1012 Ray Rd SE · Palm Bay, FL 32909

$264,900

3 bd · 2.0 ba · 1,350 sqft · SingleFamily public records · 15 Days on market

Built 2004 10,454 sqft lot

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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 +10.8/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• 1% rule +3.1/10.0
• DSCR +3.1/10.0
• Condition / age +2.5/5.0

Listing remarks

Don't miss your opportunity to own this charming Palm Bay home! Tucked away on a quiet street and situated on a spacious lot just under a quarter acre, this 3-bedroom, 2-bath home offers the perfect blend of comfort, privacy, and value. Major updates have already been taken care of, including a new roof (2023), A/C just a few years old (2024), recent septic pump-out, and a new bladder tank and well pump for the well system. Enjoy the freedom of NO HOA, giving you the flexibility to use and enjoy your property without additional fees or restrictive rules. Conveniently located near shopping, dining, parks, and everyday amenities, this home is an exceptional opportunity for buyers seeking a we

Key facts

• New bladder tank
• Spacious lot
• No hoa

Tags

• NEW ROOF
• RECENT SEPTIC PUMP-OUT
• NEW BLADDER TANK
• NO HOA
• SPACIOUS LOT

Property features AI

Finance

• Other: Unfurnished

Exterior

• Parking: Attached garage; 2-car garage; Off-street parking
• Security: Smoke detector(s)
• Utilities: Septic tank; Electricity connected; Water available
• Home design: Single Family Residence; One story; Entry level: 1; Northwest facing
• Construction: Built with block, concrete and stucco; Shingle roof
• Exterior features: Patio; Cleared lot; City street frontage; Asphalt road surface

Interior

• Kitchen: Dishwasher; Electric range; Water softener (owned)
• Bedrooms: 3 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Ceiling fans; Eat-in kitchen; Pantry; Primary bathroom with tub and shower; Primary bedroom on the main (downstairs); Split bedroom floorplan; Vaulted ceilings; Walk-in closet(s); Smoke detector(s)
• Laundry & utility: Washer hookup; Electric dryer hookup; Washer and dryer included (in unit); Lower level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $-121 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $243k (8.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (19.4% below list).
• Recommended offer: $214k (19.4% below list) — sets the bar for 1% rule.

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: employment D+, amenities 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: Columbia Elementary School (math 52% / reading 47%, grade D, #1,088 of 2,144 statewide, top 53%, 506 students, 68% FRL); Southwest Middle School (math 40% / reading 39%, grade F, #373 of 571 statewide, top 66%, 920 students, 58% FRL); Bayside High School (math 27% / reading 40%, grade F, #400 of 667 statewide, top 61%, 1,854 students, 51% FRL) — zoned schools average 59% FRL vs 43% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 41% at this address vs 55% district-wide (-14 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.7%/yr); 1111 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 32% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $28k of equity ($2k loan paydown + $26k appreciation (10.0% local appreciation)).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $20k; list at $265k implies a 1224% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: 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 $213,591 (19.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 5.74%
• Cash-on-cash: -1.96%
• DSCR: 0.91
• GRM: 10.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.67% rent growth · sell at horizon

5-year hold

• IRR: 23.1%
• Equity multiple: 2.86×
• Total profit: $138,011
• Equity at exit: $238,643

10-year hold

• IRR: 20.8%
• Equity multiple: 6.60×
• Total profit: $415,558
• Equity at exit: $514,642

Cash invested: $74,172 (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 32909

• Home prices YoY: 6.0%
• Rents YoY: 3.7%
• Active inventory: 1111
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,136 high
• Mortgage (P&I): −$1,389
• Tax from tax record: −$309 /mo · $3,710/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $-121

