225 S Tropical Trl #312 · Merritt Island, FL 32952

$229,000

2 bd · 2.0 ba · 1,010 sqft · Condo public records · 13 Days on market

Built 1986 $518/mo HOA · 22% of rent

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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).

• Cash flow +10.4/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• Livability +3.5/5.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Back on the MARKET-Buyer walked!! This is a well established gated community with tropical landscapes, walking trails, over sized pool with built in kitchen/bbq , fishing pier, clubhouse. fitness center and tennis courts. This a spacious TWO BEDROOM, TWO BATH unit featuring an open floor plan with a HUGE sun-room (enclosed porch) The unit has replaced the carpet with laminate (great for your four legged friends) freshly painted, and newer air conditioner (2017) all appliances stay, including a FULL SIZE washer and dryer. This PET FRIENDLY community with NO WEIGHT REQUIREMENT and is minutes from shops, restaurants, Cocoa Beach and Port Canaveral.

Key facts

• Large walk-in closet
• $518 HOA
• Community pool

Tags

• GATED WATERFRONT COMMUNITY
• OPEN-CONCEPT FLOOR PLAN
• LARGE WALK-IN CLOSET
• STAINLESS STEEL APPLIANCES
• FULL-SIZE WASHER AND DRYER
• RESORT-STYLE AMENITIES

Property features AI

Finance

• Other: Furnished; Homestead exempt; Zoning: RU-2-15
• Financial info: Total monthly fees $518.10 (total annual $6,217.20); Lease restrictions apply
• HOA & community: Monthly HOA fee of $518.10; Association name: Sharon Freeman; Association approval required; HOA includes maintenance of grounds, pool, security and water; Community amenities: Fitness center, Pool, Tennis court(s), Basketball court; Pets allowed (dogs) with 30 lb weight limit; Full-time management

Exterior

• Parking: Open parking
• Security: Gated community; Security included in association fees
• Utilities: Public water; Public sewer; Public utilities
• Home design: Condominium; Residential property; Single-story unit (building has three or more levels); Faces south; Unit on 3rd floor
• Construction: Stucco construction; Shingle roof; Slab foundation; Building constructed as part of complex (Building #225)
• Exterior features: Tennis court(s); River view; River access; In-county lot; Asphalt road surface

Interior

• Kitchen: Range; Range hood; Refrigerator; Dishwasher
• Bedrooms: 2 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Other interior features; Tile flooring
• Laundry & utility: Washer; Dryer; Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $229k.

Deal economics

• At list price, monthly cash flow is $-122 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (9.4% below list).
• Meets the 1% rule at list price ($2k rent vs $229k).
• Recommended offer: $207k (9.4% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 70/100 on livability (#441 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: amenities F, commute 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: Manatee Elementary School (math 85% / reading 84%, grade A+, #43 of 2,144 statewide, top 2%, 897 students, 19% FRL); Thomas Jefferson Middle School (math 63% / reading 55%, grade B, #144 of 571 statewide, top 26%, 608 students, 43% FRL); Viera High School (math 58% / reading 71%, grade B-, #78 of 667 statewide, top 13%, 2,289 students, 15% FRL) — zoned schools average 26% FRL vs 43% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 69% at this address vs 55% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Brevard average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.5%/yr); 230 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 18y 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 $98k; list at $229k implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.
• 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 $207,418 (9.4% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.04% ✓
• Cap rate: 5.65%
• Cash-on-cash: -2.29%
• DSCR: 0.90
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.53% rent growth · sell at horizon

5-year hold

• IRR: -15.0%
• Equity multiple: 0.44×
• Total profit: $-35,816
• Equity at exit: $34,145

10-year hold

• IRR: -0.2%
• Equity multiple: 0.98×
• Total profit: $-1,273
• Equity at exit: $19,800

Cash invested: $64,120 (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 32952

• Rents YoY: 6.5%
• Active inventory: 230
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,386 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$193 /mo · $2,317/yr
• Insurance: −$95
• HOA: −$518
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $-122

Break-even live

Break-even rent $2,541

Max offer price $207,418

Occupancy floor —

Sensitivity live

Price	-10% $7	-5% $-57	+0% $-122	+5% $-187	+10% $-252
Rent	-10% $-311	-5% $-216	+0% $-122	+5% $-28	+10% $66
Rate	-1.0pp $-7	-0.5pp $-64	base $-122	+0.5pp $-182	+1.0pp $-242

