6776 Keydeer Ave

West Canaveral Groves, FL 32926

$290,000F

3 bd · 3.0 ba · 2,164 sqft · Built 2005 · SingleFamily · Active · 756 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,027/mo
• Mortgage (P&I): −$1,521
• Tax + insurance: −$423
• HOA: −$0
• Vac / Maint / Mgmt: −$426
• Net cashflow: $-342/mo
• Annual: $-4,106/yr
• Cap rate: 4.88%
• Cash-on-cash: -5.06%
• DSCR: 0.78
• 1% rule: 0.70%
• Cash to close: $81,200

Investor read

• This is a 3-bed/3.0-bath single-family listed at $290k.
• At list price, monthly cash flow is $-342 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (20.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (30.1% below list).
• It's been on market 756 days — a 12% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $203k (30.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• 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: Fairglen Elementary School (math 34% / reading 38%, grade F, #1,670 of 2,144 statewide, top 78%, 617 students, 71% FRL); Cocoa High School (math 21% / reading 27%, grade F, #529 of 667 statewide, top 80%, 1,551 students, 73% FRL) — zoned schools average 72% FRL vs 43% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 30% at this address vs 55% district-wide (-25 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.6%/yr); 291 active listings in the ZIP; 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 34% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 756 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?