14549 Dulce Real Ave · Vero Beach South, FL 34951

$129,900

2 bd · 2.0 ba · 1,351 sqft · SingleFamily public records · 52 Days on market

Built 2005 5,720 sqft lot Est $145k · 10% under $720/mo HOA · 33% of rent ↓ 21% since listing

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Why this score? — see what drove the C+ 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 +22.2/30.0
• ARV discount +12.1/15.0
• 1% rule +10.0/10.0
• DSCR +7.1/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Spanish Lakes Fairways, a vibrant 55+ community where comfort & leisure blend seamlessly. Enjoy a wealth of amenities incl free golf, big clubhouse, 2 heated pools, tennis, pickleball, shuffleboard, bocci, exercise & more. This 2-bedroom, 2-bath CONCRETE BLOCK home features a split floor plan, walk-in closet & shower in main bedroom, all appliances including W/ D, private covered/screened lanai, 1-car garage & double driveway for added parking. The home is located in a pet-friendly area. Lawn care, trash + amenities incl. in monthly land-lease fee, ensuring a hassle-free lifestyle.

Key facts

• Heated pools
• Big clubhouse
• Pet friendly area

Tags

• BIG CLUBHOUSE
• HEATED POOLS
• PRIVATE COVERED SCREENED LANAI
• PET FRIENDLY AREA

Property features AI

Finance

• Financial info: Pets allowed with breed restrictions
• HOA & community: Has association; Monthly HOA fee; Community amenities include clubhouse, fitness center, golf course, pool, playground, maintained community, shuffleboard court, bocce ball, pickleball court

Exterior

• Parking: 1-car garage with garage door opener; 1 covered space; 2 open parking spaces; Driveway
• Utilities: Public water; Sewer available; Cable available
• Home design: Single family residence; One story; First-floor entry; Northwest facing
• Construction: Block construction; Composition/shingle roof; Built as a one-story home
• Exterior features: Open porch; Porch; Patio; Paved road access; Not waterfront

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Gas range; Microwave; Refrigerator; Water purifier
• Bedrooms: One main-level bedroom
• Flooring: Laminate; Blinds and single-hung wood windows
• Bathrooms: Two full bathrooms (one on main level)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Entrance foyer; Walk-in closet(s); Split bedroom layout; Fireplace
• Laundry & utility: Electric water heater; Water softener

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 4.3% in Vero Beach South — 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 78/100 on livability (#163 in FL, #2,445 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A; Watch: amenities F.
• St. Lucie (urban): math 40% / reading 48% proficiency, ranked #51 of 73 in FL (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 294 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4,868 units permitted in St. Lucie County in 2024 (268 in 5+ unit buildings).
• This rent runs 41% of the median local income ($63k/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 $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• St. Lucie County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.
• Climate carrying-cost: 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 $126,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.66% ✓
• Cap rate: 8.25%
• Cash-on-cash: 6.98%
• DSCR: 1.31
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $144,557
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6531 Teresita Ct	0.21mi	2/2.0	1,403 (+4%)	1mo	$142,500	$102	83
14381 Amapola Cir	0.24mi	2/2.0	1,351 (0%)	7mo	$123,000	$91	83
6763 Mar Pacifico	0.38mi	2/2.0	1,451 (+7%)	4mo	$154,000	$106	67
14892 Aguila Ave	0.47mi	1/1.5 (-1)	1,310 (-3%)	6mo	$259,000	$198	60
14126 Cisne Cir	0.36mi	2/2.0	1,487 (+10%)	7mo	$150,000	$101	60
14434 Azucena Ct	0.12mi	2/2.0	1,487 (+10%)	24mo	$170,000	$114	58
6713 Gaviota	0.44mi	2/2.0	1,420 (+5%)	16mo	$152,000	$107	58
6655 Alemendra St	0.50mi	2/2.0	1,530 (+13%)	2mo	$175,000	$114	53

