55 Sea Park Blvd

South Patrick Shores, FL 32937

$188,000B

2 bd · 1.0 ba · 820 sqft · Built 2025 · Condo · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,800/mo
• Mortgage (P&I): −$986
• Tax + insurance: −$380
• HOA: −$0
• Vac / Maint / Mgmt: −$588
• Net cashflow: $846/mo
• Annual: $10,155/yr
• Cap rate: 12.12%
• Cash-on-cash: 20.81%
• DSCR: 1.93
• 1% rule: 1.49%
• Cash to close: $52,640

Investor read

• This is a 2-bed/1.0-bath condo listed at $188k.
• 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).
• It's been on market 23 days — a 2% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (1.5% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: flood insurance adds $66/mo.
• 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 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.
• 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.
• 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.
• 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.
• This rent runs 33% of the median local income ($101k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.