2755 Barna Ave

Titusville, FL 32780

$1,500,000C

190 bd · None ba · 10,308 sqft · Built 1986 · MultiFamily · Active · 145 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,455/mo
• Mortgage (P&I): −$7,866
• Tax + insurance: −$2,500
• HOA: −$0
• Vac / Maint / Mgmt: −$3,456
• Net cashflow: $2,633/mo
• Annual: $31,599/yr
• Cap rate: 8.40%
• Cash-on-cash: 7.52%
• DSCR: 1.33
• 1% rule: 1.10%
• Cash to close: $420,000

Investor read

• This is a 4×3bd/1.5ba + 6×2bd/1.5ba units multifamily listed at $1.50M.
• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $263/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.50M).
• It's been on market 145 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.32M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#42 in FL, #668 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D, employment 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: Coquina Elementary School (math 38% / reading 45%, grade F, #1,437 of 2,144 statewide, top 68%, 557 students, 75% FRL); Andrew Jackson Middle School (math 52% / reading 47%, grade C, #259 of 571 statewide, top 46%, 551 students, 58% FRL); Titusville High School (math 33% / reading 52%, grade F, #264 of 667 statewide, top 41%, 1,314 students, 55% FRL) — zoned schools average 63% FRL vs 43% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.3%/yr); 462 active listings in the ZIP; 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 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.
• Current owner paid $78k; list at $1.50M implies a 1823% gain — meaningful room to come down on a strong offer.
• 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.
• At $16,455/mo this rent would consume 292% of the median local household income ($68k/yr) (locally 1141% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 145 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• 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.