55 Sea Park Blvd · South Patrick Shores, FL 32937

$188,000

2 bd · 1.0 ba · 820 sqft · Condo · 23 Days on market

Built 2025

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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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

1st floor condo with patio across the street from the beach, Open floor plan. Nice and bright with storage closet. New laminate floors in the bedroom. Great community with pool. No pets allowed sorry. Rent includes water and basic cable

Key facts

• Open floor plan
• Community with pool
• Storage closet

Tags

• OPEN FLOOR PLAN
• STORAGE CLOSET
• NEW LAMINATE FLOORS
• COMMUNITY WITH POOL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $188k.

Deal economics

• At list price, monthly cash flow is $846 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $188k).
• Recommended offer: $185k (1.5% below list) — sets the bar for market timing.

Location & tenants

• 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.
• Market conditions: Rents rising (+1.6%/yr); 312 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• This rent runs 33% of the median local income ($101k/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 $1k of loan paydown is wiped out by about $6k 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 + 1.6% rent growth), your $53k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $36k; list at $188k implies a 425% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $185,180 (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. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.49% ✓
• Cap rate: 12.12%
• Cash-on-cash: 20.81%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.55% rent growth · sell at horizon

5-year hold

• IRR: 9.6%
• Equity multiple: 1.37×
• Total profit: $19,490
• Equity at exit: $28,031

10-year hold

• IRR: 17.5%
• Equity multiple: 2.34×
• Total profit: $70,662
• Equity at exit: $16,255

Cash invested: $52,640 (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 32937

• Rents YoY: 1.6%
• Active inventory: 312
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,800 medium
• Mortgage (P&I): −$986
• Tax est. 1.5%: −$235 /mo · $2,820/yr
• Insurance: −$78
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $846

Break-even live

Break-even rent $1,729

Max offer price $188,000

Occupancy floor 65%

Sensitivity live

Price	-10% $976	-5% $911	+0% $846	+5% $781	+10% $716
Rent	-10% $625	-5% $736	+0% $846	+5% $957	+10% $1,067
Rate	-1.0pp $941	-0.5pp $894	base $846	+0.5pp $798	+1.0pp $748

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: $47,000
• Closing costs: $5,640
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
160 A1A Jimmy Buffett Memorial Hwy Satellite Beach, FL	1.0–2.0	1.0–2.0	1047	$2,050	$1.96	24d	1	0.41mi
105 NE 3rd St Unit 1044482P Satellite Beach, FL	1.0–5.0	1.0–4.0	548	$4,069	$7.43	15d	2	0.53mi
216 NE 3rd St Satellite Beach, FL	3.0	2.0	1118	$2,650	$2.37	24d	1	0.63mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watercablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $188,000 Active 23 DOM
2. 2026-06-17
   days on market $188,000 Active 22 DOM
3. 2026-06-16
   days on market $188,000 Active 21 DOM
4. 2026-06-15
   days on market $188,000 Active 20 DOM
5. 2026-06-14
   days on market $188,000 Active 18 DOM
6. 2026-06-10
   days on market $188,000 Active 15 DOM
7. 2026-06-08
   days on market $188,000 Active 13 DOM
8. 2026-06-07
   days on market $188,000 Active 12 DOM
9. 2026-06-05
   days on market $188,000 Active 9 DOM
10. 2026-06-03
    days on market $188,000 Active 8 DOM
11. 2026-06-02
    days on market $188,000 Active 7 DOM
12. 2026-06-01
    days on market $188,000 Active 6 DOM
13. 2026-05-31
    days on market $188,000 Active 5 DOM
14. 2026-05-26
    listed $188,000 Active
15. 2023-12-04
    historical $1,500
16. 2023-11-03
    listed $1,500
17. 1990-04-01
    soldstatus $35,800

ⓘ 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 8/10 Severe FEMA zone X (shaded) · 97% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 24 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: $33,599
• − Mortgage interest: −$10,531
• − Property taxes: −$2,820
• − Insurance: −$1,738
• − Repairs & maintenance: −$2,688
• − Management: −$2,688
• − Depreciation: −$5,469
• Taxable income: $7,666
• Est. tax owed @ 24.0%: −$1,840
• After-tax cash flow: $8,315/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 — South Patrick Shores

• Score: 64/100
• State rank: #665
• US rank: #13650

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Patrick Shores, FL
• County: Brevard County · 602,871 people
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 27,836
• Household income: $101,184
• Rent vs Own: 17.5% rent · 82.5% own
• Severe rent burden: 534.0

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 9% Two or more races 7% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% 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: ▼ -336.76%
• Current HPI: 361.3801
• Rent YoY: ▲ 1.55%
• 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

+425.1% since first listed

4 events — show timeline

• 2026-05-26 Listed $188,000 FSBO.com
• 2023-12-04 Rental Removed $1,500 RENT.
• 2023-11-03 Listed for Rent $1,500 RENT.
• 1990-04-01 Sold (Public Records) $35,800 Public Records

Property tax history

-8.0%/yr

Latest (2022): $0 · -15.4% YoY. Source: county tax records.