2194 San Filippo Dr SE #22 · Palm Bay, FL 32909

$370,000

4 bd · 2.0 ba · 1,801 sqft · SingleFamily · 41 Days on market

Built 2025 Good condition 10,018 sqft lot

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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
• Cash flow +5.8/30.0
• Schools +4.7/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• 1% rule +1.2/10.0
• DSCR +0.2/10.0

Listing remarks

LEASE BACK OF BUILDER'S MODEL HOME! City water! Great investment lease back opportunity. . Beautifully furnished home designed with durable block, stucco construction. Open floor plan features 4 bedrooms, 2 baths, and 1,801 sq. ft. of designed living space. Soaring 9'4'' ceilings throughout the home create an airy, spacious feel and includes a 6' x12' covered porch. Stylish 36'' white, staggered cabinets with crown molding are beautifully complemented by quartz countertops and black fixtures and hardware, adding sophistication to the kitchen. Tile plank flooring, which offers both durability and style, is featured in all common and wet areas as well as in the primary suite. Secondary bedro

Key facts

• Upgraded landscaping
• Fencing on two sides
• Fire pit

Tags

• FIRE PIT
• FENCING ON TWO SIDES
• UPGRADED LANDSCAPING

Property features AI

Exterior

• Parking: Two-car garage with garage door opener
• Utilities: Aerobic septic; Cable available; Electricity available; Water available; Sewer listed as not available
• Home design: Single-family residence; One story; Faces south; New construction
• Construction: Block and stucco construction
• Exterior features: Property is cleared; No private pool

Interior

• Kitchen: Electric oven and electric range; Microwave; Refrigerator; Dishwasher; Disposal; Ice maker; Electric water heater
• Bedrooms: Four bedrooms, all on the first floor; Bedroom sizes include approximately 12x13, 12x11, 11x10 (other bedroom dimensions available)
• Flooring: Tile plank; Luxury vinyl plank
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Nine total rooms; Tile plank and luxury vinyl plank flooring throughout
• Laundry & utility: No specific laundry appliance listed (property shown as unfurnished)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $370k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-747 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $262k (29.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (38.1% below list).
• Recommended offer: $229k (38.1% 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: Sunrise Elementary School (math 52% / reading 57%, grade C, #892 of 2,144 statewide, top 44%, 759 students, 58% FRL); Southwest Middle School (math 40% / reading 39%, grade F, #373 of 571 statewide, top 66%, 920 students, 58% FRL); Bayside High School (math 27% / reading 40%, grade F, #400 of 667 statewide, top 61%, 1,854 students, 51% FRL).
• Zoned-school proficiency averages 42% at this address vs 55% district-wide (-12 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; 28 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 34% 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 $40k of equity ($3k loan paydown + $37k 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 ~$64k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($359k) is reasonable based on typical stale-listing flexibility.

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 $229,144 (38.1% 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. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.62% ✗
• Cap rate: 3.87%
• Cash-on-cash: -8.65%
• DSCR: 0.62
• GRM: 13.5

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: 18.4%
• Equity multiple: 2.50×
• Total profit: $155,541
• Equity at exit: $333,325

10-year hold

• IRR: 17.2%
• Equity multiple: 5.81×
• Total profit: $498,756
• Equity at exit: $718,829

Cash invested: $103,600 (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: 13.5×

Monthly cashflow live

• Estimated rent: $2,291 high
• Mortgage (P&I): −$1,940
• Tax est. 1.5%: −$462 /mo · $5,550/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$481
• Net cashflow: $-747

Break-even live

Break-even rent $3,237

Max offer price $261,945

Occupancy floor —

Sensitivity live

Price	-10% $-491	-5% $-619	+0% $-747	+5% $-875	+10% $-1,002
Rent	-10% $-928	-5% $-837	+0% $-747	+5% $-656	+10% $-566
Rate	-1.0pp $-560	-0.5pp $-653	base $-747	+0.5pp $-843	+1.0pp $-940

