1851 77th Dr #1851 · West Vero Corridor, FL 32966

$239,900

3 bd · 3.5 ba · 1,700 sqft · Condo · 173 Days on market

Built 2006 Good condition Garage $141/sqft · 7% below area Est $259k · 7% under $483/mo HOA · 21% of rent

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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).

• ARV discount +10.9/15.0
• Cash flow +7.4/30.0
• 1% rule +4.7/10.0
• Schools +4.0/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome Home to this beautiful Townhome in Tamarind Lakes. This unit features 3 bedrooms, 3.5 bathrooms with extra living area on second level which can be used an office, workout room or family room. There are 2 master bedroom suites, one on each floor, a deck upstairs where you can watch the Turtles in the Lake, community pool and much more. Brand new roof, assessment paid by the seller; Don't miss out on this opportunity, seller is motivated, bring offers!!

Key facts

• Extra living area
• Community pool
• Brand new roof

Tags

• EXTRA LIVING AREA
• DECK UPSTAIRS
• COMMUNITY POOL
• BRAND NEW ROOF

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath condo listed at $240k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-312 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $195k (18.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $232k (3.5% below list).
• Recommended offer: $195k (18.8% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 74/100 on livability (#273 in FL, #4,421 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A; Watch: 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: Dodgertown Elementary School (math 27% / reading 32%, grade F, #1,896 of 2,144 statewide, top 90%, 485 students, 78% FRL); Storm Grove Middle School (math 54% / reading 55%, grade B-, #183 of 571 statewide, top 34%, 1,020 students, 50% 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 flat; 666 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 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 $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 173 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask is 9496% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• 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 $194,752 (18.8% 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 173 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. 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: 0.97% ✗
• Cap rate: 4.73%
• Cash-on-cash: -5.57%
• DSCR: 0.75
• GRM: 8.6

CMA / ARV

• ARV (median comp): $259,312
• List price: $239,900
• Delta: -7.49%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7790 15th Ln	0.35mi	3/2.0	1,714 (+1%)	0mo	$421,500	$246	76
1868 Red Oak Ter	0.40mi	3/2.0	1,703 (+0%)	2mo	$368,500	$216	74
1849 Oak Grove Ct	0.42mi	3/2.0	1,704 (+0%)	1mo	$345,000	$202	73
1970 Westhampton Ct	0.33mi	2/2.0 (-1)	1,649 (-3%)	2mo	$280,000	$170	67
7780 14th Ln	0.46mi	3/2.0	1,781 (+5%)	2mo	$415,000	$233	63
8110 Westfield Cir	0.48mi	3/2.0	1,541 (-9%)	1mo	$325,000	$211	55
7522 15th Ln	0.41mi	2/2.0 (-1)	1,544 (-9%)	1mo	$290,000	$188	53
1314 Veranda Way	0.61mi	3/2.0	1,863 (+10%)	1mo	$355,000	$191	49
8058 Westfield Cir	0.52mi	3/2.0	1,955 (+15%)	0mo	$400,000	$205	44
2335 81st Ct	0.68mi	3/2.0	1,998 (+18%)	1mo	$409,000	$205	36
2679 W Brookfield Way	1.43mi	2/2.0 (-1)	1,523 (-10%)	2mo	$300,000	$197	35
1425 Bunker Ct	0.78mi	4/2.0 (+1)	2,079 (+22%)	2mo	$429,900	$207	27

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 · 0.6% rent growth · sell at horizon

5-year hold

• IRR: -29.3%
• Equity multiple: 0.05×
• Total profit: $-63,874
• Equity at exit: $35,770

10-year hold

• IRR: -49.5%
• Equity multiple: -0.51×
• Total profit: $-101,212
• Equity at exit: $20,742

Cash invested: $67,172 (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 →

Active competition Active MLS

• For sale now: 1 active · 1 under contract
• Median asking: $255,000 ($160/sqft)
• Median days on market: 46 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -4.6% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 32966

