640 Janice Ct · Merritt Island, FL 32952

$375,000

3 bd · 2.0 ba · 1,152 sqft · SingleFamily public records · 94 Days on market

Built 1962 7,405 sqft lot ↓ 6% since listing

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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).

• Cash flow +12.8/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• DSCR +3.8/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

MOTIVATED SELLER !!!!Enjoy the Florida lifestyle in this beautiful pool home located in a well-established Merritt Island neighborhood. Relax or entertain in style in your private outdoor oasis, featuring a sparkling pool and a fully fenced backyard. This property offers an unbeatable combination of prime location, top-rated schools, close proximity to shopping, and easy access to Florida's stunning beaches. Roof 2018, WH (gas) 2015 , AC 2013. Schedule your showing today!

Key facts

• Prime location
• Top-rated schools
• 7,405 sq ft lot

Tags

• PRIVATE OUTDOOR OASIS
• FULLY FENCED BACKYARD
• PRIME LOCATION
• TOP-RATED SCHOOLS
• CLOSE PROXIMITY TO SHOPPING
• EASY ACCESS TO BEACHES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $375k.

Deal economics

• At list price, monthly cash flow is $-98 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $358k (4.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $277k (26.2% below list).
• Recommended offer: $277k (26.2% below list) — sets the bar for 1% rule.

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: Audubon Elementary School (math 55% / reading 57%, grade C+, #832 of 2,144 statewide, top 40%, 450 students, 58% 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 45% FRL track the district average.
• Market conditions: Rents rising fast (+6.5%/yr); 230 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 ($103k/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 $3k of loan paydown is wiped out by about $11k 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 94 days — a 9% lower offer ($341k) is reasonable based on typical stale-listing flexibility.

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; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $276,707 (26.2% 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 94 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.74% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.36%
• DSCR: 0.98
• GRM: 11.3

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: -14.8%
• Equity multiple: 0.46×
• Total profit: $-56,984
• Equity at exit: $55,914

10-year hold

• IRR: -1.6%
• Equity multiple: 0.87×
• Total profit: $-13,357
• Equity at exit: $32,423

Cash invested: $105,000 (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 32952

• Rents YoY: 6.5%
• Active inventory: 230
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $2,767 medium
• Mortgage (P&I): −$1,967
• Tax from tax record: −$95 /mo · $1,138/yr
• Insurance: −$156
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$581
• Net cashflow: $-98

Break-even live

Break-even rent $2,891

Max offer price $357,675

Occupancy floor 99%

Sensitivity live

Price	-10% $114	-5% $8	+0% $-98	+5% $-204	+10% $-310
Rent	-10% $-317	-5% $-207	+0% $-98	+5% $11	+10% $121
Rate	-1.0pp $91	-0.5pp $-3	base $-98	+0.5pp $-195	+1.0pp $-294

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1315 Lester Ct Merritt Island, FL	3.0	2.0	1462	$2,350	$1.61	25d	1	0.37mi
200 S Sykes Creek Pkwy #702 Merritt Island, FL	2.0	2.0	1307	$2,390	$1.83	25d	1	1.17mi
215 Richland Ave Unit 1044313P Merritt Island, FL	3.0	2.0	1184	$4,648	$3.93	16d	1	1.50mi

Listing history 3 events

1. 2026-04-19
   status Pending
2. 2026-03-16
   price $375,000
3. 2026-01-13
   listed $399,900 Active

ⓘ 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: $1,138 · $95/mo
• Projected year-2 tax: $3,112 · $259/mo
• Expected delta: +$1,975/yr (+$165/mo · 173.6%)

ⓘ 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 (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 23 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: $33,205
• − Mortgage interest: −$21,006
• − Property taxes: −$1,138
• − Insurance: −$2,672
• − Repairs & maintenance: −$2,656
• − Management: −$2,656
• − Depreciation: −$10,909
• Taxable loss: −$7,833
• Est. tax savings @ 24.0%: +$1,880
• After-tax cash flow: $703/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: 24,834
• 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

-6.2% since first listed

3 events — show timeline

• 2026-04-19 Pending — SCMLS
• 2026-03-16 Price Changed $375,000 SCMLS
• 2026-01-13 Listed $399,900 SCMLS

Property tax history

+2.4%/yr

Latest (2025): $1,138 · +11.1% YoY. Source: county tax records.