1496 SW 24th Ave SW · Florida Ridge, FL 32962

$275,000

3 bd · 2.0 ba · 1,118 sqft · SingleFamily public records · 228 Days on market

Built 2006 4,792 sqft lot Est $254k · 8% over

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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 +17.9/30.0
• DSCR +5.6/10.0
• Schools +4.2/10.0
• ARV discount +3.7/15.0
• Livability +3.6/5.0
• 1% rule +3.5/10.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

LARGE 2/2 WITH DEN, MOVE RIGHT IN. THIS IS A FANNIE MAE HOMEPATH PROPERTY. CLOSE BY 12/31/10 AND RECEIVE UP TO 3.5% CLOSING COST ASSISTANCE AND $1500 SELLING BROKER BONUS. ELIGIBILITY RESTRICTIONS APPLY

Key facts

• Renovated bathroom
• Spacious lot
• 2021 metal roof

Tags

• 2021 METAL ROOF
• FULLY UPDATED KITCHEN
• RENOVATED BATHROOM
• SPACIOUS LOT
• PEACEFUL NEIGHBORHOOD

Property features AI

Exterior

• Parking: Attached garage (1 car); Driveway
• Utilities: Public water; Public sewer
• Home design: Single-story home; Faces west; RS-6 zoning
• Construction: Stucco construction; Metal roof; Effective year built
• Exterior features: Open porch

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Bedroom on main level; First-floor entry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $231 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (14.5% below list).
• Recommended offer: $235k (14.5% below list) — sets the bar for 1% rule.
• Cap rate 7.3% 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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 42% 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 $8k 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 228 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $49k; list at $275k implies a 462% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $235,080 (14.5% below list)

Questions for the listing agent

1. It's been on market 228 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 0.85% ✗
• Cap rate: 7.30%
• Cash-on-cash: 3.60%
• DSCR: 1.16
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $253,786
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1635 22nd Ave SW	0.21mi	3/2.0	1,141 (+2%)	4mo	$315,000	$276	84
1395 25th Ave Ave SW	0.14mi	2/2.0 (-1)	1,051 (-6%)	2mo	$239,000	$227	77
1606 20th Ave SW	0.30mi	3/2.0	1,176 (+5%)	1mo	$214,900	$183	76
1365 19th Ave SW	0.31mi	3/2.0	1,170 (+5%)	4mo	$299,000	$256	75
2075 14th St SW	0.17mi	2/2.0 (-1)	1,200 (+7%)	3mo	$223,000	$186	72
1255 18th Ave SW	0.42mi	3/1.0	1,152 (+3%)	1mo	$229,000	$199	70
1375 26th Ave SW	0.23mi	2/1.0 (-1)	1,036 (-7%)	0mo	$153,000	$148	68
1221 18th Ave SW	0.44mi	3/2.0	1,176 (+5%)	4mo	$195,000	$166	67
1175 13th Ave SW	0.73mi	3/2.0	1,118 (0%)	2mo	$270,000	$242	64
1304 32nd Ave SW	0.61mi	3/2.0	1,236 (+11%)	0mo	$299,000	$242	54
1340 18th Ave SW	0.39mi	2/2.0 (-1)	951 (-15%)	2mo	$249,900	$263	50
1676 17th Pl SW	0.55mi	2/2.0 (-1)	960 (-14%)	1mo	$195,000	$203	45

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: -9.5%
• Equity multiple: 0.65×
• Total profit: $-27,152
• Equity at exit: $41,003

10-year hold

• IRR: 1.2%
• Equity multiple: 1.09×
• Total profit: $6,638
• Equity at exit: $23,777

Cash invested: $77,000 (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: 9.7×

Monthly cashflow live

• Estimated rent: $2,351 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$69 /mo · $832/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $231

Break-even live

Break-even rent $2,058

Max offer price $275,000

Occupancy floor 85%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2565 Langrove Ln SW Vero Beach, FL	3.0	2.0	1464	$2,000	$1.37	21d	1	0.81mi
826 Middleton Dr SW Vero Beach, FL	3.0	2.0	1464	$2,150	$1.47	21d	1	0.84mi
2619 Langrove Ln SW Unit 2619 Vero Beach, FL	3.0	2.0	1464	$2,450	$1.67	21d	1	0.85mi
2543 Stockbridge Sq SW Vero Beach, FL	3.0	2.0	1464	$2,200	$1.50	13d	1	0.96mi
1123 37th Ave SW Unit 1541760P Vero Beach, FL	3.0	2.0	1248	$3,075	$2.46	13d	1	1.03mi
985 23rd Pl SW Vero Beach, FL	3.0	2.0	1176	$2,200	$1.87	21d	1	1.47mi

Listing history 22 events

1. 2026-06-19
   days on market $275,000 Active 228 DOM
2. 2026-06-18
   days on market $275,000 Active 227 DOM
3. 2026-06-17
   days on market $275,000 Active 226 DOM
4. 2026-06-16
   days on market $275,000 Active 225 DOM
5. 2026-06-15
   days on market $275,000 Active 224 DOM
6. 2026-06-14
   days on market $275,000 Active 222 DOM
7. 2026-06-13
   days on market $275,000 Active 221 DOM
8. 2026-06-10
   days on market $275,000 Active 219 DOM
9. 2026-06-09
   days on market $275,000 Active 218 DOM
10. 2026-06-08
    days on market $275,000 Active 217 DOM
11. 2026-06-07
    days on market $275,000 Active 216 DOM
12. 2026-06-05
    days on market $275,000 Active 213 DOM
13. 2026-06-02
    days on market $275,000 Active 211 DOM
14. 2026-06-01
    days on market $275,000 Active 210 DOM
15. 2026-05-31
    days on market $275,000 Active 209 DOM
16. 2026-05-30
    days on market $275,000 Active 208 DOM
17. 2026-01-19
    status Active
18. 2025-12-18
    historical Active Under Contract
19. 2025-10-29
    listed $275,000 Active
20. 2010-10-29
    soldstatus $48,900 202-char remark

    Show marketing remark (202 chars)

    LARGE 2/2 WITH DEN, MOVE RIGHT IN. THIS IS A FANNIE MAE HOMEPATH PROPERTY. CLOSE BY 12/31/10 AND RECEIVE UP TO 3.5% CLOSING COST ASSISTANCE AND $1500 SELLING BROKER BONUS. ELIGIBILITY RESTRICTIONS APPLY

21. 2005-03-18
    soldstatus $25,000
22. 2005-02-16
    soldstatus $17,500

ⓘ 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: $832 · $69/mo
• Projected year-2 tax: $2,282 · $190/mo
• Expected delta: +$1,451/yr (+$121/mo · 174.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 24 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: $28,210
• − Mortgage interest: −$15,404
• − Property taxes: −$832
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,257
• − Management: −$2,257
• − Depreciation: −$8,000
• Taxable loss: −$1,915
• Est. tax savings @ 24.0%: +$460
• After-tax cash flow: $3,233/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

+1471.4% since first listed

6 events — show timeline

• 2026-01-19 Relisted — MARMLS
• 2025-12-18 Contingent — MARMLS
• 2025-10-29 Listed $275,000 MARMLS
• 2010-10-29 Sold (MLS) $48,900 RAIRCMLS
• 2005-03-18 Sold (Public Records) $25,000 Public Records
• 2005-02-16 Sold (Public Records) $17,500 Public Records

Property tax history

+5.6%/yr

Latest (2025): $832 · +38.4% YoY. Source: county tax records.