225 S Tropical Trl #601 · Merritt Island, FL 32952

$170,000

2 bd · 1.0 ba · 962 sqft · Condo public records · 39 Days on market

Built 1986 $490/mo HOA · 23% of rent

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.1/30.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Live the lifestyle at Sunset Bay, a beautiful bayfront community with elegant condominiums, spectacular amenities & great view of the Indian Rvr. This condo is available in a gated community. The complex features a private dock and BBQ/fishing area both on the river, swimming pool, hot tub, fitness center, car wash station, and manicured grounds. Sunset Bay is just five minutes from the white sands of Cocoa Beach, and within 45 minutes of Orlando & Disney.

Key facts

• Gated community
• Riverfront living
• Double-pane windows

Tags

• RIVERFRONT LIVING
• GATED COMMUNITY
• STAINLESS STEEL APPLIANCES
• TRAVERTINE TILE FLOORING
• IN-UNIT WASHER AND DRYER
• DOUBLE-PANE WINDOWS

Property features AI

Finance

• Other: Unfurnished unit
• HOA & community: Part of Sunset Bay Condominiums association; Monthly association fee; Association amenities: barbecue, basketball court, car wash area, clubhouse, fitness center, gated community, tennis courts; Association fee covers grounds maintenance

Exterior

• Parking: Unassigned parking
• Security: Gated community
• Utilities: Public sewer; Electricity connected; Sewer connected
• Home design: Condominium; Entry level: 1; One level; Faces north; 3-story building
• Construction: Frame and stucco construction; Shingle roof; Built with standard foundation
• Exterior features: Glass-enclosed patio/porch; Security gate; Many trees on lot; Asphalt road

Interior

• Kitchen: Disposal; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Breakfast bar; Ceiling fan(s); Walk-in closet(s)
• Laundry & utility: In-unit laundry (washer and dryer included); Dryer; Washer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $170k.

Deal economics

• At list price, monthly cash flow is $179 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#441 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: amenities F, commute F, health & safety D-.
• Brevard (suburban): math 53% / reading 57% proficiency, ranked #19 of 73 in FL (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Tropical Elementary School (math 60% / reading 64%, grade B, #608 of 2,144 statewide, top 29%, 671 students, 51% FRL); Thomas Jefferson Middle School (math 63% / reading 55%, grade B, #144 of 571 statewide, top 26%, 608 students, 43% FRL); Merritt Island High School (math 32% / reading 55%, grade F, #248 of 667 statewide, top 38%, 1,546 students, 35% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: Rents rising fast (+6.5%/yr); 227 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $48k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $77k; list at $170k implies a 121% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $164,900 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 7.56%
• Cash-on-cash: 4.51%
• DSCR: 1.20
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.53% rent growth · sell at horizon

5-year hold

• IRR: -4.3%
• Equity multiple: 0.83×
• Total profit: $-7,984
• Equity at exit: $25,348

10-year hold

• IRR: 9.9%
• Equity multiple: 1.92×
• Total profit: $43,659
• Equity at exit: $14,698

Cash invested: $47,600 (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 32952

• Rents YoY: 6.5%
• Active inventory: 227
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,153 high
• Mortgage (P&I): −$891
• Tax from tax record: −$69 /mo · $830/yr
• Insurance: −$71
• HOA: −$490
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $179

