4090 Aurora Rd · Melbourne, FL 32934

$15,000

2 bd · 1.0 ba · — sqft · MultiFamily · 23 Days on market

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.7/10.0
• Rent growth +3.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Existing Mobile Home Park with history of occupancy and positive cash flow. There are 18 current leases. On site manager insures park is maintained. Park is located near Eau Gallie Blvd for easy access to I-95, shopping and other conveniences.

Key facts

• Listed 22 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $15k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $15k).
• Recommended offer: $15k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade D — 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.
• Market conditions: Rents rising (+3.7%/yr); 102 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $104 of loan paydown is wiped out by about $450 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 + 3.7% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($15k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); 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 $14,775 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 11.73% ✓
• Cap rate: 109.20%
• Cash-on-cash: 367.52%
• DSCR: 17.35
• GRM: 0.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.72% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 18.36×
• Total profit: $72,908
• Equity at exit: $2,237

10-year hold

• IRR: —
• Equity multiple: 40.16×
• Total profit: $164,478
• Equity at exit: $1,297

Cash invested: $4,200 (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 32934

• Home prices YoY: -20.0%
• Rents YoY: 3.7%
• Active inventory: 102
• Price-to-rent: 0.7×

Monthly cashflow live

• Estimated rent: $1,759 high
• Mortgage (P&I): −$79
• Tax est. 1.5%: −$19 /mo · $225/yr
• Insurance: −$6
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $1,161

Break-even live

Break-even rent $290

Max offer price $15,000

Occupancy floor 29%

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: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1703 Blanche Ave Melbourne, FL	2.0	2.0	840	$1,650	$1.96	23d	1	0.23mi
3600 Aurora Rd Unit A Melbourne, FL	2.0	1.0	755	$1,850	$2.45	23d	1	0.45mi
1758 Caleb Ln Melbourne, FL	3.0	2.0	1400	$2,350	$1.68	14d	1	0.67mi
2910 Zephyr Ln Melbourne, FL	2.0	1.0	828	$1,700	$2.05	23d	1	1.35mi
1225 N Wickham Rd #726 Melbourne, FL	2.0	2.0	859	$1,500	$1.75	21d	1	1.38mi
2806 Tropic Rd Unit 1 Melbourne, FL	3.0	2.0	1705	$1,600	$0.94	21d	1	1.44mi
820 N Wickham Rd Melbourne, FL	1.0–2.0	1.0	720	$1,385	$1.92	14d	8	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $15,000 Active 23 DOM
2. 2026-06-17
   days on market $15,000 Active 22 DOM
3. 2026-06-16
   days on market $15,000 Active 21 DOM
4. 2026-06-15
   days on market $15,000 Active 20 DOM
5. 2026-06-14
   days on market $15,000 Active 18 DOM
6. 2026-06-10
   days on market $15,000 Active 15 DOM
7. 2026-06-08
   days on market $15,000 Active 13 DOM
8. 2026-06-07
   days on market $15,000 Active 12 DOM
9. 2026-06-05
   days on market $15,000 Active 9 DOM
10. 2026-06-03
    days on market $15,000 Active 8 DOM
11. 2026-06-02
    days on market $15,000 Active 7 DOM
12. 2026-06-01
    days on market $15,000 Active 6 DOM
13. 2026-05-31
    days on market $15,000 Active 5 DOM
14. 2026-05-26
    listed $15,000 Active
15. 2016-08-16
    historical 247-char remark

    Show marketing remark (247 chars)

    Existing Mobile Home Park with history of occupancy and positive cash flow. There are 18 current leases. On site manager insures park is maintained. Park is located near Eau Gallie Blvd for easy access to I-95, shopping and other conveniences.

16. 2013-09-06
    listed $625,000 247-char remark

    Show marketing remark (247 chars)

    Existing Mobile Home Park with history of occupancy and positive cash flow. There are 18 current leases. On site manager insures park is maintained. Park is located near Eau Gallie Blvd for easy access to I-95, shopping and other conveniences.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone A · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°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: $21,114
• − Mortgage interest: −$840
• − Property taxes: −$225
• − Insurance: −$1,577
• − Repairs & maintenance: −$1,689
• − Management: −$1,689
• − Depreciation: −$436
• Taxable income: $14,656
• Est. tax owed @ 24.0%: −$3,518
• After-tax cash flow: $10,416/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 — Melbourne

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Brevard County · 602,871 people
• City population: 178,420
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 18,564
• Household income: $104,369
• Rent vs Own: 12.4% rent · 87.6% own
• Severe rent burden: 233.0

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 8% Two or more races 7% Black 2% Asian 2%
• Hispanic origin (detail): Puerto Rican 3% Cuban 1%
• Common ancestry: Lithuanian 4% Italian 3% Romanian 3%
• Foreign-born: 8% · Canada, China
• Languages at home: 91% English-only · Spanish 6% Other Indo-European 1% German/W. Germanic 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: ▼ -78.68%
• Current HPI: 315.3069
• Rent YoY: ▲ 3.72%
• 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

-97.6% since first listed

3 events — show timeline

• 2026-05-26 Listed $15,000 FSBO.com
• 2016-08-16 Listing Removed — SCMLS
• 2013-09-06 Listed $625,000 SCMLS