1901 Indian River Blvd Unit 210D

Vero Beach, FL 32960

$115,000B-

2 bd · 2.5 ba · 1,152 sqft · Built 1975 · Townhouse · Pending · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,113/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$258
• HOA: −$699
• Vac / Maint / Mgmt: −$444
• Net cashflow: $109/mo
• Annual: $1,304/yr
• Cap rate: 8.12%
• Cash-on-cash: 6.53%
• DSCR: 1.29
• 1% rule: 1.84%
• Cash to close: $32,200

Investor read

• This is a 2-bed/2.5-bath townhouse listed at $115k. Condition is rated fair.
• At list price, monthly cash flow is $109 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 45 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#116 in FL, #1,784 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: employment D+, amenities 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.
• Watch-outs: flood insurance adds $66/mo; HOA is 33% of rent.
• Market conditions: Rents soft (-1.7%/yr); 206 active listings in the ZIP; 40 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).
• Indian River County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 13y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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.
• Cap rate 8.1% vs local median 2.9% in Vero Beach — 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.
• At $2,113/mo this rent would consume 46% of the median local household income ($55k/yr) (locally 1166% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — The cabinets appear to be in good condition, but they may benefit from a fresh coat of paint.
• Minor: Bathroom fixtures — The condition of the bathroom fixtures is not clear from the photos, but they may need cleaning or updating.
• Minor: Paint — The paint on the walls and ceiling appears to be in good condition, but a fresh coat may improve the appearance.