450 Caribbean St SE · Palm Bay, FL 32909

$429,990

4 bd · 3.0 ba · 2,338 sqft · Land · 228 Days on market

Built 2025 0.30 ac lot ↓ 1% 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Cash flow +4.6/30.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +0.5/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Welcome to the Charlotte floorplan, from our Cornerstone collection. Designed with the perfect blend of functionality and style, this home is sure to captivate discerning homebuyers seeking an exceptional living experience. The Charlotte floorplan boasts a large, recessed truss covered porch, offering privacy and an attractive exterior. Embrace the option for a larger covered entry, which provides a welcoming touch and space for a small table and chairs or a cozy seating area. This additional outdoor space allows you to create a charming nook for relaxation or socializing. Upon entry into the home, you'll be welcomed by a dining room to your left and a den to your right, setting the stage for a home that exudes refinement and functionality. The great room, open to the kitchen and breakfast nook, serves as the heart of the home, fostering seamless interactions and creating a warm and inviting atmosphere. Discover the convenience of the separate laundry room, situated between the garage and kitchen, offering functionality and organization. The spacious owner's suite features a generously sized walk-in closet, providing plenty of storage space for your wardrobe and personal belongings. Pamper yourself in the large walk-in tile shower, creating a serene oasis within the privacy of your own home.

Key facts

• Ample cabinets
• Counter space
• Massive owners suite

Tags

• OPEN CONCEPT FLOOR PLAN
• MASSIVE OWNERS SUITE
• LARGE WALK IN CLOSET
• AMPLE CABINETS
• COUNTER SPACE
• ISLAND FOR PREPPING

Property features AI

Exterior

• Parking: Attached 2-car garage
• Security: Smoke detectors
• Utilities: Septic tank; Electricity connected; Cable available; Water-smart landscaping
• Home design: Single family residence; One-story; North-facing; New construction
• Construction: Block, concrete and stucco construction; New construction
• Exterior features: Porch; Storm shutters; Shingle roof; Cleared lot; Asphalt road frontage

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Ice maker; Electric water heater
• Bedrooms: 4 bedrooms (all on the first floor); Owner's suite on the first floor
• Flooring: Carpet; Tile
• Bathrooms: 3 full bathrooms; Primary bathroom includes tub with shower and a tub with separate shower
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Attic fan; Energy-efficient HVAC and thermostat
• Interior features: Breakfast nook; Kitchen island; Open floorplan; Pantry; Primary bathroom with tub and separate shower; Split bedroom layout; Vaulted ceilings; Walk-in closets
• Laundry & utility: Washer hookup; Electric dryer hookup; Gas dryer hookup; Laundry sink

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath land listed at $430k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $273k (36.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $239k (44.5% below list).
• Recommended offer: $239k (44.5% 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: John F. Turner Senior Elementary School (math 38% / reading 43%, grade F, #1,471 of 2,144 statewide, top 69%, 543 students, 69% FRL); Southwest Middle School (math 40% / reading 39%, grade F, #373 of 571 statewide, top 66%, 920 students, 58% FRL); Heritage High School (math 30% / reading 44%, grade F, #340 of 667 statewide, top 52%, 2,007 students, 62% FRL) — zoned schools average 63% FRL vs 43% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 39% at this address vs 55% district-wide (-16 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); 1123 active listings in the ZIP; 12 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 36% 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 $46k of equity ($3k loan paydown + $43k 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 ~$74k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 228 days — a 12% lower offer ($378k) is reasonable based on typical stale-listing flexibility.
• 3 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 $238,608 (44.5% 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 228 days. Have you received any prior offers? Is the seller open to a 45% 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: 0.55% ✗
• Cap rate: 3.26%
• Cash-on-cash: -10.83%
• DSCR: 0.52
• GRM: 15.0

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: 16.8%
• Equity multiple: 2.38×
• Total profit: $166,635
• Equity at exit: $387,369

10-year hold

• IRR: 16.1%
• Equity multiple: 5.56×
• Total profit: $548,584
• Equity at exit: $835,376

Cash invested: $120,397 (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: 1123
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $2,386 high
• Mortgage (P&I): −$2,255
• Tax est. 1.5%: −$537 /mo · $6,450/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $-1,087

Break-even live

Break-even rent $3,761

Max offer price $272,763

Occupancy floor —

Sensitivity live

Price	-10% $-789	-5% $-938	+0% $-1,087	+5% $-1,235	+10% $-1,384
Rent	-10% $-1,275	-5% $-1,181	+0% $-1,087	+5% $-992	+10% $-898
Rate	-1.0pp $-870	-0.5pp $-977	base $-1,087	+0.5pp $-1,198	+1.0pp $-1,311

