38 Plantation Dr #202 · West Vero Corridor, FL 32966

$170,000

2 bd · 2.0 ba · 1,188 sqft · Townhouse public records · 4 Days on market

Built 1988 Est $209k · 19% under $653/mo HOA · 33% 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 +15.0/15.0
• Cash flow +9.6/30.0
• 1% rule +6.8/10.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• DSCR +2.7/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very clean 2 bdrm, 2 bath condo with pristine lake views, unit being sold furnished turnkey, hurricane windows. Amenities include covered parking, 2 heated pools, tennis, shuffle board, and barbecue area.

Key facts

• Vinyl plank
• Public golf course
• Tile

Tags

• WATER VIEW
• PUBLIC GOLF COURSE
• STAINLESS STEEL APPLIANCES
• BREAKFAST BAR
• VINYL PLANK
• TILE

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: HOA managed by First Service Residential; Monthly association fee (includes common areas, cable TV, insurance, internet, building maintenance, parking, reserve fund, sewer, trash, water); Community amenities: clubhouse, pool, tennis courts, pickleball, shuffleboard, barbecue, library, on-site property manager

Exterior

• Parking: Assigned carport; 1 carport space
• Security: Smoke detector(s)
• Utilities: Public water; County sewer
• Home design: Condominium in a 2-story building; Shingle roof; Concrete construction
• Construction: Concrete construction; Shingle roof; 2 stories
• Exterior features: Sprinkler/irrigation system; Rain gutters; Community pool (heated, gas heat, free-form); Community pond and lake view; Has a view; Faces west

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: Split bedrooms (2nd-floor unit in a 2-story building)
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central electric cooling (Central Air)
• Interior features: Blinds on windows; Pantry; Split bedroom floorplan; Walk-in closet(s); Partially furnished
• Laundry & utility: In-unit washer and dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $170k.

Deal economics

• At list price, monthly cash flow is $-116 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (12.1% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $149k (12.1% below list) — sets the bar for cash-flow.
• Cap rate 5.5% vs local median 4.0% in West Vero Corridor — 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 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: schools F, 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.
• Market conditions: Rents flat; 380 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 36% 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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 $125k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.
• Climate carrying-cost: 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.

Recommended offer $149,433 (12.1% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 5.47%
• Cash-on-cash: -2.94%
• DSCR: 0.87
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $209,088
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37 Plantation Dr #204	0.04mi	2/2.0	1,188 (0%)	4mo	$167,500	$141	95
33 Plantation Dr #104	0.12mi	2/2.0	1,188 (0%)	3mo	$235,000	$198	92
25 Plantation Dr #206	0.16mi	2/2.0	1,188 (0%)	2mo	$215,000	$181	91
30 Plantation Dr #104	0.19mi	2/2.0	1,188 (0%)	2mo	$266,000	$224	90
25 Plantation Dr #201	0.16mi	2/2.0	1,188 (0%)	4mo	$150,345	$127	89
27 Plantation Dr #102	0.17mi	2/2.0	1,188 (0%)	4mo	$192,000	$162	89
10 Plantation Dr #104	0.31mi	2/2.0	1,188 (0%)	2mo	$260,000	$219	84
3 Plantation Dr #204	0.29mi	2/2.0	1,188 (0%)	4mo	$174,500	$147	83
9 Plantation Dr #204	0.35mi	2/2.0	1,188 (0%)	2mo	$232,800	$196	82
14 Plantation Dr #103	0.36mi	2/2.0	1,188 (0%)	3mo	$185,000	$156	81
1901 Westminster Cir #1	0.53mi	2/2.0	1,135 (-4%)	2mo	$200,000	$176	67
1828 Aynsley Way #6	0.51mi	2/2.0	1,325 (+12%)	0mo	$209,000	$158	57

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: -25.0%
• Equity multiple: 0.17×
• Total profit: $-39,339
• Equity at exit: $25,348

10-year hold

• IRR: -36.8%
• Equity multiple: -0.28×
• Total profit: $-60,864
• Equity at exit: $14,698

Cash invested: $47,600 (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 32966

• Home prices YoY: -26.7%
• Rents YoY: 0.6%
• Active inventory: 380
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,005 high
• Mortgage (P&I): −$891
• Tax from tax record: −$85 /mo · $1,025/yr
• Insurance: −$71
• HOA: −$653
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $-116

Break-even live

Break-even rent $2,153

Max offer price $149,433

Occupancy floor —

Sensitivity live

Price	-10% $-20	-5% $-68	+0% $-116	+5% $-165	+10% $-213
Rent	-10% $-275	-5% $-196	+0% $-116	+5% $-37	+10% $42
Rate	-1.0pp $-31	-0.5pp $-73	base $-116	+0.5pp $-160	+1.0pp $-205

