3939 Ocean Dr Unit 208C · Vero Beach, FL 32963

$425,000

2 bd · 2.0 ba · 1,080 sqft · Townhouse public records · 6 Days on market

Built 1977 Est $607k · 30% under $1213/mo HOA · 24% of rent

---

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).

• ARV discount +15.0/15.0
• Cash flow +9.8/30.0
• 1% rule +6.7/10.0
• Rent growth +5.0/5.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * Terrific Turnkey Ocean View Condo in Great Location Next to the Boardwalk and Ocean * * Tennis + Fitness Center & Heated Pool Included * * Newer AC & Water Heater * * Oversized Balcony * * Tile Flooring * * Accordian Storm Shutters for Lock & Go Living * * Extra Storage & Under Building Parking * * Good Rental Opportunity Also * * Sizes are approx/subj to error.

Key facts

• Tennis
• Clubhouse
• Furnished turnkey

Tags

• FURNISHED TURNKEY
• TILE FLOORING
• RESORT-STYLE AMENITIES
• TENNIS
• PICKLEBALL
• CLUBHOUSE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $425k.

Deal economics

• At list price, monthly cash flow is $-336 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $366k (14.0% below list).
• Meets the 1% rule at list price ($5k rent vs $425k).
• Recommended offer: $366k (14.0% below list) — sets the bar for cash-flow.
• Cap rate 5.5% vs local median 2.8% in Vero Beach — 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 80/100 on livability (#116 in FL, #1,784 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: employment D+, amenities 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: 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 40% 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y ago; this cycle's ask is 13181% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $300k; 42% 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 24% of rent.
• Climate carrying-cost: major 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 $365,648 (14.0% 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. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.17% ✓
• Cap rate: 5.53%
• Cash-on-cash: -2.72%
• DSCR: 0.88
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $606,960
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3939 Ocean Dr Unit 205B	0.00mi	2/2.0	1,130 (+5%)	0mo	$525,000	$465	92
3939 Ocean Dr Unit 502B	0.00mi	2/2.0	1,130 (+5%)	1mo	$545,000	$482	92
3939 Ocean Dr Unit 501B	0.00mi	2/2.0	1,130 (+5%)	2mo	$699,000	$619	91
3939 Ocean Dr Unit 502A	0.00mi	2/2.0	1,130 (+5%)	3mo	$635,000	$562	90
3554 Ocean Dr Unit 403N	0.28mi	2/2.0	1,112 (+3%)	1mo	$1,025,000	$922	81
3554 Ocean Dr Ph 2S	0.32mi	2/2.0	1,112 (+3%)	1mo	$905,000	$814	80
3554 Ocean Dr #302	0.29mi	2/2.0	1,112 (+3%)	3mo	$585,000	$526	79
3554 Ocean Dr Unit 403S	0.32mi	2/2.0	1,112 (+3%)	2mo	$710,000	$638	79
3554 S Ocean Dr #1203	0.29mi	2/2.0	1,112 (+3%)	4mo	$950,000	$854	78
3554 Ocean Dr Unit 302S	0.32mi	2/2.0	1,112 (+3%)	3mo	$585,000	$526	78
3500 Ocean Dr #310	0.39mi	2/2.0	1,210 (+12%)	3mo	$513,000	$424	59
275 Date Palm Rd #403	0.66mi	2/2.0	1,200 (+11%)	1mo	$280,000	$233	50

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -13.9%
• Equity multiple: 0.47×
• Total profit: $-63,134
• Equity at exit: $63,369

10-year hold

• IRR: 3.6%
• Equity multiple: 1.34×
• Total profit: $40,529
• Equity at exit: $36,746

Cash invested: $119,000 (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 32963

• Rents YoY: 11.0%
• Active inventory: 501
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $4,966 high
• Mortgage (P&I): −$2,229
• Tax from tax record: −$574 /mo · $6,888/yr
• Insurance: −$177
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,213
• Vacancy / Maint / Mgmt: −$1,043
• Net cashflow: $-336

