2970 Indian River Dr NE #214 · Palm Bay, FL 32905

$78,500

1 bd · 1.0 ba · 510 sqft · Manufactured · 135 Days on market

Built 1967 9,148 sqft lot $200/mo HOA · 12% of rent

---

Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +2.2/10.0

Listing remarks MLS

Enjoy a lovely view of the canal from the screened-in patio of this 1 bed/1 bath home. It is move-in ready with many upgrades, including new vinyl siding and interior paint (2020). The A/C system, indoor washer/dryer, and water heater were all replaced in 2017, along with updates to the kitchen appliances, sink, and plumbing. A beautiful new vanity, shower, and lighting enhance the bathroom. Upgrades include a re-wired electrical system, a new breaker box, and LED lighting. New flooring, windows, awning shutters, and clear hurricane shutters round out the makeover. Palm Bay Estates features a heated pool, clubhouse, picnic area, dog walk, community boat dock, boat ramp with quick access to Turkey Creek Sanctuary and the Indian River.

Key facts

• 9,148 sq ft lot
• Parking
• Built 1967

Property features AI

Finance

• Other: Senior community; Lot with few trees; Asphalt road access
• HOA & community: Located in Palm Bay Estates (association present); Monthly association fee: $200; Association amenities include boat launch, clubhouse, cable TV, maintenance (grounds), part-time management, RV/boat storage, shuffleboard court, and trash; Association fee includes cable TV, internet, and grounds maintenance

Exterior

• Parking: Attached carport; Guest parking; 1 carport space
• Security: Smoke detector(s)
• Utilities: Public sewer; Cable connected; Electricity connected; Water connected
• Home design: Manufactured home; Faces north
• Construction: Vinyl siding; Membrane roof
• Exterior features: Covered rear porch; Storm shutters; Shed(s)

Interior

• Kitchen: Electric cooktop; Microwave; Refrigerator; Instant hot water
• Bedrooms: 1 bedroom
• Flooring: Carpet; Tile; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fan(s); Primary bathroom with shower (no tub)
• Laundry & utility: In-unit laundry; Stacked washer/dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $78k.

Deal economics

• At list price, monthly cash flow is $607 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• Recommended offer: $69k (12.0% below list) — sets the bar for market timing.

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: Palm Bay Elementary School (math 35% / reading 35%, grade F, #1,697 of 2,144 statewide, top 80%, 586 students, 74% FRL); Stone Magnet Middle School (math 33% / reading 35%, grade F, #426 of 571 statewide, top 75%, 670 students, 69% FRL); Palm Bay Magnet Senior High School (math 25% / reading 37%, grade F, #429 of 667 statewide, top 65%, 1,486 students, 63% FRL) — zoned schools average 69% FRL vs 43% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 33% at this address vs 55% district-wide (-22 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.5%/yr); 321 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• This rent runs 36% of the median local income ($56k/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 $543 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 14y ago 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 $64k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $69,080 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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: 2.18% ✓
• Cap rate: 15.58%
• Cash-on-cash: 33.15%
• DSCR: 2.48
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 24.4%
• Equity multiple: 1.96×
• Total profit: $21,096
• Equity at exit: $11,705

10-year hold

• IRR: 29.9%
• Equity multiple: 3.25×
• Total profit: $49,424
• Equity at exit: $6,787

Cash invested: $21,980 (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 32905

• Home prices YoY: -1.8%
• Rents YoY: -0.5%
• Active inventory: 321
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,709 medium
• Mortgage (P&I): −$412
• Tax est. 1.5%: −$98 /mo · $1,178/yr
• Insurance: −$33
• HOA: −$200
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $607

Break-even live

Break-even rent $940

Max offer price $78,500

Occupancy floor 59%

Sensitivity live

Price	-10% $661	-5% $634	+0% $607	+5% $580	+10% $553
Rent	-10% $472	-5% $540	+0% $607	+5% $675	+10% $742
Rate	-1.0pp $647	-0.5pp $627	base $607	+0.5pp $587	+1.0pp $566

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: $19,625
• Closing costs: $2,355
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2485 Port Malabar Blvd NE Palm Bay, FL	3.0	1.0–3.0	1181	$2,521	$2.13	15d	301	0.43mi
4714 Overlook Dr Palm Bay, FL	1.0	1.0	672	$1,475	$2.19	24d	1	1.25mi
4818 Overlook Dr NE #4 Palm Bay, FL	1.0	1.0	672	$1,250	$1.86	20d	1	1.25mi

HOA detail

• Monthly dues: $200 · $2,400/yr
• Likely covers: waterelectricpool

Listing history 19 events

1. 2026-06-03
   status $78,500 Pending 135 DOM
2. 2026-06-02
   days on market $78,500 Active 135 DOM
3. 2026-06-01
   days on market $78,500 Active 134 DOM
4. 2026-05-31
   days on market $78,500 Active 133 DOM
5. 2026-05-31
   days on market $78,500 Active 132 DOM
6. 2026-05-05
   price $78,500
7. 2026-01-18
   listed $82,500 Active
8. 2026-01-17
   historical $82,500
9. 2020-12-04
   soldstatus $64,000 Closed 743-char remark

   Show marketing remark (743 chars)

   Enjoy a lovely view of the canal from the screened-in patio of this 1 bed/1 bath home. It is move-in ready with many upgrades, including new vinyl siding and interior paint (2020). The A/C system, indoor washer/dryer, and water heater were all replaced in 2017, along with updates to the kitchen appliances, sink, and plumbing. A beautiful new vanity, shower, and lighting enhance the bathroom. Upgrades include a re-wired electrical system, a new breaker box, and LED lighting. New flooring, windows, awning shutters, and clear hurricane shutters round out the makeover. Palm Bay Estates features a heated pool, clubhouse, picnic area, dog walk, community boat dock, boat ramp with quick access to Turkey Creek Sanctuary and the Indian River.

