2979 Indian River Dr NE · Palm Bay, FL 32905

$69,000

1 bd · 1.0 ba · 624 sqft · Condo public records · 374 Days on market

Built 1969 $200/mo HOA · 12% of rent

---

Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +2.2/10.0

Listing remarks MLS

The listing is in Probate the seller has passed away never too late to start looking for your Florida retreat. Palm Bay Estates, 55 and over community that has what you are looking for in a Florida community. Newer A/C, Hot-water heater, windows, . The storage room has a washer, Dryer and new freezer and big enough to make it a workshop. 190.00 a month includes lawn, landscaping, community pool, clubhouse, picnic area, dog park, community boat ramp and boat dock. RV parking and boat storage depending on availability for a fee. Walk up to the picnic area throw your pole in the water catch dinner and use the fish cleaning station no mess in the house.

Key facts

• Picnic area
• Clubhouse
• Newer a c

Tags

• 55 AND OVER COMMUNITY
• NEWER A C
• HOT WATER HEATER
• COMMUNITY POOL
• CLUBHOUSE
• PICNIC AREA

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $69k.

Deal economics

• At list price, monthly cash flow is $699 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $69k).
• Recommended offer: $61k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#366 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment D+, amenities F.
• 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 soft (-0.5%/yr); 321 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• This rent runs 36% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k 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 + 0.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 374 days — a 12% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $9k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $69k implies a 331% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; 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 $60,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 374 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 2.45% ✓
• Cap rate: 18.45%
• Cash-on-cash: 43.42%
• DSCR: 2.93
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 36.4%
• Equity multiple: 2.48×
• Total profit: $28,508
• Equity at exit: $10,288

10-year hold

• IRR: 41.3%
• Equity multiple: 4.29×
• Total profit: $63,487
• Equity at exit: $5,966

Cash invested: $19,320 (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 32905

• Home prices YoY: -1.8%
• Rents YoY: -0.5%
• Active inventory: 321
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,694 medium
• Mortgage (P&I): −$362
• Tax from tax record: −$48 /mo · $579/yr
• Insurance: −$29
• HOA: −$200
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $699

Break-even live

Break-even rent $809

Max offer price $69,000

Occupancy floor 54%

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2485 Port Malabar Blvd NE Palm Bay, FL	3.0	1.0–3.0	1181	$2,521	$2.13	14d	301	0.48mi
4714 Overlook Dr Palm Bay, FL	1.0	1.0	672	$1,475	$2.19	23d	1	1.31mi
4818 Overlook Dr NE #4 Palm Bay, FL	1.0	1.0	672	$1,250	$1.86	19d	1	1.31mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Likely covers: waterlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $69,000 Active 374 DOM
2. 2026-06-17
   days on market $69,000 Active 373 DOM
3. 2026-06-16
   days on market $69,000 Active 372 DOM
4. 2026-06-15
   days on market $69,000 Active 371 DOM
5. 2026-06-14
   days on market $69,000 Active 369 DOM
6. 2026-06-10
   days on market $69,000 Active 366 DOM
7. 2026-06-08
   days on market $69,000 Active 364 DOM
8. 2026-06-07
   days on market $69,000 Active 363 DOM
9. 2026-06-05
   days on market $69,000 Active 360 DOM
10. 2026-06-03
    days on market $69,000 Active 359 DOM
11. 2026-06-02
    days on market $69,000 Active 358 DOM
12. 2026-06-01
    days on market $69,000 Active 357 DOM
13. 2026-05-31
    days on market $69,000 Active 356 DOM
14. 2026-05-31
    days on market $69,000 Active 355 DOM
15. 2026-03-31
    price $69,000 657-char remark

    Show marketing remark (657 chars)

    The listing is in Probate the seller has passed away never too late to start looking for your Florida retreat. Palm Bay Estates, 55 and over community that has what you are looking for in a Florida community. Newer A/C, Hot-water heater, windows, . The storage room has a washer, Dryer and new freezer and big enough to make it a workshop. 190.00 a month includes lawn, landscaping, community pool, clubhouse, picnic area, dog park, community boat ramp and boat dock. RV parking and boat storage depending on availability for a fee. Walk up to the picnic area throw your pole in the water catch dinner and use the fish cleaning station no mess in the house.

