2820 Treasure Cay Ln · Viera West, FL 32940

$355,000

3 bd · 2.0 ba · 1,565 sqft · SingleFamily public records · 24 Days on market

Built 2019 5,227 sqft lot $464/mo HOA · 16% of rent ↓ 12% 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).

• ARV discount +7.5/15.0
• Cash flow +7.1/30.0
• Appreciation +5.2/10.0
• Schools +4.7/10.0
• Livability +3.5/5.0
• 1% rule +3.4/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• DSCR +1.3/10.0

Listing remarks MLS

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Key facts

• Gated neighborhood
• Fitness center
• Pickleball courts

Tags

• GATED NEIGHBORHOOD
• AMENITIES INCLUDING POOL
• FITNESS CENTER
• AEROBICS ROOM
• MOVIE THEATER
• PICKLEBALL COURTS

Property features AI

Finance

• Other: Unfurnished; Directions: Enter via main entrance with guard gate; from Lake Andrew Rd turn onto Breakers Row, enter through gate, at roundabout take first right onto Breakers Row, continue, turn left onto Treasure Cay — home on the right
• HOA & community: Association: Leland Management; Monthly association fees (two entries listed); Association amenities include clubhouse, fitness center, gated access, maintenance of grounds, pest control, tennis and pickleball courts, shuffleboard, and a car wash area; Association fee covers grounds maintenance, pest control and security; Senior community

Exterior

• Parking: Attached garage (2 spaces)
• Security: Gated community with guard; Security gate
• Utilities: Public sewer; Cable available; Electricity available and connected; Water available and connected; Sewer available and connected
• Home design: Single-family home; One story; Entry level: 1; Home faces south; Accessible central living area
• Construction: Block and stucco construction; Shingle roof; Pets allowed with size limits
• Exterior features: Storm shutters; Rear screened porch; Tennis court(s) on the property; Dead-end street; Asphalt road

Interior

• Kitchen: Dishwasher; Electric cooktop; Electric range; Microwave; Refrigerator; Breakfast bar; Pantry; Eat-in kitchen / open floorplan
• Bedrooms: 3 bedrooms (primary bedroom downstairs)
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Breakfast bar; Ceiling fans; Eat-in kitchen; Open floor plan; Pantry; Primary suite on the ground floor; Split bedroom layout; Vaulted ceilings; Walk-in closets; Electric fireplace
• Laundry & utility: Washer and dryer in unit; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $355k.

Deal economics

• At list price, monthly cash flow is $-504 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $266k (25.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $299k (15.9% below list).
• Recommended offer: $266k (25.1% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 70/100 on livability (#450 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A, housing A; Watch: amenities F, commute F, cost of living 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.
• Zoned schools: Delaura Middle School (math 74% / reading 70%, grade A, #52 of 571 statewide, top 10%, 843 students, 21% FRL); Viera High School (math 58% / reading 71%, grade B-, #78 of 667 statewide, top 13%, 2,289 students, 15% FRL) — zoned schools average 18% FRL vs 43% district-wide (25 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 68% at this address vs 55% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Brevard average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.0%/yr); 583 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• This rent runs 32% of the median local income ($110k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $4k of equity ($2k loan paydown + $1k appreciation (0.4% local appreciation)).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($350k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $265,976 (25.1% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
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: 0.84% ✗
• Cap rate: 4.59%
• Cash-on-cash: -6.08%
• DSCR: 0.73
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.4% appreciation · 1.96% rent growth · sell at horizon

5-year hold

• IRR: -8.1%
• Equity multiple: 0.61×
• Total profit: $-38,495
• Equity at exit: $110,296

10-year hold

• IRR: -2.9%
• Equity multiple: 0.68×
• Total profit: $-31,702
• Equity at exit: $138,484

Cash invested: $99,400 (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 32940

• Home prices YoY: 0.1%
• Rents YoY: 2.0%
• Active inventory: 583
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,985 high
• Mortgage (P&I): −$1,862
• Tax from tax record: −$389 /mo · $4,666/yr
• Insurance: −$148
• HOA: −$464
• Vacancy / Maint / Mgmt: −$627
• Net cashflow: $-504

Break-even live

Break-even rent $3,623

Max offer price $265,976

Occupancy floor —

Sensitivity live

Price	-10% $-303	-5% $-403	+0% $-504	+5% $-604	+10% $-705
Rent	-10% $-740	-5% $-622	+0% $-504	+5% $-386	+10% $-268
Rate	-1.0pp $-325	-0.5pp $-414	base $-504	+0.5pp $-596	+1.0pp $-690

