1148 Sykes Rd SE · Palm Bay, FL 32909

$455,000

4 bd · 3.0 ba · 2,106 sqft · Land · 41 Days on market

Built 2026 10,019 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Cash flow +3.6/30.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

CLOSE TO I95, SHOPPING AND RESTURAUNTS. NO ASSOCIATION! TWO PARCELS AVAILABLE NEXT TO EACH OTHER!

Key facts

• Walk-in closet
• Gourmet kitchen
• Spa like bathroom

Tags

• PRIVATE IN LAW SUITE
• WATERFALL ISLAND
• GOURMET KITCHEN
• TILE BACKSPLASH
• WALK-IN CLOSET
• SPA LIKE BATHROOM

Property features AI

Exterior

• Parking: Attached garage; 3-car garage
• Utilities: Aerobic septic system; Electricity available and connected
• Home design: Single family residence; One-story; Entry on level 1; Faces northeast; New construction
• Construction: Block and stucco construction; Shingle roof; Pets allowed; Building area total approximately 3,062; Living area approximately 2,106
• Exterior features: Impact windows; Covered patio; Patio; Cleared lot

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Refrigerator
• Bedrooms: 4 bedrooms (all on one level)
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Ceiling fans; Guest suite; In-law floorplan; Kitchen island; Open floorplan; Pantry; Primary bathroom with tub and separate shower; Split bedroom layout; Walk-in closets; Wet bar
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry sink; In-unit laundry

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath land listed at $455k.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $258k (43.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (50.5% below list).
• Recommended offer: $225k (50.5% 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; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $49k of equity ($3k loan paydown + $46k 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 ~$78k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($441k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $66k; list at $455k implies a 595% 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 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $225,364 (50.5% 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 41 days. Have you received any prior offers? Is the seller open to a 50% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.50% ✗
• Cap rate: 2.70%
• Cash-on-cash: -12.85%
• DSCR: 0.43
• GRM: 16.8

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: 15.5%
• Equity multiple: 2.28×
• Total profit: $162,493
• Equity at exit: $409,900

10-year hold

• IRR: 15.1%
• Equity multiple: 5.32×
• Total profit: $550,090
• Equity at exit: $883,965

Cash invested: $127,400 (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: 16.8×

Monthly cashflow live

• Estimated rent: $2,254 high
• Mortgage (P&I): −$2,386
• Tax est. 1.5%: −$569 /mo · $6,825/yr
• Insurance: −$190
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $-1,364

Break-even live

Break-even rent $3,980

Max offer price $257,623

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: $113,750
• Closing costs: $13,650
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1150 Tiger St SE Palm Bay, FL	3.0	2.0	1690	$1,950	$1.15	14d	1	0.30mi
1150 Raoul St SE Palm Bay, FL	4.0	2.0	1787	$2,300	$1.29	23d	1	0.54mi
1517 Wacker Ave SE Palm Bay, FL	4.0	2.0	1775	$2,200	$1.24	23d	1	0.57mi
2910 Emerson Dr SE Palm Bay, FL	3.0	2.0	1700	$1,950	$1.15	14d	1	0.81mi
1530 Paley Cir SE Palm Bay, FL	4.0	2.0	1842	$2,095	$1.14	14d	1	0.87mi
1625 Waneta St SE Palm Bay, FL	3.0	2.0	1631	$2,100	$1.29	18d	1	0.89mi
978 Remington Green Dr SE Palm Bay, FL	4.0	2.0	1830	$2,200	$1.20	23d	1	0.97mi
818 Seven Gables Cir SE Palm Bay, FL	3.0	2.0	1490	$1,795	$1.20	23d	1	1.05mi
822 Seven Gables Cir SE Palm Bay, FL	3.0	2.0	1474	$1,835	$1.24	23d	1	1.06mi
2250 Chinaberry Cir SE Palm Bay, FL	3.0	2.0	1669	$1,995	$1.20	23d	1	1.14mi
1454 Graves St SE Palm Bay, FL	3.0	2.0	1621	$2,100	$1.30	14d	1	1.17mi
2242 Mantilla Ave SE Palm Bay, FL	5.0	2.0	2516	$2,176	$0.86	21d	1	1.18mi
1210 Vandalia Ave SE Palm Bay, FL	4.0	2.0	1833	$2,050	$1.12	14d	1	1.18mi
1165 Rabbit St SE Palm Bay, FL	3.0	2.0	1994	$1,895	$0.95	18d	1	1.25mi
1290 Sail Ct SE Palm Bay, FL	3.0	2.0	1509	$1,945	$1.29	23d	1	1.29mi
1255 Wadsworth St SE Unit 1255 Palm Bay, FL	3.0	3.0	1747	$2,350	$1.35	18d	1	1.33mi
1677 Lizette St SE Unit A Palm Bay, FL	3.0	2.0	2080	$1,900	$0.91	14d	1	1.36mi
1660 Lizette St SE Unit 1 Palm Bay, FL	4.0	2.0	1736	$2,199	$1.27	23d	1	1.37mi
1406 Martinez St SE Palm Bay, FL	4.0	2.0	2083	$2,100	$1.01	23d	1	1.38mi
1416 Martinez St SE Palm Bay, FL	3.0	2.0	1747	$2,000	$1.14	14d	1	1.39mi
1643 Talavera St SE Palm Bay, FL	4.0	2.0	1833	$1,861	$1.02	18d	1	1.40mi
1224 Buffing Cir SE Palm Bay, FL	4.0	2.0	2233	$2,395	$1.07	14d	1	1.47mi

