115 Carib Dr · Merritt Island, FL 32952

$280,000

3 bd · 2.0 ba · 1,548 sqft · SingleFamily public records · 448 Days on market

Built 1964 8,276 sqft lot

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Why this score? — see what drove the C 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 +21.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.6/10.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * FOR COMP PURPOSES ONLY * *

Key facts

• 8,276 sq ft lot
• Garage
• Pool

Property features AI

Exterior

• Parking: Additional parking; 1-car garage
• Utilities: Public sewer; Electricity connected; Natural gas connected; Water connected
• Home design: Single family residence; North-facing
• Construction: Built with block, frame, stucco and wood siding; Shingle roof
• Exterior features: Covered screened patio; Wood fencing (fenced yard); In-ground private pool

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Laminate flooring; Terrazzo flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans; Primary bathroom with tub and shower; Split bedroom layout
• Laundry & utility: In-unit washer and dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $370 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Recommended offer: $246k (12.0% below list) — sets the bar for market timing.

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: Tropical Elementary School (math 60% / reading 64%, grade B, #608 of 2,144 statewide, top 29%, 671 students, 51% 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 43% FRL track the district average.
• Market conditions: Rents rising fast (+6.5%/yr); 227 active listings in the ZIP; 19 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).
• This rent runs 35% of the median local income ($103k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $78k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 448 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 10y ago; this cycle's ask has dropped $45k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $246,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 448 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.06% ✓
• Cap rate: 8.16%
• Cash-on-cash: 6.67%
• DSCR: 1.30
• GRM: 7.9

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: -3.6%
• Equity multiple: 0.86×
• Total profit: $-10,842
• Equity at exit: $41,749

10-year hold

• IRR: 9.8%
• Equity multiple: 1.88×
• Total profit: $69,358
• Equity at exit: $24,209

Cash invested: $78,400 (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: 227
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,971 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$326 /mo · $3,909/yr
• Insurance: −$117
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$624
• Net cashflow: $370

Break-even live

Break-even rent $2,503

Max offer price $280,000

Occupancy floor 83%

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
489 Seacrest Ave Unit 1325661P Merritt Island, FL	3.0	2.0	1173	$4,320	$3.68	14d	1	0.27mi
410 S Tropical Trl Merritt Island, FL	3.0	2.0	1573	$2,295	$1.46	23d	1	0.28mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	23d	4	0.51mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	14d	4	0.51mi
140 McLeod St Unit 1513829P Merritt Island, FL	3.0	2.0	1323	$3,291	$2.49	19d	1	0.56mi
735 Pilot Ln #414 Merritt Island, FL	3.0	3.5	1715	$3,300	$1.92	23d	1	0.74mi
735 Pilot Ln #503 Merritt Island, FL	2.0	2.0	1334	$2,700	$2.02	23d	1	0.74mi
735 Pilot Ln #1009 Merritt Island, FL	2.0	2.0	1334	$2,850	$2.14	23d	1	0.76mi
735 Pilot Ln #507 Merritt Island, FL	2.0	2.0	1711	$2,800	$1.64	14d	1	0.77mi
701 Pilot Ln Unit 1499904P Merritt Island, FL	2.0	2.0	1323	$3,978	$3.01	21d	1	0.78mi
480 Sail Ln #204 Merritt Island, FL	3.0	2.0	2122	$2,950	$1.39	14d	1	0.84mi
820 Del Rio Way #401 Merritt Island, FL	3.0	2.0	1862	$2,600	$1.40	23d	1	0.94mi
200 S Sykes Creek Pkwy #702 Merritt Island, FL	2.0	2.0	1307	$2,390	$1.83	23d	1	0.96mi
250 S Sykes Creek Pkwy Unit B510 Merritt Island, FL	2.0	2.0	1660	$2,600	$1.57	23d	1	0.97mi
145 Needle Blvd Merritt Island, FL	4.0	2.0	1314	$3,250	$2.47	23d	1	1.00mi
390 Needle Blvd Merritt Island, FL	4.0	2.0	1828	$3,450	$1.89	23d	1	1.08mi
1276 Gary Dr Merritt Island, FL	3.0	2.0	1248	$2,200	$1.76	23d	1	1.22mi
215 Richland Ave Unit 1044313P Merritt Island, FL	3.0	2.0	1184	$4,648	$3.93	14d	1	1.25mi
800 1st St Merritt Island, FL	3.0	2.0	1529	$2,800	$1.83	23d	1	1.36mi