Break-even live

Break-even rent $2,290

Max offer price $243,463

Occupancy floor —

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: $66,225
• Closing costs: $7,947
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
978 Remington Green Dr SE Palm Bay, FL	4.0	2.0	1830	$2,200	$1.20	23d	1	0.43mi
2036 Walsh Ave SE Palm Bay, FL	3.0	2.0	1331	$1,930	$1.45	23d	1	0.54mi
1454 Graves St SE Palm Bay, FL	3.0	2.0	1621	$2,100	$1.30	14d	1	0.66mi
2250 Chinaberry Cir SE Palm Bay, FL	3.0	2.0	1669	$1,995	$1.20	23d	1	0.73mi
1416 Martinez St SE Palm Bay, FL	3.0	2.0	1747	$2,000	$1.14	14d	1	0.83mi
1198 Venus St SE Palm Bay, FL	3.0	2.0	1535	$1,961	$1.28	21d	1	0.86mi
2691 Tepee Ave SE Palm Bay, FL	4.0	2.0	1833	$2,040	$1.11	21d	1	0.93mi
1224 Dillard Dr SE Palm Bay, FL	3.0	2.0	1770	$2,336	$1.32	14d	1	0.93mi
590 Trymore Dr SE Palm Bay, FL	4.0	2.0	1873	$2,250	$1.20	14d	1	0.98mi
1625 Santos St SE Unit A Palm Bay, FL	2.0	1.0	900	$1,350	$1.50	19d	1	1.04mi
1660 Lizette St SE Unit 1 Palm Bay, FL	4.0	2.0	1736	$2,199	$1.27	23d	1	1.10mi
1150 Tiger St SE Palm Bay, FL	3.0	2.0	1690	$1,950	$1.15	14d	1	1.16mi
1068 Saint Johns St SE Palm Bay, FL	3.0	2.0	1332	$2,000	$1.50	23d	1	1.23mi
543 Reading St SE Palm Bay, FL	4.0	2.0	1833	$2,010	$1.10	21d	1	1.31mi
1517 Wacker Ave SE Palm Bay, FL	4.0	2.0	1775	$2,200	$1.24	23d	1	1.45mi
1150 Raoul St SE Palm Bay, FL	4.0	2.0	1787	$2,300	$1.29	23d	1	1.45mi
1430 Valerius St SE Palm Bay, FL	2.0	1.0	904	$1,750	$1.94	23d	1	1.46mi
2910 Emerson Dr SE Palm Bay, FL	3.0	2.0	1700	$1,950	$1.15	14d	1	1.49mi

Listing history 10 events

1. 2026-06-18
   days on market $264,900 Active 15 DOM
2. 2026-06-17
   days on market $264,900 Active 14 DOM
3. 2026-06-16
   days on market $264,900 Active 13 DOM
4. 2026-06-15
   days on market $264,900 Active 12 DOM
5. 2026-06-14
   days on market $264,900 Active 10 DOM
6. 2026-06-10
   days on market $264,900 Active 7 DOM
7. 2026-06-08
   days on market $264,900 Active 5 DOM
8. 2026-06-07
   days on market $264,900 Active 4 DOM
9. 2026-06-03
   remarks 699-char remark
10. 2026-06-03
    listed $264,900 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: $3,710 · $309/mo
• Projected year-2 tax: $3,710 · $309/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 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: $25,631
• − Mortgage interest: −$14,839
• − Property taxes: −$3,710
• − Insurance: −$1,324
• − Repairs & maintenance: −$2,050
• − Management: −$2,050
• − Depreciation: −$7,706
• Taxable loss: −$6,049
• Est. tax savings @ 24.0%: +$1,452
• After-tax cash flow: $-4/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): 41,804
• Household income: $79,977
• Rent vs Own: 17.3% rent · 82.7% own
• Severe rent burden: 697.0

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 0.70)
• Race & ethnicity: White 46% Black 21% Hispanic / Latino 20% Two or more races 16% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8% Cuban 5%
• Common ancestry: Hispanic 3% Slovak 2% Lithuanian 2%
• Foreign-born: 17% · Canada, China, Jamaica
• Languages at home: 84% English-only · Spanish 9% French/Haitian/Cajun 4% Chinese 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: ▲ 18.81%
• Current HPI: 330.8595
• Rent YoY: ▲ 3.67%
• 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

+1224.5% since first listed

2 events — show timeline

• 2026-06-03 Listed $264,900 SCMLS
• 2003-11-17 Sold (Public Records) $20,000 Public Records

Property tax history

+7.6%/yr

Latest (2025): $3,710 · +5.5% YoY. Source: county tax records.