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: $107,498
• Closing costs: $12,900
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
309 Cactus St SE Palm Bay, FL	4.0	2.0	1846	$2,195	$1.19	16d	1	0.18mi
490 Hatcher St SE Palm Bay, FL	4.0	2.0	1833	$2,150	$1.17	23d	1	0.43mi
272 Aquarius Ave SE Palm Bay, FL	4.0	2.0	1650	$1,995	$1.21	25d	1	0.53mi
907 Algardi St SE Palm Bay, FL	4.0	2.0	1943	$2,330	$1.20	25d	1	0.97mi
214 Eldron Blvd NE Palm Bay, FL	3.0	2.0	1646	$2,075	$1.26	25d	1	1.10mi
647 Airoso Rd SE Palm Bay, FL	4.0	3.0	2365	$2,900	$1.23	15d	1	1.10mi
1129 Colonial Ave SE Palm Bay, FL	4.0	3.0	2008	$2,500	$1.25	21d	1	1.10mi
296 Croquet Ave NE Palm Bay, FL	4.0	2.0	2028	$2,300	$1.13	23d	1	1.31mi
1224 Buffing Cir SE Palm Bay, FL	4.0	2.0	2233	$2,395	$1.07	16d	1	1.37mi
334 Bordeaux Ave NE Palm Bay, FL	4.0	2.0	2083	$2,250	$1.08	16d	1	1.40mi
497 Schenley St SW Palm Bay, FL	4.0	2.0	1833	$1,995	$1.09	25d	1	1.45mi
210 Meehan Ave NW Palm Bay, FL	3.0	2.0	2020	$1,895	$0.94	16d	1	1.50mi

Listing history 21 events

1. 2026-06-22
   days on market $429,990 Active 228 DOM
2. 2026-06-18
   days on market $429,990 Active 225 DOM
3. 2026-06-17
   days on market $429,990 Active 224 DOM
4. 2026-06-16
   days on market $429,990 Active 223 DOM
5. 2026-06-15
   days on market $429,990 Active 222 DOM
6. 2026-06-14
   days on market $429,990 Active 220 DOM
7. 2026-06-10
   days on market $429,990 Active 217 DOM
8. 2026-06-08
   days on market $429,990 Active 215 DOM
9. 2026-06-07
   days on market $429,990 Active 214 DOM
10. 2026-06-05
    days on market $429,990 Active 211 DOM
11. 2026-06-03
    days on market $429,990 Active 210 DOM
12. 2026-06-02
    days on market $429,990 Active 209 DOM
13. 2026-06-01
    days on market $429,990 Active 208 DOM
14. 2026-05-31
    days on market $429,990 Active 207 DOM
15. 2026-05-31
    days on market $429,990 Active 206 DOM
16. 2025-11-13
    status Active 1312-char remark

    Show marketing remark (1312 chars)

    Welcome to the Charlotte floorplan, from our Cornerstone collection. Designed with the perfect blend of functionality and style, this home is sure to captivate discerning homebuyers seeking an exceptional living experience. The Charlotte floorplan boasts a large, recessed truss covered porch, offering privacy and an attractive exterior. Embrace the option for a larger covered entry, which provides a welcoming touch and space for a small table and chairs or a cozy seating area. This additional outdoor space allows you to create a charming nook for relaxation or socializing. Upon entry into the home, you'll be welcomed by a dining room to your left and a den to your right, setting the stage for a home that exudes refinement and functionality. The great room, open to the kitchen and breakfast nook, serves as the heart of the home, fostering seamless interactions and creating a warm and inviting atmosphere. Discover the convenience of the separate laundry room, situated between the garage and kitchen, offering functionality and organization. The spacious owner's suite features a generously sized walk-in closet, providing plenty of storage space for your wardrobe and personal belongings. Pamper yourself in the large walk-in tile shower, creating a serene oasis within the privacy of your own home.

17. 2025-11-11
    historical 1312-char remark

    Show marketing remark (1312 chars)

    Welcome to the Charlotte floorplan, from our Cornerstone collection. Designed with the perfect blend of functionality and style, this home is sure to captivate discerning homebuyers seeking an exceptional living experience. The Charlotte floorplan boasts a large, recessed truss covered porch, offering privacy and an attractive exterior. Embrace the option for a larger covered entry, which provides a welcoming touch and space for a small table and chairs or a cozy seating area. This additional outdoor space allows you to create a charming nook for relaxation or socializing. Upon entry into the home, you'll be welcomed by a dining room to your left and a den to your right, setting the stage for a home that exudes refinement and functionality. The great room, open to the kitchen and breakfast nook, serves as the heart of the home, fostering seamless interactions and creating a warm and inviting atmosphere. Discover the convenience of the separate laundry room, situated between the garage and kitchen, offering functionality and organization. The spacious owner's suite features a generously sized walk-in closet, providing plenty of storage space for your wardrobe and personal belongings. Pamper yourself in the large walk-in tile shower, creating a serene oasis within the privacy of your own home.