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: $88,750
• Closing costs: $10,650
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2371 Caravan Pl Melbourne, FL	3.0	2.0	1876	$2,999	$1.60	15d	1	0.51mi
8538 Rocard Ct Melbourne, FL	4.0	2.5	2031	$3,495	$1.72	24d	1	0.70mi
8134 Loren Cove Dr Melbourne, FL	3.0	2.0	1647	$2,900	$1.76	15d	1	0.83mi
2601 Trasona Dr Melbourne, FL	3.0	2.0	1656	$2,749	$1.66	24d	1	1.09mi
9051 Udina Way Melbourne, FL	4.0	2.5	2054	$3,500	$1.70	24d	1	1.10mi
7578 Highsmith Rd Melbourne, FL	1.0–3.0	1.0–2.0	1155	$3,703	$3.20	15d	32	1.26mi
660 Wickham Lakes Dr Melbourne, FL	3.0	2.0	1521	$2,500	$1.64	24d	1	1.35mi
2882 Amethyst Way Melbourne, FL	3.0	2.0	1581	$2,800	$1.77	15d	1	1.47mi

HOA detail

• Monthly dues: $464 · $5,568/yr

Listing history 21 events

1. 2026-06-18
   days on market $355,000 Active 24 DOM
2. 2026-06-17
   days on market $355,000 Active 23 DOM
3. 2026-06-16
   days on market $355,000 Active 22 DOM
4. 2026-06-15
   days on market $355,000 Active 21 DOM
5. 2026-06-14
   days on market $355,000 Active 19 DOM
6. 2026-06-10
   days on market $355,000 Active 16 DOM
7. 2026-06-08
   days on market $355,000 Active 14 DOM
8. 2026-06-07
   days on market $355,000 Active 13 DOM
9. 2026-06-05
   days on market $355,000 Active 10 DOM
10. 2026-06-03
    days on market $355,000 Active 9 DOM
11. 2026-06-02
    days on market $355,000 Active 8 DOM
12. 2026-06-01
    days on market $355,000 Active 7 DOM
13. 2026-05-31
    days on market $355,000 Active 6 DOM
14. 2026-05-31
    days on market $355,000 Active 5 DOM
15. 2026-05-25
    listed $355,000 Active
16. 2025-11-07
    historical 1-char remark

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17. 2025-08-20
    price $359,900 1-char remark

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18. 2025-06-17
    price $365,000 1-char remark

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19. 2025-04-25
    price $380,000 1-char remark

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20. 2025-03-30
    price $399,000 1-char remark

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21. 2025-01-17
    listed $405,000 Active 1-char remark

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ⓘ 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: $4,666 · $389/mo
• Projected year-2 tax: $4,666 · $389/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 22 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: $35,824
• − Mortgage interest: −$19,886
• − Property taxes: −$4,666
• − Insurance: −$1,775
• − Repairs & maintenance: −$2,866
• − Management: −$2,866
• − HOA: −$5,568
• − Depreciation: −$10,327
• Taxable loss: −$12,129
• Est. tax savings @ 24.0%: +$2,911
• After-tax cash flow: $-3,136/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 — Viera West

• Score: 70/100
• State rank: #450
• US rank: #8106

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Brevard County · 602,871 people
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 51,727
• Household income: $110,495
• Rent vs Own: 15.8% rent · 84.2% own
• Severe rent burden: 873.0

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 (77%)
• Race & ethnicity: White 77% Hispanic / Latino 10% Two or more races 9% Asian 5% Black 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 1%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 11% · Canada, Jamaica, China
• Languages at home: 88% English-only · Spanish 6% Other Indo-European 2% German/W. Germanic 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: ▲ 0.40%
• Current HPI: 298.1023
• Rent YoY: ▲ 1.96%
• 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

-12.3% since first listed

7 events — show timeline

• 2026-05-25 Listed $355,000 SCMLS
• 2025-11-07 Listing Removed — SCMLS
• 2025-08-20 Price Changed $359,900 SCMLS
• 2025-06-17 Price Changed $365,000 SCMLS
• 2025-04-25 Price Changed $380,000 SCMLS
• 2025-03-30 Price Changed $399,000 SCMLS
• 2025-01-17 Listed $405,000 SCMLS

Property tax history

+41.9%/yr

Latest (2025): $4,666 · +7.4% YoY. Source: county tax records.