300 Grand Royale Cir #204 · Florida Ridge, FL 32962

$79,000

2 bd · 2.0 ba · 1,180 sqft · Condo public records · 28 Days on market

Built 1996 $451/mo HOA · 26% of rent

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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 +28.1/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

All age community. 2nd floor unit with pond water views. New AC February 2025.New washer and dryer may 2026. Minutes to the beach, restaurant and shopping. Community clubhouse. 2 bedroom 2 bath. Updated kitchen with granite countertops and newer appliances. In kitchen breakfast nook. Outdoor covered/screened patio.

Key facts

• $451 HOA
• Parking
• Community pool

Property features AI

Finance

• Other: Pets allowed (size limit)
• HOA & community: Monthly association fee; Community clubhouse; Community pool; HOA covers maintenance of grounds, sewer, trash, water, common areas and recreation facility

Exterior

• Parking: Detached carport; Carport with 1 covered space (total parking: 1)
• Utilities: Public water; Public sewer; Water available; Sewer available
• Home design: Condominium; Single-story; Entry-level living area; Faces west; Resale condition
• Construction: Concrete construction; Metal roof
• Exterior features: Screened porch; Porch

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Walk-in closets; Custom mirrors
• Laundry & utility: Interior laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $79k.

Deal economics

• At list price, monthly cash flow is $181 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $79k).
• Recommended offer: $78k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 4.5% in Florida Ridge — 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 72/100 on livability (#353 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, 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.
• Zoned schools: Vero Beach Elementary School (math 39% / reading 36%, grade F, #1,596 of 2,144 statewide, top 75%, 599 students, 80% FRL); Oslo Middle School (math 39% / reading 45%, grade D-, #340 of 571 statewide, top 61%, 864 students, 72% FRL); Vero Beach High School (math 28% / reading 43%, grade F, #367 of 667 statewide, top 57%, 2,847 students, 50% FRL).
• Market conditions: Rents rising fast (+4.2%/yr); 348 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 31% 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 $546 of loan paydown is wiped out by about $2k 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 + 4.2% rent growth), your $22k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 2y ago; this cycle's ask is 4838% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; flood insurance adds $66/mo; HOA is 26% of rent.
• 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.

Recommended offer $77,815 (1.5% below list)

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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: 10.05%
• Cash-on-cash: 13.40%
• DSCR: 1.60
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.18% rent growth · sell at horizon

5-year hold

• IRR: 1.4%
• Equity multiple: 1.05×
• Total profit: $1,189
• Equity at exit: $11,779

10-year hold

• IRR: 13.3%
• Equity multiple: 2.19×
• Total profit: $26,244
• Equity at exit: $6,830

Cash invested: $22,120 (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 32962

• Rents YoY: 4.2%
• Active inventory: 348
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,724 high
• Mortgage (P&I): −$414
• Tax from tax record: −$217 /mo · $2,601/yr
• Insurance: −$33
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$451
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $181

Break-even live

Break-even rent $1,495

Max offer price $79,000

Occupancy floor 85%

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
58 Woodland Dr #206 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	13d	1	0.11mi
5 Vista Palm Ln #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	13d	1	0.18mi
65 Woodland Dr #207 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	21d	1	0.22mi
37 Pine Arbor Ln #101 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	13d	1	0.24mi
86 Crooked Tree Ln #102 Vero Beach, FL	2.0	2.0	1000	$2,000	$2.00	13d	1	0.26mi
50 Woodland Dr #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	13d	1	0.27mi
36 Pine Arbor Ln Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	21d	2	0.27mi
85 Crooked Tree Ln #203 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	21d	1	0.28mi
80 Crooked Tree Ln #106 Vero Beach, FL	2.0	2.0	1000	$1,900	$1.90	13d	1	0.33mi
28 Pine Arbor Ln #103 Vero Beach, FL	1.0	1.5	750	$1,200	$1.60	21d	1	0.37mi
16 Vista Palm Ln Vero Beach, FL	1.0–2.0	1.5–2.0	800	$1,700	$2.12	21d	2	0.38mi
19 Pine Arbor Ln #105 Vero Beach, FL	1.0	1.5	750	$1,800	$2.40	21d	1	0.39mi
95 Spring Lake Dr #103 Vero Beach, FL	1.0	1.5	750	$1,600	$2.13	21d	1	0.42mi
103 Royal Oak Dr #106 Vero Beach, FL	2.0	2.0	1000	$1,800	$1.80	13d	1	0.42mi
102 Royal Oak Dr #105 Vero Beach, FL	1.0	1.5	750	$1,550	$2.07	21d	1	0.46mi
161 6th Ct SW Vero Beach, FL	2.0	1.0	1298	$1,590	$1.22	13d	1	0.54mi
355 6th Rd SW Vero Beach, FL	3.0	1.0	880	$1,800	$2.05	21d	1	0.55mi
734 5th Pl SW Vero Beach, FL	3.0	1.0	1402	$1,800	$1.28	21d	1	0.73mi
710 Timber Ridge Trl SW Vero Beach, FL	3.0	2.0	1498	$2,500	$1.67	21d	1	0.74mi
650 N Center Ct SW Unit 102 Vero Beach, FL	3.0	2.0	1440	$2,100	$1.46	21d	1	0.79mi
43 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	750	$1,450	$1.93	21d	1	0.85mi
23 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,500	$2.00	21d	1	0.89mi
721 Timber Ridge Trl SW Unit D Vero Beach, FL	2.0	2.0	1368	$2,300	$1.68	21d	1	0.93mi
26 Vista Gardens Trl #203 Vero Beach, FL	1.0	1.5	750	$1,350	$1.80	21d	1	0.99mi
36 Vista Gardens Trl #201 Vero Beach, FL	2.0	2.0	1000	$1,390	$1.39	21d	1	1.00mi
34 Vista Gardens Trl #107 Vero Beach, FL	2.0	2.0	1000	$1,350	$1.35	21d	1	1.00mi
35 Vista Gardens Trl #205 Vero Beach, FL	1.0	1.5	934	$1,400	$1.50	21d	1	1.02mi
28 Vista Gardens Trl #102 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	21d	1	1.03mi
4 Vista Gardens Trl #207 Vero Beach, FL	2.0	2.0	1000	$1,550	$1.55	13d	1	1.03mi
11 Vista Gardens Trl #106 Vero Beach, FL	2.0	2.0	1000	$1,600	$1.60	21d	1	1.03mi
528 7th Sq #102 Vero Beach, FL	2.0	2.0	1095	$3,000	$2.74	21d	1	1.13mi
855 6th Ave Vero Beach, FL	2.0	2.0	1194	$1,950	$1.63	13d	1	1.35mi
340 E Waverly Pl Unit 6D Vero Beach, FL	1.0	1.5	1200	$1,000	$0.83	21d	1	1.41mi
400 E Waverly Pl Unit 2b Vero Beach, FL	2.0	2.5	1170	$1,900	$1.62	21d	1	1.42mi

