33 Vista Gardens Trl #204 · Vero Beach South, FL 32962

$110,000

1 bd · 1.0 ba · 630 sqft · Condo public records · 143 Days on market

Built 1982 $465/mo HOA · 32% of rent

---

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 +12.5/30.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• DSCR +3.7/10.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to your dream condo! This charming unit offers stunning views of the course and pond in front with preserve views in the from the Master. Enjoy the serene ambiance from your private balcony, savoring the Florida breeze. The condo features modern finishes, an updated kitchen, and a cozy bedroom. Take advantage of the community amenities, including a pool, clubhouse, and fitness center. With its convenient location near beaches, shopping, and dining, this Vista Gardens condo is an ideal retreat. Don't miss out on this opportunity for a relaxed coastal lifestyle! 2019 H20 heater 2021 AC

Key facts

• Added privacy
• Sweeping views
• Golf-front living

Tags

• GOLF-FRONT LIVING
• SWEEPING VIEWS
• ADDED PRIVACY
• NATURAL LIGHT

Property features AI

Finance

• Financial info: Pets: restrictions apply
• HOA & community: Keystone association with monthly dues; Association fee includes common areas, cable TV, insurance, internet, structure maintenance, recreation facilities, reserve fund, sewer, trash and water; Community amenities include clubhouse, fitness center, billiard room, pickleball, shuffleboard, tennis courts and pool; Senior community

Exterior

• Parking: Assigned uncovered parking
• Security: Smoke detector(s)
• Utilities: Public water; County sewer
• Home design: 2-story building; South-facing; Attached property
• Construction: Block, concrete and stucco construction
• Exterior features: Built-in barbecue; Balcony; Barbecue; Enclosed porch; Porch; Tennis courts; Community heated pool; Community spa; Community pool is electrically heated; Views of lake/pond; Less than quarter acre lot

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Electric water heater
• Bedrooms: One bedroom (14 x 13)
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: One full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Blinds on windows; Sliding doors; Furnishing negotiable
• Laundry & utility: Laundry room in lower level / common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $-83 ($-994/yr) — negative.
• To cash-flow at today's rent, offer at most $95k (13.3% below list).
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $95k (13.3% below list) — sets the bar for cash-flow.
• Cap rate 6.1% vs local median 4.3% in Vero Beach South — 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 78/100 on livability (#163 in FL, #2,445 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A; Watch: 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.
• Zoned schools: Vero Beach Elementary School (math 39% / reading 36%, grade F, #1,596 of 2,144 statewide, top 75%, 599 students, 80% FRL); Oslo Middle School (math 39% / reading 45%, grade D-, #340 of 571 statewide, top 61%, 864 students, 72% 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 rising fast (+4.2%/yr); 351 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 564 units permitted in Indian River County in 2024 (281 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k 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 143 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 32% 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 $95,365 (13.3% 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 143 days. Have you received any prior offers? Is the seller open to a 13% 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. 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: 1.32% ✓
• Cap rate: 6.11%
• Cash-on-cash: -0.64%
• DSCR: 0.97
• GRM: 6.3

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: -19.1%
• Equity multiple: 0.32×
• Total profit: $-21,048
• Equity at exit: $16,401

10-year hold

• IRR: -7.8%
• Equity multiple: 0.46×
• Total profit: $-16,535
• Equity at exit: $9,511

Cash invested: $30,800 (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: 351
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,451 high
• Mortgage (P&I): −$577
• Tax from tax record: −$75 /mo · $902/yr
• Insurance: −$46
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$465
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $-83

Break-even live

Break-even rent $1,556

Max offer price $95,365

Occupancy floor —

Sensitivity live

Price	-10% $-21	-5% $-52	+0% $-83	+5% $-114	+10% $-145
Rent	-10% $-197	-5% $-140	+0% $-83	+5% $-26	+10% $32
Rate	-1.0pp $-27	-0.5pp $-55	base $-83	+0.5pp $-111	+1.0pp $-140

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,500	$2.38	15d	1	0.04mi
23 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	23d	1	0.16mi
26 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	23d	1	0.17mi
43 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	23d	1	0.25mi
441 7th Pl #441 Vero Beach, FL	1.0	1.0	550	$1,250	$2.27	23d	1	0.28mi
462 7th Pl Vero Beach, FL	1.0	1.0	550	$1,400	$2.55	23d	1	0.30mi
15 Vista Gardens Trl #104 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	15d	1	0.32mi
522 7th Pl Unit 522 Vero Beach, FL	1.0	1.0	550	$1,500	$2.73	23d	1	0.36mi
102 Royal Oak Dr #105 Vero Beach, FL	1.0	1.5	750	$1,550	$2.07	23d	1	0.57mi
101 Spring Lake Dr #204 Vero Beach, FL	1.0	1.0	630	$1,275	$2.02	23d	1	0.61mi
95 Spring Lake Dr #103 Vero Beach, FL	1.0	1.5	750	$1,600	$2.13	23d	1	0.66mi
74 Royal Oak Ct #204 Vero Beach, FL	1.0	1.0	630	$1,175	$1.87	23d	1	0.73mi
85 Crooked Tree Ln #203 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	23d	1	0.76mi
60 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,250	$1.98	15d	1	0.88mi
60 Woodland Dr Vero Beach, FL	1.0	1.0	630	$1,125	$1.79	23d	1	0.88mi
52 Woodland Dr #204 Vero Beach, FL	1.0	1.0	630	$1,300	$2.06	23d	1	0.91mi
50 Woodland Dr #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	15d	1	0.93mi
5 Vista Palm Ln #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	15d	1	1.20mi
28 Pine Arbor Ln #103 Vero Beach, FL	1.0	1.5	750	$1,200	$1.60	23d	1	1.36mi
16 Vista Palm Ln Vero Beach, FL	1.0–2.0	1.5–2.0	800	$1,500	$1.88	23d	2	1.42mi
19 Pine Arbor Ln #105 Vero Beach, FL	1.0	1.5	750	$1,800	$2.40	23d	1	1.42mi
1815 Robalo Dr Unit C201 Vero Beach, FL	1.0	1.0	650	$1,700	$2.62	15d	1	1.43mi
1830 Robalo Dr Apt B103 Vero Beach, FL	1.0	1.0	650	$2,100	$3.23	15d	1	1.43mi
1825 Cobia Dr Unit 103H Vero Beach, FL	1.0	1.0	650	$2,400	$3.69	15d	1	1.45mi

