1850 Bay Rd Unit 3-F · South Beach, FL 32963

$369,000

2 bd · 2.0 ba · 1,880 sqft · Condo public records · 212 Days on market

Built 1981 $1164/mo HOA · 24% of rent

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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).

• Cash flow +15.1/30.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• DSCR +4.6/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

PRICE IMPROVEMENT! Spacious 2BR/2BA split floor plan Harbour Side condo with peek-a-boo views of river and sunsets from porch & Florida room. Rare under building parking! The unit features newer kitchen appliances and was recently painted. Florida room windows are equipped with electric hurricane shutters. Harbour Side community offers secured lobby entry, carport parking, extra storage, beautifully landscaped grounds, heated pool with spa, tennis courts, and access to the Moorings private beach.

Key facts

• $1,164 HOA
• Parking
• Community pool

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Association managed by A.R. Choice Mgmt.; Monthly association fee (paid $1,164; dues paid quarterly); Association covers common areas, cable TV, building maintenance, recreation facilities, reserve fund, sewer, security, trash, water; Community amenities: clubhouse, elevator, storage facilities, tennis courts, trash chute, pool

Exterior

• Parking: Assigned carport; 1 carport space
• Security: Phone entry; Security lights
• Utilities: Public water; Public sewer
• Home design: 4-story building; South-facing; Has attached property; Reception area in building
• Construction: Block and concrete construction; Built-up / tar and gravel roof
• Exterior features: Balcony; Community pool; Beach access; Paved road

Interior

• Kitchen: Refrigerator; Range; Microwave; Dishwasher; Electric water heater
• Bedrooms: Bedroom (15 x 12); Bedroom (17 x 12)
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Wet bar; Built-in features; Walk-in closet(s); Blinds; Single-hung windows; Sliding doors; Unfurnished
• Laundry & utility: In-unit laundry room; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $369k.

Deal economics

• At list price, monthly cash flow is $52 ($625/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $369k).
• Recommended offer: $325k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 2.1% in South 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 67/100 on livability (#567 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.
• Market conditions: Rents rising fast (+11.0%/yr); 498 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 39% 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 $11k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $103k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 212 days — a 12% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 5y ago; this cycle's ask has dropped $60k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $324,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 212 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
8. 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.
9. 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: 1.34% ✓
• Cap rate: 6.68%
• Cash-on-cash: 1.38%
• DSCR: 1.06
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.71×
• Total profit: $-29,538
• Equity at exit: $55,019

10-year hold

• IRR: 9.6%
• Equity multiple: 1.97×
• Total profit: $100,737
• Equity at exit: $31,904

Cash invested: $103,320 (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: 498
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $4,933 high
• Mortgage (P&I): −$1,935
• Tax from tax record: −$526 /mo · $6,308/yr
• Insurance: −$154
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,164
• Vacancy / Maint / Mgmt: −$1,036
• Net cashflow: $52

Break-even live

Break-even rent $4,867

Max offer price $369,000

Occupancy floor 94%

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: $92,250
• Closing costs: $11,070
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1001 Bay Rd Vero Beach, FL	2.0	2.0–3.0	1680	$4,750	$2.83	21d	2	0.04mi
1850 Bay Rd Unit 3G Vero Beach, FL	2.0	2.0	1900	$4,000	$2.11	21d	1	0.04mi
1815 Mooringline Dr Unit 2E Vero Beach, FL	2.0	2.0	1880	$3,200	$1.70	21d	1	0.05mi
1815 Mooringline Dr Unit 1 Vero Beach, FL	2.0	2.0	1880	$3,000	$1.60	21d	1	0.05mi
1821 Mooringline Dr Unit 1C Vero Beach, FL	2.0	2.0	1900	$2,500	$1.32	13d	1	0.05mi
1880 Bay Rd Unit I319 Vero Beach, FL	3.0	3.0	1610	$8,500	$5.28	21d	1	0.12mi
505 Spyglass Ln Unit 505B Vero Beach, FL	2.0	2.0	1580	$8,000	$5.06	13d	1	0.59mi
856 Norfolk Pine Ln Vero Beach, FL	3.0	3.0	2541	$10,000	$3.94	13d	1	0.63mi
2155 Galleon Dr Unit E4 Vero Beach, FL	2.0	2.0	1475	$2,995	$2.03	21d	1	0.75mi
2160 Sanford Ct Vero Beach, FL	3.0	3.0	2571	$30,000	$11.67	21d	1	0.75mi
1155 Reef Rd Vero Beach, FL	2.0	2.0	1511	$3,000	$1.99	13d	2	0.79mi
2246 Magans Ocean Walk Vero Beach, FL	3.0	3.0	2089	$15,000	$7.18	21d	1	0.95mi
1946 Surfside Ter Vero Beach, FL	3.0	2.0	2129	$3,900	$1.83	13d	1	0.95mi
2244 Magans Ocean Walk Vero Beach, FL	3.0	2.0	1666	$11,500	$6.90	13d	1	0.97mi
2225 Seaside St Vero Beach, FL	3.0	3.0	2449	$10,000	$4.08	21d	1	1.02mi
2155 Dunmore Ln Vero Beach, FL	3.0	2.5	2300	$5,000	$2.17	21d	1	1.06mi
1839 E Sandpointe Ln Vero Beach, FL	3.0	3.0	2500	$10,000	$4.00	21d	1	1.17mi

HOA detail condo

• Monthly dues: $1,164 · $13,968/yr
• Likely covers: electriclandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 44 events