Listing history 22 events

1. 2026-06-18
   days on market $455,000 Active 41 DOM
2. 2026-06-17
   days on market $455,000 Active 40 DOM
3. 2026-06-16
   days on market $455,000 Active 39 DOM
4. 2026-06-15
   days on market $455,000 Active 38 DOM
5. 2026-06-14
   days on market $455,000 Active 36 DOM
6. 2026-06-10
   days on market $455,000 Active 33 DOM
7. 2026-06-08
   days on market $455,000 Active 31 DOM
8. 2026-06-07
   days on market $455,000 Active 30 DOM
9. 2026-06-05
   days on market $455,000 Active 27 DOM
10. 2026-06-03
    days on market $455,000 Active 26 DOM
11. 2026-06-02
    days on market $455,000 Active 25 DOM
12. 2026-06-01
    days on market $455,000 Active 24 DOM
13. 2026-05-31
    days on market $455,000 Active 23 DOM
14. 2026-05-31
    days on market $455,000 Active 22 DOM
15. 2026-05-08
    listed $455,000 Active
16. 2026-03-02
    soldstatus $65,500
17. 2026-02-27
    soldstatus $32,750 Closed 97-char remark

    Show marketing remark (97 chars)

    CLOSE TO I95, SHOPPING AND RESTURAUNTS. NO ASSOCIATION! TWO PARCELS AVAILABLE NEXT TO EACH OTHER!

18. 2026-01-26
    status Pending 97-char remark

    Show marketing remark (97 chars)

    CLOSE TO I95, SHOPPING AND RESTURAUNTS. NO ASSOCIATION! TWO PARCELS AVAILABLE NEXT TO EACH OTHER!

19. 2026-01-20
    listed $35,000 Active 97-char remark

    Show marketing remark (97 chars)

    CLOSE TO I95, SHOPPING AND RESTURAUNTS. NO ASSOCIATION! TWO PARCELS AVAILABLE NEXT TO EACH OTHER!

20. 2005-07-20
    soldstatus $49,900
21. 2005-07-15
    soldstatus $49,900 146-char remark

    Show marketing remark (146 chars)

    EXCELLENT LOCATION = Close to Bayside Lakes Shopping and the Majors Golf Course = The vacant lot next to this lot is also available see MLS 325806

22. 2005-05-05
    listed $49,900 146-char remark

    Show marketing remark (146 chars)

    EXCELLENT LOCATION = Close to Bayside Lakes Shopping and the Majors Golf Course = The vacant lot next to this lot is also available see MLS 325806

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 6 d/yr ≥106°F today · 19 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: $27,044
• − Mortgage interest: −$25,487
• − Property taxes: −$6,825
• − Insurance: −$2,275
• − Repairs & maintenance: −$2,163
• − Management: −$2,163
• − Depreciation: −$13,236
• Taxable loss: −$25,107
• Est. tax savings @ 24.0%: +$6,026
• After-tax cash flow: $-10,343/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

+811.8% since first listed

8 events — show timeline

• 2026-05-08 Listed $455,000 SCMLS
• 2026-03-02 Sold (Public Records) $65,500 Public Records
• 2026-02-27 Sold (MLS) $32,750 MARMLS
• 2026-01-26 Pending — MARMLS
• 2026-01-20 Listed $35,000 MARMLS
• 2005-07-20 Sold (Public Records) $49,900 Public Records
• 2005-07-15 Sold (MLS) $49,900 SCMLS
• 2005-05-05 Listed $49,900 SCMLS

Property tax history

+12.3%/yr

Latest (2025): $367 · +9.0% YoY. Source: county tax records.