Break-even live

Break-even rent $5,392

Max offer price $365,648

Occupancy floor —

Sensitivity live

Price	-10% $-95	-5% $-216	+0% $-336	+5% $-456	+10% $-577
Rent	-10% $-728	-5% $-532	+0% $-336	+5% $-140	+10% $56
Rate	-1.0pp $-122	-0.5pp $-228	base $-336	+0.5pp $-446	+1.0pp $-558

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3939 Ocean Dr Unit 405B Vero Beach, FL	2.0	2.0	1130	$6,300	$5.58	22d	1	0.03mi
3939 Ocean Dr Unit 201B Vero Beach, FL	2.0	2.0	1130	$7,800	$6.90	22d	1	0.03mi
3939 Ocean Dr Unit 302B Vero Beach, FL	2.0	2.0	1100	$5,500	$5.00	22d	1	0.03mi
3939 Ocean Dr Unit 401B Vero Beach, FL	2.0	2.0	1130	$2,700	$2.39	22d	1	0.03mi
3939 Ocean Dr Unit 201A Vero Beach, FL	2.0	2.0	1130	$4,000	$3.54	22d	1	0.03mi
3939 Ocean Dr Ph 8 Vero Beach, FL	2.0	2.0	1080	$7,500	$6.94	22d	1	0.04mi
4049 Ocean Dr Vero Beach, FL	2.0	2.0	1250	$3,750	$3.00	22d	2	0.07mi
4026 Silver Palm Dr Vero Beach, FL	2.0	2.0	1200	$3,500	$2.92	15d	1	0.11mi
4009 Silver Palm Dr #3 Vero Beach, FL	2.0	2.5	1430	$5,100	$3.57	22d	1	0.14mi
4019 Silver Palm Dr #8 Vero Beach, FL	2.0	2.5	1460	$3,000	$2.05	22d	1	0.14mi
4141 Ocean Dr Vero Beach, FL	2.0–3.0	2.0	1200	$3,500	$2.92	15d	4	0.20mi
4150 Highway A1A #111 Vero Beach, FL	2.0	2.0	1300	$2,600	$2.00	22d	1	0.28mi
3554 Ocean Dr Unit 504N Vero Beach, FL	2.0	2.0	1112	$10,000	$8.99	22d	1	0.29mi
3554 Ocean Dr #301 Vero Beach, FL	2.0	2.0	1112	$3,700	$3.33	22d	1	0.30mi
3554 Ocean Dr Unit 1202N Vero Beach, FL	2.0	2.0	1112	$12,000	$10.79	15d	1	0.30mi
3555 Ocean Dr #203 Vero Beach, FL	2.0	2.0	1175	$3,500	$2.98	22d	1	0.32mi
3554 Ocean Dr Unit 904S Vero Beach, FL	2.0	2.0	1112	$5,500	$4.95	15d	1	0.33mi
3554 Ocean Dr Unit 802S Vero Beach, FL	2.0	2.0	1100	$7,500	$6.82	22d	1	0.33mi
3554 Ocean Dr Unit 604S Vero Beach, FL	2.0	2.0	1112	$6,500	$5.85	22d	1	0.33mi
3554 Ocean Dr Unit 402S Vero Beach, FL	2.0	2.0	1112	$5,000	$4.50	22d	1	0.33mi
3554 Ocean Dr Unit 501S Vero Beach, FL	2.0	2.0	1100	$4,000	$3.64	22d	1	0.33mi
3554 Ocean Dr Unit 701S Vero Beach, FL	2.0	2.0	1112	$3,800	$3.42	22d	1	0.33mi
4400 Highway A1A #10 Vero Beach, FL	2.0	2.0	800	$5,500	$6.88	22d	1	0.39mi
4450 Highway A1A #404 Vero Beach, FL	2.0	2.0	1080	$3,499	$3.24	15d	1	0.45mi
4450 Florida A1A Unit 102 Vero Beach, FL	2.0	2.0	1000	$3,900	$3.90	22d	1	0.45mi
4450 Highway A1A #303 Vero Beach, FL	2.0	2.0	1080	$3,500	$3.24	22d	1	0.45mi
725 Acacia Rd Vero Beach, FL	3.0	2.5	1457	$5,000	$3.43	15d	1	0.46mi
4600 Highway A1A #507 Vero Beach, FL	2.0	2.0	1400	$5,000	$3.57	22d	1	0.51mi
4601 Highway A1A #202 Vero Beach, FL	2.0	2.0	1440	$3,250	$2.26	22d	1	0.54mi
4834 Bethel Creek Dr Vero Beach, FL	2.0	2.5	1500	$2,900	$1.93	22d	1	0.71mi
4890 Bethel Creek Dr #5 Vero Beach, FL	2.0	2.5	1244	$2,200	$1.77	22d	1	0.73mi
725 Dahlia Ln Vero Beach, FL	3.0	3.0	1455	$4,500	$3.09	15d	1	0.77mi
824 Dahlia Ln Vero Beach, FL	2.0	1.5	900	$4,500	$5.00	22d	1	0.79mi
626 Gardenia Ln Vero Beach, FL	3.0	2.0	1311	$2,800	$2.14	15d	1	0.93mi
2704 Cardinal Dr Vero Beach, FL	2.0	1.5	1480	$3,250	$2.20	22d	1	0.95mi
2700 Ocean Dr #106 Vero Beach, FL	2.0	2.0	1100	$4,500	$4.09	22d	1	1.02mi
2700 Ocean Dr #208 Vero Beach, FL	2.0	2.0	1100	$3,850	$3.50	15d	1	1.02mi
2700 Ocean Dr #404 Vero Beach, FL	3.0	2.0	1150	$9,000	$7.83	22d	1	1.02mi
2700 Ocean Dr #501 Vero Beach, FL	2.0	2.0	1450	$8,000	$5.52	22d	1	1.02mi
5100 Jimmy Buffett Memorial Hwy Unit 58G INDN RIV SHRS, FL	2.0	2.0	1170	$6,000	$5.13	22d	1	1.14mi

