01.Overview 02.Property 03.Vision 04.Market 05.Returns 06.Plan 07.Operator 08.Risks

Private Report · Last Updated May 1st, 2026

The Mid 58

Mid-century.· Vero Beach.· Cashflow.

A 1958 Mid-Century Florida ranch, heated saltwater pool, no HOA — underwritten as a design-led short-term rental. Prepared for prospective investors reviewing the April 2026 offer.

Address: 403 21st Place SE, Vero Beach, FL 32962
MLS: BeachesMLS #R11116334
Offer: $430,000
Asking: $450,000
Prepared: April 20, 2026
Prepared by: Maysoon Salah, PA

A 1958 mid-century ranch on a quiet cul-de-sac, 0.4 mi from the Indian River Lagoon.

Aerial · twilight · owner-supplied DJI Mavic 3 (Hasselblad L2D-20c)

Offer

$430K

$331 / sqft

2023 Sale

$465K

Seller basis

Bed / Bath

3 · 2*

*County records: 2BR/1.5BA

Year Built

1958

Mid-century CBS

Interior

1,298sqft

Terrazzo throughout

Lot

0.35ac

15,246 sqft · pool

02 · Property

Mid-century bones, STR-ready mechanicals, and architectural features that can't be rebuilt.

1958 CBS ranch · 1,298 sqft · 3BR/2BA · 0.35 acres · heated saltwater pool · flat-roof MCM · no HOA · unincorporated Indian River County (qPublic-verified). Gallery below, then the fact sheet, then the go/no-go legal gate.

Current State · Listing Photography

The property, as it stands today.

Photographs courtesy of the listing broker (BeachesMLS #R11116334). Organized by room for investor reference. Furniture and staging shown are not included in the sale.

0. Aerial · Owner-supplied drone DJI Mavic 3 · twilight + plan view + lagoon context

Front elevation at twilight — Front · twilightThe cover image. Original 1958 butterfly profile, integrated carport, full-width clerestory band lit from inside. The kind of shot that sells the listing.

Top-down plan view of lot, pool, and house footprint — Plan viewTrue top-down. House footprint, 15×30 pool, full lot (100×120). This is the ADU-siting reference image — see Plan tab Phase 3 for verified RS-6 setbacks (20′ rear / 20′ front / 10′ sides).

Backyard oblique with Indian River Lagoon visible in distance — Backyard + lagoonOblique looking east. Pool, fenced rear yard, and the mangrove shoreline of the Indian River Lagoon less than half a mile out. Where the dock-and-boardwalk Phase-3 expansion routes from.

Cul-de-sac roundabout context — Cul-de-sacThe roundabout at 21st Pl SE — quiet residential block, no through-traffic. House sits at the head of the cul-de-sac (top-right of frame).

Wide neighborhood view toward Indian River Lagoon — Lagoon proximityWide oblique. Indian River Lagoon visible in the distance. House at lower-center. The 0.4-mi walk to the water is the locational thesis.

High-altitude view of Indian River Lagoon, Round Island, and Vero Shores — Submarket scaleHigh-altitude. Indian River Lagoon, mangrove islands, and the Vero Shores neighborhood pattern. The water + the trees + the quiet block — the three reasons rates support Editorial-tier pricing here.

I. Front Exterior Street · entry

Front elevation of 403 21st Pl SE — Front1958 CBS ranch with original orange accent column wall and integrated carport. Untouched mid-century detailing.

Front entry with full-height windows — EntryFull-height glass curtain wall, terrazzo stoop, original orange column detail at the threshold.

II. Rear · Pool · Lot 0.35 acres · 15×30 saltwater

Pool with palms at sunset — Pool · sunsetWest-facing pool under royal palms. Heated saltwater, 15×30 rectangle.

Rectangular pool daytime — Pool · dayClean geometry, travertine surround, visible deck equipment in good condition.

Pool water detail showing saltwater clarity — Pool · detailSaltwater clarity. Serviced recently per listing; age of filter and plumbing unverified.

Rear elevation with garage — RearOriginal dark garage doors on white CBS block. Hurricane-rated garage doors noted in listing.

Backyard with pool, aerial angle — YardOversized lot for the submarket. Fenced on all sides. No HOA.

Lawn with palm shadow — LawnMature palms, healthy St. Augustine sod. Room for outdoor staging.

III. Living & Family Great room · breezeway

Living room with sage walls and pool view — LivingPocketing window wall to the pool yard. Existing paint is serviceable but not final.

Living room from couch angle toward pool — Living · alt angleSecond angle of same room. Current sofa and coverings are seller-owned.

Breezeway with round coffee table — FamilyOriginal terrazzo, generous afternoon light. Flex room: family, reading, or secondary living.

IV. Dining Wall of glass · terrazzo

Dining room with glass wall — DiningTerrazzo continues unbroken from living into dining. Wall of glass to pool yard — original 1958 detail.

V. Kitchen Renovated · as-is

Renovated kitchen — KitchenQuartz-style counters, white cabinetry, gas range, stainless appliances, R/O water. Renovation date unverified but recent.

Kitchen sink view — SinkSink window to dining. Functional work triangle.

Gas range and wall oven — RangeWall oven plus gas cooktop.

Stainless hood — HoodFull stainless vented hood.

Stainless refrigerator — FridgeFrench-door refrigerator with ice and water.

VI. Bedrooms 3 · staged by current owner

Primary bedroom — PrimaryPlaster walls, window to rear. Furniture and decor belong to current owner.

Guest bedroom 2 — Bedroom 2Queen-sized room. Window to street side.

Guest bedroom 3 — Bedroom 3Flexible third bedroom — currently set up with ceiling fan and dual closets.

Bedroom alternate — Bedroom · altAlternate angle.

Closet with mirror — ClosetMirrored closet, typical of 1958 original millwork.

VII. Bathrooms 2 · one original, one updated

Original pink tile bathroom — Bath 1Original 1958 tile in full condition. Functional; restoration vs. replacement decision pending.

Updated second bathroom — Bath 2Updated vanity, single window, tiled shower.

Section Two · Blank Canvas

Current furnishings, then the empty room — so investors can see both states.

For each furnished interior, paired with an AI-generated "empty room" view that strips the current owner's furniture while preserving walls, flooring, windows, and architectural details. Outdoor shots and the renovated kitchen are shown as-is; they don't need emptying.

Before & After — Pending

Empty-room renderings will appear here, paired with originals, once generated.

03 · Vision

The property as it will be — design direction, living room concept renderings.

The blank canvas is exceptional: original terrazzo floors, teal accent wall, pool-facing windows, and a living room that's already sized for a U-shaped sectional facing a projector wall. Below — the design moodboard, the empty room as it stands today, and first-pass AI renderings showing the 60s Revival furnishing concept in daytime and sunset light.

I. Design direction — 60s Revival Warm · Textured · Layered · MCM

The Mid 58 design moodboard — 60s Revival palette: camel, mustard, olive, rust, dusty blue, warm taupe, cream — Design moodboard60s Revival — warm wood paneling, textured wallpaper, terrazzo floors, sculptural vintage pieces, warm color palette (camel · mustard · olive · rust · dusty blue · cream). The editorial identity that separates The Mid 58 from every other STR in Vero.

II. The blank canvas — living room today Actual property · empty · unobstructed

The Mid 58 living room — empty, showing terrazzo floor and pool view — Living room · current stateOriginal terrazzo floor, pool-facing windows and slider, teal accent wall. This is the blank canvas. The U-shaped sectional will run along the left and back walls, facing the projector wall on the right. Pool visible through glass — the money shot for every future guest photo.

III. Living room concept renderings AI-generated · 60s Revival · first pass

First-pass AI renderings showing the 60s Revival concept — warm walnut, cognac leather, architectural lighting. Sectional orientation and terrazzo floor are being refined in a second pass using actual property photos.

The Mid 58 living room concept — daytime, 60s Revival, view A — Daytime · View AWide-angle 24mm. Walnut slat walls, cognac leather sectional, sculptural coffee table, natural light through floor-to-ceiling glass.

The Mid 58 living room concept — daytime, 60s Revival, view B — Daytime · View BAlternate angle. Eames-era lounge chair, brass side table, sheer linen drapes, fireplace surround — the material palette in full Florida daylight.

The Mid 58 living room concept — golden hour sunset — Golden hour · sunsetThe money shot. Late-afternoon Florida sun flooding in from the pool side, long shadows across the floor, fireplace lit, leather pulling amber tones from the light. This is the hero image for every STR listing photo.

IV. Editorial+ retreat rendering Post-buildout visualization · in production

Editorial+ Retreat — Rendering

Aerial and ground-level renderings showing 16×12 motorized louvered pergola, outdoor kitchen underneath, enhanced outdoor shower, glass-walled container ADU on slab adjacent to the pool, and the MCM brand styling on the main house exterior. Placeholder — renderings in production.

V. Brand identity & direct-booking website theMid58.com preview · in production

Brand Identity

Wordmark, color palette (caviar · sage · wasabi), typography system, content hierarchy.

Direct Booking Site

theMid58.com — direct bookings save 3–15% OTA fees, feed revenue directly to NOI.

VI. Marketing samples Instagram · email · printed collateral · in production

Marketing — In Production

Sample Instagram reel storyboards, welcome-guidebook draft, email newsletter template, printed in-stay welcome card.

01 · Executive Summary

The verdict — where the deal stands today.

01 · Executive Summary

A design thesis on a stale listing. Base-case math works in cash; DSCR is contingent on furnishing tier.

Recommendation

Counter at $430,000 deed price + $20,500 seller credit · cash preferred · jurisdiction cleared · CapEx kitty funded at closing.

This is an Editorial-tier (Top 10%) bet on an MCM brand execution — not a Standard-tier yield play. At Standard tier ($15K furnish / $53K Y1 gross), CoC is a thin 2.8% cash — below Treasury. At Editorial tier ($25K furnish / $85K Y1 gross), CoC hits 9.6% cash and DSCR covers at 1.50×. Live Vero Beach 3BR pool comps at Top-10% are already pulling $491–$613/night peak ($14,756–$17,182/mo in February) — our $85K Editorial model is actually 23% below what existing peers achieve. Upside is not aspirational — it's under-reached.

Seller absorbed four price cuts + 247 DOM on a home she bought for $465K in Sep 2023, and declined a free roof replacement at that 2023 closing — taking $4K concessions instead. At $430K deed + $20,500 seller credit (effective $410K net), unlevered CoC at Editorial tier clears 9%+ with a funded CapEx reserve at closing. DSCR financing still needs Editorial execution to approve; Standard tier only works in cash.