16. 2025-06-09
    listed $78,000 Active 657-char remark

    Show marketing remark (657 chars)

    The listing is in Probate the seller has passed away never too late to start looking for your Florida retreat. Palm Bay Estates, 55 and over community that has what you are looking for in a Florida community. Newer A/C, Hot-water heater, windows, . The storage room has a washer, Dryer and new freezer and big enough to make it a workshop. 190.00 a month includes lawn, landscaping, community pool, clubhouse, picnic area, dog park, community boat ramp and boat dock. RV parking and boat storage depending on availability for a fee. Walk up to the picnic area throw your pole in the water catch dinner and use the fish cleaning station no mess in the house.

17. 2016-08-16
    historical 433-char remark

    Show marketing remark (433 chars)

    Resort Style Living at its best! Come enjoy direct access to the Indian River, Community Swimming Pool, Clubhouse, Shuffleboard, Bingo, RV & Boat Storage and so much more. All you need to bring is a toothbrush to move into this 2 bedroom home, offering an eat-in kitchen, living room with bay window, Florida room with Laundry. This Community is close to the beaches, shopping, mall & US1. Call today for private showing.

18. 2016-08-16
    historical

    Show marketing remark (433 chars)

    Resort Style Living at its best! Come enjoy direct access to the Indian River, Community Swimming Pool, Clubhouse, Shuffleboard, Bingo, RV & Boat Storage and so much more. All you need to bring is a toothbrush to move into this 2 bedroom home, offering an eat-in kitchen, living room with bay window, Florida room with Laundry. This Community is close to the beaches, shopping, mall & US1. Call today for private showing.

19. 2014-01-20
    soldstatus $16,000
20. 2013-05-14
    listed $19,900
21. 2007-06-01
    listed $38,900 433-char remark

    Show marketing remark (433 chars)

    Resort Style Living at its best! Come enjoy direct access to the Indian River, Community Swimming Pool, Clubhouse, Shuffleboard, Bingo, RV & Boat Storage and so much more. All you need to bring is a toothbrush to move into this 2 bedroom home, offering an eat-in kitchen, living room with bay window, Florida room with Laundry. This Community is close to the beaches, shopping, mall & US1. Call today for private showing.

22. 2006-04-23
    listed $39,500

ⓘ 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: $579 · $48/mo
• Projected year-2 tax: $579 · $48/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 41% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $20,323
• − Mortgage interest: −$3,865
• − Property taxes: −$579
• − Insurance: −$345
• − Repairs & maintenance: −$1,626
• − Management: −$1,626
• − HOA: −$2,400
• − Depreciation: −$2,007
• Taxable income: $7,875
• Est. tax owed @ 24.0%: −$1,890
• After-tax cash flow: $6,499/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 — Palm Bay

• Score: 72/100
• State rank: #366
• US rank: #6458

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palm Bay, FL
• County: Brevard County · 602,871 people
• City population: 132,211
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 24,792
• Household income: $56,411
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 1962.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 61% Hispanic / Latino 16% Black 16% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4% Cuban 4%
• Common ancestry: Romanian 2% Hispanic 2% Slovak 2%
• Foreign-born: 13% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 12% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -5.59%
• Current HPI: 309.8748
• Rent YoY: ▼ -0.52%
• 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

+74.7% since first listed

8 events — show timeline

• 2026-03-31 Price Changed $69,000 SCMLS
• 2025-06-09 Listed $78,000 SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2014-01-20 Sold (MLS) $16,000 SCMLS
• 2013-05-14 Listed $19,900 SCMLS
• 2007-06-01 Listed $38,900 SCMLS
• 2006-04-23 Listed $39,500 SCMLS

Property tax history

+0.7%/yr

Latest (2025): $579 · -1.9% YoY. Source: county tax records.