7610 Patti Dr · North Merritt Island, FL 32953

$225,000

3 bd · 2.0 ba · 1,272 sqft · Manufactured public records · 57 Days on market

Built 1979 1.00 ac lot

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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 +21.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +5.0/10.0
• Schools +4.7/10.0
• Rent growth +3.0/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Situated on a FULL ACRE in lovely North Merritt Island, this unique property offers endless potential for the right Buyer! Partially renovated, this modular home is ready for your vision and finishing touches, making it an ideal opportunity to create your dream residence within the privacy you've been searching for. The lot includes an existing pole barn and fantastic space for growth. .. .adding flexibility and immediate usability. With no HOA restrictions, you'll have the freedom to build, expand or customize to suit your lifestyle. Conveniently located near Blue Origin, Port Canaveral AND within easy reach of Orlando, this property blends space, location and opportunity. A truly one-of-a

Key facts

• Well-maintained rv
• Older pole barn
• No hoa restrictions

Tags

• FULL ACRE
• PARTIALLY RENOVATED
• OLDER POLE BARN
• WELL-MAINTAINED RV
• NO HOA RESTRICTIONS

Property features AI

Exterior

• Parking: Guest parking available; On-street parking
• Utilities: Septic tank; Cable available; Electricity available; Water available
• Home design: Manufactured home; One story; Entry on main level; Faces west; Used as a single-family residence
• Construction: Frame construction
• Exterior features: Many trees on the lot; Asphalt road access; 1 acre lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: No central heating; No central cooling
• Interior features: Dishwasher; Microwave; Refrigerator; Laminate flooring
• Laundry & utility: Unfurnished (no built-in laundry specified)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $225k.

Deal economics

• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (0.3% below list).
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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: Lewis Carroll Elementary School (math 72% / reading 70%, grade A-, #320 of 2,144 statewide, top 15%, 626 students, 38% 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 39% FRL track the district average.
• Market conditions: Rents rising (+2.1%/yr); 219 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• This rent runs 31% of the median local income ($87k/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 $7k 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 57 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $85k; list at $225k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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 $218,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.00% ✗
• Cap rate: 8.11%
• Cash-on-cash: 6.47%
• DSCR: 1.29
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.12% rent growth · sell at horizon

5-year hold

• IRR: -9.2%
• Equity multiple: 0.67×
• Total profit: $-21,017
• Equity at exit: $33,548

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-3,821
• Equity at exit: $19,454

Cash invested: $63,000 (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 32953

• Home prices YoY: -34.5%
• Rents YoY: 2.1%
• Active inventory: 219
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,244 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$159 /mo · $1,912/yr
• Insurance: −$94
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $273

Break-even live

Break-even rent $1,898

Max offer price $225,000

Occupancy floor 83%

Sensitivity live

Price	-10% $401	-5% $337	+0% $273	+5% $210	+10% $146
Rent	-10% $96	-5% $185	+0% $273	+5% $362	+10% $451
Rate	-1.0pp $387	-0.5pp $331	base $273	+0.5pp $215	+1.0pp $156

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1045 Pine Island Rd Merritt Island, FL	3.0	2.0	1725	$2,450	$1.42	24d	1	0.85mi

Listing history 21 events

1. 2026-06-18
   days on market $225,000 Active 57 DOM
2. 2026-06-17
   days on market $225,000 Active 56 DOM
3. 2026-06-16
   days on market $225,000 Active 55 DOM
4. 2026-06-15
   pricedays on market $225,000 Active 54 DOM
5. 2026-06-14
   days on market $240,000 Active 52 DOM
6. 2026-06-10
   days on market $240,000 Active 49 DOM
7. 2026-06-08
   days on market $240,000 Active 47 DOM
8. 2026-06-07
   days on market $240,000 Active 46 DOM
9. 2026-06-05
   days on market $240,000 Active 43 DOM
10. 2026-06-03
    days on market $240,000 Active 42 DOM
11. 2026-06-02
    days on market $240,000 Active 41 DOM
12. 2026-06-01
    days on market $240,000 Active 40 DOM
13. 2026-05-31
    days on market $240,000 Active 39 DOM
14. 2026-05-31
    days on market $240,000 Active 38 DOM
15. 2026-05-19
    price $240,000
16. 2026-04-29
    price $295,000
17. 2026-04-22
    listed $310,000 Active
18. 2022-11-14
    soldstatus $85,000
19. 1999-07-07
    soldstatus $65,700
20. 1980-06-01
    soldstatus $44,900
21. 1980-05-01
    soldstatus $44,900

ⓘ 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: $1,912 · $159/mo
• Projected year-2 tax: $1,912 · $159/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 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 22 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,930
• − Mortgage interest: −$12,603
• − Property taxes: −$1,912
• − Insurance: −$1,922
• − Repairs & maintenance: −$2,154
• − Management: −$2,154
• − Depreciation: −$6,545
• Taxable loss: −$363
• Est. tax savings @ 24.0%: +$87
• After-tax cash flow: $3,368/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 — North Merritt Island

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: North Merritt Island, FL
• County: Brevard County · 602,871 people
• City population: 24,834
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 24,759
• Household income: $87,262
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 849.0

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 (77%)
• Race & ethnicity: White 77% Hispanic / Latino 13% Two or more races 7% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6%
• Common ancestry: Slovak 3% Romanian 3% Lithuanian 3%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 87% English-only · Spanish 8% Tagalog/Filipino 2% French/Haitian/Cajun 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: ▼ -168.76%
• Current HPI: 320.1966
• Rent YoY: ▲ 2.12%
• 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

+434.5% since first listed

7 events — show timeline

• 2026-05-19 Price Changed $240,000 SCMLS
• 2026-04-29 Price Changed $295,000 SCMLS
• 2026-04-22 Listed $310,000 SCMLS
• 2022-11-14 Sold (Public Records) $85,000 Public Records
• 1999-07-07 Sold (Public Records) $65,700 Public Records
• 1980-06-01 Sold (Public Records) $44,900 Public Records
• 1980-05-01 Sold (Public Records) $44,900 Public Records

Property tax history

+6.0%/yr

Latest (2025): $1,912 · +8.1% YoY. Source: county tax records.