HOA detail condo

• Monthly dues: $465 · $5,580/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-19
   days on market $110,000 Active 143 DOM
2. 2026-06-18
   days on market $110,000 Active 142 DOM
3. 2026-06-17
   days on market $110,000 Active 141 DOM
4. 2026-06-16
   days on market $110,000 Active 140 DOM
5. 2026-06-15
   days on market $110,000 Active 139 DOM
6. 2026-06-14
   days on market $110,000 Active 137 DOM
7. 2026-06-13
   days on market $110,000 Active 136 DOM
8. 2026-06-10
   days on market $110,000 Active 134 DOM
9. 2026-06-09
   days on market $110,000 Active 133 DOM
10. 2026-06-08
    days on market $110,000 Active 132 DOM
11. 2026-06-07
    days on market $110,000 Active 131 DOM
12. 2026-06-05
    days on market $110,000 Active 128 DOM
13. 2026-06-02
    days on market $110,000 Active 126 DOM
14. 2026-06-01
    days on market $110,000 Active 125 DOM
15. 2026-05-31
    days on market $110,000 Active 124 DOM
16. 2026-05-30
    days on market $110,000 Active 123 DOM
17. 2026-01-26
    listed $110,000 Active
18. 2023-08-28
    soldstatus $118,000
19. 2023-08-25
    soldstatus $118,000 Closed 598-char remark

    Show marketing remark (598 chars)

    Welcome to your dream condo! This charming unit offers stunning views of the course and pond in front with preserve views in the from the Master. Enjoy the serene ambiance from your private balcony, savoring the Florida breeze. The condo features modern finishes, an updated kitchen, and a cozy bedroom. Take advantage of the community amenities, including a pool, clubhouse, and fitness center. With its convenient location near beaches, shopping, and dining, this Vista Gardens condo is an ideal retreat. Don't miss out on this opportunity for a relaxed coastal lifestyle! 2019 H20 heater 2021 AC

20. 2023-07-12
    historical Active Under Contract 598-char remark

    Show marketing remark (598 chars)

    Welcome to your dream condo! This charming unit offers stunning views of the course and pond in front with preserve views in the from the Master. Enjoy the serene ambiance from your private balcony, savoring the Florida breeze. The condo features modern finishes, an updated kitchen, and a cozy bedroom. Take advantage of the community amenities, including a pool, clubhouse, and fitness center. With its convenient location near beaches, shopping, and dining, this Vista Gardens condo is an ideal retreat. Don't miss out on this opportunity for a relaxed coastal lifestyle! 2019 H20 heater 2021 AC

21. 2023-07-07
    listed $125,000 Active 598-char remark

    Show marketing remark (598 chars)

    Welcome to your dream condo! This charming unit offers stunning views of the course and pond in front with preserve views in the from the Master. Enjoy the serene ambiance from your private balcony, savoring the Florida breeze. The condo features modern finishes, an updated kitchen, and a cozy bedroom. Take advantage of the community amenities, including a pool, clubhouse, and fitness center. With its convenient location near beaches, shopping, and dining, this Vista Gardens condo is an ideal retreat. Don't miss out on this opportunity for a relaxed coastal lifestyle! 2019 H20 heater 2021 AC

22. 2019-04-25
    soldstatus $54,500
23. 2003-12-09
    soldstatus $50,000
24. 1983-04-01
    soldstatus $43,100

ⓘ 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: $902 · $75/mo
• Projected year-2 tax: $913 · $76/mo
• Expected delta: +$11/yr (+$1/mo · 1.2%)

ⓘ 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 2/10 Low
• 🌡 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: $17,415
• − Mortgage interest: −$6,162
• − Property taxes: −$902
• − Insurance: −$1,348
• − Repairs & maintenance: −$1,393
• − Management: −$1,393
• − HOA: −$5,580
• − Depreciation: −$3,200
• Taxable loss: −$2,563
• Est. tax savings @ 24.0%: +$615
• After-tax cash flow: $-379/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 South

• Score: 78/100
• State rank: #163
• US rank: #2445

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

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

+155.2% since first listed

8 events — show timeline

• 2026-01-26 Listed $110,000 RAIRCMLS
• 2023-08-28 Sold (Public Records) $118,000 Public Records
• 2023-08-25 Sold (MLS) $118,000 RAIRCMLS
• 2023-07-12 Contingent — RAIRCMLS
• 2023-07-07 Listed $125,000 RAIRCMLS
• 2019-04-25 Sold (Public Records) $54,500 Public Records
• 2003-12-09 Sold (Public Records) $50,000 Public Records
• 1983-04-01 Sold (Public Records) $43,100 Public Records

Property tax history

+28.1%/yr

Latest (2025): $902 · +1.2% YoY. Source: county tax records.