720 Lake Orchid Cir #108 · Florida Ridge, FL 32962

$168,000

2 bd · 2.0 ba · 1,396 sqft · Condo public records · 602 Days on market

Built 1997 $571/mo HOA · 27% 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).

• Cash flow +10.2/30.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

FIRST FLOOR! Serene preserve view! Newly installed easy care vinyl plank flooring! Freshly painted! New range! Spacious living in gated/guarded active 55+ community. Split bdrm floor plan, separate living, dining areas, bonus sun room. Primary bedroom with en-suite and large walk-in closet. Some hurricane panel protection and rear sliders have electric roll down shutter. Built in bookcases, ample closet space! Pet friendly, financially responsible Grove Isle boasts 2 pool/clubhouse areas, tennis, exercise facility, nature trail, kayak racks and launch, social activities. Carport included too!

Key facts

• Bonus sun room
• Built in bookcases
• Serene preserve view

Tags

• SERENE PRESERVE VIEW
• SPLIT BDRM FLOOR PLAN
• BONUS SUN ROOM
• PRIMARY BEDROOM EN-SUITE
• ELECTRIC ROLL DOWN SHUTTER
• BUILT IN BOOKCASES

Property features AI

Finance

• Financial info: Pets allowed with limits (number and size limits apply)
• HOA & community: Association managed by Elliott Merrill Mgmt; Monthly association fee ($571) covering common areas, cable TV, insurance, internet, structure maintenance, recreation facilities, reserve fund, sewer, security and water; Community amenities include clubhouse, fitness center, tennis courts, shuffleboard, trails/paths, barbecue area, pool, and on-site property manager; Senior community

Exterior

• Parking: Assigned parking; Carport (1 carport space)
• Security: Gated community with guard; Smoke detector(s)
• Utilities: Public water; County sewer
• Home design: 2-story property; Faces west; Property attached (multi-unit)
• Construction: Block and concrete construction; Shingle roof
• Exterior features: Few trees on the lot; Paved road access; Has a view; Community pool (heated, solar heat) and community spa/hot tub

Interior

• Kitchen: Range; Refrigerator; Dishwasher; Electric water heater
• Bedrooms: Bedroom (12 x 11); Bedroom (15 x 13)
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Single-hung windows with window treatments; Sliding doors; Bathtub; Jetted tub; Split bedroom floor plan; Walk-in closet(s); Unfurnished
• Laundry & utility: In-unit laundry; Laundry closet; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $168k.

Deal economics

• At list price, monthly cash flow is $-161 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (17.0% below list).
• Meets the 1% rule at list price ($2k rent vs $168k).
• Recommended offer: $140k (17.0% below list) — sets the bar for cash-flow.
• Cap rate 5.6% vs local median 4.5% in Florida Ridge — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 12 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 38% 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 $1k of loan paydown is wiped out by about $5k 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 602 days — a 12% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $146k; 15% 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 27% of rent.
• Climate carrying-cost: severe flood risk; 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 $139,519 (17.0% 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. It's been on market 602 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
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. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.25% ✓
• Cap rate: 5.62%
• Cash-on-cash: -2.42%
• DSCR: 0.89
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.18% rent growth · sell at horizon

5-year hold

• IRR: -20.7%
• Equity multiple: 0.27×
• Total profit: $-34,543
• Equity at exit: $25,049

10-year hold

• IRR: -9.8%
• Equity multiple: 0.34×
• Total profit: $-30,969
• Equity at exit: $14,526

Cash invested: $47,040 (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: 6.7×

Monthly cashflow live

• Estimated rent: $2,094 high
• Mortgage (P&I): −$881
• Tax from tax record: −$227 /mo · $2,721/yr
• Insurance: −$70
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$571
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $-161

