330 Saint Pierre Ct

North Merritt Island, FL 32953

$118,000B

3 bd · 2.0 ba · 1,344 sqft · Built 1980 · Manufactured · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,261/mo
• Mortgage (P&I): −$619
• Tax + insurance: −$179
• HOA: −$0
• Vac / Maint / Mgmt: −$475
• Net cashflow: $988/mo
• Annual: $11,854/yr
• Cap rate: 17.01%
• Cash-on-cash: 38.29%
• DSCR: 2.70
• 1% rule: 1.92%
• Cash to close: $33,040

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $118k.
• At list price, monthly cash flow is $988 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $118k).
• It's been on market 76 days — a 6% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $816 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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: Lewis Carroll Elementary School (math 72% / reading 70%, grade A-, #320 of 2,144 statewide, top 15%, 626 students, 38% 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 39% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising (+2.1%/yr); 221 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $7k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 2.1% rent growth), your $33k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe 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.
• This rent runs 31% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.
• 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.