Break-even live

Break-even rent $1,926

Max offer price $170,000

Occupancy floor 87%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	14d	4	0.11mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	23d	4	0.11mi
442 Magnolia Ave Unit 31 Merritt Island, FL	1.0	1.0	760	$1,350	$1.78	23d	1	0.19mi
388 Hibiscus Ave Merritt Island, FL	2.0	1.0	720	$1,650	$2.29	23d	1	0.46mi
480 Nancie Ave Merritt Island, FL	3.0	2.0	888	$2,100	$2.36	23d	1	0.57mi
205 Palmetto Ave Merritt Island, FL	2.0	2.0	1033	$1,625	$1.57	23d	2	0.66mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,525	$1.69	23d	2	0.84mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,545	$1.72	14d	2	0.84mi
50 Needle Blvd #28 Merritt Island, FL	2.0	1.5	900	$1,550	$1.72	23d	1	0.89mi
140 Minna Ln Merritt Island, FL	2.0	1.0	775	$1,250	$1.61	14d	1	0.92mi
630 Kurek Ct Merritt Island, FL	1.0	1.0	475	$1,199	$2.52	23d	1	0.98mi
130 Bouganvillea Dr Unit 15 Rockledge, FL	2.0	1.0	650	$1,495	$2.30	23d	1	1.48mi
1200 S Courtenay Pkwy Merritt Island, FL	1.0–2.0	1.5–2.0	812	$1,625	$2.00	14d	7	1.48mi
225 Ligustrum Ln Merritt Island, FL	1.0–2.0	1.0	640	$1,275	$1.99	19d	1	1.48mi

HOA detail condo

• Monthly dues: $490 · $5,880/yr
• Likely covers: landscapingpoolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $170,000 Active 39 DOM
2. 2026-06-17
   days on market $170,000 Active 38 DOM
3. 2026-06-16
   days on market $170,000 Active 37 DOM
4. 2026-06-15
   days on market $170,000 Active 36 DOM
5. 2026-06-14
   pricedays on market $170,000 Active 34 DOM
6. 2026-06-10
   days on market $175,000 Active 31 DOM
7. 2026-06-08
   days on market $175,000 Active 29 DOM
8. 2026-06-07
   days on market $175,000 Active 28 DOM
9. 2026-06-05
   days on market $175,000 Active 25 DOM
10. 2026-06-03
    days on market $175,000 Active 24 DOM
11. 2026-06-02
    days on market $175,000 Active 23 DOM
12. 2026-06-01
    days on market $175,000 Active 22 DOM
13. 2026-05-31
    days on market $175,000 Active 21 DOM
14. 2026-05-31
    days on market $175,000 Active 20 DOM
15. 2026-05-17
    status Active
16. 2026-05-15
    status Pending
17. 2026-05-08
    listed $175,000 Active
18. 2017-11-06
    historical 472-char remark

    Show marketing remark (472 chars)

    Live the lifestyle at Sunset Bay, a beautiful bayfront community with elegant condominiums, spectacular amenities & great view of the Indian Rvr. This condo is available in a gated community. The complex features a private dock and BBQ/fishing area both on the river, swimming pool, hot tub, fitness center, car wash station, and manicured grounds. Sunset Bay is just five minutes from the white sands of Cocoa Beach, and within 45 minutes of Orlando & Disney.

19. 2014-06-30
    soldstatus $76,900 673-char remark

    Show marketing remark (673 chars)

    You'll love this fully and spacious remodeled unit. The owner spared no expense using high end materials such as stainless steel appliances, travertine tiled flooring and crown molding throughout. The air conditioner and water heater are new. The bathroom has double sinks. The living room area flows into the sunroom which features a Tommy Bahama bar (top part), molding, a double pane window and double sliders. All appliances including the high end washer and dryer stays. The location is convenient to shops and restaurants. Take advantage of the amenities which include: Gated community, fitness center, tennis court, pool, BBQ area and the deck overlooking the river.

20. 2014-06-30
    soldstatus $76,900

    Show marketing remark (673 chars)

    You'll love this fully and spacious remodeled unit. The owner spared no expense using high end materials such as stainless steel appliances, travertine tiled flooring and crown molding throughout. The air conditioner and water heater are new. The bathroom has double sinks. The living room area flows into the sunroom which features a Tommy Bahama bar (top part), molding, a double pane window and double sliders. All appliances including the high end washer and dryer stays. The location is convenient to shops and restaurants. Take advantage of the amenities which include: Gated community, fitness center, tennis court, pool, BBQ area and the deck overlooking the river.