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	16d	4	0.11mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	25d	4	0.11mi
442 Magnolia Ave Unit 31 Merritt Island, FL	1.0	1.0	760	$1,350	$1.78	25d	1	0.19mi
140 McLeod St Unit 1513829P Merritt Island, FL	3.0	2.0	1323	$3,291	$2.49	21d	1	0.37mi
388 Hibiscus Ave Merritt Island, FL	2.0	1.0	720	$1,650	$2.29	25d	1	0.46mi
480 Nancie Ave Merritt Island, FL	3.0	2.0	888	$2,100	$2.36	25d	1	0.57mi
489 Seacrest Ave Unit 1325661P Merritt Island, FL	3.0	2.0	1173	$4,320	$3.68	16d	1	0.62mi
205 Palmetto Ave Merritt Island, FL	2.0	2.0	1033	$1,625	$1.57	25d	2	0.66mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,525	$1.69	25d	2	0.84mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,545	$1.72	16d	2	0.84mi
50 Needle Blvd #28 Merritt Island, FL	2.0	1.5	900	$1,550	$1.72	25d	1	0.89mi
140 Minna Ln Merritt Island, FL	2.0	1.0	775	$1,250	$1.61	16d	1	0.92mi
215 Richland Ave Unit 1044313P Merritt Island, FL	3.0	2.0	1184	$4,648	$3.93	16d	1	1.15mi
735 Pilot Ln #503 Merritt Island, FL	2.0	2.0	1334	$2,700	$2.02	25d	1	1.16mi
735 Pilot Ln #1009 Merritt Island, FL	2.0	2.0	1334	$2,850	$2.14	25d	1	1.18mi
701 Pilot Ln Unit 1499904P Merritt Island, FL	2.0	2.0	1323	$3,978	$3.01	23d	1	1.20mi
200 S Sykes Creek Pkwy #702 Merritt Island, FL	2.0	2.0	1307	$2,390	$1.83	25d	1	1.29mi
1200 S Courtenay Pkwy Merritt Island, FL	1.0–2.0	1.5–2.0	812	$1,625	$2.00	16d	7	1.48mi
225 Ligustrum Ln Merritt Island, FL	1.0–2.0	1.0	640	$1,275	$1.99	21d	1	1.48mi

HOA detail condo

• Monthly dues: $518 · $6,216/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-22
   days on market $229,000 Active 13 DOM
2. 2026-06-18
   days on market $229,000 Active 10 DOM
3. 2026-06-17
   days on market $229,000 Active 9 DOM
4. 2026-06-16
   days on market $229,000 Active 8 DOM
5. 2026-06-15
   days on market $229,000 Active 7 DOM
6. 2026-06-14
   days on market $229,000 Active 5 DOM
7. 2026-06-10
   days on market $229,000 Active 2 DOM
8. 2026-06-09
   remarks 699-char remark
9. 2026-06-09
   listed $229,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $2,317 · $193/mo
• Projected year-2 tax: $2,317 · $193/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 9% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $28,637
• − Mortgage interest: −$12,828
• − Property taxes: −$2,317
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,291
• − Management: −$2,291
• − HOA: −$6,216
• − Depreciation: −$6,662
• Taxable loss: −$5,113
• Est. tax savings @ 24.0%: +$1,227
• After-tax cash flow: $-239/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 — Merritt Island

• Score: 70/100
• State rank: #441
• US rank: #7878

Category grades

Amenities F Commute F Cost of living C+ Crime A+ Employment A- Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merritt Island, FL
• County: Brevard County · 602,871 people
• City population: 46,372
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 21,613
• Household income: $102,726
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 199.0

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: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 6% Asian 2% Black 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 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: ▼ -177.56%
• Current HPI: 323.6021
• Rent YoY: ▲ 6.53%
• 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

+73.5% since first listed

13 events — show timeline

• 2026-06-08 Listed $229,000 Stellar MLS as Distributed by MLS Grid
• 2019-08-20 Sold (Public Records) $97,500 Public Records
• 2019-08-19 Sold (MLS) $97,500 SCMLS
• 2019-05-30 Listed $109,900 SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2014-11-16 Listing Removed — SCMLS
• 2014-11-03 Listed $79,000 SCMLS
• 2011-06-16 Sold (Public Records) $35,738 Public Records
• 2010-06-25 Sold (MLS) $34,600 SCMLS
• 2010-03-05 Listed $39,600 SCMLS
• 2009-03-21 Listed $70,000 SCMLS
• 2008-10-02 Listed $132,000 SCMLS

Property tax history

+17.1%/yr

Latest (2025): $2,317 · +7.5% YoY. Source: county tax records.