7300 20th St · West Vero Corridor, FL 32966

$38,500

2 bd · 2.0 ba · 5,090 sqft · SingleFamily public records · 126 Days on market

Built 1981

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Totally updated 2 bed 2 bath Manufactured home in Village Green 55 and over community. Comes fully furnished, new a/c. flooring, paint, sealed roof and more. On the lake.

Key facts

• Open concept
• Updated
• Three clubhouses

Tags

• OPEN CONCEPT
• UPDATED
• FULLY FURNISHED
• NEW FLOORING
• THREE POOLS
• THREE CLUBHOUSES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $38k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $38k).
• Recommended offer: $34k (12.0% below list) — sets the bar for market timing.
• Cap rate 45.9% 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; 564 units permitted in Indian River County in 2024 (281 in 5+ unit buildings).
• This rent runs 35% 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 $266 of loan paydown is wiped out by about $1k 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 + 0.6% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 8y ago; this cycle's ask has dropped $26k (41%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $33,880 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 5.05% ✓
• Cap rate: 45.88%
• Cash-on-cash: 141.39%
• DSCR: 7.29
• GRM: 1.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.6% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.50×
• Total profit: $70,100
• Equity at exit: $5,740

10-year hold

• IRR: —
• Equity multiple: 14.67×
• Total profit: $147,392
• Equity at exit: $3,329

Cash invested: $10,780 (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: 1.6×

Monthly cashflow live

• Estimated rent: $1,945 medium
• Mortgage (P&I): −$202
• Tax est. 1.5%: −$48 /mo · $578/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $1,270

Break-even live

Break-even rent $337

Max offer price $38,500

Occupancy floor 30%

Sensitivity live

Price	-10% $1,297	-5% $1,283	+0% $1,270	+5% $1,257	+10% $1,244
Rent	-10% $1,117	-5% $1,193	+0% $1,270	+5% $1,347	+10% $1,424
Rate	-1.0pp $1,290	-0.5pp $1,280	base $1,270	+0.5pp $1,260	+1.0pp $1,250

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: $9,625
• Closing costs: $1,155
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-02
   days on market $38,500 Active 126 DOM
2. 2026-06-01
   days on market $38,500 Active 125 DOM
3. 2026-05-31
   days on market $38,500 Active 124 DOM
4. 2026-05-30
   days on market $38,500 Active 123 DOM
5. 2026-05-19
   historical
6. 2026-05-18
   price $49,990
7. 2026-04-04
   price $55,000
8. 2026-03-26
   listed $65,000 Active
9. 2026-03-17
   historical Under Contract 170-char remark

   Show marketing remark (170 chars)

   Totally updated 2 bed 2 bath Manufactured home in Village Green 55 and over community. Comes fully furnished, new a/c. flooring, paint, sealed roof and more. On the lake.

10. 2026-03-07
    price $55,000 170-char remark

    Show marketing remark (170 chars)

    Totally updated 2 bed 2 bath Manufactured home in Village Green 55 and over community. Comes fully furnished, new a/c. flooring, paint, sealed roof and more. On the lake.

11. 2026-03-07
    price $29,500

    Show marketing remark (170 chars)

    Totally updated 2 bed 2 bath Manufactured home in Village Green 55 and over community. Comes fully furnished, new a/c. flooring, paint, sealed roof and more. On the lake.

12. 2026-03-07
    price $38,500

    Show marketing remark (170 chars)

    Totally updated 2 bed 2 bath Manufactured home in Village Green 55 and over community. Comes fully furnished, new a/c. flooring, paint, sealed roof and more. On the lake.

13. 2026-02-11
    price $31,000
14. 2026-01-27
    listed $35,000 Active
15. 2026-01-27
    listed $28,000 Active
16. 2026-01-24
    listed $45,000 Active 170-char remark

    Show marketing remark (170 chars)

    Totally updated 2 bed 2 bath Manufactured home in Village Green 55 and over community. Comes fully furnished, new a/c. flooring, paint, sealed roof and more. On the lake.

17. 2025-01-16
    historical $1,600
18. 2025-01-16
    listed $1,600
19. 2024-03-19
    historical $2,000
20. 2024-01-07
    listed $2,000
21. 2019-04-11
    historical
22. 2019-04-10
    listed $28,500 Active
23. 2018-12-14
    historical
24. 2018-02-28
    listed $17,500 Active
25. 2011-08-09
    soldstatus $33,405,000
26. 1997-12-01
    soldstatus $16,796,000
27. 1990-08-01
    soldstatus $12,360,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $23,335
• − Mortgage interest: −$2,157
• − Property taxes: −$578
• − Insurance: −$192
• − Repairs & maintenance: −$1,867
• − Management: −$1,867
• − Depreciation: −$1,120
• Taxable income: $15,554
• Est. tax owed @ 24.0%: −$3,733
• After-tax cash flow: $11,508/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

-99.6% since first listed

23 events — show timeline

• 2026-05-19 Listing Removed — MARMLS
• 2026-05-18 Price Changed $49,990 MARMLS
• 2026-04-04 Price Changed $55,000 MARMLS
• 2026-03-26 Listed $65,000 MARMLS
• 2026-03-17 Contingent — ForSaleByOwner.com
• 2026-03-07 Price Changed $55,000 ForSaleByOwner.com
• 2026-03-07 Price Changed $29,500 ForSaleByOwner.com
• 2026-03-07 Price Changed $38,500 ForSaleByOwner.com
• 2026-02-11 Price Changed $31,000 ForSaleByOwner.com
• 2026-01-27 Listed $35,000 ForSaleByOwner.com
• 2026-01-27 Listed $28,000 ForSaleByOwner.com
• 2026-01-24 Listed $45,000 ForSaleByOwner.com
• 2025-01-16 Rental Removed $1,600 GFLMLS
• 2025-01-16 Listed for Rent $1,600 GFLMLS
• 2024-03-19 Rental Removed $2,000 RMLSFL
• 2024-01-07 Listed for Rent $2,000 RMLSFL
• 2019-04-11 Delisted — RAIRCMLS
• 2019-04-10 Listed $28,500 RAIRCMLS
• 2018-12-14 Listing Removed — MARMLS
• 2018-02-28 Listed $17,500 MARMLS
• 2011-08-09 Sold (Public Records) $33,405,000 Public Records
• 1997-12-01 Sold (Public Records) $16,796,000 Public Records
• 1990-08-01 Sold (Public Records) $12,360,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $546,351 · +34.0% YoY. Source: county tax records.