21. 2014-04-23
    listed $79,900 673-char remark

    Show marketing remark (673 chars)

    You'll love this fully and spacious remodeled unit. The owner spared no expense using high end materials such as stainless steel appliances, travertine tiled flooring and crown molding throughout. The air conditioner and water heater are new. The bathroom has double sinks. The living room area flows into the sunroom which features a Tommy Bahama bar (top part), molding, a double pane window and double sliders. All appliances including the high end washer and dryer stays. The location is convenient to shops and restaurants. Take advantage of the amenities which include: Gated community, fitness center, tennis court, pool, BBQ area and the deck overlooking the river.

22. 2013-04-17
    soldstatus $40,000
23. 2013-01-22
    listed $44,900
24. 2009-09-19
    listed $39,000 472-char remark

    Show marketing remark (472 chars)

    Live the lifestyle at Sunset Bay, a beautiful bayfront community with elegant condominiums, spectacular amenities & great view of the Indian Rvr. This condo is available in a gated community. The complex features a private dock and BBQ/fishing area both on the river, swimming pool, hot tub, fitness center, car wash station, and manicured grounds. Sunset Bay is just five minutes from the white sands of Cocoa Beach, and within 45 minutes of Orlando & Disney.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $830 · $69/mo
• Projected year-2 tax: $1,411 · $118/mo
• Expected delta: +$581/yr (+$48/mo · 70.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 9% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 22 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,830
• − Mortgage interest: −$9,523
• − Property taxes: −$830
• − Insurance: −$850
• − Repairs & maintenance: −$2,066
• − Management: −$2,066
• − HOA: −$5,880
• − Depreciation: −$4,945
• Taxable loss: −$330
• Est. tax savings @ 24.0%: +$79
• After-tax cash flow: $2,228/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Brevard
• NCES district ID: 1200150
• Math proficiency: 53% ▼ -9.00%
• Reading proficiency: 57% ▼ -4.00%
• Median HH income: $49,426
• Composite: 46.86/100
• National rank: #2370
• State rank: #19 of 73 in FL

Livability — Merritt Island

• Score: 70/100
• State rank: #441
• US rank: #7878

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merritt Island, FL
• County: Brevard County · 602,871 people
• City population: 46,372
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 21,613
• Household income: $102,726
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 199.0

Population outlook (Brevard County) Hauer SSP2

• Today (2025): 623,254 people
• By 2030: 648,420 · +4.0%
• By 2040: 690,009 · +10.7%
• By 2050: 715,669 · +14.8%
• By 2075: 775,744 · +24.5%
• By 2100: 776,687 · +24.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 6% Asian 2% Black 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Brevard

• 2024 margin: Strong R (+20.8) · D 39.1% · R 59.9% · Other 1.0%
• 2008→2024 swing: -10.4pp toward R · 2008: -10.4pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+16.4 2016: R+19.8 2012: R+12.7 2008: R+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -177.56%
• Current HPI: 323.6021
• Rent YoY: ▲ 6.53%
• Metro: Palm Bay-Melbourne-Titusville, 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

+348.7% since first listed

10 events — show timeline

• 2026-05-17 Relisted — SCMLS
• 2026-05-15 Pending — SCMLS
• 2026-05-08 Listed $175,000 SCMLS
• 2017-11-06 Listing Removed — SCMLS
• 2014-06-30 Sold (Public Records) $76,900 Public Records
• 2014-06-30 Sold (MLS) $76,900 SCMLS
• 2014-04-23 Listed $79,900 SCMLS
• 2013-04-17 Sold (MLS) $40,000 SCMLS
• 2013-01-22 Listed $44,900 SCMLS
• 2009-09-19 Listed $39,000 SCMLS

Property tax history

-1.4%/yr

Latest (2025): $830 · +10.6% YoY. Source: county tax records.