1810 Waterford Dr #6 · West Vero Corridor, FL 32966

$185,000

3 bd · 2.0 ba · 1,430 sqft · Condo · 142 Days on market

Built 1997 Good condition $740/mo HOA · 31% of rent

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Why this score? — see what drove the D 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 +8.5/30.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bright & cheerful 3BR/2BA condo with lake views! Cathedral, textured ceilings! Private, tiled, screened porch. Courtyard views from master suite. Eat-in kitchen plus dining room. Walk-in closets. Impact windows! AC 2019. Re-pipe 2024. Neutral Berber carpeting or tiled throughout. Furniture included, many IKEA! Community amenities include: heated pool, fitness center, tennis/pickleball courts, racquetball, more! Convenient to golf, restaurants & shopping; less than 8 miles to the beach!

Key facts

• $740 HOA
• Parking
• Community pool

Property features AI

Finance

• Other: Resale property; Directions: Rt 60 west past 66th Ave to left on Waterford Dr, third left to #1810 on right
• HOA & community: Homeowners association with monthly fee; Association amenities include clubhouse, fitness center, billiard room, pool (heated), tennis courts, pickleball courts, community room, recreation facilities, parking, sidewalks, street lights, and maintenance; Association fee covers insurance, grounds maintenance, trash, common areas, common real estate tax, roof repairs, recreation facilities, and pool service; Association fee: $520 monthly; Community contains 215 units; Pets not allowed

Exterior

• Parking: Assigned parking; 1 total parking space; 5 open parking spaces in community
• Security: Gated community (no guard)
• Utilities: Public water; Public sewer; Cable available; Water and sewer available
• Home design: Condominium; Multi/split levels; 2 total stories; Entry level: 2; North-facing
• Construction: Frame construction with vinyl siding; Composition/shingle roof; Building area reported as 1,430 (source: other)
• Exterior features: Screened porch; Open porch; Many trees; Zero lot line; Sidewalks; Paved road frontage; Private road frontage (west of US-1); Waterfront: yes (no specific waterfront features listed)

Interior

• Kitchen: Electric range; Dishwasher; Microwave; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: 3 bedrooms on the main level
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating (electric); Central air conditioning; Ceiling fans; Paddle fans; 150 amp electric service with circuit breakers
• Interior features: Cathedral ceilings; Vaulted ceilings; Entrance foyer; Walk-in closets; Window treatments: blinds and drapes; Single-hung metal windows; Furnished
• Laundry & utility: Laundry inside in a laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $185k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-162 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (12.6% below list).
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $162k (12.6% below list) — sets the bar for cash-flow.
• Cap rate 5.2% 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; 20 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).
• This rent runs 42% 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 3 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: HOA is 31% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $161,612 (12.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 1.27% ✓
• Cap rate: 5.24%
• Cash-on-cash: -3.74%
• DSCR: 0.83
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -26.8%
• Equity multiple: 0.12×
• Total profit: $-45,325
• Equity at exit: $27,584

10-year hold

• IRR: -46.2%
• Equity multiple: -0.40×
• Total profit: $-72,411
• Equity at exit: $15,995

Cash invested: $51,800 (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: 6.6×

Monthly cashflow live

• Estimated rent: $2,350 high
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$740
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $-162

Break-even live

Break-even rent $2,555

Max offer price $161,612

Occupancy floor —

Sensitivity live

Price	-10% $-34	-5% $-98	+0% $-162	+5% $-226	+10% $-289
Rent	-10% $-347	-5% $-254	+0% $-162	+5% $-69	+10% $24
Rate	-1.0pp $-68	-0.5pp $-115	base $-162	+0.5pp $-210	+1.0pp $-258