1. 2026-06-19
   status $369,000 Pending 212 DOM
2. 2026-06-18
   days on market $369,000 Active Under Contract 212 DOM
3. 2026-06-17
   days on market $369,000 Active Under Contract 211 DOM
4. 2026-06-16
   days on market $369,000 Active Under Contract 210 DOM
5. 2026-06-15
   days on market $369,000 Active Under Contract 209 DOM
6. 2026-06-14
   days on market $369,000 Active Under Contract 207 DOM
7. 2026-06-13
   days on market $369,000 Active Under Contract 206 DOM
8. 2026-06-10
   days on market $369,000 Active Under Contract 204 DOM
9. 2026-06-09
   days on market $369,000 Active Under Contract 203 DOM
10. 2026-06-08
    days on market $369,000 Active Under Contract 202 DOM
11. 2026-06-07
    days on market $369,000 Active Under Contract 201 DOM
12. 2026-06-05
    days on market $369,000 Active Under Contract 198 DOM
13. 2026-06-02
    days on market $369,000 Active Under Contract 196 DOM
14. 2026-06-01
    days on market $369,000 Active Under Contract 195 DOM
15. 2026-05-31
    days on market $369,000 Active Under Contract 194 DOM
16. 2026-05-30
    days on market $369,000 Active Under Contract 193 DOM
17. 2026-05-15
    historical Active Under Contract
18. 2026-05-01
    historical $2,500
19. 2026-04-14
    price $369,000
20. 2026-03-30
    price $399,000
21. 2025-11-18
    listed $429,000 Active
22. 2025-07-16
    price $429,000
23. 2025-06-16
    listed $469,000 Active
24. 2025-04-18
    listed $2,450
25. 2025-04-04
    listed $489,000 Active
26. 2025-03-31
    historical $3,000
27. 2025-03-17
    price $489,000
28. 2025-02-18
    price $3,000
29. 2024-11-15
    listed $499,000 Active
30. 2024-11-03
    listed $5,500
31. 2024-10-01
    historical $3,000
32. 2024-06-27
    price $3,000
33. 2024-06-21
    price $3,350
34. 2024-05-24
    listed $3,500
35. 2024-04-11
    historical $3,700
36. 2024-04-08
    listed $3,700
37. 2022-01-14
    soldstatus $335,000
38. 2022-01-07
    soldstatus $335,000 Closed
39. 2021-09-11
    historical Active Under Contract
40. 2021-08-31
    listed $347,000 Active
41. 2021-08-30
    historical $347,000
42. 2003-05-05
    soldstatus $190,000
43. 1999-09-29
    soldstatus $141,200
44. 1981-07-01
    soldstatus $125,000

ⓘ 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: $6,308 · $526/mo
• Projected year-2 tax: $6,308 · $526/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) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $59,196
• − Mortgage interest: −$20,670
• − Property taxes: −$6,308
• − Insurance: −$2,642
• − Repairs & maintenance: −$4,736
• − Management: −$4,736
• − HOA: −$13,968
• − Depreciation: −$10,735
• Taxable loss: −$4,599
• Est. tax savings @ 24.0%: +$1,104
• After-tax cash flow: $1,728/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 — South Beach

• Score: 67/100
• State rank: #567
• US rank: #10847

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Beach, FL
• County: Indian River County · 143,738 people
• 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

-98.0% since first listed

28 events — show timeline

• 2026-05-15 Contingent — RAIRCMLS
• 2026-05-01 Rental Removed $2,500 RAIRCMLS
• 2026-04-14 Price Changed $369,000 RAIRCMLS
• 2026-03-30 Price Changed $399,000 RAIRCMLS
• 2025-11-18 Listed $429,000 RAIRCMLS
• 2025-07-16 Price Changed $429,000 RAIRCMLS
• 2025-06-16 Listed $469,000 RAIRCMLS
• 2025-04-18 Listed for Rent $2,450 RAIRCMLS
• 2025-04-04 Listed $489,000 RAIRCMLS
• 2025-03-31 Rental Removed $3,000 RAIRCMLS
• 2025-03-17 Price Changed $489,000 RAIRCMLS
• 2025-02-18 Price Changed $3,000 RAIRCMLS
• 2024-11-15 Listed $499,000 RAIRCMLS
• 2024-11-03 Listed for Rent $5,500 RAIRCMLS
• 2024-10-01 Rental Removed $3,000 RAIRCMLS
• 2024-06-27 Price Changed $3,000 RAIRCMLS
• 2024-06-21 Price Changed $3,350 RAIRCMLS
• 2024-05-24 Listed for Rent $3,500 RAIRCMLS
• 2024-04-11 Rental Removed $3,700 RAIRCMLS
• 2024-04-08 Listed for Rent $3,700 RAIRCMLS
• 2022-01-14 Sold (Public Records) $335,000 Public Records
• 2022-01-07 Sold (MLS) $335,000 RAIRCMLS
• 2021-09-11 Contingent — RAIRCMLS
• 2021-08-31 Listed $347,000 RAIRCMLS
• 2021-08-30 Coming Soon $347,000 RAIRCMLS
• 2003-05-05 Sold (Public Records) $190,000 Public Records
• 1999-09-29 Sold (Public Records) $141,200 Public Records
• 1981-07-01 Sold (Public Records) $125,000 Public Records

Property tax history

+13.1%/yr

Latest (2025): $6,308 · +5.5% YoY. Source: county tax records.