430 Breakwater Dr #29 · Merritt Island, FL 32952

$142,500

2 bd · 2.0 ba · 894 sqft · Condo public records · 95 Days on market

Built 1981 $460/mo HOA · 24% of rent

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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 +19.9/30.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Most convenient, yet secluded location in south MI. This updated, well maintained, ground floor unit features a spacious floor plan with the kitchen open to the living/dining room combo. The patio overlooks the peaceful, manicured courtyard & pool. It is fitted with privacy shutters that can be rolled up. Washer & dryer are in the unit. There is a large 5x5 storage room off the patio. Large dogs are welcomed in this community. The community just replaced all the screens on the patios which gives it a very fresh look. This unit is move in ready with newer HVAC, hot water heater and appliances. Enjoy relaxing or swimming laps in your choice of 2 pools. Across the street from Merritt Square mall- walk to shopping, dining, & movies! Also, just a few minutes from Cocoa Beach.

Key facts

• Quartz countertops
• Community pool
• Private patio

Tags

• OPEN KITCHEN
• QUARTZ COUNTERTOPS
• NEW APPLIANCES
• IN UNIT LAUNDRY
• PRIVATE PATIO
• COMMUNITY POOL

Property features AI

Finance

• Other: Partially furnished unit
• Financial info: Association fee includes cable TV, sewer and water
• HOA & community: Community association (Harbor Woods Condo Association); Association amenities include car wash area and grounds/structure maintenance; Monthly association fee

Exterior

• Parking: Assigned parking; Guest parking; Parking lot
• Utilities: Septic tank; Water connected; Sewer connected; Electricity available; Cable available
• Home design: Condominium; 2-story building; Entry level: 1; Facing west
• Construction: Block, concrete and stucco construction
• Exterior features: Covered patio; Rear porch; Screened porch; Many trees; Private road with paved/asphalt surface

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Breakfast bar; Breakfast nook; Ceiling fans; Pantry
• Laundry & utility: In-unit laundry (stacked washer/dryer)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $142k.

Deal economics

• At list price, monthly cash flow is $172 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $142k).
• Recommended offer: $130k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#441 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: amenities F, commute 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: Tropical Elementary School (math 60% / reading 64%, grade B, #608 of 2,144 statewide, top 29%, 671 students, 51% 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 43% FRL track the district average.
• Market conditions: Rents rising fast (+6.5%/yr); 227 active listings in the ZIP; 12 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $985 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $40k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $18k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $86k; list at $142k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $129,675 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.33% ✓
• Cap rate: 7.74%
• Cash-on-cash: 5.18%
• DSCR: 1.23
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.53% rent growth · sell at horizon

5-year hold

• IRR: -3.1%
• Equity multiple: 0.88×
• Total profit: $-4,917
• Equity at exit: $21,247

10-year hold

• IRR: 11.0%
• Equity multiple: 2.04×
• Total profit: $41,583
• Equity at exit: $12,321

Cash invested: $39,900 (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 32952

• Rents YoY: 6.5%
• Active inventory: 227
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,897 high
• Mortgage (P&I): −$747
• Tax from tax record: −$60 /mo · $717/yr
• Insurance: −$59
• HOA: −$460
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $172

Break-even live

Break-even rent $1,679

Max offer price $142,500

Occupancy floor 86%

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: $35,625
• Closing costs: $4,275
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
480 Nancie Ave Merritt Island, FL	3.0	2.0	888	$2,100	$2.36	23d	1	0.44mi
1200 S Courtenay Pkwy Merritt Island, FL	1.0–2.0	1.5–2.0	812	$1,625	$2.00	14d	7	0.76mi
205 Palmetto Ave Merritt Island, FL	2.0	2.0	1033	$1,625	$1.57	23d	2	0.79mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	23d	4	1.02mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	14d	4	1.02mi
442 Magnolia Ave Unit 31 Merritt Island, FL	1.0	1.0	760	$1,350	$1.78	23d	1	1.08mi
388 Hibiscus Ave Merritt Island, FL	2.0	1.0	720	$1,650	$2.29	23d	1	1.23mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,545	$1.72	14d	2	1.27mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,525	$1.69	23d	2	1.27mi
50 Needle Blvd #28 Merritt Island, FL	2.0	1.5	900	$1,550	$1.72	23d	1	1.31mi
630 Kurek Ct Merritt Island, FL	1.0	1.0	475	$1,199	$2.52	23d	1	1.49mi
140 Minna Ln Merritt Island, FL	2.0	1.0	775	$1,250	$1.61	14d	1	1.49mi

