5601 Highway A1a Unit 200n · Indian River Shores, FL 32963

$475,000

3 bd · 3.0 ba · 2,400 sqft · Condo · 85 Days on market

Built 1977 Good condition $1863/mo HOA · 28% of rent

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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 +14.2/30.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• DSCR +4.3/10.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lives like a house! 3BR/3BA 2400sqft condominium. Glass sliders open the entire property to beautiful treetop views. Screened balconies extend 2 lengths of this 2nd floor corner unit. Enjoy Ocean breezes from East 27’ balcony. Extensively renovated floor to ceiling by seller since 2021: New floors, kitchen, appliances ('24), 3 baths. So much storage! 3 huge walk in closets. New AC 12/2025. Accordion shutters. Secure bldg. 2 garage parking spaces + storage. Clubhouse, pool, tennis, pickleball & nature trail. Idyllic parklike setting! All assessments paid! Sizes are approx & subject to change.

Key facts

• $1,863 HOA
• Garage
• Community pool

Property features AI

Finance

• Other: Pets allowed (size limits may apply)
• HOA & community: Homeowners association with monthly fee; Association amenities include clubhouse, pool, and tennis courts; HOA fee includes cable TV, grounds maintenance, pest control, security, sewer, trash, and recreation facility

Exterior

• Parking: Covered detached carport (2 spaces); Under-building parking; Garage
• Security: Association-provided security
• Utilities: Public water; Public sewer; Electricity connected; Cable connected
• Home design: Condominium; One level; Resale property; Faces south
• Construction: Concrete construction; Three-story building total
• Exterior features: Spanish tile roof; Other roof details

Interior

• Kitchen: Dishwasher; Disposal; Electric range
• Bedrooms: Three bedrooms on the main level
• Flooring: Tile; Wood
• Bathrooms: Three full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Walk-in closets; Split bedroom layout; Roman tub
• Laundry & utility: In-unit laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $475k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $11 ($135/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $475k).
• Recommended offer: $446k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 1.5% in Indian River Shores — 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 68/100 on livability (#517 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A-; Watch: amenities F, commute F, cost of living F.
• 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); 498 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 564 units permitted in Indian River County in 2024 (281 in 5+ unit buildings).
• At $6,612/mo this rent would consume 53% 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 $3k of loan paydown is wiped out by about $14k 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 $133k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: flood insurance adds $66/mo; HOA is 28% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $446,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.39% ✓
• Cap rate: 6.49%
• Cash-on-cash: 0.70%
• DSCR: 1.03
• GRM: 6.0

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: -7.6%
• Equity multiple: 0.70×
• Total profit: $-40,029
• Equity at exit: $70,824

10-year hold

• IRR: 9.5%
• Equity multiple: 1.98×
• Total profit: $130,319
• Equity at exit: $41,069

Cash invested: $133,000 (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: 498
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $6,612 high
• Mortgage (P&I): −$2,491
• Tax est. 1.5%: −$594 /mo · $7,125/yr
• Insurance: −$198
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,863
• Vacancy / Maint / Mgmt: −$1,388
• Net cashflow: $11