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1930 Westminster Cir #2 Vero Beach, FL	2.0	3.0	1430	$1,800	$1.26	22d	1	0.02mi
1924 Westminster Cir #6 Vero Beach, FL	2.0	3.0	1350	$2,000	$1.48	22d	1	0.04mi
1827 Aynsley Way Unit 2-27 Vero Beach, FL	2.0	2.0	1500	$3,300	$2.20	22d	1	0.08mi
42 Plantation Dr #103 Vero Beach, FL	2.0	2.0	1188	$1,900	$1.60	22d	1	0.43mi
43 Plantation Dr #106 Vero Beach, FL	2.0	2.0	1188	$1,850	$1.56	22d	1	0.45mi
39 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$2,200	$1.85	22d	1	0.50mi
24 Plantation Dr #201 Vero Beach, FL	2.0	2.0	1188	$1,750	$1.47	22d	1	0.51mi
28 Plantation Dr Vero Beach, FL	2.0	2.0	1188	$2,000	$1.68	22d	1	0.59mi
20 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$2,200	$1.85	22d	1	0.59mi
29 Plantation Dr Vero Beach, FL	2.0	2.0	1188	$1,800	$1.52	22d	1	0.68mi
30 Plantation Dr #101 Vero Beach, FL	2.0	2.0	1188	$2,000	$1.68	22d	1	0.69mi
7580 Heron Cir Vero Beach, FL	1.0–3.0	1.0–2.0	1003	$2,467	$2.46	15d	21	0.79mi
2590 Bella Vista Cir Vero Beach, FL	3.0	2.0	1624	$2,550	$1.57	22d	1	0.85mi
2050 Griffon Rd Vero Beach, FL	1.0–2.0	1.0–2.0	850	$2,295	$2.70	15d	31	0.97mi
6510 Oxford Cir #101 Vero Beach, FL	3.0	2.0	1746	$2,200	$1.26	22d	1	1.02mi
1868 Sixty Oaks Ln Vero Beach, FL	2.0	2.0	971	$2,450	$2.52	22d	1	1.11mi
1625 Pointe West Way Vero Beach, FL	3.0	2.5	1600	$2,000	$1.25	22d	1	1.14mi
1890 Tatnall Sq Vero Beach, FL	1.0–3.0	1.0–2.0	1098	$2,195	$2.00	15d	7	1.18mi
1930 Westhampton Ct Vero Beach, FL	2.0	2.0	1531	$1,950	$1.27	22d	1	1.30mi
6008 Bella Rosa Ln Vero Beach, FL	2.0	2.0	1571	$2,750	$1.75	15d	1	1.38mi

HOA detail condo

• Monthly dues: $740 · $8,880/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-22
   days on market $185,000 Active 142 DOM
2. 2026-06-19
   days on market $185,000 Active 140 DOM
3. 2026-06-18
   days on market $185,000 Active 139 DOM
4. 2026-06-17
   days on market $185,000 Active 138 DOM
5. 2026-06-16
   days on market $185,000 Active 137 DOM
6. 2026-06-15
   days on market $185,000 Active 136 DOM
7. 2026-06-14
   days on market $185,000 Active 134 DOM
8. 2026-06-13
   days on market $185,000 Active 133 DOM
9. 2026-06-10
   days on market $185,000 Active 131 DOM
10. 2026-06-09
    days on market $185,000 Active 130 DOM
11. 2026-06-08
    days on market $185,000 Active 129 DOM
12. 2026-06-07
    days on market $185,000 Active 128 DOM
13. 2026-06-05
    days on market $185,000 Active 125 DOM
14. 2026-06-02
    days on market $185,000 Active 123 DOM
15. 2026-06-01
    days on market $185,000 Active 122 DOM
16. 2026-05-31
    days on market $185,000 Active 121 DOM
17. 2026-05-30
    days on market $185,000 Active 120 DOM
18. 2026-01-30
    listed $185,000 Active 511-char remark

    Show marketing remark (513 chars)

    Bright & cheerful 3BR/2BA condo with lake views! Cathedral, textured ceilings! Private, tiled, screened porch. Courtyard views from master suite. Eat-in kitchen plus dining room. Walk-in closets. Impact windows! AC 2019. Re-pipe 2024. Roof 2018. Neutral Berber carpeting or tiled throughout. Furniture included, many IKEA! Community amenities include: heated pool, fitness center, tennis/pickleball courts, racquetball, more! Convenient to golf, restaurants & shopping; less than 8 miles to the beach!

19. 2026-01-30
    listed $185,000 Active 513-char remark

    Show marketing remark (513 chars)

    Bright & cheerful 3BR/2BA condo with lake views! Cathedral, textured ceilings! Private, tiled, screened porch. Courtyard views from master suite. Eat-in kitchen plus dining room. Walk-in closets. Impact windows! AC 2019. Re-pipe 2024. Roof 2018. Neutral Berber carpeting or tiled throughout. Furniture included, many IKEA! Community amenities include: heated pool, fitness center, tennis/pickleball courts, racquetball, more! Convenient to golf, restaurants & shopping; less than 8 miles to the beach!