HOA detail condo

• Monthly dues: $460 · $5,520/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-15
   statusdays on market $142,500 Pending 95 DOM
2. 2026-06-14
   pricedays on market $142,500 Active 94 DOM
3. 2026-06-10
   days on market $148,500 Active 91 DOM
4. 2026-06-08
   days on market $148,500 Active 89 DOM
5. 2026-06-07
   days on market $148,500 Active 88 DOM
6. 2026-06-05
   days on market $148,500 Active 85 DOM
7. 2026-06-03
   days on market $148,500 Active 84 DOM
8. 2026-06-02
   days on market $148,500 Active 83 DOM
9. 2026-06-01
   days on market $148,500 Active 82 DOM
10. 2026-05-31
    days on market $148,500 Active 81 DOM
11. 2026-05-31
    days on market $148,500 Active 80 DOM
12. 2026-04-20
    price $148,500
13. 2026-04-15
    price $153,800
14. 2026-03-07
    listed $160,000 Active
15. 2017-10-13
    soldstatus $86,000
16. 2017-10-09
    soldstatus $86,000 799-char remark

    Show marketing remark (799 chars)

    Most convenient, yet secluded location in south MI. This updated, well maintained, ground floor unit features a spacious floor plan with the kitchen open to the living/dining room combo. The patio overlooks the peaceful, manicured courtyard & pool. It is fitted with privacy shutters that can be rolled up. Washer & dryer are in the unit. There is a large 5x5 storage room off the patio. Large dogs are welcomed in this community. The community just replaced all the screens on the patios which gives it a very fresh look. This unit is move in ready with newer HVAC, hot water heater and appliances. Enjoy relaxing or swimming laps in your choice of 2 pools. Across the street from Merritt Square mall- walk to shopping, dining, & movies! Also, just a few minutes from Cocoa Beach.

17. 2017-05-17
    listed $89,900 799-char remark

    Show marketing remark (799 chars)

    Most convenient, yet secluded location in south MI. This updated, well maintained, ground floor unit features a spacious floor plan with the kitchen open to the living/dining room combo. The patio overlooks the peaceful, manicured courtyard & pool. It is fitted with privacy shutters that can be rolled up. Washer & dryer are in the unit. There is a large 5x5 storage room off the patio. Large dogs are welcomed in this community. The community just replaced all the screens on the patios which gives it a very fresh look. This unit is move in ready with newer HVAC, hot water heater and appliances. Enjoy relaxing or swimming laps in your choice of 2 pools. Across the street from Merritt Square mall- walk to shopping, dining, & movies! Also, just a few minutes from Cocoa Beach.

18. 2017-03-27
    historical 370-char remark

    Show marketing remark (370 chars)

    REDUCED! This tastefully decorated 1st floor condo located minutes from everything in the heart of Merritt Island! 2 bedrooms and 2 baths with a great screened porch overlooking the large community pool. Kitchen has recently been updated and freshly painted throughout unit. Washer/dryer included. Roll down shutters on all windows including the screened porch! New A/C!

19. 2016-08-16
    historical
20. 2010-08-23
    listed $64,000
21. 2006-07-26
    listed $124,000 370-char remark

    Show marketing remark (370 chars)

    REDUCED! This tastefully decorated 1st floor condo located minutes from everything in the heart of Merritt Island! 2 bedrooms and 2 baths with a great screened porch overlooking the large community pool. Kitchen has recently been updated and freshly painted throughout unit. Washer/dryer included. Roll down shutters on all windows including the screened porch! New A/C!

22. 2002-08-01
    soldstatus $60,500
23. 1999-10-19
    soldstatus $43,000
24. 1991-04-01
    soldstatus $39,900

ⓘ 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: $717 · $60/mo
• Projected year-2 tax: $1,183 · $99/mo
• Expected delta: +$466/yr (+$39/mo · 65.0%)

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

Taxation est. · year 1

• Rental income: $22,762
• − Mortgage interest: −$7,982
• − Property taxes: −$717
• − Insurance: −$712
• − Repairs & maintenance: −$1,821
• − Management: −$1,821
• − HOA: −$5,520
• − Depreciation: −$4,145
• Taxable income: $43
• Est. tax owed @ 24.0%: −$10
• After-tax cash flow: $2,055/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 — Merritt Island

• Score: 70/100
• State rank: #441
• US rank: #7878

Category grades

Amenities F Commute F Cost of living C+ Crime A+ Employment A- Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merritt Island, FL
• County: Brevard County · 602,871 people
• City population: 46,372
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 21,613
• Household income: $102,726
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 199.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 6% Asian 2% Black 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 4% 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: ▼ -177.56%
• Current HPI: 323.6021
• Rent YoY: ▲ 6.53%
• 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

+272.2% since first listed

13 events — show timeline

• 2026-04-20 Price Changed $148,500 SCMLS
• 2026-04-15 Price Changed $153,800 SCMLS
• 2026-03-07 Listed $160,000 SCMLS
• 2017-10-13 Sold (Public Records) $86,000 Public Records
• 2017-10-09 Sold (MLS) $86,000 SCMLS
• 2017-05-17 Listed $89,900 SCMLS
• 2017-03-27 Listing Removed — SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2010-08-23 Listed $64,000 SCMLS
• 2006-07-26 Listed $124,000 SCMLS
• 2002-08-01 Sold (Public Records) $60,500 Public Records
• 1999-10-19 Sold (Public Records) $43,000 Public Records
• 1991-04-01 Sold (Public Records) $39,900 Public Records

Property tax history

+7.4%/yr

Latest (2025): $717 · +13.0% YoY. Source: county tax records.