Break-even live

Break-even rent $2,298

Max offer price $139,519

Occupancy floor —

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: $42,000
• Closing costs: $5,040
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
740 Lake Orchid Cir #109 Vero Beach, FL	2.0	2.0	1200	$2,000	$1.67	21d	1	0.04mi
720 Lake Orchid Cir #203 Vero Beach, FL	2.0	2.0	1414	$1,500	$1.06	21d	1	0.04mi
670 E Lake Jasmine Cir #106 Vero Beach, FL	2.0	2.0	1414	$2,750	$1.94	21d	1	0.08mi
655 W Lake Jasmine Cir #207 Vero Beach, FL	2.0	2.0	1213	$1,850	$1.53	13d	1	0.11mi
150 12th Pl SE Vero Beach, FL	3.0	2.0	1564	$2,900	$1.85	13d	1	0.33mi
254 Hawthorne Ln Vero Beach, FL	3.0	2.0	1703	$2,900	$1.70	21d	1	0.64mi
335 Hawthorne Ln Vero Beach, FL	2.0	2.0	1587	$1,800	$1.13	21d	1	0.67mi
2066 5th Ct SE Vero Beach, FL	2.0	2.0	1415	$3,850	$2.72	21d	1	0.88mi
2320 Water Oaks Ln Unit 111 Vero Beach, FL	3.0	2.0	1811	$3,500	$1.93	21d	1	1.32mi
16 Vista Palm Ln Vero Beach, FL	1.0–2.0	1.5–2.0	800	$1,700	$2.12	21d	2	1.34mi
36 Pine Arbor Ln Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	21d	2	1.45mi
37 Pine Arbor Ln #101 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	13d	1	1.45mi

HOA detail condo

• Monthly dues: $571 · $6,852/yr
• Likely covers: electricpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-19
   days on market $168,000 Active 602 DOM
2. 2026-06-18
   days on market $168,000 Active 601 DOM
3. 2026-06-17
   days on market $168,000 Active 600 DOM
4. 2026-06-16
   days on market $168,000 Active 599 DOM
5. 2026-06-15
   days on market $168,000 Active 598 DOM
6. 2026-06-14
   days on market $168,000 Active 596 DOM
7. 2026-06-13
   days on market $168,000 Active 595 DOM
8. 2026-06-10
   days on market $168,000 Active 593 DOM
9. 2026-06-09
   days on market $168,000 Active 592 DOM
10. 2026-06-08
    days on market $168,000 Active 591 DOM
11. 2026-06-07
    days on market $168,000 Active 590 DOM
12. 2026-06-05
    days on market $168,000 Active 587 DOM
13. 2026-06-02
    days on market $168,000 Active 585 DOM
14. 2026-06-01
    days on market $168,000 Active 584 DOM
15. 2026-05-31
    days on market $168,000 Active 583 DOM
16. 2026-05-30
    days on market $168,000 Active 582 DOM
17. 2026-04-15
    price $168,000
18. 2026-02-28
    price $175,000
19. 2025-08-25
    price $182,500
20. 2025-04-09
    price $192,500
21. 2024-10-25
    listed $199,000 Active
22. 2005-02-23
    soldstatus $146,000

ⓘ 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: $2,721 · $227/mo
• Projected year-2 tax: $2,721 · $227/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 9/10 Extreme FEMA zone X (unshaded) · 99% 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: $25,124
• − Mortgage interest: −$9,411
• − Property taxes: −$2,721
• − Insurance: −$1,637
• − Repairs & maintenance: −$2,010
• − Management: −$2,010
• − HOA: −$6,852
• − Depreciation: −$4,887
• Taxable loss: −$4,404
• Est. tax savings @ 24.0%: +$1,057
• After-tax cash flow: $-878/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

+15.1% since first listed

6 events — show timeline

• 2026-04-15 Price Changed $168,000 RAIRCMLS
• 2026-02-28 Price Changed $175,000 RAIRCMLS
• 2025-08-25 Price Changed $182,500 RAIRCMLS
• 2025-04-09 Price Changed $192,500 RAIRCMLS
• 2024-10-25 Listed $199,000 RAIRCMLS
• 2005-02-23 Sold (Public Records) $146,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $2,721 · +5.7% YoY. Source: county tax records.