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.3%
• Equity multiple: 0.80×
• Total profit: $-7,171
• Equity at exit: $19,369

10-year hold

• IRR: 4.7%
• Equity multiple: 1.35×
• Total profit: $12,725
• Equity at exit: $11,231

Cash invested: $36,372 (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 34951

• Home prices YoY: -23.6%
• Active inventory: 294
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,153 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$34 /mo · $409/yr
• Insurance: −$54
• HOA: −$720
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $212

Break-even live

Break-even rent $1,885

Max offer price $129,900

Occupancy floor 85%

Sensitivity live

Price	-10% $285	-5% $248	+0% $212	+5% $175	+10% $138
Rent	-10% $42	-5% $127	+0% $212	+5% $297	+10% $382
Rate	-1.0pp $277	-0.5pp $245	base $212	+0.5pp $178	+1.0pp $144

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6765 Spanish Lakes Blvd Fort Pierce, FL	2.0	2.0	1368	$2,500	$1.83	24d	1	0.37mi

HOA detail

• Monthly dues: $720 · $8,640/yr
• Likely covers: trashlandscapingpool

Listing history 9 events

1. 2026-05-02
   status Pending

   Show marketing remark (623 chars)

   Welcome to Spanish Lakes Fairways, a vibrant 55+ community where comfort & leisure blend seamlessly. Enjoy a wealth of amenities incl free golf, big clubhouse, 2 heated pools, tennis, pickleball, shuffleboard, bocci, exercise & more. This 2-bedroom, 2-bath CONCRETE BLOCK home features a split floor plan, walk-in closet & shower in main bedroom, all appliances including W/ D, private covered/screened lanai, 1-car garage & double driveway for added parking. The home is located in a pet-friendly area. Lawn care, trash + amenities incl. in monthly land-lease fee, ensuring a hassle-free lifestyle.

2. 2026-05-02
   historical Active Under Contract 623-char remark

   Show marketing remark (623 chars)

   Welcome to Spanish Lakes Fairways, a vibrant 55+ community where comfort & leisure blend seamlessly. Enjoy a wealth of amenities incl free golf, big clubhouse, 2 heated pools, tennis, pickleball, shuffleboard, bocci, exercise & more. This 2-bedroom, 2-bath CONCRETE BLOCK home features a split floor plan, walk-in closet & shower in main bedroom, all appliances including W/ D, private covered/screened lanai, 1-car garage & double driveway for added parking. The home is located in a pet-friendly area. Lawn care, trash + amenities incl. in monthly land-lease fee, ensuring a hassle-free lifestyle.

3. 2026-01-27
   price $129,900 623-char remark

   Show marketing remark (623 chars)

   Welcome to Spanish Lakes Fairways, a vibrant 55+ community where comfort & leisure blend seamlessly. Enjoy a wealth of amenities incl free golf, big clubhouse, 2 heated pools, tennis, pickleball, shuffleboard, bocci, exercise & more. This 2-bedroom, 2-bath CONCRETE BLOCK home features a split floor plan, walk-in closet & shower in main bedroom, all appliances including W/ D, private covered/screened lanai, 1-car garage & double driveway for added parking. The home is located in a pet-friendly area. Lawn care, trash + amenities incl. in monthly land-lease fee, ensuring a hassle-free lifestyle.

4. 2025-11-14
   listed $129,900 Active

   Show marketing remark (623 chars)

   Welcome to Spanish Lakes Fairways, a vibrant 55+ community where comfort & leisure blend seamlessly. Enjoy a wealth of amenities incl free golf, big clubhouse, 2 heated pools, tennis, pickleball, shuffleboard, bocci, exercise & more. This 2-bedroom, 2-bath CONCRETE BLOCK home features a split floor plan, walk-in closet & shower in main bedroom, all appliances including W/ D, private covered/screened lanai, 1-car garage & double driveway for added parking. The home is located in a pet-friendly area. Lawn care, trash + amenities incl. in monthly land-lease fee, ensuring a hassle-free lifestyle.