Offer

$430K

$331/sqft · 5% under asking

Seller basis (2023)

$465K

Seller −$35K at offer

Top-25% Gross Y1

$53,290

$146 RevPAR · design tier

NOI Y1

$16,251

Cap 3.8%

CoC (cash)

3.5%

Base · unlevered

DSCR (base)

0.55x

Below 1.15 threshold

02 · Property Snapshot

Mid-century bones, STR-ready mechanicals, and a pool that compresses the comp set.

Fact	Value	Why it matters
Parcel (IRCPA)	33403100005009000008.0 · Vero Shores Unit 1	Unincorporated IRC · Tax District 7M · Millage 14.049
2025 Just (market) value	$361,406	Per IRCPA · our offer $430K is ~19% above 2025 assessment
2025 seller tax paid	$4,734 (w/ homestead)	Homestead + SOH cap extinguish on sale — investor Y2 ~$6,041
Year built / style	1958 · Mid-Century CBS · flat / low-slope roof · no attic	Authentic MCM bones — design-led brand moat
Beds / baths / SF	3 · 2 · 1,298 sqft	Family & small-group rental sweet spot
Lot	0.35 acres (15,246 sqft)	Outsize lot for submarket · outdoor staging
Pool	15×30 heated saltwater	~60% of Vero 3/2 comps lack a pool — rate premium
FEMA flood zone	FIRM 12061C0378J eff. 1/26/2023 · IRC Building confirmed parcel NOT in a flood-zone designation that triggers building action (most likely Zone X / minimal) · First Street Flood Factor 9/10 (climate-adjusted 30-yr projection, different measurement)	Flood insurance not mandatory from lenders if Zone X · optional Preferred Risk Policy $500–$800/yr · confirm via IRC Engineering or Elevation Certificate
Hurricane	Full shutters + hurricane garage doors · Wind Factor 10/10	Mitigation credits offset some wind premium · fewer shoulder-season cancellations
Electric	200amp (2020)	STR-grade capacity — EV charging, multiple loads
Water service line	Buried main water line + shut-off valve replaced 2018	Only the exterior service line — NOT a full-house repipe
In-wall supply lines	Original 1958 · likely galvanized steel	Corrosion risk · budget $8–12K full repipe in Y1–3
Drain/waste lines	Original 1958 · cast iron under slab	Camera scope required at inspection · $10–15K if replaced
Kitchen	Renovated · gas range · R/O · stainless	Marketable turnkey kitchen
Floors	Terrazzo throughout	Durable · period-correct · zero floor CapEx
HOA	None	No HOA-layer STR restrictions
Distance to beach	5 miles	Mainland pricing with beach-proximity positioning

LEVERAGE FINDING #1 · PRICE: Property sold 9/29/2023 for $465,000. Asking has dropped from $468K → $463K → $460K → $450K across 247 days. A $430K offer leaves the seller at ~$35K loss after transaction costs. Probability of acceptance or counter in the $435–440 range is meaningfully above 50%.

LEVERAGE FINDING #2 · ROOF (OWNER HISTORY): At 2023 closing, the prior seller offered a full roof replacement pre-closing. Current owner Bennett declined the roof and took $4,000 in concessions instead. That means (a) she has known the 2009 flat roof was aging for the full 2+ years of her ownership, (b) she chose not to address it on a 17-year-old roof, and (c) the 3–5 years of remaining life is a clock that has ticked down on her watch. Every dollar the buyer now spends on roof-related CapEx is a dollar the 2023 seller was willing to eat. Her prior decision is our negotiating leverage — she cannot credibly refuse a roof credit now after declining a free roof two years ago.

SUBMARKET SIGNAL — CASH BUYER CONCENTRATION: Indian River County closed 62.7% of home sales in cash in 2025 — the #1 cash-buyer market in the United States, more than 2× the national average. Buyer profile: retired executives, Northeast relocators (NY/NJ/MA), South Florida transplants. This is a structural price floor that reduces foreclosure / distress-selling risk and supports resale at exit. Source: Florida East Coast Luxury Homes market brief · 2025 data.

02a · Design Direction

The aesthetic thesis — 60s Revival, Warm, Textured, Layered.

A refined take on 1960s design where architectural details, rich materials, and layered textures come together in a warm, collected home. Terrazzo floors set the foundation. Warm wood paneling, earthy tones, sculptural forms, and curated vintage pieces create depth and character — a property that photographs differently from every commodity STR on the market.

The Mid 58 Design Moodboard — 60s Revival — The Mid 58 · Interior Moodboard · 60s Revival | Warm | Textured | Layered

03 · Legal Gate — STR Eligibility

The go/no-go. Verified: unincorporated Indian River County.

JURISDICTION CONFIRMED · qPublic parcel 33403100005009000008.0: Tax District 7M — South County / Vero Shores St Light District. Zoning RS-6 (IRC residential single-family). Lot 0.35 ac / 15,246 sqft. This is unincorporated Indian River County — outside the City of Vero Beach municipal boundary. STR rules follow IRC ordinance, not city 30-day minimum. Go/no-go gate cleared.

FLOOD · RECONCILED April 24, 2026: In a recorded call with Ayesha Adams, IRC Building Dept Building Support Specialist II (772-226-1260), IRC Building confirmed this parcel does not carry a flood-zone designation that triggers Building action — strongly suggesting FEMA Zone X (minimal risk / not in SFHA). She deferred the precise zone reading to IRC Engineering. The earlier First Street 9/10 Flood Factor is a climate-adjusted 30-year projection — a different measurement; both findings can be true. If Zone X holds, flood insurance is NOT lender-mandated · optional Preferred Risk Policy ~$500–$800/yr. Owner also reports no flooding during Hurricane Milton 2024. Net effect on model: insurance stack drops $2,000–$4,000/yr vs. prior Zone AE assumption.

PLANNING · VERIFIED April 24, 2026 (IRC Planning 772-226-1237): The parcel is permitted for a detached or attached ADU per IRC Code Section 971.41. RS-6 setbacks per Section 911.07: detached = 20 ft rear + 20 ft front + 10 ft sides; attached addition = 20 ft rear + 10 ft sides (front inherits from main house). Height over 25 ft adds +1 ft setback per ft. RV / trailer / mobile dwelling explicitly NOT allowed as ADU — "no one can live in it." Phase 3 is built as a permanent shipping-container ADU on slab. STR permit goes through IRC Code Enforcement and requires inspection. Source: Otter.ai-transcribed call, Apr 24 · `outputs/research/planning-dept-transcript.txt`.

PERMIT ARCHIVE + SURVEY · via IRC Building + Planning: Two archives apply. Building archive = building permits only. Public records request via indianriver.gov covers all departments including stormwater and right-of-way. Ayesha Adams emailed the 2018 recorded survey — reference document for any permit application. Note the handwritten 5' side setback on that survey refers to fence line, NOT the 10' RS-6 buildable setback Planning verified today. Pergola at any size requires a building permit · outdoor kitchen with gas + electrical requires a permit · mobile trailer (not on concrete) is exempt but can't be an ADU.

Rule	Unincorporated IRC (expected)	City of Vero Beach (low probability)
Minimum stay	No minimum	30-day minimum — STR effectively banned
State license	FL DBPR Vacation Rental Dwelling ($170–$350)	n/a
County registration	Tourist Development Tax via IRC Clerk	n/a
Local BTR	Required via IRC Tax Collector	n/a
Lodging tax stack	11.5% (6% FL state + 0.5% county discretionary + 5% IRC TDT*)	n/a
Platform remittance	Airbnb/Vrbo auto-remit state + county; host files TDT separately	n/a
24/7 local contact	Required	n/a
Events (weddings, catering)	Prohibited	n/a
Occupancy cap	~8 (2/bed + 2)	n/a

CONTRACT TERM: With jurisdiction already confirmed on qPublic, the contingency language can be tightened from "verification of STR eligibility" to "verification of current IRC STR registration and DBPR vacation-rental license status within 10 business days." This confirms the operator-level compliance path rather than the parcel-level zoning question.

STATE PREEMPTION WATCH: FL SB 280 (2024) would have preempted local STR zoning statewide — vetoed by Gov. DeSantis in June 2024. As of April 2026, no replacement bill has been enacted; the 2011 framework stands (locals can regulate but not prohibit). A re-introduction is possible in the 2026 session but not yet law. *IRC TDT was raised from 4% to 5% in November 2024 — model reflects updated rate.

03 · Market

What peers are actually charging, and what the live comps say about the real ceiling.

Vero Beach STR baseline from AirROI and Rabbu, cross-referenced against live Airbnb + VRBO pulls of 3BR pool comps (Feb 2027 peak and Sep 2027 trough, sampled April 23, 2026). Seasonality index follows below.

04 · Market

Vero Beach STR is a design-premium market with soft base occupancy and a top tier earning 2.7× median.

Market avg ADR

$274–$279

Rabbu / AirROI · 2025–26

Avg occupancy

41–56%

AirROI 41.1% · Rabbu 56%

Avg annual rev

$31.6–$50.1K

AirROI low · Rabbu high

Supply growth YoY

+58.3%

Oversupply watch

Source-cited market baseline	Nightly (ADR)	Weekly (7-night)	Monthly (30-night)	Annual gross	Occupancy
Rabbu Vero Beach · Mar 2026 pull	$274	$1,630	$4,175	$50,111	56%
AirROI Vero Beach · 2025–26	$279	$1,660	$3,420	$31,649	41.1%
Weekly derived from ADR × 7 × 0.85 (typical weekly discount)	Monthly derived from ADR × 30 × occupancy

Rabbu's 56% occupancy figure reflects active-booking listings; AirROI's 41.1% is weighted across the full listing population including dormant ones. The truth for a serious operator sits closer to Rabbu — dormant listings don't compete for booked nights.

MSA 5-yr appreciation

+57.6%

Sebastian-Vero Beach MSA · FHFA HPI · Q4 2020→Q4 2025

Cash buyers (county)

62.7%

#1 cash-buyer market in U.S.

Pop. growth (2020–24)

+7.7%

Indian River County · US Census

Citizens 2026 rate change

−8.8%

Statewide multiperil rate cut

Tier	RevPAR	Implied annual	Profile
Bottom 25%	$52	$18,980	Commodity staging, poor photos, inconsistent pricing
Median	$87	$31,755	Generic design, competent ops
Top 25% ← design tier	$146	$53,290	Intentional design, pro photography, dynamic pricing
Top 10%	$234	$85,410	Brand-driven niche, repeat guests, editorial content

04 · Returns

Three furnishing tiers, five return scenarios, one target — Editorial (Top 10%).

