1887 Cerulean Dr · Palm Bay, FL 32907

$260,000

3 bd · 2.0 ba · 1,436 sqft · Land · 199 Days on market

Built 2025 $245/mo HOA · 12% of rent ↓ 1% since listing

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Why this score? — see what drove the F 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 +8.4/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• 1% rule +3.2/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Exclusive to active adults 55+ and better! The largest plan in the Villas collection, this single-story home offers three bedrooms for extra space. In the heart of the home is a Great Room that overlooks the covered patio on one side and the kitchen and dining room on the other. In a rear corner, the owner's suite is equipped with a private bathroom and walk-in closet. Prices, dimensions and features may vary and are subject to change. Photos are for illustrative purposes only.

Key facts

• Spacious kitchen
• Large island
• Corner unit

Tags

• CORNER UNIT
• SPACIOUS KITCHEN
• STAINLESS STEEL APPLIANCES
• LARGE ISLAND
• GENEROUS CLOSET SPACE
• BEAUTIFULLY APPOINTED BATHROOM

Property features AI

Finance

• Financial info: Pets allowed (no restrictions)
• HOA & community: Association fee $245 monthly

Exterior

• Parking: Has garage (1 covered space); Two or more parking spaces
• Security: Secured garage/parking
• Utilities: Central heating and cooling
• Home design: Single-story; Entry level: 1; Attached property
• Construction: Block construction; Resale property
• Exterior features: Patio; Secured garage/parking

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Bedroom on main level; Main level primary
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: First-floor entry; Kitchen island; Pantry; Bedroom on main level; Main level primary
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $260k.

Deal economics

• At list price, monthly cash flow is $-235 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (16.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $213k (18.1% below list).
• Recommended offer: $213k (18.1% 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: 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 flat; 739 active listings in the ZIP; 13 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 34% of the median local income ($75k/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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 199 days — a 12% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $212,977 (18.1% 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. It's been on market 199 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 0.82% ✗
• Cap rate: 5.21%
• Cash-on-cash: -3.87%
• DSCR: 0.83
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.93% rent growth · sell at horizon

5-year hold

• IRR: -25.3%
• Equity multiple: 0.16×
• Total profit: $-61,336
• Equity at exit: $38,767

10-year hold

• IRR: -29.9%
• Equity multiple: -0.23×
• Total profit: $-89,357
• Equity at exit: $22,480

Cash invested: $72,800 (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 32907

• Home prices YoY: -10.1%
• Rents YoY: 0.9%
• Active inventory: 739
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,130 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$201 /mo · $2,408/yr
• Insurance: −$108
• HOA: −$245
• Vacancy / Maint / Mgmt: −$447
• Net cashflow: $-235

Break-even live

Break-even rent $2,427

Max offer price $218,492

Occupancy floor —

Sensitivity live

Price	-10% $-88	-5% $-161	+0% $-235	+5% $-309	+10% $-382
Rent	-10% $-403	-5% $-319	+0% $-235	+5% $-151	+10% $-67
Rate	-1.0pp $-104	-0.5pp $-169	base $-235	+0.5pp $-302	+1.0pp $-371

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1743 Fairlight St NW Palm Bay, FL	4.0	2.0	1860	$2,250	$1.21	24d	1	0.57mi
1460 Cass Ave NW Palm Bay, FL	3.0	2.0	1254	$1,765	$1.41	24d	1	0.62mi
1649 Cains Ave NW Palm Bay, FL	3.0	2.0	1294	$2,000	$1.55	24d	1	0.88mi
1560 Gardenton St NW Palm Bay, FL	4.0	2.0	1828	$2,200	$1.20	24d	1	0.94mi
1197 Gallatin Ave NW Palm Bay, FL	3.0	2.0	1734	$1,965	$1.13	19d	1	1.04mi
1614 Earlham Ave NW Palm Bay, FL	3.0	2.0	1188	$1,750	$1.47	24d	1	1.07mi
1483 Jasper Ave NW Palm Bay, FL	3.0	2.0	1644	$1,800	$1.09	15d	1	1.14mi
1492 Glencove Ave NW Palm Bay, FL	3.0	2.0	1679	$1,800	$1.07	24d	1	1.16mi
1146 Kylar Dr NW Palm Bay, FL	4.0	2.0	1635	$2,250	$1.38	13d	1	1.25mi
1337 Helvenston St NW Palm Bay, FL	3.0	2.0	1816	$1,900	$1.05	24d	1	1.29mi
1405 Pace Dr NW Palm Bay, FL	4.0	2.0	1830	$2,500	$1.37	19d	1	1.33mi
838 Gillen Ave NW Palm Bay, FL	3.0	2.0	1416	$1,900	$1.34	15d	1	1.37mi
938 Soleway Ave NW Palm Bay, FL	3.0	2.0	1867	$2,300	$1.23	13d	1	1.48mi