10. 2020-11-03
    historical Contingent 743-char remark

    Show marketing remark (743 chars)

    Enjoy a lovely view of the canal from the screened-in patio of this 1 bed/1 bath home. It is move-in ready with many upgrades, including new vinyl siding and interior paint (2020). The A/C system, indoor washer/dryer, and water heater were all replaced in 2017, along with updates to the kitchen appliances, sink, and plumbing. A beautiful new vanity, shower, and lighting enhance the bathroom. Upgrades include a re-wired electrical system, a new breaker box, and LED lighting. New flooring, windows, awning shutters, and clear hurricane shutters round out the makeover. Palm Bay Estates features a heated pool, clubhouse, picnic area, dog walk, community boat dock, boat ramp with quick access to Turkey Creek Sanctuary and the Indian River.

11. 2020-05-04
    listed $69,500 Active 743-char remark

    Show marketing remark (743 chars)

    Enjoy a lovely view of the canal from the screened-in patio of this 1 bed/1 bath home. It is move-in ready with many upgrades, including new vinyl siding and interior paint (2020). The A/C system, indoor washer/dryer, and water heater were all replaced in 2017, along with updates to the kitchen appliances, sink, and plumbing. A beautiful new vanity, shower, and lighting enhance the bathroom. Upgrades include a re-wired electrical system, a new breaker box, and LED lighting. New flooring, windows, awning shutters, and clear hurricane shutters round out the makeover. Palm Bay Estates features a heated pool, clubhouse, picnic area, dog walk, community boat dock, boat ramp with quick access to Turkey Creek Sanctuary and the Indian River.

12. 2018-05-01
    soldstatus $48,500 794-char remark

    Show marketing remark (794 chars)

    1 bed 1 bath Upgraded with views of the canal from your screened in patio has new flooring which features tile, wood and carpet. New kitchen appliances , plumbing , sink, stove, hot water heater and refrigerator, new a/c, system and indoor washer and dryer. The bathroom has a new vanity, shower, toilet and new lighting. The master bedroom new carpet and enlarged closet. New paint inside and out and also new windows. Palm Bay Estates is a 55 and over resident owned park and features quick access to the Indian River . R V Parking for 35.00 a month and boat storage for 22.00 a month depending on availability. Enjoy the waterfront gazebos or get your fishing pole the park has a fish cleaning station so just bring dinner home and cook no mess at the house. Make Palm Bay Estates your home.

13. 2018-01-13
    listed $52,000 794-char remark

    Show marketing remark (794 chars)

    1 bed 1 bath Upgraded with views of the canal from your screened in patio has new flooring which features tile, wood and carpet. New kitchen appliances , plumbing , sink, stove, hot water heater and refrigerator, new a/c, system and indoor washer and dryer. The bathroom has a new vanity, shower, toilet and new lighting. The master bedroom new carpet and enlarged closet. New paint inside and out and also new windows. Palm Bay Estates is a 55 and over resident owned park and features quick access to the Indian River . R V Parking for 35.00 a month and boat storage for 22.00 a month depending on availability. Enjoy the waterfront gazebos or get your fishing pole the park has a fish cleaning station so just bring dinner home and cook no mess at the house. Make Palm Bay Estates your home.

14. 2016-07-22
    soldstatus $18,000
15. 2016-06-23
    listed $20,000
16. 2012-12-10
    soldstatus $11,000
17. 2012-10-15
    historical
18. 2012-10-08
    listed $12,000
19. 2012-10-08
    listed $12,000

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°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: $20,502
• − Mortgage interest: −$4,397
• − Property taxes: −$1,178
• − Insurance: −$392
• − Repairs & maintenance: −$1,640
• − Management: −$1,640
• − HOA: −$2,400
• − Depreciation: −$2,284
• Taxable income: $6,571
• Est. tax owed @ 24.0%: −$1,577
• After-tax cash flow: $5,710/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): 24,792
• Household income: $56,411
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 1962.0

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 0.57)
• Race & ethnicity: White 61% Hispanic / Latino 16% Black 16% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4% Cuban 4%
• Common ancestry: Romanian 2% Hispanic 2% Slovak 2%
• Foreign-born: 13% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 12% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -5.59%
• Current HPI: 309.8748
• Rent YoY: ▼ -0.52%
• 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

+554.2% since first listed

14 events — show timeline

• 2026-05-05 Price Changed $78,500 SCMLS
• 2026-01-18 Listed $82,500 SCMLS
• 2026-01-17 Coming Soon $82,500 SCMLS
• 2020-12-04 Sold (MLS) $64,000 SCMLS
• 2020-11-03 Contingent — SCMLS
• 2020-05-04 Listed $69,500 SCMLS
• 2018-05-01 Sold (MLS) $48,500 SCMLS
• 2018-01-13 Listed $52,000 SCMLS
• 2016-07-22 Sold (MLS) $18,000 SCMLS
• 2016-06-23 Listed $20,000 SCMLS
• 2012-12-10 Sold (MLS) $11,000 SCMLS
• 2012-10-15 Listing Removed — SCMLS
• 2012-10-08 Listed $12,000 SCMLS
• 2012-10-08 Listed $12,000 SCMLS