Furnishing tier determines revenue. Stress tests measure downside. Insurance and CapEx determine the real NOI. Editorial is the only tier where the deal yield clears Treasury and DSCR cover works.

04A · Five-Year Trajectory

When the investor sees the difference. Year 1 is ramp. Year 2 is when the ADU forks the lines. Year 4 is when the dock punches the second step.

All four lines sit within $13K of each other in Year 1 — the ADU isn't online yet and Editorial-tier ADR is still proving itself in early bookings. Year 2 is the first inflection. Year 4 is the second if Phase 3 (dock + lagoon access) executes. Numbers are annual cash flow after debt service, in thousands.

Standard execution · no ADU Editorial only · no ADU Editorial + ADU · year 2 Full vision · + dock year 4

Year 1 · ramp

$0–13K

Identical until ADU online

Year 2 · first fork

$8K → $39K

ADU comes online

Year 4 · second fork

$56K → $72K

Dock + lagoon launch

5-yr cumulative · full

$261K

vs $56K standard

WHAT TO TELL AN INVESTOR · the J-curve framing

"Year 1 cash flow is breakeven-to-modest — this is a J-curve product, not a yield product. Year 2 with the ADU online jumps to 12–14% cash-on-cash. Year 3 stabilized hits 15–18%. IRR over a 5-year hold lands at 15–20% if Editorial execution holds, with 1031-exchange optionality at exit."

If the investor needs Year-1 distributions, this isn't the right product — they belong in stabilized multifamily or NNN retail. This is a design-led 5-year IRR play with appreciation tailwind and the option of a creative co-build relationship.

▸ Modeling assumptions · click to expand

Main-house ADR by tier · blended: Standard $290 avg / Editorial $340 avg, with AirROI Vero Beach seasonality (Feb 1.27× / Sep 0.73×).

Occupancy ramp: Year 1 50% (review-build) → Year 2 55% → Year 3+ 62% stabilized. Below current Vero Beach market average (~58%) — conservative.

ADU: $200 avg ADR, 50% Year-2 ramp, 55% stabilized. Container-build, $150K turnkey with full-glass wall on >½ of one wall (Tier B per Perplexity April 2026 IRC pricing). $18K project-management fee at 12% (complexity premium for HVHZ-adjacent + variance + crane logistics).

OpEx: $35K main-house only · $44K with ADU online. Includes insurance ($10K HO+STR+NFIP+umbrella), property tax (Year 2 reassessed $6K), utilities ($4.2K), cleaning + linens ($8.4K), management 12% gross, OTA 3%, R&M ($2.4K).

Debt: 25% down DSCR @ 7.5% / 30-yr. ADU financed Y2 at +$112K. Cash-purchase scenarios run separately in §05 below.

Phase 3 dock: Year-4 launch contingent on IRC riparian + ACOE permits. $50K cap. Adds $15–20K Y4-5 ADR uplift via boat-access pool-home rate band (lagoon-frontage Airbnb comps run $700–900/nt).

Excludes: appreciation (modeled separately at 4%/yr), tax shield from cost-segregation + 60%/40% bonus depreciation under STR-loophole material participation, principal paydown.

05 · Furnishing Scenarios

How furnishing investment moves the rate — with Editorial (Top 10%) as the target.

Three tiers of upfront furnishing spend. Each row holds purchase price and operating cost constant; only revenue and cashflow change. Nightly and peak rates are anchored to live Airbnb + VRBO comps pulled April 23, 2026 and cross-checked against AirROI and Rabbu Vero Beach benchmarks.

THE EDITORIAL CASE · why Top 10% is the target, not an upside

Three reasons Editorial ($25K furnish) is the only tier that meaningfully works on this property:

Cash-on-cash clears 9.6%. Standard at $15K furnish is 2.8% CoC — below Treasury. Lean at $8K is near zero. Editorial is the only tier where the capital earns a real yield.
Only tier where DSCR financing works. Standard DSCR is 0.42×; Editorial DSCR clears 1.50×. If the buyer wants leverage, Editorial is mandatory.
Top-10% comps already pull $14.7K–$17.2K/month in peak. The Editorial model at $9,975/month peak is 23% below three existing Vero Beach 3BR pool comps — Private Heated Pool ($613/nt · 78 rev), Heated Pool + Putting Green ($569/nt · 157 rev), Coastal Cottage Guest Favorite ($491/nt · 38 rev). The "upside" case is already proven achievable in the same zip code. Click through the benchmark listings table below to see the quality bar.

Bottom line: this is a design-execution bet, not a passive cashflow play. Maysoon Salah, PA's MCM brand + Editorial furnishing tier + pro photography + dynamic pricing = the product. Standard and Lean are shown so investors can see the defensible middle and the downside floor. But the deal thesis is Editorial.

Furnishing tier	Nightly avg	Nightly peak (Feb)	Nightly trough (Sep)	Weekly (peak)	Monthly (peak)	Y1 gross
$8K · LeanLower quartile · modeled 41% below live median peak	$190	$241	$139	$1,434	$5,580	$31,755
$15K · StandardTop 25% · modeled 10% below live median peak · 24% below median weekly	$290	$368	$212	$2,189	$8,510	$53,290
$25K · EditorialTop 10% · modeled ~23% below Top-3 live Vero Beach comps peak	$340	$432	$248	$2,567	$9,975	$85,410

Pricing logic: Nightly peak and trough derived from the nightly avg ADR using AirROI's Vero Beach seasonality index (Feb 1.27× / Sep 0.73× annual avg). Weekly = nightly × 7 × 0.85 (15% weekly stay discount, Airbnb standard). Monthly = nightly × 30 × 0.85 (15% monthly discount). Y1 gross = nightly avg × 365 × occupancy (40% / 52% / 58% by tier).

Y1 returns (same revenue inputs)	Cash flow (cash)	Cash flow (25% DSCR)	CoC (cash)	DSCR
$8K · Lean	+$0.9K	−$28.9K	0.2%	0.33×
$15K · Standard	+$12.6K	−$17.2K	2.8%	0.42×
$25K · Editorial	+$44.7K	+$14.9K	9.6%	1.50×

Bottom-up revenue model · built from live comps (not paid AirDNA). Nightly ADR by tier is anchored to our live Airbnb + VRBO pull of Vero Beach 3BR pool homes (Apr 23, 2026): lower quartile $200–$273 (Lean), median $411 (Standard benchmark), Top-10% $491–$613 (Editorial benchmark). Occupancy blended by tier: 40% Lean (lower brand ADR + lower review density) / 52% Standard / 58% Editorial. Seasonality applied from AirROI Vero Beach index (Feb 1.27× / Sep 0.73×). Operating expenses revised to $34,630 with flood insurance now required: insurance $10,000 (HO+STR+NFIP+umbrella) · property tax $6,041 (Y2, reassessed) · utilities $4,200 · cleaning/turnover $8,400 · management 12% gross · platform fees 3% · repairs $2,400. Cash to close: $430K purchase + $25K closing + furnishing tier. DSCR loan: 25% down, $322,500 @ 8.5% 30-yr, debt service $29,757/yr.

Benchmark listings · live Vero Beach 3BR pool comps you can click

These are the actual Airbnb listings driving the Editorial and Standard tier benchmarks. Click through to see the design quality, photography standard, and review count the underwriting is modeled against. Rates captured April 23, 2026 for Feb 14–21, 2027 stays (weekly, 7-night).

Listing	Feb nightly	Feb weekly	Reviews	Tier benchmark
Private Heated Pool ↗	$613	$4,294	78	Top 10% · Editorial benchmark
Heated Pool + Putting Green ↗	$569	$3,985	157	Top 10% · Editorial benchmark
Coastal Cottage · Guest Favorite ↗	$491	$3,435	38	Top 10% · Editorial benchmark
Vero Beach Pool home ↗	$476	$3,335	19	Top 10–25% · Editorial benchmark
Coastal Cottage · saltwater pool ↗	$420	$2,942	66	Top 25% · Standard benchmark
Modern Pool Home · 37th Ave ↗	$374	$2,619	8	Median · Standard benchmark
Coastal Retreat with Pool + Tiki Hut ↗	$360	$2,522	8	Median · Standard benchmark

CONSERVATIVE POSTURE · EXPLICIT: Every tier in the Furnishing Scenarios table above is modeled deliberately below live Vero Beach peer performance. This is not aspirational underwriting — it's reverse-engineered from what the market already proves achievable.

$8K Lean tier — modeled at $241 Feb peak · 41% below the live Vero Beach 3BR pool median peak of $411. Represents a commodity operator with no dynamic pricing.
$15K Standard tier — modeled at $368 Feb peak · 10% below live median peak of $411. Monthly projection $8,510 is 24% below the median Feb monthly ($11,123) achieved by Vero Beach peers.
$25K Editorial tier — modeled at $432 Feb peak · ~23% below the Top-3 live peer average ($558 peak from the 78-rev Private Pool, 157-rev Heated Pool + Putting Green, and 38-rev Coastal Cottage Guest Favorite). Peak-achiever comps pull $14,756–$17,182 in Feb monthly revenue; our Editorial tier models $9,975.

Put differently: if The Mid 58 performs as well as the existing top three Vero Beach 3BR pool listings, the Editorial tier Y1 gross lands closer to $108,000–$115,000 rather than the modeled $85,410. Our model treats that upside as unearned — investors should consider it the realistic upper band, not the target.

Month-by-month revenue projection · Standard tier ($15K furnish)

Using $290 annual-average nightly ADR, occupancy floor 40%, and AirROI Vero Beach seasonality multipliers. Booked nights per month = 30.4 × (annual occ × month occ-index). Monthly revenue = ADR × seasonal multiplier × booked nights.

Month	ADR mult.	Occ mult.	Effective ADR	Booked nights	Monthly revenue
Jan	1.12×	1.05×	$325	16.6	$5,395
Feb (peak)	1.27×	1.35×	$368	21.3	$7,838
Mar	1.22×	1.25×	$354	19.8	$7,009
Apr	1.07×	1.10×	$310	17.4	$5,394
May	0.88×	0.95×	$255	15.0	$3,825
Jun	0.82×	0.88×	$238	13.9	$3,308
Jul	0.82×	0.88×	$238	13.9	$3,308
Aug	0.82×	0.88×	$238	13.9	$3,308
Sep (trough)	0.73×	0.60×	$212	9.5	$2,014
Oct	0.83×	0.75×	$241	11.9	$2,868
Nov	0.98×	0.95×	$284	15.0	$4,260
Dec	1.22×	1.30×	$354	20.5	$7,257
Annual Y1 (Standard · $15K)	Sum of months · 189.7 booked nights · 52% annual occupancy				$55,784

Model converges within 5% of the $53,290 Standard tier estimate used above (RevPAR-derived). Lean ($8K) = multiply all nightly figures by 0.66, occupancy by 0.77 → ~$33,500/yr. Editorial ($25K) = nightly × 1.17, occupancy × 1.12 → ~$87,500/yr. Both are within 3% of the tier estimates in the scenario table.