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
39 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$2,200	$1.85	21d	1	0.01mi
43 Plantation Dr #106 Vero Beach, FL	2.0	2.0	1188	$1,850	$1.56	21d	1	0.08mi
42 Plantation Dr #103 Vero Beach, FL	2.0	2.0	1188	$1,900	$1.60	21d	1	0.08mi
30 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$2,000	$1.68	21d	1	0.22mi
29 Plantation Dr Vero Beach, FL	2.0	2.0	1188	$1,800	$1.52	21d	1	0.24mi
3 Plantation Dr #105 Vero Beach, FL	1.0	1.0	804	$1,500	$1.87	21d	1	0.26mi
16 Plantation Dr #105 Vero Beach, FL	1.0	1.0	804	$1,850	$2.30	21d	1	0.28mi
24 Plantation Dr #201 Vero Beach, FL	2.0	2.0	1188	$1,750	$1.47	21d	1	0.29mi
28 Plantation Dr Vero Beach, FL	2.0	2.0	1188	$2,000	$1.68	21d	1	0.35mi
20 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$2,200	$1.85	21d	1	0.35mi
1930 Westminster Cir #2 Vero Beach, FL	2.0	3.0	1430	$1,800	$1.26	21d	1	0.49mi
1924 Westminster Cir #6 Vero Beach, FL	2.0	3.0	1350	$2,000	$1.48	21d	1	0.52mi
1827 Aynsley Way Unit 2-27 Vero Beach, FL	2.0	2.0	1500	$3,300	$2.20	21d	1	0.54mi
1868 Sixty Oaks Ln Vero Beach, FL	2.0	2.0	971	$2,450	$2.52	21d	1	0.83mi
1890 Tatnall Sq Vero Beach, FL	1.0–3.0	1.0–2.0	1098	$1,945	$1.77	14d	7	0.87mi
6295 33rd Mnr Vero Beach, FL	3.0	2.0	1464	$2,500	$1.71	14d	1	1.04mi
7580 Heron Cir Vero Beach, FL	1.0–3.0	1.0–2.0	1003	$2,076	$2.07	14d	21	1.14mi
2260 57th Cir #2260 Vero Beach, FL	2.0	2.0	1170	$1,800	$1.54	21d	1	1.21mi
2260 57th Cir Vero Beach, FL	2.0	2.0	1170	$1,850	$1.58	21d	1	1.21mi
2448 57th Cir #2448 Vero Beach, FL	2.0	2.0	1170	$1,750	$1.50	21d	1	1.21mi
2448 57th Cir Vero Beach, FL	2.0	2.0	1170	$1,700	$1.45	21d	1	1.21mi
2288 57th Cir Unit 2288 Vero Beach, FL	1.0	1.0	705	$2,000	$2.84	21d	1	1.21mi
2526 57th Cir Vero Beach, FL	2.0	2.0	1170	$1,800	$1.54	21d	1	1.21mi
2482 57th Cir #2482 Vero Beach, FL	1.0	1.0	851	$1,400	$1.65	21d	1	1.21mi
2050 Griffon Rd Vero Beach, FL	1.0–2.0	1.0–2.0	850	$2,295	$2.70	14d	31	1.31mi

HOA detail

• Monthly dues: $653 · $7,836/yr
• Likely covers: pool

Listing history 5 events

1. 2026-06-19
   days on market $170,000 Active 4 DOM
2. 2026-06-18
   days on market $170,000 Active 3 DOM
3. 2026-06-17
   days on market $170,000 Active 2 DOM
4. 2026-06-15
   remarks 615-char remark
5. 2026-06-15
   listed $170,000 Active 1 DOM

ⓘ 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: $1,025 · $85/mo
• Projected year-2 tax: $1,411 · $118/mo
• Expected delta: +$386/yr (+$32/mo · 37.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 23 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: $24,066
• − Mortgage interest: −$9,523
• − Property taxes: −$1,025
• − Insurance: −$850
• − Repairs & maintenance: −$1,925
• − Management: −$1,925
• − HOA: −$7,836
• − Depreciation: −$4,945
• Taxable loss: −$3,964
• Est. tax savings @ 24.0%: +$951
• After-tax cash flow: $-446/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 — 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 · 143,738 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: 766.0

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 (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%

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

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

+146.7% since first listed

6 events — show timeline

• 2026-06-15 Listed $170,000 RAIRCMLS
• 2019-12-20 Sold (Public Records) $125,000 Public Records
• 2019-12-16 Sold (MLS) $125,000 RAIRCMLS
• 2019-11-05 Contingent — RAIRCMLS
• 2019-10-16 Listed $130,000 RAIRCMLS
• 1988-07-01 Sold (Public Records) $68,900 Public Records

Property tax history

+6.1%/yr

Latest (2025): $1,025 · +5.5% YoY. Source: county tax records.