950 Sandpiper Ln · Vero Beach, FL 32963

$1,500,000

16 bd · 16.0 ba · — sqft · MultiFamily · 51 Days on market

Built 1982 Poor condition

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

A rare opportunity to own a 4-unit multifamily property two lots from the ocean. Steps away from South Beach and situated in the heart of Vero’s Barrier Island. All four units are one-bedroom units with one bath – roughly 400 SF per unit. Do not disturb tenants or visit property without permission.

Key facts

• Coastal location
• Short term rentals
• Four separate units

Tags

• BEACHSIDE CONDO
• FOUR SEPARATE UNITS
• STRONG INCOME POTENTIAL
• COASTAL LOCATION
• SHORT TERM RENTALS
• LONG TERM RENTALS

Property features AI

Finance

• Other: Four separate electric meters
• Financial info: Gross income reported: $67,834; Operating expenses reported: $26,590; Utilities expense reported: $10,000; Maintenance expense reported: $8,440; Insurance expense reported: $560
• HOA & community: No association

Exterior

• Parking: Off-street parking for up to 6 vehicles
• Utilities: Public water; Septic tank sewer
• Home design: Single-story building
• Construction: Block, concrete and stucco construction; Rolled/hot mop roof
• Exterior features: No specific exterior features listed; Lot roughly 80 x 131, less than a quarter acre; Currently used as multi-family; zoned/residential

Interior

• Bedrooms: Four one-bedroom units (each unit is 1 bedroom)
• Flooring: Tile
• Heating & cooling: Cooling present (one unit)
• Interior features: Single-hung windows; Tile flooring

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $1.50M. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $15k ($185k/yr) — positive. Per door: $4k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($33k rent vs $1.50M).
• Recommended offer: $1.46M (3.0% below list) — sets the bar for market timing.
• Cap rate 18.6% 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.

Location & tenants

• 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.
• Zoned schools: Beachland Elementary School (math 54% / reading 58%, grade C+, #832 of 2,144 statewide, top 40%, 523 students, 39% FRL); Gifford Middle School (math 46% / reading 45%, grade D+, #305 of 571 statewide, top 54%, 582 students, 72% FRL); Vero Beach High School (math 28% / reading 43%, grade F, #367 of 667 statewide, top 57%, 2,847 students, 50% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents rising fast (+11.0%/yr); 501 active listings in the ZIP; high-income renter base; 564 units permitted in Indian River County in 2024 (281 in 5+ unit buildings).
• At $32,655/mo this rent would consume 261% of the median local household income ($150k/yr) (locally 119% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k 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 $420k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($1.46M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y 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 $700k; list at $1.50M implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,455,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 2.18% ✓
• Cap rate: 18.64%
• Cash-on-cash: 44.09%
• DSCR: 2.96
• GRM: 3.8

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: 46.6%
• Equity multiple: 3.17×
• Total profit: $912,829
• Equity at exit: $223,655

10-year hold

• IRR: 54.5%
• Equity multiple: 7.78×
• Total profit: $2,847,880
• Equity at exit: $129,693

Cash invested: $420,000 (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: 501
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $32,655 high
• Mortgage (P&I): −$7,866
• Tax est. 1.5%: −$1,875 /mo · $22,500/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,858
• Net cashflow: $15,431

Break-even live

Break-even rent $13,122

Max offer price $1,500,000

Occupancy floor 48%

Sensitivity live

Price	-10% $16,468	-5% $15,950	+0% $15,431	+5% $14,913	+10% $14,395
Rent	-10% $12,852	-5% $14,141	+0% $15,431	+5% $16,721	+10% $18,011
Rate	-1.0pp $16,187	-0.5pp $15,813	base $15,431	+0.5pp $15,043	+1.0pp $14,647

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$32,656
Total (4 units)			$32,655