5. 2025-11-14
   listed $132,900 Active 623-char remark

   Show marketing remark (623 chars)

   Welcome to Spanish Lakes Fairways, a vibrant 55+ community where comfort & leisure blend seamlessly. Enjoy a wealth of amenities incl free golf, big clubhouse, 2 heated pools, tennis, pickleball, shuffleboard, bocci, exercise & more. This 2-bedroom, 2-bath CONCRETE BLOCK home features a split floor plan, walk-in closet & shower in main bedroom, all appliances including W/ D, private covered/screened lanai, 1-car garage & double driveway for added parking. The home is located in a pet-friendly area. Lawn care, trash + amenities incl. in monthly land-lease fee, ensuring a hassle-free lifestyle.

6. 2024-10-27
   price $154,900
7. 2024-09-30
   price $164,900
8. 2024-09-30
   price $159,900
9. 2024-09-15
   listed $164,900 Active

ⓘ 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: $409 · $34/mo
• Projected year-2 tax: $1,078 · $90/mo
• Expected delta: +$669/yr (+$56/mo · 163.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°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: $25,840
• − Mortgage interest: −$7,276
• − Property taxes: −$409
• − Insurance: −$650
• − Repairs & maintenance: −$2,067
• − Management: −$2,067
• − HOA: −$8,640
• − Depreciation: −$3,779
• Taxable income: $951
• Est. tax owed @ 24.0%: −$228
• After-tax cash flow: $2,312/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: St. Lucie
• NCES district ID: 1201770
• Math proficiency: 40% ▼ -11.00%
• Reading proficiency: 48% ▼ -4.00%
• Median HH income: $44,737
• Composite: 37.28/100
• National rank: #4449
• State rank: #51 of 73 in FL

Livability — Vero Beach South

• Score: 78/100
• State rank: #163
• US rank: #2445

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Lucie County · 337,150 people
• Metro: Port St. Lucie, FL
• Population (ZIP): 17,148
• Household income: $63,122
• Rent vs Own: 11.7% rent · 88.3% own
• Severe rent burden: 140.0

Population outlook (St. Lucie County) Hauer SSP2

• Today (2025): 338,016 people
• By 2030: 355,687 · +5.2%
• By 2040: 385,521 · +14.1%
• By 2050: 406,106 · +20.1%
• By 2075: 441,054 · +30.5%
• By 2100: 436,885 · +29.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 13% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 10% · Canada, Jamaica, Vietnam
• Languages at home: 88% English-only · Spanish 7% French/Haitian/Cajun 3% Vietnamese 1%

Political lean MEDSL · St. Lucie

• 2024 margin: Lean R (+9.1) · D 45.1% · R 54.2%
• 2008→2024 swing: -21.2pp toward R · 2008: 12.1pp · 2024: -9.1pp
• All cycles: 2024: R+9.1 2020: R+1.6 2016: R+2.5 2012: D+7.9 2008: D+12.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -106.06%
• Current HPI: 343.1376
• Rent YoY: —
• Metro: Port St. Lucie, 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

-21.2% since first listed

9 events — show timeline

• 2026-05-02 Pending — Beaches MLS
• 2026-05-02 Contingent — RAIRCMLS
• 2026-01-27 Price Changed $129,900 RAIRCMLS
• 2025-11-14 Listed $132,900 RAIRCMLS
• 2025-11-14 Listed $129,900 Beaches MLS
• 2024-10-27 Price Changed $154,900 RAIRCMLS
• 2024-09-30 Price Changed $164,900 RAIRCMLS
• 2024-09-30 Price Changed $159,900 RAIRCMLS
• 2024-09-15 Listed $164,900 RAIRCMLS

Property tax history

+0.8%/yr

Latest (2025): $409 · +5.8% YoY. Source: county tax records.