1620 Welland St SE · Palm Bay, FL 32909

$394,999

3 bd · 2.5 ba · 1,681 sqft · Land · 139 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 +4.4/30.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +0.4/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Palm Bay lot. Priced to sell fast! Seller has 5 lots total!

Key facts

• Open floor plan
• Spacious backyard
• Flexible bonus room

Tags

• CERAMIC TILE FLOORS
• OPEN FLOOR PLAN
• SOLID SURFACE COUNTERTOPS
• FLEXIBLE BONUS ROOM
• SPACIOUS BACKYARD
• NO HOA

Property features AI

Finance

• Other: Lot approximately 0.23 acres (80 x 125); Living area 1,681 (public records); Total building area 2,270; Direction faces north; Permit number BL24-07117
• Financial info: No lease restrictions; Home warranty included
• HOA & community: Pets allowed; No association approval required

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Well water; Septic tank sewer; Electricity connected
• Home design: Single family residence; Residential property; One story; North-facing
• Construction: Block construction; Shingle roof; New construction; Built by Guida Design Group LLC; Completed condition; Slab foundation; 1 well; 1 septic system
• Exterior features: Other exterior features; Asphalt road access

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile; Slab foundation
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Kitchen-family room combo; Living room-dining room combo; Solid surface counters; Split bedroom floor plan; Thermostat; Walk-in closets
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath land listed at $395k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $234k (40.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $213k (46.0% below list).
• Recommended offer: $213k (46.0% 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: 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 rising (+3.7%/yr); 1111 active listings in the ZIP; 16 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).
• 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 $42k of equity ($3k loan paydown + $40k 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 ~$68k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($348k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 22y ago; this cycle's ask is 17895% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $36k; list at $395k implies a 1013% 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,404 (46.0% 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 139 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
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 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: 0.54% ✗
• Cap rate: 3.12%
• Cash-on-cash: -11.33%
• DSCR: 0.50
• GRM: 15.4

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: 16.0%
• Equity multiple: 2.32×
• Total profit: $145,931
• Equity at exit: $355,846

10-year hold

• IRR: 15.5%
• Equity multiple: 5.42×
• Total profit: $488,521
• Equity at exit: $767,396

Cash invested: $110,600 (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: 15.4×

Monthly cashflow live

• Estimated rent: $2,134 high
• Mortgage (P&I): −$2,071
• Tax est. 1.5%: −$494 /mo · $5,925/yr
• Insurance: −$165
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $-1,110

Break-even live

Break-even rent $3,540

Max offer price $234,335

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: $98,750
• Closing costs: $11,850
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1674 Waltz St SE Palm Bay, FL	3.0	2.0	1262	$1,831	$1.45	14d	1	0.56mi
1677 Lizette St SE Unit A Palm Bay, FL	3.0	2.0	2080	$1,900	$0.91	14d	1	0.59mi
1660 Lizette St SE Unit 1 Palm Bay, FL	4.0	2.0	1736	$2,199	$1.27	23d	1	0.62mi
1625 Waneta St SE Palm Bay, FL	3.0	2.0	1631	$2,100	$1.29	19d	1	0.70mi
2036 Walsh Ave SE Palm Bay, FL	3.0	2.0	1331	$1,930	$1.45	23d	1	0.70mi
1454 Graves St SE Palm Bay, FL	3.0	2.0	1621	$2,100	$1.30	14d	1	0.77mi
1416 Martinez St SE Palm Bay, FL	3.0	2.0	1747	$2,000	$1.14	14d	1	0.91mi
1406 Martinez St SE Palm Bay, FL	4.0	2.0	2083	$2,100	$1.01	23d	1	0.92mi
1530 Paley Cir SE Palm Bay, FL	4.0	2.0	1842	$2,095	$1.14	14d	1	0.95mi
1418 Paley Cir SE Palm Bay, FL	3.0	2.0	1260	$1,850	$1.47	23d	1	1.12mi
1165 Rabbit St SE Palm Bay, FL	3.0	2.0	1994	$1,895	$0.95	19d	1	1.15mi
1150 Tiger St SE Palm Bay, FL	3.0	2.0	1690	$1,950	$1.15	14d	1	1.20mi
1068 Saint Johns St SE Palm Bay, FL	3.0	2.0	1332	$2,000	$1.50	23d	1	1.25mi
1150 Raoul St SE Palm Bay, FL	4.0	2.0	1787	$2,300	$1.29	23d	1	1.27mi
1517 Wacker Ave SE Palm Bay, FL	4.0	2.0	1775	$2,200	$1.24	23d	1	1.39mi
978 Remington Green Dr SE Palm Bay, FL	4.0	2.0	1830	$2,200	$1.20	23d	1	1.49mi

Listing history 26 events

1. 2026-05-22
   historical $2,195
2. 2026-05-01
   price $394,999
3. 2026-02-05
   price $399,999
4. 2026-01-31
   listed $2,195
5. 2026-01-07
   listed $429,999 Active
6. 2024-02-07
   soldstatus $35,500 Closed 59-char remark

   Show marketing remark (59 chars)

   Palm Bay lot. Priced to sell fast! Seller has 5 lots total!