• Home prices YoY: -26.7%
• Rents YoY: 0.6%
• Active inventory: 666
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,315 high
• Mortgage (P&I): −$1,258
• Tax est. 1.5%: −$300 /mo · $3,598/yr
• Insurance: −$100
• HOA: −$483
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $-312

Break-even live

Break-even rent $2,710

Max offer price $194,752

Occupancy floor —

Sensitivity live

Price	-10% $-146	-5% $-229	+0% $-312	+5% $-395	+10% $-478
Rent	-10% $-495	-5% $-403	+0% $-312	+5% $-221	+10% $-129
Rate	-1.0pp $-191	-0.5pp $-251	base $-312	+0.5pp $-374	+1.0pp $-437

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: $59,975
• Closing costs: $7,197
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1905 77th Dr Vero Beach, FL	2.0	2.5	1500	$2,200	$1.47	6d	1	0.04mi
1937 Tamara Trl Unit 2C Vero Beach, FL	2.0	2.0	1450	$1,800	$1.24	5d	1	0.11mi
1636 Pointe West Way Vero Beach, FL	3.0	2.5	1594	$2,000	$1.25	6d	1	0.25mi
1625 Pointe West Way Vero Beach, FL	3.0	2.5	1600	$2,000	$1.25	116d	1	0.28mi
2050 Griffon Rd Vero Beach, FL	1.0–3.0	1.0–2.5	1231	$3,324	$2.70	0d	21	0.31mi
1930 Westhampton Ct Vero Beach, FL	2.0	2.0	1531	$1,950	$1.27	116d	1	0.33mi
7580 Heron Cir Vero Beach, FL	1.0–3.0	1.0–2.0	1003	$2,517	$2.51	0d	25	0.37mi
7578 15th Ln Vero Beach, FL	2.0	2.0	1600	$2,500	$1.56	6d	1	0.37mi
7725 15th Ln Vero Beach, FL	3.0	2.0	1863	$2,300	$1.23	0d	1	0.38mi
1551 Par Ct Vero Beach, FL	3.0	3.0	1750	$2,600	$1.49	6d	1	0.45mi
7536 15th St Vero Beach, FL	2.0	2.0	1731	$2,600	$1.50	6d	1	0.45mi
2335 Griffon Rd , FL	3.0	2.5	1909	$3,404	$1.78	0d	1	0.58mi
7300 20th St Lot 205 Vero Beach, FL	3.0	2.0	1575	$1,800	$1.14	6d	1	0.73mi
7300 20th St #566 Vero Beach, FL	3.0	2.0	1564	$2,299	$1.47	5d	1	0.81mi
8415 22nd St Vero Beach, FL	2.0	2.0	1100	$2,000	$1.82	109d	1	0.94mi
1924 Westminster Cir #6 Vero Beach, FL	2.0	3.0	1350	$2,000	$1.48	116d	1	0.95mi
1924 Westminster Cir Unit 10-1 Vero Beach, FL	3.0	2.0	1270	$2,100	$1.65	3d	1	0.95mi
1950 Westminster Cir Apt 1 Vero Beach, FL	2.0	2.0	1135	$2,000	$1.76	6d	1	0.96mi
8775 20th St #59 Vero Beach, FL	2.0	2.0	1147	$1,699	$1.48	116d	1	0.98mi
8775 20th St #925 Vero Beach, FL	3.0	2.0	1356	$1,799	$1.33	116d	1	0.98mi
1914 Westminster Cir Unit 13-4 Vero Beach, FL	3.0	3.0	1270	$1,950	$1.54	6d	1	0.99mi
1930 Westminster Cir #2 Vero Beach, FL	2.0	3.0	1430	$1,800	$1.26	116d	1	0.99mi
1975 Westminster Cir #4 Vero Beach, FL	4.0	3.0	1270	$2,350	$1.85	6d	1	0.99mi
8775 20th St Unit 915 Vero Beach, FL	2.0	2.0	1056	$1,400	$1.33	6d	1	1.00mi
1827 Aynsley Way Unit 2-27 Vero Beach, FL	2.0	2.0	1525	$3,300	$2.16	6d	1	1.01mi
1827 Aynsley Way Unit 2-27 Vero Beach, FL	2.0	2.0	1500	$3,300	$2.20	116d	1	1.01mi
1705 Aynsley Way Vero Beach, FL	3.0	2.0	2112	$2,500	$1.18	6d	1	1.01mi
1927 Aynsley Way Unit 33-2 Vero Beach, FL	2.0	3.0	1050	$2,000	$1.90	6d	1	1.05mi
4 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$1,750	$1.47	6d	1	1.13mi
44 Salem Dr Vero Beach, FL	2.0	2.5	1356	$1,899	$1.40	6d	1	1.15mi
24 Plantation Dr #201 Vero Beach, FL	2.0	2.0	1188	$1,750	$1.47	116d	1	1.24mi
589 Johnathans Cay Vero Beach, FL	3.0	2.0	1409	$1,799	$1.28	109d	1	1.26mi
20 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$1,800	$1.52	6d	1	1.27mi
28 Plantation Dr Vero Beach, FL	2.0	2.0	1188	$2,000	$1.68	116d	1	1.27mi
810 Concord St Vero Beach, FL	2.0	2.0	1147	$1,599	$1.39	6d	1	1.27mi
42 Plantation Dr #103 Vero Beach, FL	2.0	2.0	1188	$1,900	$1.60	116d	1	1.36mi
174 Congress St Vero Beach, FL	2.0	2.0	1200	$1,700	$1.42	116d	1	1.38mi
43 Plantation Dr Vero Beach, FL	2.0	2.0	1188	$3,250	$2.74	6d	1	1.39mi
43 Plantation Dr #106 Vero Beach, FL	2.0	2.0	1188	$1,850	$1.56	116d	1	1.39mi
39 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$2,200	$1.85	116d	1	1.40mi

