3318 Overlook Dr NE #61 · Palm Bay, FL 32905

$134,900

1 bd · None ba · 672 sqft · Condo public records · 67 Days on market

Built 1986 $200/mo HOA · 15% 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 +11.3/30.0
• ARV discount +7.5/15.0
• 1% rule +4.9/10.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• DSCR +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +2.2/10.0

Listing remarks MLS

Discover the fully renovated 1-bedroom, 1-bathroom condo in the back of the quiet Bluffs community of Palm Bay off of US1. This move-in ready home was renovated and cabinets and baths replaced 3 years ago as well as luxury vinyl plank flooring, LED lighting, and ceiling fan upstairs. Enjoy the open-concept living space and an energy-efficient tankless water heater. The two-story loft-style layout offers privacy with the spacious bedroom, bathroom & enclosed laundry room located on the second floor. Low association dues make this an affordable home! A detached one-car garage provides additional storage and convenience. Updated units in this complex are renting for $1,300+ per month, making this a great investment opportunity. Located in a prime area, just minutes from downtown Melbourne and 15 minutes to the beach, this condo offers both comfort and affordability. . Don't miss the opportunity to make this yours - schedule your showing today!

Key facts

• Move in ready home
• Renovated cabinets
• 4,356 sq ft lot

Tags

• WELL MAINTAINED CONDO
• MOVE IN READY HOME
• RENOVATED CABINETS
• LUXURY VINYL PLANK FLOORING
• TWO STORY LOFT STYLE LAYOUT
• DETACHED ONE CAR GARAGE

Property features AI

Finance

• Other: No private pool; One unit total in this listing; Living area listed as 672 (sq. ft. excluded per instructions)
• HOA & community: Association: The Bluffs Condo; Association fee $200.24 monthly; HOA covers grounds maintenance and trash

Exterior

• Parking: Assigned parking; Attached garage (1 car); Parking lot
• Utilities: Public sewer; Cable available; Electricity connected; Sewer connected; Water connected
• Home design: Multi Family property; Two levels; Entry level: 1; Faces east
• Construction: Brick construction; Shingle roof; 2 stories
• Exterior features: Cleared lot; Asphalt road

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: 1 bedroom
• Flooring: Vinyl
• Heating & cooling: Central air; Heating present (other type)
• Interior features: Tankless water heater; Unfurnished
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/?-bath condo listed at $135k.

Deal economics

• At list price, monthly cash flow is $-50 ($-596/yr) — negative.
• To cash-flow at today's rent, offer at most $126k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (0.5% below list).
• Recommended offer: $126k (6.5% below list) — sets the bar for cash-flow.

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); 324 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $933 of loan paydown is wiped out by about $4k 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

• It's been on market 67 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 2 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 $105k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,122 (6.5% 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 67 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.99% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.58%
• DSCR: 0.93
• GRM: 8.4

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: -22.9%
• Equity multiple: 0.24×
• Total profit: $-28,828
• Equity at exit: $20,114

10-year hold

• IRR: -31.0%
• Equity multiple: -0.16×
• Total profit: $-43,851
• Equity at exit: $11,664

Cash invested: $37,772 (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: 324
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,342 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$146 /mo · $1,754/yr
• Insurance: −$56
• HOA: −$200
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $-50

Break-even live

Break-even rent $1,405

Max offer price $126,122

Occupancy floor 99%

Sensitivity live

Price	-10% $27	-5% $-12	+0% $-50	+5% $-88	+10% $-126
Rent	-10% $-156	-5% $-103	+0% $-50	+5% $3	+10% $56
Rate	-1.0pp $18	-0.5pp $-15	base $-50	+0.5pp $-85	+1.0pp $-120

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4714 Overlook Dr Palm Bay, FL	1.0	1.0	672	$1,475	$2.19	25d	1	0.10mi
4818 Overlook Dr NE #4 Palm Bay, FL	1.0	1.0	672	$1,250	$1.86	21d	1	0.10mi
1280 U.S. 1 Unit D Malabar, FL	—	1.0	450	$500	$1.11	23d	1	0.66mi
2485 Port Malabar Blvd NE Palm Bay, FL	3.0	1.0–3.0	1181	$2,521	$2.13	16d	301	0.78mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-22
   days on market $134,900 Active 67 DOM
2. 2026-06-18
   days on market $134,900 Active 64 DOM
3. 2026-06-17
   days on market $134,900 Active 63 DOM
4. 2026-06-16
   days on market $134,900 Active 62 DOM
5. 2026-06-15
   days on market $134,900 Active 61 DOM
6. 2026-06-14
   days on market $134,900 Active 59 DOM
7. 2026-06-10
   days on market $134,900 Active 56 DOM
8. 2026-06-08
   days on market $134,900 Active 54 DOM
9. 2026-06-07
   days on market $134,900 Active 53 DOM
10. 2026-06-05
    days on market $134,900 Active 50 DOM
11. 2026-06-03
    days on market $134,900 Active 49 DOM
12. 2026-06-02
    days on market $134,900 Active 48 DOM
13. 2026-06-01
    days on market $134,900 Active 47 DOM
14. 2026-05-31
    days on market $134,900 Active 46 DOM
15. 2026-05-31
    days on market $134,900 Active 45 DOM
16. 2026-04-15
    listed $134,900 Active
17. 2026-04-01
    historical 960-char remark