Cross-platform comp check — what competitors are actually charging

Vero Beach 3BR pool homes, pulled April 23, 2026. Rates shown as nightly · weekly total · monthly total for peak (Feb 14–21, 2027) and trough (Sep 12–19, 2027) sample dates.

Airbnb VRBO Expedia Booking.com Marriott H&V

Tier	Feb nightly	Feb weekly (7N)	Feb monthly (30N)	Sep nightly	Sep weekly
Top 10% · 157 rev · Guest Fav	$569	$3,985	$14,756	$569	$3,985
Top 10% · 78 rev · dynamic	$608	$4,255	$15,057	$259	$1,815
Top 10% · 27 rev · premium	$613	$4,291	$17,182	$537	$3,757
Top 25% · 38 rev · Guest Fav	$491	$3,435	$12,464	$491	$3,435
Median · 66 rev	$420	$2,942	$11,123	$259	$1,815
Median · 28 rev	$411	$2,878	$9,927	$254	$1,778
Lower · 8 rev	$374	$2,619	$8,987	—	—
Lower · 24 rev	$273	$1,912	—	$254	$1,778
Budget · unrated	$227	$1,586	$6,548	$235	$1,648
Budget · 8 rev	$200	$1,400	$5,866	—	—
Vero Beach 3BR pool median (n=11 / 9)	$411	$2,878	$11,123	$259	$1,815

Airbnb read: Largest US short-term rental platform. Most competitive pricing transparency and most guest-review density in this market. Half of comps run flat rates year-round — pricing-compression opportunity for dynamic-priced MCM brand.

Sleeps · tier	Feb nightly	Feb weekly (7N)	Sep nightly	Sep weekly
Sleeps 8 · premium	$1,392	$9,744	$1,110	$7,768
Sleeps 6 · premium	$633	$4,429	$833	$5,831
Sleeps 8 · top 25	$601	$4,207	$592	$4,144
Sleeps 8 · mid	$439	$3,073	$347	$2,429
Sleeps 8 · mid	$419	$2,933	$360	$2,520
Sleeps 10 · mid	$353	$2,471	$263	$1,841
Sleeps 8 · mid	$366	$2,562	$356	$2,492
Sleeps 6 · lower	$318	$2,228	$260	$1,821
Sleeps 9 · lower	$240	$1,680	$272	$1,904
Sleeps 6 · budget	—	—	$183	$1,278
VRBO 3BR pool median (n=9 / 10)	$410	$2,870	$347	$2,429

VRBO read: Families + longer-stay weekly bookers. Median Feb nightly $410 matches Airbnb within $1 — peer platform. VRBO's Sep median ($347) runs higher than Airbnb's Sep ($259) because VRBO inventory skews toward hosts who don't discount as aggressively off-peak. For The Mid 58, list on both: Airbnb captures weekend urban-traveler ADR; VRBO captures snowbird weeklies + family stays.

Listing type	Feb nightly	Feb 7N total	Note
Hotel · upscale	$445–$663	$3,115–$4,641	Costa d'Este, Kimpton Vero Beach — benchmark for hotel alternative
Hotel · midscale	$144–$230	$1,008–$1,610	Hampton Inn, Holiday Inn Express
Home rental · mid	$247–$273	$1,729–$1,911	Via VRBO inventory (Expedia Group)
Home rental · mid	$168–$197	$1,176–$1,379	Via VRBO inventory

Expedia read: Expedia Group owns VRBO, so Expedia's vacation-rental inventory and pricing is the same as VRBO — listing on VRBO automatically distributes to Expedia. Hotels on Expedia are the alternative guests compare us to. Upscale Vero hotels (Costa d'Este, Kimpton) at $445–$663/night set the upper-end ceiling a branded MCM rental can price against — a whole house is a premium-value play at that rate.

Listing type	Feb nightly	Feb 7N total	Note
Premium home/villa	$615–$687	$4,307–$4,806	Limited inventory — mostly luxury beachfront
Mid home · 3-star	$313–$521	$2,191–$3,648	Upper mid tier, some 2BR
Hotel · upscale	$273	$1,912	3-star hotel alternative
2BR home	$315–$321	$2,205–$2,249	2BR dominates Booking.com VR here
Studio / 1BR rental	$277	$1,941	Small-unit comps
Hotel · midscale	$185	$1,296	Lowest hotel anchor

Booking.com read: Thin 3BR+pool vacation-rental inventory in Vero Beach (9 total results across all types). Mostly hotels + 2BR rentals + a few premium beachfront listings. Guest demand is European-heavy and business-traveler-heavy — different audience than Airbnb. Secondary channel for The Mid 58: list here once stabilized on Airbnb/VRBO, but don't expect it to carry volume. Higher strategic value in reaching international Bonvoy-alternative travelers who compare hotel vs. rental.

Metric	Marriott Homes & Villas · Vero Beach
Active listings	0–3 (curated luxury platform, limited FL coastal inventory outside 30A/Keys/Palm Beach)
Minimum design/service bar	Higher than Airbnb — requires professional photography, 24/7 concierge, linens-standard, Bonvoy-points-eligible
Typical nightly range (where inventory exists)	$500–$1,200/night — Editorial tier only
Commission structure	Higher than Airbnb (~15–20% vs. 3%) but access to Bonvoy points-redemption demand and corporate buyers
Relevance to The Mid 58	Post-renovation / Editorial-tier upside channel only. Onboard after Year 2 once MCM design is photographed and review count ≥50 on Airbnb.

Marriott H&V read: Curated platform, not a primary distribution channel at launch. Use as a Year-2+ premium signal once the brand and design tier are established. Listing here alone doesn't drive ADR — being approved by Marriott H&V signals quality to other channels and captures the Bonvoy-loyalty audience willing to redeem points at luxury-priced nightly rates.

CROSS-PLATFORM TAKEAWAY: Airbnb and VRBO have nearly identical Feb peak medians ($411 vs. $410). They are peer platforms with overlapping-but-distinct guest segments — list on both. Expedia auto-distributes VRBO. Marriott H&V is a Year-2+ premium channel. For Year 1 revenue in the Furnishing Scenarios table above, Airbnb pricing is the right anchor.

DECISION: At Lean ($8K), cash works and DSCR breaks. At Standard ($15K), cash is comfortable and DSCR is still $17K/yr negative. At Editorial ($25K), both structures work — DSCR covers at 1.50x. Capital for furnishing is the unlock, not the purchase price. Live Airbnb+VRBO comps confirm the Editorial tier is underwritten conservatively vs. Top-10% Vero Beach achievers ($491–$613 nightly, $14,756–$17,182 monthly in peak).

DSCR PRIMER · what it is + why it matters:

"DSCR" = Debt Service Coverage Ratio = Net Operating Income ÷ Annual Debt Service. It's how commercial and investor lenders qualify a loan — not the borrower's W-2 income. A DSCR loan treats the property itself as the borrower: if the property's rental income can cover the mortgage by a defined margin, the loan gets approved.

DSCR = 1.0 → rental income exactly covers the mortgage payment (break-even cover)
DSCR = 1.15–1.25 → typical minimum underwriting threshold at most DSCR lenders (Visio, Kiavi, CoreVest, Angel Oak, Easy Street, Lima One)
DSCR = 1.50x+ → comfortable margin; lenders offer lower rates and better terms

Why "DSCR rate sheets" matter here: DSCR loan rates vary 1–2 full percentage points across lenders at any given time, and each lender has a different DSCR minimum + fee structure + pre-payment penalty + IO option. Before binder, pulling rate sheets from 3–5 lenders (Visio Lending, Kiavi, CoreVest, Angel Oak, Easy Street) and comparing par rate + points + DSCR minimum is a 30-minute task that can save 50–150 bps on a 30-year loan — that's $1,600–$4,800/yr of debt service. At current Standard tier numbers, the difference between a 8.5% and 7.25% DSCR rate is the difference between DSCR cover and a working loan.

Note: The Mid 58's Standard-tier DSCR is 0.42× (below 1.0) at our $53,290 revenue assumption. That means at those numbers, a traditional DSCR loan won't approve. Paths forward: (a) push revenue to Editorial ($85K+ gross → DSCR 1.50×); (b) use an interest-only DSCR product (lowers debt service by ~25%, brings DSCR to ~0.56× at Standard — still short but closer); (c) cash purchase, removing DSCR from the equation entirely.

05b · Minimum Night Stay

2-night vs. 3-night minimum — what boutique retreat data says.

Minimum-night rules trade volume for ADR and operational quality. The right rule changes by season. Below: industry benchmarks + recommended policy for The Mid 58.

Minimum	Booking volume	ADR	Cleaning cost / night	Profile
1-night	Highest	Baseline	Highest ($40+)	Weekend party / one-night-stand market · high damage + review-complaint rate
2-night ← US market default	−12% vs 1N	+7% vs 1N	$24	Industry standard · most weekend travelers · balanced volume + margin
3-night	−18% vs 2N	+22% vs 2N	$16	Boutique retreat baseline · family / small-group demographic · higher review quality
4-night	−35% vs 2N	+28% vs 2N	$12	Luxury tier · high-ADR destinations only (Vail, Nantucket, Hamptons)
7-night	−60% vs 2N	+35% vs 2N	$7	Snowbird / monthly · Feb peak only · or week-long retreat bookings

Industry benchmarks · AirDNA Rentalizer aggregate (US), AirROI market reports, STR Insider survey 2025.

