5151 Highway A1a #105 · Indian River Shores, FL 32963

$225,000

1 bd · 1.0 ba · 937 sqft · Condo public records · 325 Days on market

Built 1974 $552/mo HOA · 19% 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 +17.5/30.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Rent growth +5.0/5.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Experience the essence of the Florida lifestyle with breathtaking river views from this first-floor unit. The serene dining and living rooms offer a peaceful retreat, while a cozy sitting area off the bedroom provides a perfect spot to unwind. Located near the clubhouse, this property is just a short distance from the beach, restaurants, and shopping. Embrace the beauty of living on the river each day and savor the value that comes with such stunning views.

Key facts

• First-floor unit
• Cozy sitting area
• River views

Tags

• RIVER VIEWS
• FIRST-FLOOR UNIT
• COZY SITTING AREA
• SHORT DISTANCE FROM BEACH
• SHORT DISTANCE FROM SHOPPING

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Association: AR Choice / Deanna; Association fee $552 monthly (dues paid quarterly); Association covers maintenance of grounds, parking, recreation facilities, and reserve fund; Community features include fitness facilities, sidewalks, and a pool; Senior community

Exterior

• Parking: Assigned uncovered parking
• Utilities: Public water; County sewer
• Home design: 2-story building; Residential property; Block and concrete construction
• Construction: Block and concrete construction
• Exterior features: No additional exterior features listed; Community pool; Less than quarter acre lot; Riverfront with seawall; North-facing view; Has view; Property attached

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator; Electric water heater
• Bedrooms: One bedroom (10x14)
• Flooring: Tile; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air
• Interior features: Built-in features; Crown molding; Walk-in closet(s); Window treatments; Sliding doors; Unfurnished
• Laundry & utility: In-unit washer and dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $108 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 1.5% in Indian River Shores — 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 68/100 on livability (#517 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A-; Watch: schools C-, amenities F, commute 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; 14 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).

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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $63k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 325 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 19y ago; this cycle's ask has dropped $174k (44%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $148k; list at $225k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 325 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
9. 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.
10. 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: 7.22%
• Cash-on-cash: 3.32%
• DSCR: 1.15
• GRM: 6.3

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: -5.4%
• Equity multiple: 0.79×
• Total profit: $-13,488
• Equity at exit: $33,548

10-year hold

• IRR: 10.9%
• Equity multiple: 2.11×
• Total profit: $70,190
• Equity at exit: $19,454

Cash invested: $63,000 (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: 6.3×

Monthly cashflow live

• Estimated rent: $2,961 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$340 /mo · $4,075/yr
• Insurance: −$94
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$552
• Vacancy / Maint / Mgmt: −$622
• Net cashflow: $108

Break-even live

Break-even rent $2,825

Max offer price $225,000

Occupancy floor 91%

Sensitivity live

Price	-10% $235	-5% $171	+0% $108	+5% $44	+10% $-20
Rent	-10% $-126	-5% $-9	+0% $108	+5% $225	+10% $342
Rate	-1.0pp $221	-0.5pp $165	base $108	+0.5pp $49	+1.0pp $-10

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5151 Jimmy Buffett Memorial Hwy Unit 516 Indian River Shores, FL	1.0	1.5	937	$3,000	$3.20	22d	1	0.02mi
5151 Jimmy Buffett Memorial Hwy Unit 514 Indian River Shores, FL	1.0	1.0	937	$1,750	$1.87	22d	1	0.04mi
837 Seminole Ln Vero Beach, FL	2.0	2.0	860	$2,800	$3.26	14d	1	0.09mi
5400 Jimmy Buffett Memorial Hwy Unit A19 Indian River Shores, FL	1.0	1.5	900	$3,000	$3.33	22d	1	0.26mi
5400 Jimmy Buffett Memorial Hwy Unit B8 Indian River Shores, FL	1.0	1.5	1000	$1,650	$1.65	14d	1	0.32mi
5400 Jimmy Buffett Memorial Hwy Unit 5400A11 Indian River Shores, FL	1.0	2.0	1000	$2,500	$2.50	22d	1	0.32mi
5400 Jimmy Buffett Memorial Hwy Unit I24 Indian River Shores, FL	1.0	1.5	1000	$1,650	$1.65	22d	1	0.32mi
4450 Highway A1A #404 Vero Beach, FL	2.0	2.0	1080	$3,499	$3.24	14d	1	1.00mi
4450 Florida A1A Unit 102 Vero Beach, FL	2.0	2.0	1000	$3,900	$3.90	22d	1	1.00mi
4450 Highway A1A #303 Vero Beach, FL	2.0	2.0	1080	$3,500	$3.24	22d	1	1.00mi
4400 Highway A1A #10 Vero Beach, FL	2.0	2.0	800	$5,500	$6.88	22d	1	1.07mi
4141 Ocean Dr Vero Beach, FL	2.0–3.0	2.0	1200	$3,500	$2.92	14d	4	1.24mi
3939 Ocean Dr Ph 8 Vero Beach, FL	2.0	2.0	1080	$7,500	$6.94	22d	1	1.43mi
3939 Ocean Dr Unit 302B Vero Beach, FL	2.0	2.0	1100	$5,500	$5.00	22d	1	1.45mi