HOA detail

• Monthly dues: $1,213 · $14,556/yr
• Likely covers: waterpoolgym

Listing history 8 events

1. 2026-06-22
   days on market $425,000 Active 6 DOM
2. 2026-06-19
   days on market $425,000 Active 4 DOM
3. 2026-06-18
   days on market $425,000 Active 3 DOM
4. 2026-06-17
   days on market $425,000 Active 2 DOM
5. 2026-06-15
   statusdays on market $425,000 Active 1 DOM
6. 2026-06-15
   days on market $425,000 Coming Soon 3 DOM
7. 2026-06-13
   remarks 526-char remark
8. 2026-06-13
   listed $425,000 Coming Soon 1 DOM

ⓘ 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: $6,888 · $574/mo
• Projected year-2 tax: $6,888 · $574/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°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: $59,595
• − Mortgage interest: −$23,807
• − Property taxes: −$6,888
• − Insurance: −$2,922
• − Repairs & maintenance: −$4,768
• − Management: −$4,768
• − HOA: −$14,556
• − Depreciation: −$12,364
• Taxable loss: −$10,477
• Est. tax savings @ 24.0%: +$2,515
• After-tax cash flow: $-1,517/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 — Vero Beach

• Score: 80/100
• State rank: #116
• US rank: #1784

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vero Beach, FL
• County: Indian River County · 143,738 people
• City population: 98,707
• 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

+608.3% since first listed

12 events — show timeline

• 2026-06-12 Coming Soon $425,000 RAIRCMLS
• 2024-02-27 Rental Removed $3,200 RAIRCMLS
• 2023-11-10 Listed for Rent $3,200 RAIRCMLS
• 2019-02-23 Pending — RAIRCMLS
• 2019-02-21 Sold (Public Records) $299,900 Public Records
• 2019-02-20 Sold (MLS) $299,900 RAIRCMLS
• 2019-01-09 Contingent — RAIRCMLS
• 2018-12-14 Listed $325,000 RAIRCMLS
• 2011-03-17 Sold (Public Records) $160,000 Public Records
• 2011-03-11 Sold (MLS) $160,000 RAIRCMLS
• 2002-11-20 Sold (Public Records) $210,000 Public Records
• 1978-03-01 Sold (Public Records) $60,000 Public Records

Property tax history

+8.6%/yr

Latest (2025): $6,888 · +7.0% YoY. Source: county tax records.