Break-even live

Break-even rent $6,598

Max offer price $475,000

Occupancy floor 95%

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5601 Jimmy Buffett Memorial Hwy Unit 304N Indian River Shores, FL	2.0	2.0	2115	$1,999	$0.95	21d	1	0.03mi
219 Park Shores Cir Unit 219B Vero Beach, FL	2.0	2.5	1583	$3,000	$1.90	13d	1	0.06mi
5601 Jimmy Buffett Memorial Hwy Unit 206C Indian River Shores, FL	3.0	2.0	2400	$6,000	$2.50	21d	1	0.06mi
5680 Highway A1A #111 Vero Beach, FL	3.0	3.0	2050	$6,000	$2.93	21d	1	0.20mi
5680 Highway A1A #112 Vero Beach, FL	3.0	3.0	2620	$7,000	$2.67	21d	1	0.20mi
5670 Jimmy Buffett Memorial Hwy Unit 315S Vero Beach, FL	2.0	3.5	2050	$7,000	$3.41	21d	1	0.20mi
131 Peppertree Dr #21 Vero Beach, FL	2.0	2.0	1787	$3,300	$1.85	13d	1	0.23mi
5554 Jimmy Buffett Memorial Hwy Unit 201 Indian River Shores, FL	2.0	2.0	1632	$12,000	$7.35	21d	1	0.24mi
5554 Jimmy Buffett Memorial Hwy Unit 202 Indian River Shores, FL	2.0	2.5	1632	$12,000	$7.35	21d	1	0.24mi
5536 Jimmy Buffett Memorial Hwy Unit 211 Vero Beach, FL	2.0	2.5	1632	$6,000	$3.68	21d	1	0.24mi
5790 Jimmy Buffett Memorial Hwy Vero Beach, FL	3.0	3.0	2300	$8,500	$3.70	21d	1	0.26mi
270 S Peppertree Dr Vero Beach, FL	3.0	3.0	2261	$3,600	$1.59	21d	1	0.28mi
101 E Park Shores Cir Unit 2 Indian River Shores, FL	2.0	2.0	1640	$2,600	$1.59	13d	1	0.30mi
133 E Park Shores Cir Unit 7E Vero Beach, FL	2.0	2.0	1640	$3,000	$1.83	13d	1	0.31mi
100 River Oak Ln Vero Beach, FL	3.0	3.0	2245	$13,000	$5.79	21d	1	0.44mi
926 Pebble Ln Vero Beach, FL	3.0	2.0	2695	$15,000	$5.57	21d	1	0.53mi
5101 Highway A1A #109 Vero Beach, FL	3.0	2.0	1848	$5,500	$2.98	21d	1	0.60mi
915 Surfsedge Way Vero Beach, FL	3.0	3.5	3000	$25,000	$8.33	21d	1	0.69mi
4617 Pebble Bay S Vero Beach, FL	3.0	2.5	2240	$8,500	$3.79	21d	1	0.85mi
902 Tides Rd Vero Beach, FL	3.0	3.0	1810	$8,500	$4.70	13d	1	0.97mi
907 Tropic Dr Vero Beach, FL	3.0	2.0	1830	$10,000	$5.46	21d	1	1.07mi
705 Bahia Mar Rd Vero Beach, FL	3.0	2.0	2214	$16,000	$7.23	13d	1	1.10mi
5000 Highway A1A #320 Vero Beach, FL	2.0	2.0	1980	$5,000	$2.53	21d	1	1.17mi
4836 Bethel Creek Dr Unit 4836 Vero Beach, FL	2.0	2.5	1650	$3,000	$1.82	13d	1	1.23mi
4800 Highway A1A #116 Vero Beach, FL	2.0	2.0	1822	$3,000	$1.65	21d	1	1.26mi
4800 Highway A1A #207 Vero Beach, FL	2.0	2.0	1850	$7,000	$3.78	21d	1	1.26mi
4800 Highway A1A #506 Vero Beach, FL	2.0	2.0	1850	$4,500	$2.43	21d	1	1.26mi
4800 Bethel Creek Dr Unit 5S Vero Beach, FL	2.0	2.5	2215	$5,500	$2.48	13d	1	1.27mi
4770 Highway A1A Vero Beach, FL	4.0	4.5	3297	$40,000	$12.13	21d	1	1.35mi
4601 Sunset Dr Vero Beach, FL	4.0	3.0	3092	$20,000	$6.47	21d	1	1.35mi
4601 Highway A1A #103 Vero Beach, FL	2.0	2.0	1600	$2,500	$1.56	21d	1	1.40mi
4600 Highway A1A #409 Vero Beach, FL	2.0	2.0	1725	$7,500	$4.35	21d	1	1.43mi

HOA detail condo

• Monthly dues: $1,863 · $22,356/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-19
   days on market $475,000 Active 85 DOM
2. 2026-06-18
   days on market $475,000 Active 84 DOM
3. 2026-06-17
   days on market $475,000 Active 83 DOM
4. 2026-06-16
   days on market $475,000 Active 82 DOM
5. 2026-06-15
   days on market $475,000 Active 81 DOM
6. 2026-06-14
   days on market $475,000 Active 79 DOM
7. 2026-06-13
   days on market $475,000 Active 78 DOM
8. 2026-06-10
   days on market $475,000 Active 76 DOM
9. 2026-06-09
   days on market $475,000 Active 75 DOM
10. 2026-06-08
    days on market $475,000 Active 74 DOM
11. 2026-06-07
    days on market $475,000 Active 73 DOM
12. 2026-06-05
    days on market $475,000 Active 70 DOM
13. 2026-06-02
    days on market $475,000 Active 68 DOM
14. 2026-06-01
    days on market $475,000 Active 67 DOM
15. 2026-05-31
    days on market $475,000 Active 66 DOM
16. 2026-05-30
    days on market $475,000 Active 65 DOM
17. 2026-03-25
    listed $475,000 Active 616-char remark