20. 2026-01-30
    listed $185,000 Active

    Show marketing remark (513 chars)

    Bright & cheerful 3BR/2BA condo with lake views! Cathedral, textured ceilings! Private, tiled, screened porch. Courtyard views from master suite. Eat-in kitchen plus dining room. Walk-in closets. Impact windows! AC 2019. Re-pipe 2024. Roof 2018. Neutral Berber carpeting or tiled throughout. Furniture included, many IKEA! Community amenities include: heated pool, fitness center, tennis/pickleball courts, racquetball, more! Convenient to golf, restaurants & shopping; less than 8 miles to the beach!

21. 2026-01-25
    historical $185,000

    Show marketing remark (511 chars)

    Bright & cheerful 3BR/2BA condo with lake views! Cathedral, textured ceilings! Private, tiled, screened porch. Courtyard views from master suite. Eat-in kitchen plus dining room. Walk-in closets. Impact windows! AC 2019. Re-pipe 2024. Neutral Berber carpeting or tiled throughout. Furniture included, many IKEA! Community amenities include: heated pool, fitness center, tennis/pickleball courts, racquetball, more! Convenient to golf, restaurants & shopping; less than 8 miles to the beach!

22. 2026-01-25
    historical $185,000 513-char remark

    Show marketing remark (511 chars)

    Bright & cheerful 3BR/2BA condo with lake views! Cathedral, textured ceilings! Private, tiled, screened porch. Courtyard views from master suite. Eat-in kitchen plus dining room. Walk-in closets. Impact windows! AC 2019. Re-pipe 2024. Neutral Berber carpeting or tiled throughout. Furniture included, many IKEA! Community amenities include: heated pool, fitness center, tennis/pickleball courts, racquetball, more! Convenient to golf, restaurants & shopping; less than 8 miles to the beach!

23. 2026-01-25
    historical $185,000 511-char remark

    Show marketing remark (511 chars)

    Bright & cheerful 3BR/2BA condo with lake views! Cathedral, textured ceilings! Private, tiled, screened porch. Courtyard views from master suite. Eat-in kitchen plus dining room. Walk-in closets. Impact windows! AC 2019. Re-pipe 2024. Neutral Berber carpeting or tiled throughout. Furniture included, many IKEA! Community amenities include: heated pool, fitness center, tennis/pickleball courts, racquetball, more! Convenient to golf, restaurants & shopping; less than 8 miles to the beach!

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 23 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: $28,206
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$2,256
• − Management: −$2,256
• − HOA: −$8,880
• − Depreciation: −$5,382
• Taxable loss: −$4,632
• Est. tax savings @ 24.0%: +$1,112
• After-tax cash flow: $-828/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 · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained, good-condition townhouse is ready for a fresh coat of paint and new ceiling fans to enhance its curb appeal and interior aesthetics.

Repairs flagged

• Minor Ceiling fans — Ceiling fans are present but may need cleaning
• Minor Light fixtures — Light fixtures may need cleaning or replacement

Value-add opportunities

• Both Paint interior walls — Fresh paint can enhance curb appeal and interior aesthetics
• Both Replace ceiling fans — New ceiling fans can improve air circulation and aesthetics
• Both Replace light fixtures — New light fixtures can improve lighting and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
Ceiling fans · Ceiling fans are present but may need cleaning	Minor	$500–3,000
Light fixtures · Light fixtures may need cleaning or replacement	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Replace ceiling fans — New ceiling fans can improve air circulation and aesthetics ↑
• Both Replace light fixtures — New light fixtures can improve lighting and aesthetics ↑

ⓘ 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

Price history

+0.0% since first listed

6 events — show timeline

• 2026-01-30 Listed $185,000 RAIRCMLS
• 2026-01-30 Listed $185,000 SCMLS
• 2026-01-30 Listed $185,000 Beaches MLS
• 2026-01-25 Coming Soon $185,000 Beaches MLS
• 2026-01-25 Coming Soon $185,000 SCMLS
• 2026-01-25 Coming Soon $185,000 RAIRCMLS