1354 Coral Park Ln #603

Wabasso Beach, FL 32963

$412,500D

3 bd · 3.0 ba · 2,136 sqft · Built 1987 · Condo · Active · 180 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,099/mo
• Mortgage (P&I): −$2,163
• Tax + insurance: −$706
• HOA: −$1,599
• Vac / Maint / Mgmt: −$1,071
• Net cashflow: $-440/mo
• Annual: $-5,285/yr
• Cap rate: 5.20%
• Cash-on-cash: -3.89%
• DSCR: 0.83
• 1% rule: 1.24%
• Cash to close: $115,500

Investor read

• This is a 3-bed/3.0-bath condo listed at $412k.
• At list price, monthly cash flow is $-440 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $335k (18.9% below list).
• Meets the 1% rule at list price ($5k rent vs $412k).
• It's been on market 180 days — a 12% lower offer ($363k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $335k (18.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#712 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.
• Watch-outs: flood insurance adds $66/mo; HOA is 31% of rent.
• Market conditions: Rents rising fast (+11.0%/yr); 498 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• Indian River County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 15 sale attempts since 8y 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 $135k; list at $412k implies a 206% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.2% vs local median 1.8% in Wabasso 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.
• This rent runs 41% of the median local income ($150k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 180 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?