    Show marketing remark (960 chars)

    Discover the fully renovated 1-bedroom, 1-bathroom condo in the back of the quiet Bluffs community of Palm Bay off of US1. This move-in ready home was renovated and cabinets and baths replaced 3 years ago as well as luxury vinyl plank flooring, LED lighting, and ceiling fan upstairs. Enjoy the open-concept living space and an energy-efficient tankless water heater. The two-story loft-style layout offers privacy with the spacious bedroom, bathroom & enclosed laundry room located on the second floor. Low association dues make this an affordable home! A detached one-car garage provides additional storage and convenience. Updated units in this complex are renting for $1,300+ per month, making this a great investment opportunity. Located in a prime area, just minutes from downtown Melbourne and 15 minutes to the beach, this condo offers both comfort and affordability. . Don't miss the opportunity to make this yours - schedule your showing today!

18. 2025-10-27
    price $139,900 960-char remark

    Show marketing remark (960 chars)

    Discover the fully renovated 1-bedroom, 1-bathroom condo in the back of the quiet Bluffs community of Palm Bay off of US1. This move-in ready home was renovated and cabinets and baths replaced 3 years ago as well as luxury vinyl plank flooring, LED lighting, and ceiling fan upstairs. Enjoy the open-concept living space and an energy-efficient tankless water heater. The two-story loft-style layout offers privacy with the spacious bedroom, bathroom & enclosed laundry room located on the second floor. Low association dues make this an affordable home! A detached one-car garage provides additional storage and convenience. Updated units in this complex are renting for $1,300+ per month, making this a great investment opportunity. Located in a prime area, just minutes from downtown Melbourne and 15 minutes to the beach, this condo offers both comfort and affordability. . Don't miss the opportunity to make this yours - schedule your showing today!

19. 2025-10-15
    listed $149,900 Active 960-char remark

    Show marketing remark (960 chars)

    Discover the fully renovated 1-bedroom, 1-bathroom condo in the back of the quiet Bluffs community of Palm Bay off of US1. This move-in ready home was renovated and cabinets and baths replaced 3 years ago as well as luxury vinyl plank flooring, LED lighting, and ceiling fan upstairs. Enjoy the open-concept living space and an energy-efficient tankless water heater. The two-story loft-style layout offers privacy with the spacious bedroom, bathroom & enclosed laundry room located on the second floor. Low association dues make this an affordable home! A detached one-car garage provides additional storage and convenience. Updated units in this complex are renting for $1,300+ per month, making this a great investment opportunity. Located in a prime area, just minutes from downtown Melbourne and 15 minutes to the beach, this condo offers both comfort and affordability. . Don't miss the opportunity to make this yours - schedule your showing today!

20. 1999-09-02
    soldstatus $105,000
21. 1986-04-01
    soldstatus $128,000

ⓘ 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: $1,754 · $146/mo
• Projected year-2 tax: $1,754 · $146/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 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: $16,103
• − Mortgage interest: −$7,556
• − Property taxes: −$1,754
• − Insurance: −$674
• − Repairs & maintenance: −$1,288
• − Management: −$1,288
• − HOA: −$2,400
• − Depreciation: −$3,924
• Taxable loss: −$2,783
• Est. tax savings @ 24.0%: +$668
• After-tax cash flow: $72/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

+5.4% since first listed

6 events — show timeline

• 2026-04-15 Listed $134,900 SCMLS
• 2026-04-01 Listing Removed — SCMLS
• 2025-10-27 Price Changed $139,900 SCMLS
• 2025-10-15 Listed $149,900 SCMLS
• 1999-09-02 Sold (Public Records) $105,000 Public Records
• 1986-04-01 Sold (Public Records) $128,000 Public Records

Property tax history

+12.7%/yr

Latest (2025): $1,754 · +8.1% YoY. Source: county tax records.