18. 2025-11-05
    listed $429,990 Active
19. 2025-08-19
    price $429,990 1312-char remark

    Show marketing remark (1312 chars)

    Welcome to the Charlotte floorplan, from our Cornerstone collection. Designed with the perfect blend of functionality and style, this home is sure to captivate discerning homebuyers seeking an exceptional living experience. The Charlotte floorplan boasts a large, recessed truss covered porch, offering privacy and an attractive exterior. Embrace the option for a larger covered entry, which provides a welcoming touch and space for a small table and chairs or a cozy seating area. This additional outdoor space allows you to create a charming nook for relaxation or socializing. Upon entry into the home, you'll be welcomed by a dining room to your left and a den to your right, setting the stage for a home that exudes refinement and functionality. The great room, open to the kitchen and breakfast nook, serves as the heart of the home, fostering seamless interactions and creating a warm and inviting atmosphere. Discover the convenience of the separate laundry room, situated between the garage and kitchen, offering functionality and organization. The spacious owner's suite features a generously sized walk-in closet, providing plenty of storage space for your wardrobe and personal belongings. Pamper yourself in the large walk-in tile shower, creating a serene oasis within the privacy of your own home.

20. 2025-05-20
    price $441,001 1312-char remark

    Show marketing remark (1312 chars)

    Welcome to the Charlotte floorplan, from our Cornerstone collection. Designed with the perfect blend of functionality and style, this home is sure to captivate discerning homebuyers seeking an exceptional living experience. The Charlotte floorplan boasts a large, recessed truss covered porch, offering privacy and an attractive exterior. Embrace the option for a larger covered entry, which provides a welcoming touch and space for a small table and chairs or a cozy seating area. This additional outdoor space allows you to create a charming nook for relaxation or socializing. Upon entry into the home, you'll be welcomed by a dining room to your left and a den to your right, setting the stage for a home that exudes refinement and functionality. The great room, open to the kitchen and breakfast nook, serves as the heart of the home, fostering seamless interactions and creating a warm and inviting atmosphere. Discover the convenience of the separate laundry room, situated between the garage and kitchen, offering functionality and organization. The spacious owner's suite features a generously sized walk-in closet, providing plenty of storage space for your wardrobe and personal belongings. Pamper yourself in the large walk-in tile shower, creating a serene oasis within the privacy of your own home.

21. 2025-02-10
    listed $436,001 Active 1312-char remark

    Show marketing remark (1312 chars)

    Welcome to the Charlotte floorplan, from our Cornerstone collection. Designed with the perfect blend of functionality and style, this home is sure to captivate discerning homebuyers seeking an exceptional living experience. The Charlotte floorplan boasts a large, recessed truss covered porch, offering privacy and an attractive exterior. Embrace the option for a larger covered entry, which provides a welcoming touch and space for a small table and chairs or a cozy seating area. This additional outdoor space allows you to create a charming nook for relaxation or socializing. Upon entry into the home, you'll be welcomed by a dining room to your left and a den to your right, setting the stage for a home that exudes refinement and functionality. The great room, open to the kitchen and breakfast nook, serves as the heart of the home, fostering seamless interactions and creating a warm and inviting atmosphere. Discover the convenience of the separate laundry room, situated between the garage and kitchen, offering functionality and organization. The spacious owner's suite features a generously sized walk-in closet, providing plenty of storage space for your wardrobe and personal belongings. Pamper yourself in the large walk-in tile shower, creating a serene oasis within the privacy of your own home.

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 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: $28,633
• − Mortgage interest: −$24,086
• − Property taxes: −$6,450
• − Insurance: −$2,150
• − Repairs & maintenance: −$2,291
• − Management: −$2,291
• − Depreciation: −$12,509
• Taxable loss: −$21,143
• Est. tax savings @ 24.0%: +$5,074
• After-tax cash flow: $-7,964/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

-1.4% since first listed

6 events — show timeline

• 2025-11-13 Relisted — Zillow
• 2025-11-11 Delisted — Zillow
• 2025-11-05 Listed $429,990 SCMLS
• 2025-08-19 Price Changed $429,990 Zillow
• 2025-05-20 Price Changed $441,001 Zillow
• 2025-02-10 Listed $436,001 Zillow

Property tax history

+22.4%/yr

Latest (2025): $749 · +23.7% YoY. Source: county tax records.