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Community managed by Beacon ManagementMonthly association feeAssociation covers common areas, insurance, grounds maintenance, structure maintenance, recreation facilities and reserve fundCommunity pool

Exterior

• Parking: Attached garageDriveway1 garage space
• Utilities: Public waterPublic sewer
• Home design: 2-story propertyFaces northAttached property
• Construction: Block and concrete constructionShingle roof
• Exterior features: BalconyCommunity pool (fenced)

Interior

• Kitchen: DishwasherMicrowaveRangeRefrigeratorElectric water heater
• Bedrooms: Bedroom (13 x 13)Bedroom (14 x 12)Bedroom (15 x 12)Den (10 x 10)
• Flooring: Laminate flooringTile flooring
• Bathrooms: 3 full bathrooms1 half bathroom
• Heating & cooling: Central heatingCentral air conditioning
• Interior features: Kitchen islandPrimary bedroom on the downstairs levelBlinds
• Laundry & utility: Laundry on the upper level

HOA detail $483/mo · $5,796/yr condo

• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-07-01
   days on market $239,900 Active 173 DOM
2. 2026-06-30
   days on market $239,900 Active 172 DOM
3. 2026-06-29
   days on market $239,900 Active 171 DOM
4. 2026-06-28
   days on market $239,900 Active 170 DOM
5. 2026-06-28
   days on market $239,900 Active 169 DOM
6. 2026-06-27
   days on market $239,900 Active 168 DOM
7. 2026-06-25
   days on market $239,900 Active 166 DOM
8. 2026-06-23
   days on market $239,900 Active 164 DOM
9. 2026-06-22
   days on market $239,900 Active 163 DOM
10. 2026-06-19
    days on market $239,900 Active 161 DOM
11. 2026-06-18
    days on market $239,900 Active 160 DOM
12. 2026-06-17
    days on market $239,900 Active 159 DOM
13. 2026-06-16
    days on market $239,900 Active 158 DOM
14. 2026-06-15
    days on market $239,900 Active 157 DOM
15. 2026-06-14
    days on market $239,900 Active 155 DOM
16. 2026-06-13
    days on market $239,900 Active 154 DOM
17. 2026-06-10
    days on market $239,900 Active 152 DOM
18. 2026-06-09
    days on market $239,900 Active 151 DOM
19. 2026-06-08
    days on market $239,900 Active 150 DOM
20. 2026-06-07
    days on market $239,900 Active 149 DOM
21. 2026-06-05
    days on market $239,900 Active 146 DOM
22. 2026-06-02
    days on market $239,900 Active 144 DOM
23. 2026-06-01
    days on market $239,900 Active 143 DOM
24. 2026-05-31
    days on market $239,900 Active 142 DOM
25. 2026-05-30
    days on market $239,900 Active 141 DOM
26. 2026-04-14
    listed $2,500
27. 2026-03-20
    listed $239,900 Active
28. 2026-03-18
    soldstatus Closed
29. 2026-01-07
    listed $239,900 Active