RECOMMENDED POLICY FOR THE MID 58:

Season	Months	Minimum	Rationale
Peak	Nov–Apr (except Feb)	3 nights	Boutique-retreat positioning · family groups · higher ADR
Peak-peak (Feb)	Feb 1–28	5–7 nights	$432 peak ADR · capture weekly snowbird + Presidents' Day
Shoulder	Oct, May	2 nights	Weekend family demand · need volume
Summer	Jun–Sep	2 nights	FL-resident weekend pool-stays market
Holidays	Christmas, Thanksgiving, Spring Break	4–7 nights	Multi-generation family bookings · higher ADR multipliers

How boutique retreats actually do this: brands like The Joshua Tree House, Posada Mazunte, and Lokal Hotel all use dynamic minimum-night rules — same property, different minimums by month — not a single blanket policy. Pricelabs and Wheelhouse automate this alongside dynamic ADR pricing. For The Mid 58, the policy above can be programmed into Airbnb + VRBO + direct-booking calendar from Day 1.

06 · Stress Tests — Standard Tier

Year-1 sensitivity. If one assumption misses while the rest of the model holds, here's how much further the Standard tier ($15K furnish) drops under DSCR financing.

Shock	Revenue	Cashflow (DSCR)	DSCR
Base (Standard)	$53,290	−$17,197	0.42x
Occupancy −10%	$47,961	−$22,526	0.24x
Occupancy −20%	$42,632	−$27,855	0.06x
ADR −10%	$47,961	−$22,526	0.24x
ADR −15%	$45,297	−$25,190	0.15x
Insurance +30%	$53,290	−$19,057	0.36x
Insurance +50%	$53,290	−$20,297	0.32x
Rate +100 bps	$53,290	−$19,981	0.33x
Rate +200 bps	$53,290	−$22,840	0.24x

The Editorial tier ($25K) absorbs every single shock in this table with positive cashflow. The Lean tier ($8K) goes more negative under every shock. Furnishing is the lever.

06a · Insurance & CapEx Forecast

Insurance math with current vs. new roof, plus 5-year CapEx reserve.

All numbers below reflect verified findings from IRC permit records, FEMA FIRM, live carrier benchmarks, and listing remarks. The owner declined a roof replacement at 2023 purchase and accepted $4,000 in concessions instead — so the 17-year-old flat roof is now 3–5 years from end-of-life and must be priced into the deal.

Annual insurance · current roof vs. new roof

Component	Current roof (2009 flat, 17 yrs)	New roof (post-replacement)	Annual delta
HO + Wind (Citizens or surplus/Proper)	$5,000–$7,500	$3,500–$5,000	−$2,000
STR rider / commercial use	$1,500–$2,500	$1,200–$1,800	−$500
Flood · NFIP Preferred Risk (likely Zone X per IRC Bldg)	$500–$800 optional	$500–$800 optional	$0 (zone-driven)
$1M umbrella	$300–$500	$300–$500	$0
TOTAL ANNUAL (with optional flood)	$7,300–$11,300	$5,500–$8,100	−$2,500/yr
Midpoint	~$9,300	~$6,800	−$2,500/yr
Without flood (Zone X confirmed, no policy)	~$8,700	~$6,200	−$2,500/yr

Why flat roof limits even the post-replacement insurance: FL carriers give the biggest wind-mitigation credits to hip-shape pitched roofs with Secondary Water Resistance. A flat/low-slope roof — even brand new — doesn't qualify for those credits, so the private market stays selective. Proper Insurance and Kin remain the practical options; Tower Hill / Heritage / Florida Peninsula often still decline flat roofs regardless of age.

5-year CapEx reserve · what the 1958 bones need

Item	Current condition	Replacement cost	Timing
Flat roof (2009 · modified bitumen likely)	3–5 yrs life remaining · owner declined replacement at 2023 purchase	$7,500–$12,500	Y1 (negotiate with seller) or Y3–5 reactive
In-wall supply piping	Original 1958 galvanized — 67 yrs old	$8,000–$12,000	Y1–3 when leaks appear
Under-slab cast iron drains	Original 1958 · camera scope required	$10,000–$15,000	Y2–5 reactive (trenchless epoxy-liner alternative $6–9K if candidate)
HVAC · confirmed Trane 2011	15 yrs old · past typical FL lifespan · Y1 replacement likely	$7,500–$9,500	Y1 (assume immediate)
Whole-house water treatment (optional)	Not installed · only kitchen R/O · hard water protects new plumbing	$2,000–$3,500	Y1 design-tier upgrade
Pool sand filter + plumbing	Age unspecified · ask owner	$2,500–$4,500	Y1–3
TOTAL 5-YR CAPEX RESERVE	Low: deferred / reactive / staged · High: pre-emptive Y1	$36,500–$57,000
Midpoint reserve	Blended timing	~$46,750 over 5 years	~$9,350/yr CapEx allowance

NEGOTIATION POSTURE — updated with 2023 owner history:

Factual leverage: Current owner (Bennett) bought 9/29/2023 at $465K after the prior seller offered a new roof pre-closing; she declined and took $4,000 in concessions instead. She's now 247 DOM trying to exit at $450K after four price drops. The 3–5 years of remaining roof life is a clock that started 17 years ago — on her watch.

Recommended counter: $430,000 deed price + $20,500 seller credit at closing, itemized as: $10K roof replacement + $8K interior repipe reserve + $2,500 drain-line camera scope & repair reserve.

Net to seller: ~$410K (−$55K vs. her 2023 cost basis before transaction costs). Deed shows $430K — protects neighborhood comps. Buyer gets a credit-funded Year-1 capex kitty that addresses the biggest known failures without renegotiation.

05 · Plan

The real Editorial vision — and a three-year phased rollout that self-funds at every stage.

$25K of interior furnishing alone doesn't land Top-10%. The full buildout adds pergola, outdoor kitchen, glass-walled container ADU, and outdoor shower — deployed in three revenue-gated phases, each unlocked only by prior-phase performance proof.

06b · Editorial+ · Full-Retreat Buildout

The real Editorial vision — pergola, outdoor kitchen, glass-walled container ADU, enhanced outdoor shower.

$25K furnishing alone doesn't land the Top-10% brand. The Editorial+ buildout layers outdoor experience and a permanent second dwelling unit (glass-walled shipping container ADU) onto the core MCM property — transforming it from a 3BR rental into a 8–10-guest retreat that competes with properties at 2–3× the price point.

Capital stack — Editorial+ buildout

Component	Spec	Cost
Interior cosmetics + Editorial FF&E	MCM furniture, art, lighting, paint, kitchen + bath cosmetic refresh, pro photography. Excludes flooring (terrazzo kept), window film, bath gut.	$25,000
Motorized louvered pergola	16×12 aluminum · motorized louvers · FL wind-rated · integrated lighting · poolside placement	$30,000
Outdoor kitchen	Built-in gas grill · quartz counter · mini-fridge · sink · seating bar (under pergola for weather protection)	$12,000
Enhanced outdoor shower	Cedar / ipe privacy screen · hot water · tile floor · upgraded fixtures	$5,000
Container ADU (turnkey)	Single 40' high-cube · ~320 sqft net · full impact-rated glass on more than half of one wall facing pool · studio layout: queen platform, MCM kitchenette, 3/4 bath. See Phase 3 detail below for line items.	$150,000
ADU project management	Owner's-rep PM @ 12% — vendor coordination, change-order discipline, schedule, closeout (separate from GC markup, which is inside the $150K turnkey)	$18,000
Design fee — main house	MCM concept, FF&E sourcing, color + lighting, install supervision, styling for photography	$10,000
Design fee — ADU	Container interior layout, glass-wall spec, kitchenette + bath spec, built-ins, finish schedule	$15,000
AC replacement	Trane 2011 (15 yrs old · confirmed) → new 3-ton Trane + air handler	$8,500
TOTAL EDITORIAL+ BUILDOUT	Layered onto base purchase + reserves	$273,500

Revenue potential · three scenarios with ADU online

Scenario	ADR	Occupancy	Annual gross	Profile
1 · ADU listed separately	$325/nt	52%	$61,700	Standalone glass-walled studio · pool-front Airbnb · $250–$400 benchmark range for permanent FL coastal guest suites
2 · Combined (main + ADU · 8–10 guests)	$520/nt blended	60%	$113,880	Single booking for larger groups · +$130/nt premium on main · +$28K vs. main-only Editorial
3 · Full-property retreat buyout ← TARGET	$850/nt	40%	$124,100 + $18K fill-in = $142,100	Editorial+ retreat for influencer shoots, family reunions, corporate, wellness weekends, wedding-adjacent stays

PAYBACK + YIELD ON EDITORIAL+:

Incremental Y3 revenue over base Editorial: $56,690 ($142,100 retreat tier vs. $85,410 main-only Editorial)

Payback on $273.5K buildout: ~4.8 years from incremental revenue alone (without appreciation or principal paydown)

Total capital deployed (full stack): ~$763K all-in basis — $430K purchase + $48K closing/reserves + $273.5K Editorial+ buildout + $11.5K closing-buffer

Y1 yield (main house only, ADU in construction Y2): 5–7% CoC (ramp year — see §04A trajectory chart)

Y3 stabilized yield (full retreat tier): 15–18% CoC + 4%/yr appreciation

THREE EXECUTION GATES BEFORE COMMITTING THE FULL ADU CAPITAL:

IRC permit + impact-fee clearance. Container ADU is permitted under Code §971.41; setbacks per §911.07 verified by IRC Planning April 2026 (20′ rear / 20′ front / 10′ sides for detached). Submit architectural + structural drawings stamped by FL-licensed engineer before crane drop.
Glass-wall engineering uplift. Impact-rated curtain wall in wind-borne debris zone needs FL-licensed structural sign-off on the cut-edge reinforcement of the container shell. Budget $4.5K engineering inside the $150K turnkey — verify line is itemized in the GC quote, not assumed.
STR Code-Enforcement inspection. Per Planning call, IRC requires Code Enforcement inspection of the ADU before short-term-rental operation. Schedule in Month 36 closeout, not after first booking.

06c · Three-Year Expansion Plan · Revenue-Gated Buildout

Capital sequenced against revenue proof — not committed upfront.

The Editorial+ buildout doesn't happen at closing. It happens in three phases, each gated by the prior phase hitting its revenue target. Investors commit to Phase 1 capital at close; Phase 2 and Phase 3 unlock only if performance justifies them.

Phase 1 · Year 1 — Launch ($37,500 buildout)

Item	Cost	Timing
Interior Editorial (MCM furnishing, pro photography, styling)	$25,000	Month 1–2
Trane AC replacement (confirmed 2011 unit, 15 yrs)	$8,500	Month 1
Front-of-home security cameras (2 cams + doorbell · enforces guest count, deters parties)	$1,500	Month 1
Guest bikes (4 mid-range cruisers + helmets + locks + rack)	$2,500	Month 2
PHASE 1 TOTAL	$37,500	Weeks 1–8 post-close

Gate to Phase 2: Y1 actual gross ≥ $80,000 (within 6% of $85K projection). If Y1 lands short, iterate pricing and photography before outdoor capital. If Y1 proves the thesis, Phase 2 unlocks Year 2.

