Real Estate Investing in Fellsmere, Florida (32948)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 32948 (Fellsmere, FL)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 18.2% of homes vacant — above national norms.
- Higher unemployment: 10.8% unemployment — tenant risk signal.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Fellsmere, FL (32948)?
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Market Analysis: 32948 Fellsmere
The 32948 ZIP covers a section of Fellsmere that demands careful diligence. Prices near $339K look accessible, but the work to make a deal cash flow is real.
Rent of $1,143/mo on a $339K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 32948 sits below the stated 0.0% once reality is priced in.
Regionally, 32948 sits on the difficult end of the FL spectrum. The worth a close look for read — for disciplined operators — is that pricing reflects the difficulty.
Demographically, 32948 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
The 32948 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Fellsmere:
Property Strategy for 32948
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $199,196 | $1,270 | 4.6% | +7.4% | $99,598 |
| 3BR | $368,901 | $1,550 | 3.0% | +8.6% | $122,967 |
| 4BR | $636,530 | $2,130 | 2.4% | +9.6% | $159,132 |
Market Trends
Home Value History (with trend line)
📊 How Does 32948 Compare?
| Metric | 32948 | Fellsmere | Sebastian-Vero Beach, FL | Florida |
|---|---|---|---|---|
| Home Value | $339,375 | $339,375 | N/A | $374,697 |
| 5-Year CAGR | 5.9% | 5.9% | N/A | 7.4% |
| Avg Rent | $1,143 | $1,143 | N/A | - |
| Cap Rate | 2.6% | 2.6% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 32948 (Fellsmere, FL). Anonymous, moderated, never written by AI.
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Property managers serving Indian River County
Manage rentals here? List your business →Elliott Merrill Communities provides expert community management services in Vero Beach. summary from their website
Garrett Property Management offers property management and landscape services. summary from their website
Keystone Property Management Group, Inc. provides property management services. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $339,375 |
| Monthly Rent | $1,143 |
| Price-to-Rent | 24.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.0% |
| Cap Rate | 2.6% |
| 5-Year IRR | 8.6% |
📈 Home Appreciation
| 1-Year | +5.9% ▲ |
| 3-Year CAGR | +1.6% ▲ |
| 5-Year CAGR | +5.9% ▲ |
| 10-Year CAGR | +8.4% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.6%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 32948
Population: 6,802
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 32948
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
Is the tenant base reliable in Fellsmere, FL?
The tenant pool in Fellsmere, FL is solid, supported by local employment and population fundamentals. Rents of $1,143/mo are well-absorbed by the market.
Is Fellsmere in FL worth investing in?
Yes - Fellsmere, FL a 3.0/5 investability score. With $339K home prices against $1,143/mo monthly rent, the market delivers a reasonable entry point for new investors.
How expensive is real estate in Fellsmere, FL?
Fellsmere, FL home values average about $339K. That price point suits investors targeting rentals with $1,143/mo in monthly income.
How do experienced investors play Fellsmere, FL?
Investors usually favor careful cash-flow rentals with hands-on management in Fellsmere, FL. With home values at $339K and rents near $1,143/mo, other strategies can work but produce consistent rather than outsized returns.
What is the typical vacancy rate in Fellsmere, FL?
Fellsmere, FL sees elevated vacancy, which is reasonable relative to the broader FL rental market.
You know 32948 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 32948 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 32948 ranks in Sebastian-Vero Beach, FL
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