ⓘ 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 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: $27,781
• − Mortgage interest: −$13,438
• − Property taxes: −$3,598
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,222
• − Management: −$2,222
• − HOA: −$5,796
• − Depreciation: −$6,979
• Taxable loss: −$7,675
• Est. tax savings @ 24.0%: +$1,842
• After-tax cash flow: $-1,902/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab Est. rehab $8,500–$25,500 screening

This well-maintained townhome in Tamarind Lakes features a new roof, modern interiors, and a desirable location with a view of the lake. A fresh coat of paint and landscaping would further enhance its curb appeal and value.

Value-add opportunities

• Resale paint exterior — enhances curb appeal ↑
• Resale landscape — improves curb appeal ↑
• Both install smart home devices — increases both resale and rental value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 40/100

Zoned Schools

Elementary Dodgertown Elementary School F FL #1,896/2,144 Nat'l #26,716/41,679 Middle Storm Grove Middle School B- FL #183/571 Nat'l #2,564/14,009 High Vero Beach High School F FL #367/667 Nat'l #9,497/17,239

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

B Composite livability gradescore 74/100

Livability — West Vero Corridor

• Score: 74/100
• State rank: #273
• US rank: #4421

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Vero Corridor, FL
• County: Indian River County · 165,104 people
• Metro: Sebastian-Vero Beach, FL
• Population (ZIP): 20,686
• Household income: $66,771
• Rent vs Own: 25.1% rent · 74.9% own
• Severe rent burden: 15% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 7% Black 5%
• Hispanic origin (detail): Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 7% Russian/Polish/Slavic 1% French/Haitian/Cajun 1%

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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: ▼ -102.01%
• Current HPI: 280.669
• Rent YoY: ▲ 0.60%
• Metro: Sebastian-Vero Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

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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

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Community managed by Beacon ManagementMonthly association feeAssociation covers common areas, insurance, grounds maintenance, structure maintenance, recreation facilities and reserve fundCommunity pool

Exterior

• Parking: Attached garageDriveway1 garage space
• Utilities: Public waterPublic sewer
• Home design: 2-story propertyFaces northAttached property
• Construction: Block and concrete constructionShingle roof
• Exterior features: BalconyCommunity pool (fenced)

Interior

• Kitchen: DishwasherMicrowaveRangeRefrigeratorElectric water heater
• Bedrooms: Bedroom (13 x 13)Bedroom (14 x 12)Bedroom (15 x 12)Den (10 x 10)
• Flooring: Laminate flooringTile flooring
• Bathrooms: 3 full bathrooms1 half bathroom
• Heating & cooling: Central heatingCentral air conditioning
• Interior features: Kitchen islandPrimary bedroom on the downstairs levelBlinds
• Laundry & utility: Laundry on the upper level

Price history

-99.0% since first listed

4 events — show timeline

• 2026-04-14 Listed for Rent $2,500 RAIRCMLS
• 2026-03-20 Listed $239,900 RAIRCMLS
• 2026-03-18 Sold (MLS) — RAIRCMLS
• 2026-01-07 Listed $239,900 RAIRCMLS