Phase 2 · Year 2 — Outdoor Experience ($47,000 buildout · 4–6 months)

Item	Cost	Timing
Metal retractable louvered pergola (16×12 aluminum · motorized louvers open/close · FL wind-rated · integrated LED lighting · kitchen installs UNDER for weather protection)	$30,000	Month 13–15
Outdoor kitchen under pergola (built-in grill, quartz counter, beverage fridge, sink, seating bar · weatherproofed for covered outdoor use)	$12,000	Month 15–16
Enhanced outdoor shower (cedar/ipe privacy screen, hot water, tile floor)	$5,000	Month 14–15
PHASE 2 TOTAL	$47,000	Q1–Q2 Year 2

Why metal retractable vs. cedar: Struxure / Equinox-style motorized louvered pergolas open to let in light or close to full weather-seal in ~30 seconds. The outdoor kitchen sits protected underneath, which means it can run year-round including rainy season. Cedar pergolas (the $10K option) are cheaper but fixed-shade and don't protect a kitchen. For a Top-10% Editorial property where the outdoor kitchen is the hero amenity, louvered aluminum is the right spec.

Gate to Phase 3: Y2 actual gross ≥ $95,000 (proves outdoor experience lifts ADR + occupancy). Outdoor additions should drive ~$15–20K annual incremental revenue through longer stays and ADR premium.

Phase 3 · Year 3 — Shipping Container ADU with glass pool wall + deck + pergola

VERIFIED BY IRC PLANNING · April 24, 2026: A live call to Indian River County Planning & Zoning (772-226-1237) confirmed: (1) RV / trailer / mobile dwelling is explicitly NOT allowed as an ADU in RS-6 zoning — "no one can live in it" · personal garage storage only; (2) a permanent detached accessory dwelling unit IS permitted per IRC Code Section 971.41; (3) RS-6 setbacks per Code Section 911.07: 20 ft rear · 20 ft front · 10 ft each side for detached; attached addition = 20 ft rear + 10 ft sides (inherits front from main house); (4) height over 25 ft adds +1 ft setback per ft. Note: the 5' side setback handwritten on the 2018 survey was a fence-line reference, not a buildable setback — the verified rule from Planning is 10' sides.

Design spec: Single 40-foot high-cube (HC) shipping container — ~320 sqft net interior. Impact-rated glass on more than half of one wall facing the pool (the brand moment). Interior studio layout: queen platform, MCM kitchenette, 3/4 bath. Ipe deck extends from the glass wall toward the pool. Retractable louvered metal pergola (matching Phase 2 spec) covers the deck. Sourcing from a Florida-licensed pre-fab container builder (Goshen, Mesocore, or comparable) where engineering is pre-stamped — keeps permit cost contained.

SITING · DETACHED SIDE-YARD (recommended)

Single 40HC container (40' × 8' = 320 sqft) along the side yard respecting the verified 10' side setback per IRC Code §911.07. Fits cleanly inside the 80×80 buildable envelope. Glass wall faces pool across the side yard. Permits as a code-compliant detached ADU per Code §971.41 — no variance required. Crane drop on the cul-de-sac is straightforward; pre-walk required for tree pruning.

A larger 640-sqft 1BR (two welded 40HCs in the rear yard) was scoped earlier and dropped — pool consumes rear depth, and a variance hearing adds 60–90 days plus the GC scope nearly doubles. Best return per dollar is the 320-sqft studio with editorial-grade glass.

Item	Cost	Timing
Container + delivery — 1× 40' HC (high-cube, 9'6" ceiling) · "one-trip" refurb grade	$7,500	Month 28
Crane delivery + on-site placement	$2,500	Month 29
Glass wall (~16–20 lf · impact-rated FL hurricane code · sliders + fixed panels facing pool · spans more than half of one wall)	$20,000	Month 32–33
Structural engineering for container openings (FL-licensed · reinforce cut edges)	$4,500	Month 25–27
Architectural design + permits (container ADUs need more design docs than stick-built)	$8,000	Month 25–28
IRC permits + impact fees (water, sewer, capacity, plan review)	$5,500	Month 28–30
Slab foundation (elevated · flood-aware · structural for container)	$7,000	Month 30
Spray-foam insulation (interior walls + ceiling · FL humidity/heat code)	$5,000	Month 31–32
Electrical (separate subpanel · tie to main · outlets + fixtures)	$7,000	Month 32–33
Plumbing (water tap · sewer tie-in · bathroom + kitchenette rough-in)	$9,000	Month 32–33
HVAC mini-split · single zone	$5,500	Month 33
Interior drywall + framing + paint (MCM palette to match main house)	$5,500	Month 33–34
Kitchenette — cabinets · induction cooktop · sink · under-counter fridge · quartz counter · breakfast bar	$9,000	Month 34
3/4 bath — walk-in tile shower · vanity · toilet · period-correct fixtures	$7,000	Month 34
Flooring (polished concrete or large-format terrazzo tile)	$4,500	Month 34
Built-ins · bed platform · storage (walnut to match main house millwork)	$5,500	Month 34–35
Lighting · MCM pendants + recessed + dimmers	$3,000	Month 35
Ipe front deck (~250 sqft · extends toward pool from glass wall)	$11,000	Month 35
Retractable louvered metal pergola over deck (~10' × 16' · motorized · matches Phase 2 spec)	$14,000	Month 35
Outdoor deck lighting + ceiling fan + string lights	$1,500	Month 35
Landscape hardscape (paver path from main house · privacy planting)	$5,000	Month 35–36
MCM furnishing · queen bed · seating · textiles · kitchen kit	$7,500	Month 36
Pro photography + styling	$2,000	Month 36
PHASE 3 TOTAL · turnkey container ADU	$150,000	Month 25–36 · Q1 Y3 → Q4 Y3
+ Owner's-rep project management (12% of $150K · separate from GC markup inside the turnkey)	$18,000	Months 25–36
+ ADU design fee (Maysoon · interior layout, glass spec, finish schedule)	$15,000	Months 25–32
PHASE 3 TOTAL · all-in including PM + design	$183,000	vs. Perplexity April 2026 IRC range $120–175K turnkey ($150K is mid-cluster) plus PM/design separately

WHY SHIPPING CONTAINER ADU WORKS FOR THE MID 58:

Brand fit. Industrial-MCM aesthetic sits on-brand next to a 1958 CBS house — two concrete-and-steel statements, 70 years apart.
Glass wall = the product. A 38-ft impact-rated glass curtain wall facing the pool is the Instagram moment. Commands premium ADR ($325–$450/nt standalone).
Modular reversibility. Containers can be removed at exit if a future buyer wants the lot returned to original condition. Stick-built ADU can't.
Faster build. 8 months vs. 10–12 for stick-built.
Appraisal credit. Once permitted and on permanent foundation, appraisers credit the SF as conditioned living area. Adds ~$130–180K to ARV at exit.

Cost is $21K higher than a CBS-match stick-built ADU ($220.5K vs. $199.5K) — the premium buys impact-rated glass wall + faster build + modular removability + the brand-differentiating silhouette. Tradeable: if budget-constrained, drop to a single 40HC container (320 sqft studio) at ~$155K and expand later.

Gate to full-retreat operations: ADU completion Q4 Y3. Expect $30K partial ADU revenue in Y3; $142K+ full retreat tier in Y4 once both units stabilize at the combined-listing scenario.

Capital + revenue trajectory · five-year view

Year	Phase	Capital deployed	Cumulative	Gross revenue	NOI	CoC on capital-at-time
Y0 close	Purchase + reserves	$457,000	$457,000	—	—	—
Y1	Phase 1 (Launch + bikes + cams)	+$37,500	$494,500	$85,000	$50,370	10.2%
Y2	Phase 2 (Outdoor · metal retractable + kitchen)	+$47,000	$541,500	$102,500	$63,000	11.6%
Y3	Phase 3 (Container ADU + glass wall + deck + pergola)	+$220,500	$762,000	$140,000	$91,000	11.9%
Y4	Stabilized (ADU full year · glass-wall ADR premium)	$0	$762,000	$148,000	$96,000	12.6%
Y5	Rent growth + appreciation	$0	$762,000	$153,000	$99,000	13.0%

WHY PHASED SEQUENCING IS THE INVESTOR PITCH:

Risk-adjusted capital deployment. Not a $597K ask upfront. $490K at close, then unlocks phased against actual revenue proof.
Phase-1 CoC is 10.3%. Investors see real Y1 return before committing a second dollar to outdoor or ADU capital.
Each phase self-validates. Pergola + outdoor kitchen ROI proves out before ADU capital commits. ADU ROI proves out before any further scaling.
Reversible if underperforming. Furniture sells on FB Marketplace. Outdoor kitchen salvages to ~50% value. The container ADU itself is a permitted, appraised structure — at exit it adds $130–180K to ARV rather than depreciating like a removable asset.
Y5 exit options. At Y5, the property + container ADU earns $99K NOI. Sold at a 6% cap rate (conservative for Vero 3BR+ADU): $1.65M. On $762K deployed + exit, that's a 15–18% unlevered IRR plus 5 years of operating income. The permanent ADU also adds $130–180K of appraisal-certified SF to the property at exit.

07 · Operator

One integrated operator — designer, real-estate advisor, and property manager.

Maysoon Salah, PA runs the full stack — acquisition, interior + brand design, and ongoing property management. No hand-offs between specialists, and her compensation is aligned with investor outcomes. Direct bookings bypass 3–15% OTA fees and lift net revenue straight to the owner's line.

07a · Three Roles · One Operator

Integrated execution — from acquisition through stabilized operations.

Role	Deliverables	Compensation
Real Estate Advisor FL LIC SL3453800	Acquisition underwriting, offer structuring, contract negotiation, due-diligence coordination (inspection, appraisal, title, insurance). Represents buyer exclusively.	Standard buyer-side commission at closing · paid by seller through MLS co-op (~2.5–3%)
Designer & Creative Director 20+ years MCM design experience	Interior Editorial furnishing + styling, outdoor buildout spec (pergola, outdoor kitchen, glass-walled container ADU), brand identity, pro photography direction, direct-booking website design.	$10K main-house design fee + $15K ADU design fee · plus 12% project-management on the $150K ADU build (separate from GC markup)
Property Manager	Day-to-day operations: listing management across all channels, dynamic pricing, guest communication, cleaning/turnover, maintenance, tax + license compliance, financial reporting to owner.	20% of gross revenue (industry benchmark 18–25% for full-service boutique management)

ALIGNMENT OF INTEREST: Because Maysoon's property-management fee is 20% of gross revenue, every dollar she earns comes from actual bookings — not a flat retainer. If the property underperforms, her revenue declines with the investor's. This is structurally different from a third-party manager who collects a flat fee regardless of outcomes.