Listing history 35 events

1. 2026-06-18
   days on market $280,000 Active 448 DOM
2. 2026-06-17
   days on market $280,000 Active 447 DOM
3. 2026-06-16
   days on market $280,000 Active 446 DOM
4. 2026-06-15
   days on market $280,000 Active 445 DOM
5. 2026-06-14
   days on market $280,000 Active 443 DOM
6. 2026-06-10
   days on market $280,000 Active 440 DOM
7. 2026-06-08
   days on market $280,000 Active 438 DOM
8. 2026-06-07
   days on market $280,000 Active 437 DOM
9. 2026-06-05
   days on market $280,000 Active 434 DOM
10. 2026-06-03
    days on market $280,000 Active 433 DOM
11. 2026-06-02
    days on market $280,000 Active 432 DOM
12. 2026-06-01
    days on market $280,000 Active 431 DOM
13. 2026-05-31
    days on market $280,000 Active 430 DOM
14. 2026-05-31
    days on market $280,000 Active 429 DOM
15. 2026-05-20
    price $280,000
16. 2026-04-07
    status Active
17. 2026-04-04
    price $288,000
18. 2026-01-14
    historical Active Under Contract
19. 2025-12-08
    price $285,000
20. 2025-03-27
    status Active
21. 2025-02-22
    listed $325,000 Active
22. 2025-02-20
    historical
23. 2025-02-06
    historical $325,000
24. 2023-06-02
    soldstatus $299,000
25. 2023-06-01
    soldstatus $299,000 33-char remark

    Show marketing remark (33 chars)

    * * FOR COMP PURPOSES ONLY * *

26. 2023-06-01
    listed $299,000 33-char remark

    Show marketing remark (33 chars)

    * * FOR COMP PURPOSES ONLY * *

27. 2021-06-18
    soldstatus $183,200 Closed 139-char remark

    Show marketing remark (139 chars)

    MERRITT ISLAND POOL Home! Lovely 3 Bedroom, 2 Bath includes a tropical backyard with plenty of room for entertaining the friend and family!

28. 2021-05-07
    listed Contingent 139-char remark

    Show marketing remark (139 chars)

    MERRITT ISLAND POOL Home! Lovely 3 Bedroom, 2 Bath includes a tropical backyard with plenty of room for entertaining the friend and family!

29. 2021-05-06
    listed $175,000 139-char remark

    Show marketing remark (139 chars)

    MERRITT ISLAND POOL Home! Lovely 3 Bedroom, 2 Bath includes a tropical backyard with plenty of room for entertaining the friend and family!

30. 2016-10-31
    soldstatus $196,000
31. 2016-10-28
    soldstatus $196,000
32. 2016-10-28
    soldstatus $196,000
33. 2016-08-16
    listed $199,900
34. 2016-08-15
    listed $199,900
35. 1992-10-01
    soldstatus $58,000

ⓘ 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: $3,909 · $326/mo
• Projected year-2 tax: $3,909 · $326/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 7/10 Severe FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 23 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: $35,647
• − Mortgage interest: −$15,684
• − Property taxes: −$3,909
• − Insurance: −$2,198
• − Repairs & maintenance: −$2,852
• − Management: −$2,852
• − Depreciation: −$8,145
• Taxable income: $7
• Est. tax owed @ 24.0%: −$2
• After-tax cash flow: $4,433/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

+382.8% since first listed

21 events — show timeline

• 2026-05-20 Price Changed $280,000 SCMLS
• 2026-04-07 Relisted — SCMLS
• 2026-04-04 Price Changed $288,000 SCMLS
• 2026-01-14 Contingent — SCMLS
• 2025-12-08 Price Changed $285,000 SCMLS
• 2025-03-27 Relisted — SCMLS
• 2025-02-22 Listed $325,000 SCMLS
• 2025-02-20 Listing Removed — SCMLS
• 2025-02-06 Coming Soon $325,000 SCMLS
• 2023-06-02 Sold (Public Records) $299,000 Public Records
• 2023-06-01 Listed $299,000 SCMLS
• 2023-06-01 Sold (MLS) $299,000 SCMLS
• 2021-06-18 Sold (MLS) $183,200 SCMLS
• 2021-05-07 Listed — SCMLS
• 2021-05-06 Listed $175,000 SCMLS
• 2016-10-31 Sold (Public Records) $196,000 Public Records
• 2016-10-28 Sold (MLS) $196,000 SCMLS
• 2016-10-28 Sold (MLS) $196,000 Stellar MLS as Distributed by MLS Grid
• 2016-08-16 Listed $199,900 Stellar MLS as Distributed by MLS Grid
• 2016-08-15 Listed $199,900 SCMLS
• 1992-10-01 Sold (Public Records) $58,000 Public Records

Property tax history

+16.2%/yr

Latest (2025): $3,909 · +3.2% YoY. Source: county tax records.