1887 Cerulean Dr

Palm Bay, FL 32907

$260,000F

3 bd · 2.0 ba · 1,436 sqft · Built 2025 · Land · Active · 199 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,130/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$309
• HOA: −$245
• Vac / Maint / Mgmt: −$447
• Net cashflow: $-235/mo
• Annual: $-2,820/yr
• Cap rate: 5.21%
• Cash-on-cash: -3.87%
• DSCR: 0.83
• 1% rule: 0.82%
• Cash to close: $72,800

Investor read

• This is a 3-bed/2.0-bath land listed at $260k.
• 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).
• It's been on market 199 days — a 12% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $213k (18.1% below list) — sets the bar for 1% rule.
• 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.
• 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 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; this cycle's ask has dropped $30k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• This rent runs 34% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.