Silver Springs - Limited Series Plan · West Vero Corridor, FL 32966

$164,900

3 bd · 2.0 ba · 1,356 sqft · Manufactured · 23 Days on market

Manufactured home Excellent 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
• Condition / age +5.0/5.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks

55+ age qualified community. COMING SOON! Currently under construction. Welcome to Heron Cay, a 55+ age-qualified active and vibrant community, where your dream home is coming to life. We are excited to offer a stunning, brand new, beautiful, 2026, 3 bed, 2 bath Skyline home for sale, featuring approximately 1356.16 sq ft of thoughtfully designed living space. Located in Vero Beach, this soon-to-be-completed property will offer the perfect blend of modern design and timeless comfort. Construction is underway, and soon you'll be able to step inside and experience open-concept floor plan, high ceilings, so many energy efficient tilt windows providing a ton of natural light with crown molding

Key facts

• Large kitchen island
• Dual vanities
• Walk in tile shower

Tags

• OPEN CONCEPT FLOOR PLAN
• ENERGY EFFICIENT TILT WINDOWS
• LARGE KITCHEN ISLAND
• FRENCH DOORS
• DUAL VANITIES
• WALK IN TILE SHOWER

Property features AI

Finance

• Financial info: Listed for $164,900

Exterior

• Home design: Single-family plan (Silver Springs - Limited Series)
• Exterior features: Located at 1400 90th Ave, Vero Beach, FL 32966

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Plan home from the Silver Springs - Limited Series

🏗️ New construction. The $164,900 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $45,765.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $165k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $883 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (7.9% below list).
• Recommended offer: $152k (7.9% below list) — sets the bar for 1% rule.
• Cap rate 29.5% 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: 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: Dodgertown Elementary School (math 27% / reading 32%, grade F, #1,896 of 2,144 statewide, top 90%, 485 students, 78% FRL); Storm Grove Middle School (math 54% / reading 55%, grade B-, #183 of 571 statewide, top 34%, 1,020 students, 50% 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 flat; 388 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $317 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.

Recommended offer $151,867 (7.9% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
4. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
5. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 3.32% ✓
• Cap rate: 29.46%
• Cash-on-cash: 82.73%
• DSCR: 4.68
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $45,765
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
911 Courier St	0.45mi	2/2.0 (-1)	1,300 (-4%)	22mo	$33,000	$25	49
337 Heritage Blvd	0.58mi	2/2.0 (-1)	1,300 (-4%)	21mo	$14,000	$11	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 80.3%
• Equity multiple: 4.53×
• Total profit: $45,295
• Equity at exit: $6,824

10-year hold

• IRR: 83.2%
• Equity multiple: 8.65×
• Total profit: $97,984
• Equity at exit: $3,957

Cash invested: $12,814 (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: 388
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,519 high
• Mortgage (P&I): −$240
• Tax est. 1.5%: −$57 /mo · $686/yr
• Insurance: −$19
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $883

Break-even live

Break-even rent $400

Max offer price $45,765

Occupancy floor 37%

Sensitivity live

Price	-10% $915	-5% $899	+0% $883	+5% $868	+10% $852
Rent	-10% $764	-5% $823	+0% $883	+5% $943	+10% $1,003
Rate	-1.0pp $907	-0.5pp $895	base $883	+0.5pp $872	+1.0pp $860

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: $11,441
• Closing costs: $1,373
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
589 Johnathans Cay Vero Beach, FL	3.0	2.0	1409	$1,799	$1.28	15d	1	0.21mi
8775 20th St #925 Vero Beach, FL	3.0	2.0	1356	$1,799	$1.33	23d	1	0.55mi
8775 20th St #909 Vero Beach, FL	2.0	2.0	1000	$1,799	$1.80	23d	1	0.55mi
8775 20th St #59 Vero Beach, FL	2.0	2.0	1147	$1,699	$1.48	23d	1	0.55mi
344 Heritage Blvd Vero Beach, FL	2.0	2.0	1000	$1,499	$1.50	23d	1	0.57mi
174 Congress St Vero Beach, FL	2.0	2.0	1200	$1,700	$1.42	23d	1	0.59mi
2240 86th Dr Vero Beach, FL	2.0	2.0	951	$1,875	$1.97	23d	1	1.10mi
8415 22nd St Vero Beach, FL	2.0	2.0	1100	$2,000	$1.82	15d	1	1.13mi
1930 Westhampton Ct Vero Beach, FL	2.0	2.0	1531	$1,950	$1.27	23d	1	1.15mi
2365 89th Dr Vero Beach, FL	2.0	2.0	1182	$1,700	$1.44	23d	1	1.16mi
1625 Pointe West Way Vero Beach, FL	3.0	2.5	1600	$2,000	$1.25	23d	1	1.22mi

Listing history 14 events

1. 2026-06-22
   days on market $164,900 Active 23 DOM
2. 2026-06-19
   days on market $164,900 Active 21 DOM
3. 2026-06-18
   days on market $164,900 Active 20 DOM
4. 2026-06-17
   days on market $164,900 Active 19 DOM
5. 2026-06-16
   days on market $164,900 Active 18 DOM
6. 2026-06-15
   days on market $164,900 Active 17 DOM
7. 2026-06-14
   days on market $164,900 Active 15 DOM
8. 2026-06-13
   days on market $164,900 Active 14 DOM
9. 2026-06-10
   days on market $164,900 Active 12 DOM
10. 2026-06-09
    days on market $164,900 Active 11 DOM
11. 2026-06-08
    days on market $164,900 Active 10 DOM
12. 2026-06-07
    days on market $164,900 Active 9 DOM
13. 2026-06-05
    days on market $164,900 Active 6 DOM
14. 2026-06-02
    days on market $164,900 Active 4 DOM

ⓘ 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: $18,224
• − Mortgage interest: −$2,564
• − Property taxes: −$686
• − Insurance: −$229
• − Repairs & maintenance: −$1,458
• − Management: −$1,458
• − Depreciation: −$1,331
• Taxable income: $10,498
• Est. tax owed @ 24.0%: −$2,520
• After-tax cash flow: $8,082/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 · 7 photos

Excellent 100/100 None rehab

This 55+ age-qualified community is under construction and will feature a brand new, 3-bedroom, 2-bathroom home with modern design and energy-efficient features. The property is located in a vibrant and active community with various amenities and scenic views.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances visual appeal and property value.
• Both Community amenities upgrade — Improves community living experience and property value.
• Both Interior design and decor — Enhances the home's aesthetic and appeal to potential buyers/renters.
• Both Energy-efficient upgrades — Reduces utility costs and appeals to eco-conscious buyers/renters.
• Both Smart home technology integration — Enhances convenience and modern appeal to potential buyers/renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances visual appeal and property value. ↑
• Both Community amenities upgrade — Improves community living experience and property value. ↑
• Both Interior design and decor — Enhances the home's aesthetic and appeal to potential buyers/renters. ↑
• Both Energy-efficient upgrades — Reduces utility costs and appeals to eco-conscious buyers/renters. ↑
• Both Smart home technology integration — Enhances convenience and modern appeal to potential buyers/renters. ↑

ⓘ 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 — 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