57 Tortuga Trl

Satellite Beach, FL 32937

$384,990D-

3 bd · 2.5 ba · 1,463 sqft · Built 2025 · Land · Active · 156 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,781/mo
• Mortgage (P&I): −$2,019
• Tax + insurance: −$304
• HOA: −$165
• Vac / Maint / Mgmt: −$584
• Net cashflow: $-291/mo
• Annual: $-3,493/yr
• Cap rate: 5.39%
• Cash-on-cash: -3.24%
• DSCR: 0.86
• 1% rule: 0.72%
• Cash to close: $107,797

Investor read

• This is a 3-bed/2.5-bath land listed at $385k.
• At list price, monthly cash flow is $-291 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $334k (13.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $278k (27.8% below list).
• It's been on market 156 days — a 12% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $278k (27.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#45 in FL, #856 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D, amenities F.
• 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: Spessard L. Holland Elementary School (math 79% / reading 79%, grade A, #137 of 2,144 statewide, top 6%, 432 students, 27% FRL); Delaura Middle School (math 74% / reading 70%, grade A, #52 of 571 statewide, top 10%, 843 students, 21% FRL); Satellite Senior High School (math 65% / reading 71%, grade B, #66 of 667 statewide, top 10%, 1,517 students, 20% FRL) — zoned schools average 23% FRL vs 43% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 73% at this address vs 55% district-wide (+18 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 (+1.6%/yr); 312 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask has dropped $65k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• This rent runs 33% of the median local income ($101k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 156 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• Schools are A-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?
• 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?
• 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.