7. 2024-01-29
   soldstatus $35,500 Closed 144-char remark

   Show marketing remark (144 chars)

   Great lot at a great price. Won't last long. Seller has multiple lots available. Please call or text with questions and submit offers via email.

8. 2024-01-03
   status Pending 59-char remark

   Show marketing remark (144 chars)

   Great lot at a great price. Won't last long. Seller has multiple lots available. Please call or text with questions and submit offers via email.

9. 2024-01-03
   status Pending 144-char remark

   Show marketing remark (144 chars)

   Great lot at a great price. Won't last long. Seller has multiple lots available. Please call or text with questions and submit offers via email.

10. 2023-12-08
    price $38,500 144-char remark

    Show marketing remark (144 chars)

    Great lot at a great price. Won't last long. Seller has multiple lots available. Please call or text with questions and submit offers via email.

11. 2023-12-08
    price $39,500 144-char remark

    Show marketing remark (144 chars)

    Great lot at a great price. Won't last long. Seller has multiple lots available. Please call or text with questions and submit offers via email.

12. 2023-11-20
    listed $38,500 Active 144-char remark

    Show marketing remark (144 chars)

    Great lot at a great price. Won't last long. Seller has multiple lots available. Please call or text with questions and submit offers via email.

13. 2023-11-18
    listed $38,500 Active 59-char remark

    Show marketing remark (59 chars)

    Palm Bay lot. Priced to sell fast! Seller has 5 lots total!

14. 2022-01-10
    soldstatus $31,500 Closed
15. 2021-12-08
    historical Contingent
16. 2021-12-01
    price $33,000
17. 2021-11-08
    listed $35,000 Active
18. 2020-09-18
    soldstatus $11,000 Closed
19. 2020-08-28
    historical Contingent
20. 2019-10-28
    listed $11,000 Active
21. 2011-01-02
    historical
22. 2010-01-11
    listed $11,000
23. 2004-09-28
    soldstatus $23,500
24. 2004-09-10
    soldstatus $23,500
25. 2004-08-02
    listed $25,000
26. 2004-07-23
    soldstatus $15,000

ⓘ 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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 21 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: $25,608
• − Mortgage interest: −$22,126
• − Property taxes: −$5,925
• − Insurance: −$2,772
• − Repairs & maintenance: −$2,049
• − Management: −$2,049
• − Depreciation: −$11,491
• Taxable loss: −$20,803
• Est. tax savings @ 24.0%: +$4,993
• After-tax cash flow: $-8,331/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

-85.4% since first listed

26 events — show timeline

• 2026-05-22 Rental Removed $2,195 STELLARMLS
• 2026-05-01 Price Changed $394,999 Stellar MLS as Distributed by MLS Grid
• 2026-02-05 Price Changed $399,999 Stellar MLS as Distributed by MLS Grid
• 2026-01-31 Listed for Rent $2,195 STELLARMLS
• 2026-01-07 Listed $429,999 Stellar MLS as Distributed by MLS Grid
• 2024-02-07 Sold (MLS) $35,500 Stellar MLS as Distributed by MLS Grid
• 2024-01-29 Sold (MLS) $35,500 SCMLS
• 2024-01-03 Pending — Stellar MLS as Distributed by MLS Grid
• 2024-01-03 Pending — SCMLS
• 2023-12-08 Price Changed $38,500 SCMLS
• 2023-12-08 Price Changed $39,500 SCMLS
• 2023-11-20 Listed $38,500 SCMLS
• 2023-11-18 Listed $38,500 Stellar MLS as Distributed by MLS Grid
• 2022-01-10 Sold (MLS) $31,500 SCMLS
• 2021-12-08 Contingent — SCMLS
• 2021-12-01 Price Changed $33,000 SCMLS
• 2021-11-08 Listed $35,000 SCMLS
• 2020-09-18 Sold (MLS) $11,000 SCMLS
• 2020-08-28 Contingent — SCMLS
• 2019-10-28 Listed $11,000 SCMLS
• 2011-01-02 Listing Removed — MARMLS
• 2010-01-11 Listed $11,000 MARMLS
• 2004-09-28 Sold (Public Records) $23,500 Public Records
• 2004-09-10 Sold (MLS) $23,500 SCMLS
• 2004-08-02 Listed $25,000 SCMLS
• 2004-07-23 Sold (Public Records) $15,000 Public Records

Property tax history

+17.9%/yr

Latest (2025): $585 · +10.5% YoY. Source: county tax records.