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: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-22
   days on market $1,500,000 Active 51 DOM
2. 2026-06-19
   days on market $1,500,000 Active 49 DOM
3. 2026-06-18
   days on market $1,500,000 Active 48 DOM
4. 2026-06-17
   days on market $1,500,000 Active 47 DOM
5. 2026-06-16
   days on market $1,500,000 Active 46 DOM
6. 2026-06-15
   days on market $1,500,000 Active 45 DOM
7. 2026-06-14
   days on market $1,500,000 Active 43 DOM
8. 2026-06-13
   days on market $1,500,000 Active 42 DOM
9. 2026-06-10
   days on market $1,500,000 Active 40 DOM
10. 2026-06-09
    days on market $1,500,000 Active 39 DOM
11. 2026-06-08
    days on market $1,500,000 Active 38 DOM
12. 2026-06-07
    days on market $1,500,000 Active 37 DOM
13. 2026-06-05
    days on market $1,500,000 Active 34 DOM
14. 2026-06-02
    days on market $1,500,000 Active 32 DOM
15. 2026-06-01
    days on market $1,500,000 Active 31 DOM
16. 2026-05-31
    days on market $1,500,000 Active 30 DOM
17. 2026-05-30
    days on market $1,500,000 Active 29 DOM
18. 2026-05-01
    listed $1,500,000 Active
19. 2025-12-05
    price $1,600,000
20. 2025-08-07
    historical $1,800
21. 2025-07-26
    listed $1,800
22. 2025-02-13
    price $1,395,000
23. 2024-12-10
    listed $1,500,000 Active
24. 2024-02-27
    historical $1,500
25. 2023-11-10
    listed $1,500
26. 2022-07-22
    soldstatus $700,000 Closed 311-char remark

    Show marketing remark (311 chars)

    A rare opportunity to own a 4-unit multifamily property two lots from the ocean. Steps away from South Beach and situated in the heart of Vero’s Barrier Island. All four units are one-bedroom units with one bath – roughly 400 SF per unit. Do not disturb tenants or visit property without permission.

27. 2022-06-17
    status Pending 311-char remark

    Show marketing remark (311 chars)

    A rare opportunity to own a 4-unit multifamily property two lots from the ocean. Steps away from South Beach and situated in the heart of Vero’s Barrier Island. All four units are one-bedroom units with one bath – roughly 400 SF per unit. Do not disturb tenants or visit property without permission.

28. 2022-06-16
    listed $699,000 Active 311-char remark

    Show marketing remark (311 chars)

    A rare opportunity to own a 4-unit multifamily property two lots from the ocean. Steps away from South Beach and situated in the heart of Vero’s Barrier Island. All four units are one-bedroom units with one bath – roughly 400 SF per unit. Do not disturb tenants or visit property without permission.

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 56% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 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: $391,860
• − Mortgage interest: −$84,023
• − Property taxes: −$22,500
• − Insurance: −$7,500
• − Repairs & maintenance: −$31,349
• − Management: −$31,349
• − Depreciation: −$43,636
• Taxable income: $171,503
• Est. tax owed @ 24.0%: −$41,161
• After-tax cash flow: $144,015/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.

Condition & rehab AI · 3 photos

Poor 20/100 Extensive rehab

This 4-unit multifamily property requires extensive repairs and maintenance to bring it up to a livable condition. Immediate attention to the roof, siding, and landscaping is crucial to prevent further damage and improve the property's value.

Repairs flagged

• Major roof — Signs of wear and potential leaks
• Major siding — Worn and peeling
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both paint exterior — Fresh paint enhances curb appeal and property value
• Both repair roof — A leaky roof can cause significant damage and reduce property value
• Both landscaping — A well-maintained yard improves curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of wear and potential leaks	Major	$15,000–50,000
siding · Worn and peeling	Major	$15,000–50,000
landscaping · Overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both paint exterior — Fresh paint enhances curb appeal and property value ↑
• Both repair roof — A leaky roof can cause significant damage and reduce property value ↑
• Both landscaping — A well-maintained yard improves curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• Score: 80/100
• State rank: #116
• US rank: #1784

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vero Beach, FL
• County: Indian River County · 143,738 people
• City population: 98,707
• 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

+114.6% since first listed

11 events — show timeline

• 2026-05-01 Listed $1,500,000 RAIRCMLS
• 2025-12-05 Price Changed $1,600,000 RAIRCMLS
• 2025-08-07 Rental Removed $1,800 SHOWMOJO
• 2025-07-26 Listed for Rent $1,800 SHOWMOJO
• 2025-02-13 Price Changed $1,395,000 RAIRCMLS
• 2024-12-10 Listed $1,500,000 RAIRCMLS
• 2024-02-27 Rental Removed $1,500 RAIRCMLS
• 2023-11-10 Listed for Rent $1,500 RAIRCMLS
• 2022-07-22 Sold (MLS) $700,000 RAIRCMLS
• 2022-06-17 Pending — RAIRCMLS
• 2022-06-16 Listed $699,000 RAIRCMLS