HOA detail condo

• Monthly dues: $451 · $5,412/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-19
   days on market $79,000 Active 28 DOM
2. 2026-06-18
   days on market $79,000 Active 27 DOM
3. 2026-06-17
   days on market $79,000 Active 26 DOM
4. 2026-06-16
   days on market $79,000 Active 25 DOM
5. 2026-06-15
   days on market $79,000 Active 24 DOM
6. 2026-06-14
   days on market $79,000 Active 22 DOM
7. 2026-06-13
   days on market $79,000 Active 21 DOM
8. 2026-06-10
   pricedays on market $79,000 Active 19 DOM
9. 2026-06-09
   days on market $179,900 Active 18 DOM
10. 2026-06-08
    days on market $179,900 Active 17 DOM
11. 2026-06-07
    days on market $179,900 Active 16 DOM
12. 2026-06-05
    days on market $179,900 Active 13 DOM
13. 2026-06-02
    days on market $179,900 Active 11 DOM
14. 2026-06-01
    days on market $179,900 Active 10 DOM
15. 2026-05-31
    days on market $179,900 Active 9 DOM
16. 2026-05-30
    days on market $179,900 Active 8 DOM
17. 2026-05-23
    listed $1,600
18. 2026-05-22
    listed $179,900 Active
19. 2026-05-21
    listed $179,900 Active 317-char remark

    Show marketing remark (317 chars)

    All age community. 2nd floor unit with pond water views. New AC February 2025.New washer and dryer may 2026. Minutes to the beach, restaurant and shopping. Community clubhouse. 2 bedroom 2 bath. Updated kitchen with granite countertops and newer appliances. In kitchen breakfast nook. Outdoor covered/screened patio.

20. 2025-02-09
    listed $199,000 Active
21. 2024-04-01
    listed $210,000 Active
22. 2024-03-30
    historical
23. 2024-03-25
    price $210,000
24. 2024-03-25
    price $210,000
25. 2024-03-02
    price $219,000
26. 2024-02-28
    price $219,000
27. 2024-01-29
    listed $228,999 Active
28. 2024-01-29
    listed $228,999 Active
29. 1999-09-03
    soldstatus $76,000

ⓘ 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: $2,601 · $217/mo
• Projected year-2 tax: $2,601 · $217/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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 24 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: $20,689
• − Mortgage interest: −$4,425
• − Property taxes: −$2,601
• − Insurance: −$1,192
• − Repairs & maintenance: −$1,655
• − Management: −$1,655
• − HOA: −$5,412
• − Depreciation: −$2,298
• Taxable income: $1,450
• Est. tax owed @ 24.0%: −$348
• After-tax cash flow: $1,819/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 — Florida Ridge

• Score: 72/100
• State rank: #353
• US rank: #6129

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Florida Ridge, FL
• County: Indian River County · 143,738 people
• City population: 25,629
• Metro: Sebastian-Vero Beach, FL
• Population (ZIP): 25,522
• Household income: $66,664
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 425.0

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 (70%)
• Race & ethnicity: White 70% Black 13% Hispanic / Latino 12% Two or more races 5% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1%
• Common ancestry: Romanian 4% Lithuanian 4% Italian 3%
• Foreign-born: 12% · Canada, Jamaica, Dominican Republic
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 2% 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: ▼ -182.13%
• Current HPI: 333.3274
• Rent YoY: ▲ 4.18%
• 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

-97.9% since first listed

13 events — show timeline

• 2026-05-23 Listed for Rent $1,600 RAIRCMLS
• 2026-05-22 Listed $179,900 Beaches MLS
• 2026-05-21 Listed $179,900 RAIRCMLS
• 2025-02-09 Listed $199,000 RAIRCMLS
• 2024-04-01 Listed $210,000 RAIRCMLS
• 2024-03-30 Listing Removed — Beaches MLS
• 2024-03-25 Price Changed $210,000 Beaches MLS
• 2024-03-25 Price Changed $210,000 RAIRCMLS
• 2024-03-02 Price Changed $219,000 Beaches MLS
• 2024-02-28 Price Changed $219,000 RAIRCMLS
• 2024-01-29 Listed $228,999 RAIRCMLS
• 2024-01-29 Listed $228,999 Beaches MLS
• 1999-09-03 Sold (Public Records) $76,000 Public Records

Property tax history

+14.4%/yr

Latest (2025): $2,601 · +5.8% YoY. Source: county tax records.