2541 San Filippo Dr SE · Palm Bay, FL 32909

$299,000

3 bd · 2.0 ba · 1,383 sqft · Land · 250 Days on market

Built 2025 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
• Cash flow +7.5/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +1.6/10.0

Listing remarks MLS

SUPER SOUTHEAST PALM BAY LOCATION CAN T BE BEAT! This is one of 2 lots side-by-side to be sold as one package for $139,000. Perfect for that Super-Size Dream Home. Or for builder s model or spec home or 2 spec homes or models! Total . 46 acre. See ML# 321982. IF YOU ONLY NEED ONE LOT, CHECK OUT ML#321981 FOR $65,000 NEXT TO THESE 2 LOTS! SAN FILIPPO GREAT LOCATION!!

Key facts

• Bright living space
• New construction
• Dual vanity

Tags

• NEW CONSTRUCTION
• SINGLE-STORY FLOORPLAN
• BRIGHT LIVING SPACE
• PRIVATE PRIMARY SUITE
• LARGE WALK-IN CLOSET
• DUAL VANITY

Property features AI

Exterior

• Parking: Garage (2 spaces)
• Utilities: Septic tank; Electricity connected; Electric water heater
• Home design: Single-family residence; One story; Entry level: 1; Faces northwest; New construction
• Construction: Block and stucco construction; Shingle roof; Pets allowed; Building area approximately 1,990; Living area approximately 1,383
• Exterior features: Covered front porch; Patio; Fenced backyard with vinyl fencing; Cleared lot; City street frontage; Asphalt road surface

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Refrigerator; Water softener (owned)
• Bedrooms: 3 bedrooms (all on the first level)
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Ceiling fans; Kitchen island; Open floorplan; Primary bathroom with shower (no tub); Split bedroom layout; 3 total rooms
• Laundry & utility: Washer hookup; Electric dryer hookup; In-unit laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $299k.

Deal economics

• At list price, monthly cash flow is $-371 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $245k (17.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (28.2% below list).
• Recommended offer: $215k (28.2% 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: Sunrise Elementary School (math 52% / reading 57%, grade C, #892 of 2,144 statewide, top 44%, 759 students, 58% 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-school proficiency averages 42% at this address vs 55% district-wide (-12 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 23d 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 32% 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 $32k of equity ($2k loan paydown + $30k 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 ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 250 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y ago; this cycle's ask has dropped $50k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $214,628 (28.2% 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 250 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.72% ✗
• Cap rate: 4.80%
• Cash-on-cash: -5.31%
• DSCR: 0.76
• GRM: 11.6

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: 20.7%
• Equity multiple: 2.68×
• Total profit: $140,718
• Equity at exit: $269,363

10-year hold

• IRR: 19.0%
• Equity multiple: 6.21×
• Total profit: $436,064
• Equity at exit: $580,891

Cash invested: $83,720 (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: 11.6×

Monthly cashflow live

• Estimated rent: $2,146 high
• Mortgage (P&I): −$1,568
• Tax est. 1.5%: −$374 /mo · $4,485/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $-371

Break-even live

Break-even rent $2,616

Max offer price $245,350

Occupancy floor —

Sensitivity live

Price	-10% $-164	-5% $-267	+0% $-371	+5% $-474	+10% $-577
Rent	-10% $-540	-5% $-456	+0% $-371	+5% $-286	+10% $-201
Rate	-1.0pp $-220	-0.5pp $-295	base $-371	+0.5pp $-448	+1.0pp $-527

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2691 Tepee Ave SE Palm Bay, FL	4.0	2.0	1833	$2,040	$1.11	22d	1	0.44mi
543 Reading St SE Palm Bay, FL	4.0	2.0	1833	$2,010	$1.10	22d	1	0.52mi
820 Tedder Rd SE Palm Bay, FL	3.0	2.0	1808	$2,000	$1.11	24d	1	0.59mi
1198 Venus St SE Palm Bay, FL	3.0	2.0	1535	$1,961	$1.28	22d	1	0.67mi
486 Dadeville St SE Palm Bay, FL	4.0	2.0	1833	$1,995	$1.09	15d	1	0.68mi
1224 Dillard Dr SE Palm Bay, FL	3.0	2.0	1770	$2,336	$1.32	15d	1	0.70mi
590 Trymore Dr SE Palm Bay, FL	4.0	2.0	1873	$2,250	$1.20	15d	1	0.74mi
3219 Hainsworth Ave SE Palm Bay, FL	3.0	2.0	1219	$2,100	$1.72	15d	1	0.83mi
2749 Freehold Ave SE Palm Bay, FL	3.0	2.0	1386	$1,800	$1.30	24d	1	0.86mi
496 Vanguard St SE Palm Bay, FL	3.0	2.0	1666	$2,150	$1.29	24d	1	0.86mi
1213 Waterford St SE Palm Bay, FL	4.0	2.0	1695	$2,000	$1.18	24d	1	0.88mi
2785 Gabboys Ave SE Palm Bay, FL	3.0	2.0	1475	$1,849	$1.25	24d	1	0.89mi
3247 Halblum Ave SE Palm Bay, FL	4.0	3.0	1820	$2,516	$1.38	14d	1	1.12mi
291 Foley St SE Palm Bay, FL	4.0	2.0	1833	$2,025	$1.10	14d	1	1.18mi
1063 Grantham Ln SE Palm Bay, FL	3.0	2.0	1515	$2,000	$1.32	24d	1	1.21mi
978 Remington Green Dr SE Palm Bay, FL	4.0	2.0	1830	$2,200	$1.20	24d	1	1.23mi
286 Silver Frost St SE Palm Bay, FL	4.0	2.0	1833	$1,925	$1.05	15d	1	1.26mi
238 Silver Frost St SE Palm Bay, FL	3.0	2.0	1475	$1,849	$1.25	24d	1	1.31mi
2250 Chinaberry Cir SE Palm Bay, FL	3.0	2.0	1669	$1,995	$1.20	24d	1	1.32mi
160 Dailey St SE Palm Bay, FL	4.0	2.0	1795	$2,275	$1.27	24d	1	1.33mi
1416 Martinez St SE Palm Bay, FL	3.0	2.0	1747	$2,000	$1.14	15d	1	1.37mi
1454 Graves St SE Palm Bay, FL	3.0	2.0	1621	$2,100	$1.30	15d	1	1.41mi

