130	+1.0pp $-196

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: $62,475
• Closing costs: $7,497
• 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	13d	1	0.20mi
150 12th Pl SE Vero Beach, FL	3.0	2.0	1564	$2,900	$1.85	13d	1	0.22mi
670 E Lake Jasmine Cir #106 Vero Beach, FL	2.0	2.0	1414	$2,750	$1.94	21d	1	0.26mi
740 Lake Orchid Cir #109 Vero Beach, FL	2.0	2.0	1200	$2,000	$1.67	21d	1	0.28mi
720 Lake Orchid Cir #203 Vero Beach, FL	2.0	2.0	1414	$1,500	$1.06	21d	1	0.28mi
254 Hawthorne Ln Vero Beach, FL	3.0	2.0	1703	$2,900	$1.70	21d	1	0.63mi
335 Hawthorne Ln Vero Beach, FL	2.0	2.0	1587	$1,800	$1.13	21d	1	0.69mi
2066 5th Ct SE Vero Beach, FL	2.0	2.0	1415	$3,850	$2.72	21d	1	0.99mi
2320 Water Oaks Ln Unit 111 Vero Beach, FL	3.0	2.0	1811	$3,500	$1.93	21d	1	1.15mi
16 Vista Palm Ln Vero Beach, FL	1.0–2.0	1.5–2.0	800	$1,700	$2.12	21d	2	1.20mi
650 N Center Ct SW Unit 102 Vero Beach, FL	3.0	2.0	1440	$2,100	$1.46	21d	1	1.32mi
721 Timber Ridge Trl SW Unit D Vero Beach, FL	2.0	2.0	1368	$2,300	$1.68	21d	1	1.38mi
37 Pine Arbor Ln #101 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	13d	1	1.38mi
36 Pine Arbor Ln Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	21d	2	1.39mi
710 Timber Ridge Trl SW Vero Beach, FL	3.0	2.0	1498	$2,500	$1.67	21d	1	1.41mi

Listing history 21 events

1. 2026-06-19
   days on market $249,900 Active 219 DOM
2. 2026-06-18
   days on market $249,900 Active 218 DOM
3. 2026-06-17
   days on market $249,900 Active 217 DOM
4. 2026-06-16
   days on market $249,900 Active 216 DOM
5. 2026-06-15
   days on market $249,900 Active 215 DOM
6. 2026-06-14
   days on market $249,900 Active 213 DOM
7. 2026-06-13
   days on market $249,900 Active 212 DOM
8. 2026-06-10
   days on market $249,900 Active 210 DOM
9. 2026-06-09
   days on market $249,900 Active 209 DOM
10. 2026-06-08
    days on market $249,900 Active 208 DOM
11. 2026-06-07
    days on market $249,900 Active 207 DOM
12. 2026-06-05
    days on market $249,900 Active 204 DOM
13. 2026-06-02
    days on market $249,900 Active 202 DOM
14. 2026-06-01
    days on market $249,900 Active 201 DOM
15. 2026-05-31
    days on market $249,900 Active 200 DOM
16. 2026-05-30
    days on market $249,900 Active 199 DOM
17. 2025-11-12
    listed $249,900 Active
18. 2023-11-18
    historical $1,800
19. 2023-10-27
    listed $1,800
20. 2015-10-15
    historical
21. 2007-05-09
    listed $124,950

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $26,247
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$2,047
• − Repairs & maintenance: −$2,100
• − Management: −$2,100
• − Depreciation: −$7,270
• Taxable loss: −$5,016
• Est. tax savings @ 24.0%: +$1,204
• After-tax cash flow: $418/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

+100.0% since first listed

5 events — show timeline

• 2025-11-12 Listed $249,900 ForSaleByOwner.com
• 2023-11-18 Rental Removed $1,800 RMLSFL
• 2023-10-27 Listed for Rent $1,800 RMLSFL
• 2015-10-15 Listing Removed — Beaches MLS
• 2007-05-09 Listed $124,950 Beaches MLS