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: $92,500
• Closing costs: $11,100
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1198 Venus St SE Palm Bay, FL	3.0	2.0	1535	$1,961	$1.28	22d	1	0.20mi
1165 Rabbit St SE Palm Bay, FL	3.0	2.0	1994	$1,895	$0.95	20d	1	0.38mi
830 Painesville St SE Palm Bay, FL	3.0	2.0	2029	$2,220	$1.09	15d	1	0.52mi
2877 Palisades Dr SE Palm Bay, FL	3.0	2.0	1974	$2,150	$1.09	20d	1	0.63mi
2691 Tepee Ave SE Palm Bay, FL	4.0	2.0	1833	$2,040	$1.11	22d	1	0.68mi
1406 Martinez St SE Palm Bay, FL	4.0	2.0	2083	$2,100	$1.01	25d	1	0.73mi
1416 Martinez St SE Palm Bay, FL	3.0	2.0	1747	$2,000	$1.14	16d	1	0.74mi
1454 Graves St SE Palm Bay, FL	3.0	2.0	1621	$2,100	$1.30	16d	1	0.77mi
1224 Dillard Dr SE Palm Bay, FL	3.0	2.0	1770	$2,336	$1.32	15d	1	0.87mi
3004 Suntan Ct SE Palm Bay, FL	4.0	2.0	2388	$2,900	$1.21	25d	1	0.92mi
590 Trymore Dr SE Palm Bay, FL	4.0	2.0	1873	$2,250	$1.20	16d	1	0.93mi
978 Remington Green Dr SE Palm Bay, FL	4.0	2.0	1830	$2,200	$1.20	25d	1	0.94mi
1213 Waterford St SE Palm Bay, FL	4.0	2.0	1695	$2,000	$1.18	25d	1	0.97mi
555 Gagnon St SE Palm Bay, FL	4.0	3.0	2373	$2,400	$1.01	25d	1	0.98mi
543 Reading St SE Palm Bay, FL	4.0	2.0	1833	$2,010	$1.10	22d	1	1.01mi
2242 Mantilla Ave SE Palm Bay, FL	5.0	2.0	2516	$2,176	$0.86	22d	1	1.09mi
820 Tedder Rd SE Palm Bay, FL	3.0	2.0	1808	$2,000	$1.11	25d	1	1.13mi
2036 Walsh Ave SE Palm Bay, FL	3.0	2.0	1331	$1,930	$1.45	25d	1	1.15mi
2250 Chinaberry Cir SE Palm Bay, FL	3.0	2.0	1669	$1,995	$1.20	25d	1	1.17mi
1660 Lizette St SE Unit 1 Palm Bay, FL	4.0	2.0	1736	$2,199	$1.27	25d	1	1.17mi
1677 Lizette St SE Unit A Palm Bay, FL	3.0	2.0	2080	$1,900	$0.91	16d	1	1.20mi
486 Dadeville St SE Palm Bay, FL	4.0	2.0	1833	$1,995	$1.09	16d	1	1.26mi
2749 Freehold Ave SE Palm Bay, FL	3.0	2.0	1386	$1,800	$1.30	25d	1	1.31mi
1453 Santa Anna St SE Palm Bay, FL	3.0	2.0	1994	$2,500	$1.25	16d	1	1.32mi
2785 Gabboys Ave SE Palm Bay, FL	3.0	2.0	1475	$1,849	$1.25	25d	1	1.38mi
1063 Grantham Ln SE Palm Bay, FL	3.0	2.0	1515	$2,000	$1.32	25d	1	1.40mi
1046 Grantham Ln SE Palm Bay, FL	4.0	2.5	2405	$3,100	$1.29	25d	1	1.42mi
1496 Dittmer Cir SE Palm Bay, FL	4.0	2.0	2187	$2,440	$1.12	16d	1	1.45mi

Listing history 16 events

1. 2026-06-22
   days on market $370,000 Active 41 DOM
2. 2026-06-18
   days on market $370,000 Active 38 DOM
3. 2026-06-17
   days on market $370,000 Active 37 DOM
4. 2026-06-16
   days on market $370,000 Active 36 DOM
5. 2026-06-15
   days on market $370,000 Active 35 DOM
6. 2026-06-14
   days on market $370,000 Active 33 DOM
7. 2026-06-10
   days on market $370,000 Active 30 DOM
8. 2026-06-08
   days on market $370,000 Active 28 DOM
9. 2026-06-07
   days on market $370,000 Active 27 DOM
10. 2026-06-05
    days on market $370,000 Active 24 DOM
11. 2026-06-03
    days on market $370,000 Active 23 DOM
12. 2026-06-02
    days on market $370,000 Active 22 DOM
13. 2026-06-01
    days on market $370,000 Active 21 DOM
14. 2026-05-31
    days on market $370,000 Active 20 DOM
15. 2026-05-31
    days on market $370,000 Active 19 DOM
16. 2026-05-11
    listed $370,000 Active

ⓘ 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: $27,497
• − Mortgage interest: −$20,726
• − Property taxes: −$5,550
• − Insurance: −$1,850
• − Repairs & maintenance: −$2,200
• − Management: −$2,200
• − Depreciation: −$10,764
• Taxable loss: −$15,792
• Est. tax savings @ 24.0%: +$3,790
• After-tax cash flow: $-5,171/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This home is in good condition with a good condition score of 80. It has a cosmetic rehab level and requires minor maintenance. The highest-ROI updates include painting the exterior siding and replacing the curtains to enhance curb appeal and attract renters.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal and adds value.
• Rental Replace curtains — Fresh curtains improve aesthetics and can attract renters.
• Both Install smart home devices — Enhances convenience and can be marketed as a smart home feature.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal and adds value. ↑
• Rental Replace curtains — Fresh curtains improve aesthetics and can attract renters. ↑
• Both Install smart home devices — Enhances convenience and can be marketed as a smart home feature. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 event — show timeline

• 2026-05-11 Listed $370,000 SCMLS