185 Treasure St Unit B2-105 · Merritt Island, FL 32952

$119,000

2 bd · 1.0 ba · 704 sqft · Condo public records · 11 Days on market

Built 1964 $547/mo HOA · 30% of rent

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Why this score? — see what drove the C+ 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 +21.4/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

BRING YOUR BOAT. .. 4 MILES TO THE BEACH SURROUNDED BY RIVERS! A much sought after First Floor, End Unit near SpaceX, beaches, river, dining, with easy access to Orlando. Top of the line makeover with stylish silver new cabinetry , granite counter top and stainless refrigerator. Bathroom with walk in shower, custom tile and new vanity. Luxury vinyl plank throughout. Endless windows for natural lighting with trees and luscious green grass views. Deeded carport. Maintenance Free Living in beautifully kept community. A carrying charge covers co-op issued A/C unit & water heater. If it breaks, the co op will fix it. Water/sewer, trash AND property taxes also included. Heated pool runs yea

Key facts

• Custom tile
• End unit
• Granite counter top

Tags

• FIRST FLOOR
• END UNIT
• GRANITE COUNTER TOP
• STAINLESS REFRIGERATOR
• WALK IN SHOWER
• CUSTOM TILE

Property features AI

Finance

• Other: Community heated in-ground spa; Pool not private (no private pool)
• HOA & community: Part of Merritt Island Coop Housing; Monthly association fee; Association amenities include barbecue, laundry, grounds maintenance, off-site management, pickleball, playground, RV/boat storage, and trash service; Association fee covers maintenance of grounds, pest control, sewer, trash, and water

Exterior

• Parking: Assigned covered parking; 1-car carport
• Security: Smoke detectors
• Utilities: Public sewer; Electricity connected; Water connected; Sewer connected
• Home design: Single family residence; East-facing; Entry on level 1
• Construction: Block and concrete construction; Concrete and tar/gravel roof
• Exterior features: Balcony; Courtyard; Front and rear sprinklers; Vinyl fencing

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 2 bedrooms (entry level: 1)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Ceiling fans
• Laundry & utility: Partially furnished unit (some furnishings included)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $119k.

Deal economics

• At list price, monthly cash flow is $109 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).

Location & tenants

• Location reads 70/100 on livability (#441 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment 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: Audubon Elementary School (math 55% / reading 57%, grade C+, #832 of 2,144 statewide, top 40%, 450 students, 58% FRL); Thomas Jefferson Middle School (math 63% / reading 55%, grade B, #144 of 571 statewide, top 26%, 608 students, 43% FRL); Merritt Island High School (math 32% / reading 55%, grade F, #248 of 667 statewide, top 38%, 1,546 students, 35% FRL) — zoned schools at 45% FRL track the district average.
• Market conditions: Rents rising fast (+6.5%/yr); 227 active listings in the ZIP; 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 $823 of loan paydown is wiped out by about $4k 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 + 6.5% rent growth), your $33k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 30% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $119,000

Questions for the listing agent

1. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.53% ✓
• Cap rate: 8.06%
• Cash-on-cash: 6.32%
• DSCR: 1.28
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.53% rent growth · sell at horizon

5-year hold

• IRR: -4.0%
• Equity multiple: 0.84×
• Total profit: $-5,329
• Equity at exit: $17,743

10-year hold

• IRR: 10.9%
• Equity multiple: 2.05×
• Total profit: $35,139
• Equity at exit: $10,289

Cash invested: $33,320 (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 32952

• Rents YoY: 6.5%
• Active inventory: 227
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,816 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$39 /mo · $468/yr
• Insurance: −$50
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$547
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $109

Break-even live

Break-even rent $1,679

Max offer price $119,000

Occupancy floor 89%

Sensitivity live

Price	-10% $176	-5% $143	+0% $109	+5% $75	+10% $42
Rent	-10% $-35	-5% $37	+0% $109	+5% $181	+10% $252
Rate	-1.0pp $169	-0.5pp $139	base $109	+0.5pp $78	+1.0pp $47

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $547 · $6,564/yr
• Likely covers: watersewertrashpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-18
   days on market $119,000 Active 11 DOM
2. 2026-06-17
   days on market $119,000 Active 10 DOM
3. 2026-06-16
   days on market $119,000 Active 9 DOM
4. 2026-06-15
   days on market $119,000 Active 8 DOM
5. 2026-06-14
   days on market $119,000 Active 6 DOM
6. 2026-06-10
   days on market $119,000 Active 3 DOM
7. 2026-06-07
   remarks 695-char remark
8. 2026-06-07
   listed $119,000 Active 1 DOM

ⓘ 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: $468 · $39/mo
• Projected year-2 tax: $988 · $82/mo
• Expected delta: +$520/yr (+$43/mo · 111.0%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 23 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: $21,798
• − Mortgage interest: −$6,666
• − Property taxes: −$468
• − Insurance: −$1,392
• − Repairs & maintenance: −$1,744
• − Management: −$1,744
• − HOA: −$6,564
• − Depreciation: −$3,462
• Taxable loss: −$242
• Est. tax savings @ 24.0%: +$58
• After-tax cash flow: $1,365/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 — Merritt Island

• Score: 70/100
• State rank: #441
• US rank: #7878

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merritt Island, FL
• County: Brevard County · 602,871 people
• City population: 46,372
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 21,613
• Household income: $102,726
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 199.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 6% Asian 2% Black 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 4% 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: ▼ -177.56%
• Current HPI: 323.6021
• Rent YoY: ▲ 6.53%
• 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

-92.1% since first listed

2 events — show timeline

• 2026-06-07 Listed $119,000 SCMLS
• 2002-07-17 Sold (Public Records) $1,500,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $468 · +16.0% YoY. Source: county tax records.