453 Ibis Ln Unit 2-12

South Patrick Shores, FL 32937

$250,000D

2 bd · 2.0 ba · 1,138 sqft · Built 1979 · Townhouse · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,702/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$414
• HOA: −$529
• Vac / Maint / Mgmt: −$567
• Net cashflow: $-120/mo
• Annual: $-1,440/yr
• Cap rate: 6.04%
• Cash-on-cash: -0.92%
• DSCR: 0.96
• 1% rule: 1.08%
• Cash to close: $70,000

Investor read

• This is a 2-bed/2.0-bath townhouse listed at $250k.
• At list price, monthly cash flow is $-120 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (8.5% below list).
• Meets the 1% rule at list price ($3k rent vs $250k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $229k (8.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#665 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing 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: Sea Park Elementary School (math 67% / reading 67%, grade B+, #450 of 2,144 statewide, top 22%, 335 students, 39% FRL); Delaura Middle School (math 74% / reading 70%, grade A, #52 of 571 statewide, top 10%, 843 students, 21% FRL); Satellite Senior High School (math 65% / reading 71%, grade B, #66 of 667 statewide, top 10%, 1,517 students, 20% FRL) — zoned schools average 27% FRL vs 43% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 69% at this address vs 55% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Brevard average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising (+1.6%/yr); 312 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $76k; list at $250k implies a 229% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 32% of the median local income ($101k/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?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.
• 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.