HOA detail

• Monthly dues: $245 · $2,940/yr

Listing history 24 events

1. 2026-06-18
   days on market $260,000 Active 199 DOM
2. 2026-06-17
   days on market $260,000 Active 198 DOM
3. 2026-06-16
   days on market $260,000 Active 197 DOM
4. 2026-06-15
   days on market $260,000 Active 196 DOM
5. 2026-06-14
   days on market $260,000 Active 194 DOM
6. 2026-06-10
   days on market $260,000 Active 191 DOM
7. 2026-06-08
   days on market $260,000 Active 189 DOM
8. 2026-06-07
   days on market $260,000 Active 188 DOM
9. 2026-06-05
   days on market $260,000 Active 185 DOM
10. 2026-06-03
    days on market $260,000 Active 184 DOM
11. 2026-06-02
    days on market $260,000 Active 183 DOM
12. 2026-06-01
    days on market $260,000 Active 182 DOM
13. 2026-05-31
    days on market $260,000 Active 181 DOM
14. 2026-05-31
    days on market $260,000 Active 180 DOM
15. 2026-03-04
    price $266,000
16. 2026-02-07
    price $266,500
17. 2026-02-04
    price $2,680,000
18. 2026-01-28
    price $270,000
19. 2025-12-13
    price $275,000
20. 2025-12-01
    listed $290,000 Active
21. 2025-08-04
    soldstatus $260,500
22. 2025-07-30
    soldstatus $260,500 Closed 482-char remark

    Show marketing remark (482 chars)

    Exclusive to active adults 55+ and better! The largest plan in the Villas collection, this single-story home offers three bedrooms for extra space. In the heart of the home is a Great Room that overlooks the covered patio on one side and the kitchen and dining room on the other. In a rear corner, the owner's suite is equipped with a private bathroom and walk-in closet. Prices, dimensions and features may vary and are subject to change. Photos are for illustrative purposes only.

23. 2025-06-16
    status Pending 482-char remark

    Show marketing remark (482 chars)

    Exclusive to active adults 55+ and better! The largest plan in the Villas collection, this single-story home offers three bedrooms for extra space. In the heart of the home is a Great Room that overlooks the covered patio on one side and the kitchen and dining room on the other. In a rear corner, the owner's suite is equipped with a private bathroom and walk-in closet. Prices, dimensions and features may vary and are subject to change. Photos are for illustrative purposes only.

24. 2025-05-08
    listed $269,000 Active 482-char remark

    Show marketing remark (482 chars)

    Exclusive to active adults 55+ and better! The largest plan in the Villas collection, this single-story home offers three bedrooms for extra space. In the heart of the home is a Great Room that overlooks the covered patio on one side and the kitchen and dining room on the other. In a rear corner, the owner's suite is equipped with a private bathroom and walk-in closet. Prices, dimensions and features may vary and are subject to change. Photos are for illustrative purposes only.

ⓘ 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: $2,408 · $201/mo
• Projected year-2 tax: $2,408 · $201/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $25,557
• − Mortgage interest: −$14,564
• − Property taxes: −$2,408
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,045
• − Management: −$2,045
• − HOA: −$2,940
• − Depreciation: −$7,564
• Taxable loss: −$7,308
• Est. tax savings @ 24.0%: +$1,754
• After-tax cash flow: $-1,066/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): 49,080
• Household income: $75,311
• Rent vs Own: 13.3% rent · 86.7% own
• Severe rent burden: 702.0

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 0.62)
• Race & ethnicity: White 56% Hispanic / Latino 21% Black 15% Two or more races 14% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Cuban 2% Dominican 3%
• Common ancestry: Romanian 2% Lithuanian 2% Hispanic 2%
• Foreign-born: 16% · Canada, Jamaica
• Languages at home: 77% English-only · Spanish 17% French/Haitian/Cajun 2% 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: ▼ -34.79%
• Current HPI: 308.9719
• Rent YoY: ▲ 0.93%
• 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

-1.1% since first listed

10 events — show timeline

• 2026-03-04 Price Changed $266,000 MARMLS
• 2026-02-07 Price Changed $266,500 MARMLS
• 2026-02-04 Price Changed $2,680,000 MARMLS
• 2026-01-28 Price Changed $270,000 MARMLS
• 2025-12-13 Price Changed $275,000 MARMLS
• 2025-12-01 Listed $290,000 MARMLS
• 2025-08-04 Sold (Public Records) $260,500 Public Records
• 2025-07-30 Sold (MLS) $260,500 SCMLS
• 2025-06-16 Pending — SCMLS
• 2025-05-08 Listed $269,000 SCMLS

Property tax history

+1022.2%/yr

Latest (2025): $2,408 · +1022.2% YoY. Source: county tax records.