HOA detail condo

• Monthly dues: $552 · $6,624/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-19
   days on market $225,000 Active 325 DOM
2. 2026-06-18
   price $225,000 Active 324 DOM
3. 2026-06-18
   days on market $244,000 Active 324 DOM
4. 2026-06-17
   days on market $244,000 Active 323 DOM
5. 2026-06-16
   days on market $244,000 Active 322 DOM
6. 2026-06-15
   days on market $244,000 Active 321 DOM
7. 2026-06-14
   days on market $244,000 Active 319 DOM
8. 2026-06-13
   days on market $244,000 Active 318 DOM
9. 2026-06-10
   days on market $244,000 Active 316 DOM
10. 2026-06-09
    days on market $244,000 Active 315 DOM
11. 2026-06-08
    days on market $244,000 Active 314 DOM
12. 2026-06-07
    days on market $244,000 Active 313 DOM
13. 2026-06-05
    days on market $244,000 Active 310 DOM
14. 2026-06-02
    days on market $244,000 Active 308 DOM
15. 2026-06-01
    days on market $244,000 Active 307 DOM
16. 2026-05-31
    days on market $244,000 Active 306 DOM
17. 2026-05-30
    days on market $244,000 Active 305 DOM
18. 2026-04-27
    price $249,000
19. 2026-04-27
    price $249,000
20. 2026-03-09
    price $289,000
21. 2026-03-09
    price $289,000
22. 2026-03-06
    price $289,000
23. 2026-01-12
    price $305,000
24. 2026-01-12
    price $305,000
25. 2026-01-11
    price $305,000
26. 2025-07-29
    price $335,000
27. 2025-07-29
    price $335,000
28. 2025-07-22
    historical
29. 2025-07-02
    price $350,000
30. 2025-07-02
    price $350,000
31. 2025-06-02
    price $350,000
32. 2025-03-26
    price $375,000
33. 2025-03-26
    price $375,000
34. 2025-03-22
    price $375,000
35. 2025-01-03
    listed $399,000 Active
36. 2025-01-02
    listed $399,000 Active
37. 2024-12-22
    listed $335,000 Active
38. 2024-12-21
    historical
39. 2024-12-20
    historical
40. 2024-10-24
    price $419,900
41. 2024-10-24
    price $419,900
42. 2024-06-21
    listed $439,900 Active
43. 2024-06-20
    listed $439,900 Active
44. 2024-06-18
    historical
45. 2016-09-15
    historical
46. 2016-04-25
    listed $275,000
47. 2013-09-21
    historical
48. 2010-10-26
    historical
49. 2009-10-26
    listed $259,000
50. 2007-06-01
    listed $265,000

ⓘ 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: $4,075 · $340/mo
• Projected year-2 tax: $4,075 · $340/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 (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 8 d/yr ≥105°F today · 26 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: $35,536
• − Mortgage interest: −$12,603
• − Property taxes: −$4,075
• − Insurance: −$1,922
• − Repairs & maintenance: −$2,843
• − Management: −$2,843
• − HOA: −$6,624
• − Depreciation: −$6,545
• Taxable loss: −$1,920
• Est. tax savings @ 24.0%: +$461
• After-tax cash flow: $1,754/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 — Indian River Shores

• Score: 68/100
• State rank: #517
• US rank: #9512

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: Indian River Shores, FL
• County: Indian River County · 143,738 people
• City population: 15,008
• 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

+167.7% since first listed

36 events — show timeline

• 2026-04-27 Price Changed $249,000 SCMLS
• 2026-04-27 Price Changed $249,000 RAIRCMLS
• 2026-03-09 Price Changed $289,000 Beaches MLS
• 2026-03-09 Price Changed $289,000 SCMLS
• 2026-03-06 Price Changed $289,000 RAIRCMLS
• 2026-01-12 Price Changed $305,000 Beaches MLS
• 2026-01-12 Price Changed $305,000 SCMLS
• 2026-01-11 Price Changed $305,000 RAIRCMLS
• 2025-07-29 Price Changed $335,000 Beaches MLS
• 2025-07-29 Price Changed $335,000 SCMLS
• 2025-07-22 Listing Removed — SCMLS
• 2025-07-02 Price Changed $350,000 Beaches MLS
• 2025-07-02 Price Changed $350,000 SCMLS
• 2025-06-02 Price Changed $350,000 RAIRCMLS
• 2025-03-26 Price Changed $375,000 Beaches MLS
• 2025-03-26 Price Changed $375,000 SCMLS
• 2025-03-22 Price Changed $375,000 RAIRCMLS
• 2025-01-03 Listed $399,000 SCMLS
• 2025-01-02 Listed $399,000 RAIRCMLS
• 2024-12-22 Listed $335,000 RAIRCMLS
• 2024-12-21 Coming Soon — RAIRCMLS
• 2024-12-20 Listing Removed — SCMLS
• 2024-10-24 Price Changed $419,900 SCMLS
• 2024-10-24 Price Changed $419,900 RAIRCMLS
• 2024-06-21 Listed $439,900 SCMLS
• 2024-06-20 Listed $439,900 RAIRCMLS
• 2024-06-18 Coming Soon — RAIRCMLS
• 2016-09-15 Listing Removed — SCMLS
• 2016-04-25 Listed $275,000 RAIRCMLS
• 2013-09-21 Listing Removed — Beaches MLS
• 2010-10-26 Listing Removed — MARMLS
• 2009-10-26 Listed $259,000 MARMLS
• 2007-06-01 Listed $265,000 Beaches MLS
• 2007-05-15 Listed $265,000 SCMLS
• 2002-04-25 Sold (Public Records) $148,000 Public Records
• 1994-03-01 Sold (Public Records) $93,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $4,075 · +4.2% YoY. Source: county tax records.