Listing history 19 events

1. 2026-06-07
   statusdays on market $299,000 Pending 250 DOM
2. 2026-06-05
   days on market $299,000 Active 247 DOM
3. 2026-06-03
   days on market $299,000 Active 246 DOM
4. 2026-06-02
   days on market $299,000 Active 245 DOM
5. 2026-06-01
   days on market $299,000 Active 244 DOM
6. 2026-05-31
   days on market $299,000 Active 243 DOM
7. 2026-05-31
   days on market $299,000 Active 242 DOM
8. 2026-02-03
   price $299,000
9. 2026-01-13
   status Active
10. 2025-12-11
    historical
11. 2025-08-28
    listed $349,000 Active
12. 2016-08-16
    historical 368-char remark

    Show marketing remark (231 chars)

    Buy one lot, buy two or buy three! One lot for $60,000, --all side by side (Lots 2, 3 and 4, Blk 1167). Beautiful location on San Filippo is ideal for model or spec home. Very desireable location. Very Attractive Area of new homes!

13. 2016-08-16
    historical 231-char remark

    Show marketing remark (231 chars)

    Buy one lot, buy two or buy three! One lot for $60,000, --all side by side (Lots 2, 3 and 4, Blk 1167). Beautiful location on San Filippo is ideal for model or spec home. Very desireable location. Very Attractive Area of new homes!

14. 2016-08-16
    historical

    Show marketing remark (231 chars)

    Buy one lot, buy two or buy three! One lot for $60,000, --all side by side (Lots 2, 3 and 4, Blk 1167). Beautiful location on San Filippo is ideal for model or spec home. Very desireable location. Very Attractive Area of new homes!

15. 2016-08-16
    historical

    Show marketing remark (231 chars)

    Buy one lot, buy two or buy three! One lot for $60,000, --all side by side (Lots 2, 3 and 4, Blk 1167). Beautiful location on San Filippo is ideal for model or spec home. Very desireable location. Very Attractive Area of new homes!

16. 2007-09-06
    listed $60,000 231-char remark

    Show marketing remark (231 chars)

    Buy one lot, buy two or buy three! One lot for $60,000, --all side by side (Lots 2, 3 and 4, Blk 1167). Beautiful location on San Filippo is ideal for model or spec home. Very desireable location. Very Attractive Area of new homes!

17. 2007-01-17
    listed $65,000
18. 2005-03-30
    listed $69,500 368-char remark

    Show marketing remark (368 chars)

    SUPER SOUTHEAST PALM BAY LOCATION CAN T BE BEAT! This is one of 2 lots side-by-side to be sold as one package for $139,000. Perfect for that Super-Size Dream Home. Or for builder s model or spec home or 2 spec homes or models! Total . 46 acre. See ML# 321982. IF YOU ONLY NEED ONE LOT, CHECK OUT ML#321981 FOR $65,000 NEXT TO THESE 2 LOTS! SAN FILIPPO GREAT LOCATION!!

19. 2005-03-30
    listed $65,000

    Show marketing remark (368 chars)

    SUPER SOUTHEAST PALM BAY LOCATION CAN T BE BEAT! This is one of 2 lots side-by-side to be sold as one package for $139,000. Perfect for that Super-Size Dream Home. Or for builder s model or spec home or 2 spec homes or models! Total . 46 acre. See ML# 321982. IF YOU ONLY NEED ONE LOT, CHECK OUT ML#321981 FOR $65,000 NEXT TO THESE 2 LOTS! SAN FILIPPO GREAT LOCATION!!

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

Taxation est. · year 1

• Rental income: $25,755
• − Mortgage interest: −$16,749
• − Property taxes: −$4,485
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,060
• − Management: −$2,060
• − Depreciation: −$8,698
• Taxable loss: −$9,792
• Est. tax savings @ 24.0%: +$2,350
• After-tax cash flow: $-2,099/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

+330.2% since first listed

12 events — show timeline

• 2026-02-03 Price Changed $299,000 SCMLS
• 2026-01-13 Relisted — SCMLS
• 2025-12-11 Listing Removed — SCMLS
• 2025-08-28 Listed $349,000 SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2007-09-06 Listed $60,000 SCMLS
• 2007-01-17 Listed $65,000 SCMLS
• 2005-03-30 Listed $65,000 SCMLS
• 2005-03-30 Listed $69,500 SCMLS

Property tax history

+18.0%/yr

Latest (2025): $585 · +9.3% YoY. Source: county tax records.