07b · The Direct-Booking Thesis

Independent marketing to capture 15% in OTA fees back for the owner.

Every channel takes a cut. Direct bookings from a branded website bypass those fees entirely. The MCM brand + design-led content + email list built from Day 1 drives a meaningful share of bookings direct — lifting net revenue at zero incremental cost per night.

Channel	Host fee	Guest fee	What Maysoon pays if she pushes this channel
Airbnb	3%	~14% (guest side)	Low host fee but algorithm-dependent — the guest pays more, hurting conversion
VRBO / Expedia	8%	~10%	Family-traveler segment · medium host cost
Booking.com	15%	0%	Highest host cost · international demand · secondary
Marriott H&V	18–20%	0%	Premium luxury channel · Year 2+ only
Direct (theMid58.com)	~0.5%	0%	Only Stripe/payment processing · the dollar saved goes to NOI

Direct-booking revenue mix · year-by-year target

Year	Direct %	OTA %	Gross rev	Blended fees paid	OTA savings vs. 100% Airbnb
Y1	10%	90% (Airbnb + VRBO)	$85,000	~$4,675 (5.5%)	+$255
Y2	20%	80%	$102,500	~$4,715 (4.6%)	+$820
Y3	30%	70%	$130,000	~$5,070 (3.9%)	+$1,430
Y4	35%	65%	$131,150	~$4,850 (3.7%)	+$1,650
Y5	40%	60%	$135,700	~$4,780 (3.5%)	+$1,880

Direct bookings scale from 10% (Y1 launch) to 40% (Y5 mature brand) — industry benchmarks for well-operated boutique STRs. The savings aren't dramatic in absolute dollars, but they compound and lift the CoC yield by 20–30 bps per year.

WHY DIRECT BOOKINGS MATTER BEYOND THE FEE SAVINGS:

Guest data ownership. Direct bookings build an email list of past guests → repeat bookings + referrals. OTA bookings give you nothing.
Better guest quality. Direct-booking guests book intentionally — lower cancellation rates, fewer one-star reviews, higher repeat-stay percentage.
Platform-independence insurance. If Airbnb's algorithm deprioritizes the listing (common after review dips or policy changes), direct bookings keep revenue stable.
Brand equity at exit. A property with a brand + direct-booking engine sells at a 5–15% premium to a commodity STR at exit, because the buyer is acquiring a business, not just real estate.

07c · Security & Guest-Count Enforcement

Front-of-home cameras + occupancy policy — no parties, no overcrowding.

The cameras are included in Phase 1 ($1,500). They protect the property, deter parties (a top cause of STR insurance claims and neighbor complaints), and enforce the stated guest count. No interior cameras — the cameras face the street and front entry only, disclosed transparently in the listing per Airbnb + VRBO policy.

System	Placement	What it does	Cost
Ring doorbell camera	Front door	Motion-activated recording, two-way audio, night vision	$350
Ring floodlight cam × 1	Driveway approach	Counts vehicles · enforces guest-count-cap policy · deters approach by uninvited groups	$500
Ring stick-up cam × 1	Street-facing property edge	Wide-angle street view · monitors late-night arrivals + deliveries	$250
Ring Protect Pro subscription	n/a	30-day video history · professional monitoring · backup cellular	$20/mo · $240/yr
Installation + configuration	—	Wiring + app setup + smart rules	$400
TOTAL UPFRONT	—	—	$1,500
RECURRING	—	—	$240/yr

Per Airbnb + VRBO policy: exterior cameras are allowed with disclosure in the listing description and house rules. No interior cameras anywhere. Guest-count enforcement is automated via the vehicle-count policy: "more than 3 cars in the driveway = automatic message to guest" (pre-programmed via Ring smart rules).

OPERATOR ECONOMICS SUMMARY — what investors pay Maysoon over 5 years:

Year	Gross rev	PM fee (20%)	Cumulative PM fees
Y1	$85,000	$17,000	$17,000
Y2	$102,500	$20,500	$37,500
Y3	$130,000	$26,000	$63,500
Y4	$131,150	$26,230	$89,730
Y5	$135,700	$27,140	$116,870

Investors pay Maysoon ~$117K cumulative over 5 years for full-service property management. Benchmark: third-party boutique managers charge 18–25%. Industry-standard 22% on the same revenue = $128K. Net savings to investor: ~$11K over 5 years — plus the design and acquisition integration that third-party managers don't provide.

06 · Risks

What can break this — and how each is mitigated at contract.

Six risks ranked by probability × impact, five contract terms that eliminate known risk at zero cost, and the full set of disclaimers required for this document to travel responsibly.

07 · Risks

Six risks, ranked by probability × impact.

Jurisdictional risk — cleared

qPublic confirms parcel 33403100005009000008.0 in Tax District 7M (South County / Vero Shores), zoning RS-6 — unincorporated Indian River County. City of Vero Beach 30-day minimum does not apply. Previously the top-ranked risk; now retired. Remaining operator-level tasks (DBPR license, IRC tourist tax account, 24/7 contact registration) are procedural.

Cleared

Supply oversaturation in Vero STR market

+58.3% listing growth YoY compresses ADR and occupancy across the submarket through 2026–27. Design-led differentiation is the moat. Commodity 3/2 listings will bleed rate even if this one thrives.

High

Flood risk — reconciled: FEMA Zone (likely X) vs. First Street 9/10

UPDATED APRIL 24, 2026. In a recorded call with IRC Building Dept, Ayesha Adams confirmed this parcel does not carry a flood-zone designation that triggers Building action — strongly suggesting FEMA Zone X (minimal / non-SFHA). She deferred the definitive zone reading to IRC Engineering / FEMA. First Street Foundation rates the property 9/10 — that is a climate-adjusted 30-year projection, a different measurement than FEMA's current SFHA map. Both can be true simultaneously: FEMA Zone X means no mandatory flood insurance at closing AND optional NFIP Preferred Risk Policy at ~$500–$800/yr; First Street 9/10 remains a real long-horizon climate signal (sea-level rise, surge, rainfall) worth understanding but not financially binding today. Impact on underwriting: total insurance stack drops by ~$2,000–$4,000/yr vs. the prior Zone AE assumption. Action: (1) call IRC Engineering for definitive FEMA zone letter (transfer from 772-226-1260); (2) owner confirms no flood during Hurricane Milton 2024; (3) consider Elevation Certificate (~$500) only if a future lender flags the First Street score. Risk downgraded from High → Medium-Low.

Cleared → Low

FL insurance stack · revised upward with flood required

Total insurance load revised to ~$10,000/yr with mandatory flood coverage: HO base $3,500–$5,500 + STR rider +20–40% ($700–$2,200) + NFIP Zone AE $2,500–$5,000 + umbrella $300–$600. Citizens statewide cut rates 8.8% in 2026 (positive); wind-mitigation credit on existing hurricane shutters + garage doors offsets ~10–30% of wind premium. Action: bind Kin or Steadily STR+HO quote plus NFIP flood before contingency removal — target combined ≤ $10,500/yr.

Medium

Roof age · flat / low-slope · confirmed 2009 from IRC permit records

UPDATED. IRC permit 2009050466 dated 5/28/2009 confirms roof replaced May 2009 — now 17 years old. Flat / low-slope roof on CBS construction (no attic) — typical lifespan for modified bitumen / TPO / BUR is 15–25 years, so current roof is at or past midpoint of useful life. Most private FL carriers decline flat roofs at this age regardless of condition; buyer pushed to Citizens, surplus lines, or Proper Insurance. Flat-roof replacement cost for ~1,500 sqft roof surface: $7,500–$12,500 installed (modified bitumen $9K midpoint). Recommended negotiation: $10K closing credit for roof, or seller-funded replacement pre-close. Payback from insurance savings: ~4 years. Impact: ~$2,200/yr insurance differential between current-roof and new-roof quotes — smaller than pitched-roof scenarios because flat roofs don't qualify for full wind-mitigation credits (SWR, hip-shape).

Medium

Original 1958 plumbing · in-wall supply + under-slab drains

UPDATED FINDING. Listing says "2018 Main H20 line repiped" — that's only the buried service line from the meter to the house, NOT a full-house repipe. In-wall supply (likely galvanized steel) and under-slab drain stack (cast iron) are ORIGINAL 1958 at 67 years old. Galvanized corrodes from inside; cast iron drains clog and crack. Owner confirms she's not aware of any interior plumbing work. Action: order drain-line camera scope ($300) + plumbing inspection during due diligence. Budget $8–12K full repipe in Y1–3 and $10–15K drain replacement if camera shows corrosion/roots/bellies. This is material CapEx the original report missed.

Medium

Tax assessment reset Y2 — confirmed from IRCPA

Parcel 2025 data from IRCPA: Just/Market $361,406 · Assessed $361,406 · Taxable $310,684 (after homestead) · taxes paid $4,734.36 · millage 14.049. On sale at $430K, the Save Our Homes cap and homestead exemption both extinguish. Expected Y1 2026 tax ~$5,200 (partial — 2025 assessment still applies, no homestead). Y2 2027 reassessment to market: $430,000 × 14.049/1000 = ~$6,041/yr. Plus any adopted non-ad-valorem special assessments, likely landing $6,200–$6,500. My model ($5,300 Y1 → 3.5% inflator) undercounts Y2 by ~$700. Increase insurance/tax line by ~$700/yr from Y2 onward in final model.

Medium

Rate environment + DSCR market volatility

8.5% modeled; if rates move to 9.5% by close, debt service moves another $3.5K/yr and DSCR drops further. Lock rate at application; consider IO product (9.0–9.25% IO-only, positive DSCR cover).

Low

06a · Archival Diligence

Public-record chain of title, permits, and encumbrances verified.

All items sourced from IRC Clerk Landmark Web, IRC Building Department, and FEMA / IRC Engineering records. Source PDFs are linked for inspection. ↗ Download all documents

Chain of Title · 5 Transactions (1982–2023)

CASH PURCHASE VERIFIED · IRC Clerk Landmark Web. Bennett, Holley P acquired 9/29/2023 from Groovy Properties LLC for $465,000 · Warranty Deed · Book 3652 / Page 2118. Zero mortgages indexed against this parcel. Owner holds free and clear — no liens of record in IRC Clerk's official database for this legal description through 2026.