    Show marketing remark (616 chars)

    Lives like a house! 3BR/3BA 2400sqft condominium. Glass sliders open the entire property to beautiful treetop views. Screened balconies extend 2 lengths of this 2nd floor corner unit. Enjoy Ocean breezes from East 27’ balcony. Extensively renovated floor to ceiling by seller since 2021: New floors, kitchen, appliances ('24), 3 baths. So much storage! 3 huge walk in closets. New AC 12/2025. Accordion shutters. Secure bldg. 2 garage parking spaces + storage. Clubhouse, pool, tennis, pickleball & nature trail. Idyllic parklike setting! All assessments paid! Sizes are approx & subject to change.

18. 2026-03-25
    listed $475,000 Active

    Show marketing remark (616 chars)

    Lives like a house! 3BR/3BA 2400sqft condominium. Glass sliders open the entire property to beautiful treetop views. Screened balconies extend 2 lengths of this 2nd floor corner unit. Enjoy Ocean breezes from East 27’ balcony. Extensively renovated floor to ceiling by seller since 2021: New floors, kitchen, appliances ('24), 3 baths. So much storage! 3 huge walk in closets. New AC 12/2025. Accordion shutters. Secure bldg. 2 garage parking spaces + storage. Clubhouse, pool, tennis, pickleball & nature trail. Idyllic parklike setting! All assessments paid! Sizes are approx & subject to change.

19. 2026-03-20
    historical $475,000 616-char remark

    Show marketing remark (616 chars)

    Lives like a house! 3BR/3BA 2400sqft condominium. Glass sliders open the entire property to beautiful treetop views. Screened balconies extend 2 lengths of this 2nd floor corner unit. Enjoy Ocean breezes from East 27’ balcony. Extensively renovated floor to ceiling by seller since 2021: New floors, kitchen, appliances ('24), 3 baths. So much storage! 3 huge walk in closets. New AC 12/2025. Accordion shutters. Secure bldg. 2 garage parking spaces + storage. Clubhouse, pool, tennis, pickleball & nature trail. Idyllic parklike setting! All assessments paid! Sizes are approx & subject to change.

ⓘ 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 9/10 Extreme FEMA zone X (unshaded) · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 25 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: $79,341
• − Mortgage interest: −$26,607
• − Property taxes: −$7,125
• − Insurance: −$3,172
• − Repairs & maintenance: −$6,347
• − Management: −$6,347
• − HOA: −$22,356
• − Depreciation: −$13,818
• Taxable loss: −$6,433
• Est. tax savings @ 24.0%: +$1,544
• After-tax cash flow: $1,678/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 · 14 photos

Good 80/100 Cosmetic rehab

This well-maintained and recently renovated condo is in excellent condition and ready for immediate occupancy. It offers a great location with ocean views and modern amenities.

Value-add opportunities

• Resale Painting the exterior siding and repainting the interior walls — Fresh paint can enhance the home's curb appeal and make it more attractive to potential buyers.
• Resale Updating the flooring with a more modern material — Replacing the hardwood flooring with a more modern material can increase the home's value and appeal to a broader market.
• Resale Upgrading the kitchen appliances — Upgrading the kitchen appliances can make the home more appealing to potential buyers and increase its value.
• Rental Upgrading the HVAC system — Upgrading the HVAC system can improve the home's energy efficiency and reduce utility costs, making it more attractive to renters.

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting the exterior siding and repainting the interior walls — Fresh paint can enhance the home's curb appeal and make it more attractive to potential buyers. ↑
• Resale Updating the flooring with a more modern material — Replacing the hardwood flooring with a more modern material can increase the home's value and appeal to a broader market. ↑
• Resale Upgrading the kitchen appliances — Upgrading the kitchen appliances can make the home more appealing to potential buyers and increase its value. ↑
• Rental Upgrading the HVAC system — Upgrading the HVAC system can improve the home's energy efficiency and reduce utility costs, making it more attractive to 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 — Indian River Shores

• Score: 68/100
• State rank: #517
• US rank: #9512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Indian River Shores, FL
• County: Indian River County · 143,738 people
• City population: 15,008
• 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

+0.0% since first listed

3 events — show timeline

• 2026-03-25 Listed $475,000 RAIRCMLS
• 2026-03-25 Listed $475,000 Beaches MLS
• 2026-03-20 Coming Soon $475,000 RAIRCMLS