Date	Grantor	Grantee	Price	Instrument · Book / Page
09/29/2023	Groovy Properties LLC	Bennett, Holley P	$465,000	WD · Book 3652 / Pg 2118 · Cash · 0 mortgages
Prior transactions (4 sales, 1982–2022) confirmed via IRC Clerk Landmark Web — full chain unbroken. Details available in IRC Clerk record search.

Permit History · Verified IRC Building Records

Year	Permit #	Description	Value	Status	Source
1970	70-1486 / Plan 813	Gunite swimming pool · ~18,000 gal · Cooper Pool Co. · Barker Electric	$3,400	Closed · 7/31/1970	↗ Permit · ↗ Plan
1987	87110178	Shade screen structure · 4×4 posts · screen sides + roof · owner-built (Von Stein)	$300	Closed · 11/17/1987	↗ Permit
1990	90020074	Concrete slab · likely patio / shade structure base · owner-built (Von Stein)	$390	Closed · 1/6/1990	↗ Permit
2009	2009050466	Roof replacement · flat / low-slope · now 17 years old	—	Closed · 5/28/2009	IRC Building Dept records
2014	2014030248	6′ board-on-board fence · south boundary · inside drainage easement · covenant required	$1,600	Covenant on title	↗ Covenant letter
2018	—	Interior alterations	$34,000	Closed	IRC Building Dept records

Permit Analysis · What The Record Reveals

The pool is original and 55 years old. Permit 70-1486 (July 31, 1970) documents a gunite swimming pool built by Cooper Pool Co. for Mr. & Mrs. Charles Natali — the original owners. At ~18,000 gallons and gunite construction, this pool can last indefinitely with proper maintenance, but a 55-year-old pool warrants a professional inspection: look for plaster condition, equipment age (pump, filter, heater), coping integrity, and whether the plumbing is original PVC or copper. Budget $3,000–$8,000 for replastering + equipment refresh if not recently updated; this is a known line item, not a surprise.

1987 shade screen + 1990 slab — minor historical additions, both permitted. Robert Von Stein (a previous owner) built a simple shade screen structure in 1987 and a concrete slab in 1990. Both were permitted and closed. These are likely the small patio/utility structures visible in aerial photography. No current concern — noted for completeness.

The permit record has a meaningful gap: no kitchen, bathroom, HVAC, or electrical panel permits on file. The 2018 "interior alterations" ($34,000) from IRC Building Dept records is the only interior work documented. This doesn't mean those systems weren't updated — it may mean work was done to prior-code standards, pre-dated electronic records, or in some cases was unpermitted. Recommend a full MEP (mechanical/electrical/plumbing) inspection before close. Any unpermitted work discovered during the STR build-out phase would need to be addressed before occupancy permits are issued for new additions.

Flood zone is clean. The 2011 IRC Engineering correspondence (Roland DeBlois) documents that the property was removed from SFHA Zone AE under post-2012 FEMA map revisions — confirmed by current FIRM panel (Zone X). Flood insurance is optional, not lender-mandated. This is a material positive: comparable properties in adjacent Zone AE pay $3,000–$7,000/yr for flood coverage; this property avoids that cost entirely.

Title Encumbrances & Environmental Designations

FLOOD ZONE X · CONFIRMED — IRC Engineering / Roland DeBlois, 2011. Written confirmation from IRC Engineering (Roland DeBlois) dated 2011 establishes this parcel was moved out of SFHA under post-2012 FEMA map revisions. Current FIRM panel 12061C0378J (eff. 1/26/2023) places property in Zone X — minimal flood hazard / not in SFHA. Flood insurance is NOT lender-mandated; optional NFIP Preferred Risk Policy ~$500–$800/yr.
↗ 2011 IRC Flood Zone Inquiry (Roland DeBlois)

SEPTIC SYSTEM — CONFIRMED. Property is on septic; Indian River County sewer is not available at this parcel. Franchised sewer is presumed available at the road for any future ADU tap — verify with utility district before ADU permit application.

FENCE COVENANT — SOUTH 10′ DRAINAGE/UTILITY EASEMENT. A 2014 recorded covenant documents a fence installed within the south 10-foot drainage and utility easement. The easement is an encumbrance on title; the fence is not a buildable setback reference. No action required at closing but buyer should be aware fence is inside easement — utility companies retain access rights.
↗ Covenant letter (2014) · ↗ Subdivision plat

$630 LIEN — OWNER REPORTED · NOT CONFIRMED IN CLERK RECORDS. Owner disclosed a $630 lien. IRC Clerk's official records contain no matching lien under this legal description for the period 2000–2026. The amount likely resides in IRC Code Enforcement, Tax Collector, or Solid Waste databases — systems outside Clerk Landmark Web. Recommend independent title search prior to close to locate and clear.

08 · Contract Terms to Negotiate

Five terms that expand optionality or eliminate known risk at zero cost.

STR-operational contingency — 10-day window to confirm IRC STR registration, DBPR vacation-rental license availability, and TDT account setup. (Jurisdiction already confirmed on qPublic: Tax District 7M, Zoning RS-6, unincorporated IRC.)
Roof certification + wind-mit — seller-provided within 7 days. No roof cert = credit of $15K or replacement at seller cost.
Pool + spa systems cert — licensed FL pool company inspection. Heat pump (2020) is newest; sand filter + plumbing ages unspecified.
Insurance binder before contingency removal — HOI + STR rider + flood + umbrella bound with premium ≤ $6,500. Walk right if exceeded.
Counter at $410,000 — seller basis $465K and 247 DOM argue for aggressive play. Worst-case counter lands $420–$425K.

· · · Disclaimers

Important notices & limitations.

Not investment advice. This document is a private research summary prepared for prospective investors and the preparer's own due-diligence use. It is not a solicitation to purchase securities, an offering memorandum, a prospectus, a legal opinion, a tax opinion, a real-estate appraisal, or any form of regulated investment advice. Every recipient must conduct their own independent due diligence and consult licensed attorneys, CPAs, insurance agents, lenders, and real-estate professionals before making any capital commitment.

Forward-looking statements. Revenue scenarios, cash flow projections, IRR, and cap rate figures in this report are forward-looking estimates based on market benchmarks (AirROI, Rabbu) and live comparable listing data (Airbnb, VRBO) as of the report date. Actual short-term-rental performance depends on factors outside the preparer's control, including but not limited to: booking demand, platform algorithm changes, operator execution, design quality, pricing strategy, weather events, hurricane season outcomes, Florida insurance market, mortgage rate environment, STR regulatory changes, broader FL real estate cycles, and guest review reception. Past performance of the Vero Beach market does not guarantee future results. Individual property performance may be meaningfully higher or lower than the scenarios shown.

Data sourcing & verification. Market data (AirROI, Rabbu, Airbnb, VRBO, Expedia, Booking.com, Marriott Homes & Villas) was pulled from publicly accessible sources on April 23, 2026 and is subject to change as listings are added, removed, or repriced. Property-specific data (IRCPA parcel record, FEMA FIRM panel, Redfin/First Street flood score) is sourced directly from public government and third-party databases as of the report date. Numbers flagged as estimate — unverified reflect cases where the preparer was unable to access a paid subscription data service (AirDNA Rentalizer, CoStar, CoreLogic) or an interactive underwriting tool (Kin / Steadily / Obie bound quotes, DSCR lender rate sheets). These figures should be replaced with bound or subscription-verified numbers before any final commitment.

Jurisdiction. The property has been confirmed as unincorporated Indian River County (Tax District 7M, Zoning RS-6) via the Indian River County Property Appraiser qPublic record. This verification does not substitute for formal zoning-compliance review by an Indian River County planning official and does not guarantee continuing STR eligibility against future ordinance changes.

Flood & environmental risk. First Street Foundation's Risk Factor is a proprietary modeled risk score and is not the same as the FEMA Special Flood Hazard Area (SFHA) designation. The 9/10 Flood Factor and 10/10 Wind Factor cited in this report are informational; the binding authority for insurance-requirement purposes is the FEMA FIRM panel 12061C0378J. Purchasers should commission an Elevation Certificate from a Florida-licensed surveyor before closing to confirm Base Flood Elevation (BFE) relative to the finished floor and to obtain a definitive zone letter.

Insurance estimates. Insurance premiums cited (~$10,000/yr combined) are a sourced estimate based on FL industry benchmarks, the property's flood and wind profile, and published STR rider premium loads. They are not bound quotes. Actual bound premiums may be 20% above or below the estimate depending on carrier, coverage limits, deductibles, and underwriting outcomes. No coverage is in force until a carrier issues a binder.

Financing. DSCR loan rate assumptions (8.5% at 25% down, 30-year amortization) reflect published benchmark rates from major DSCR lenders as of April 2026. Actual lender rate lock will depend on borrower FICO, DSCR at submission, property condition, loan program (full-doc vs. IO), and prevailing rate environment at application. DSCR rates change daily; the model should be re-run at the point of rate lock using the borrower's actual bound terms.

Images. All photographs shown in the gallery section are courtesy of the listing broker (BeachesMLS #R11116334) and are used here for private investor-due-diligence purposes under fair-use. Staging and furnishings depicted are the property of the current seller and are not included in the sale unless explicitly transferred in a signed bill of sale. Empty-room renderings (Section Two placeholder) are pending AI generation and will carry their own separate disclosure that they are synthesized visualizations, not photographs.

Confidentiality. This report is gated behind a passcode and distributed privately to prospective investors identified by Maysoon Salah, PA. It is not to be forwarded, republished, or used in public marketing without the preparer's written consent. All financial figures, risk assessments, and deal-term recommendations are the preparer's independent analysis and do not represent the seller, the listing broker, or any third-party data source.

Licensing. Maysoon Salah, PA is a Florida-licensed real-estate agent operating as a Professional Association. This document is not a representation of the listing broker or their brokerage. Any buyer-agency relationship must be established by separate written agreement. Preparer is not a licensed attorney, CPA, CFP, insurance agent, or mortgage broker and makes no representations within those professional domains.

Version. Report version 2.1 · Compiled May 1, 2026 · Tabbed interface · Next revision anticipated upon: (a) bound insurance quote receipt, (b) DSCR lender rate-sheet comparison, (c) Elevation Certificate completion, (d) empty-room AI renderings completion, (e) executed contract terms.