55 Sea Park Blvd #606 · South Patrick Shores, FL 32937

$150,000

1 bd · 1.0 ba · 614 sqft · Condo public records · 8 Days on market

Built 1962 $343/mo HOA · 17% of rent

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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 +21.4/30.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• Schools +4.7/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This coastal retreat offers a quiet escape with the kind of simplicity that makes everyday living feel effortless. From the moment you step inside, there's a sense of ease--an open layout designed for both comfort and functionality, ideal for those seeking a low-maintenance lifestyle or a smart investment opportunity. Thoughtfully updated over time, the home features a 2019 interior renovation that brings a fresh, modern feel, along with a 2018 AC replacement and a 2026 water heater--adding comfort and peace of mind for years to come. With the HOA covering the roof, ownership becomes even more stress-free. Ideally located just moments from major highways, shopping, and dining, this communit

Key facts

• 2026 water heater
• Hoa covering roof
• Open layout

Tags

• OPEN LAYOUT
• 2019 INTERIOR RENOVATION
• 2018 AC REPLACEMENT
• 2026 WATER HEATER
• HOA COVERING ROOF

Property features AI

Finance

• HOA & community: Condo association (South Patrick Condominiums); Monthly association fee of $343.64 covering trash and water

Exterior

• Parking: Assigned parking
• Utilities: Public sewer; Electricity connected; Water connected; Sewer connected
• Home design: Condominium; One level; Entry on level 1; Faces southeast; 2-story building
• Construction: Concrete and stucco construction; Membrane roof; Built with foundation typical for condominium
• Exterior features: Rear porch

Interior

• Kitchen: Electric oven; Electric range; Microwave; Refrigerator
• Bedrooms: 1 bedroom
• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Ceiling fan(s)
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $157 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).

Location & tenants

• Location reads 64/100 on livability (#665 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing 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: Sea Park Elementary School (math 67% / reading 67%, grade B+, #450 of 2,144 statewide, top 22%, 335 students, 39% 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 27% FRL vs 43% district-wide (16 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 (+1.6%/yr); 312 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $1k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $56k; list at $150k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,000

Questions for the listing agent

1. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.32% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.39%
• DSCR: 1.28
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.55% rent growth · sell at horizon

5-year hold

• IRR: -11.3%
• Equity multiple: 0.60×
• Total profit: $-16,885
• Equity at exit: $22,365

10-year hold

• IRR: -4.8%
• Equity multiple: 0.71×
• Total profit: $-12,112
• Equity at exit: $12,969

Cash invested: $42,000 (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 32937

• Rents YoY: 1.6%
• Active inventory: 312
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,979 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$147 /mo · $1,770/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$343
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $157

Break-even live

Break-even rent $1,780

Max offer price $150,000

Occupancy floor 87%

Sensitivity live

Price	-10% $242	-5% $200	+0% $157	+5% $115	+10% $72
Rent	-10% $1	-5% $79	+0% $157	+5% $235	+10% $313
Rate	-1.0pp $233	-0.5pp $195	base $157	+0.5pp $118	+1.0pp $79

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
105 NE 3rd St Unit 1044482P Satellite Beach, FL	1.0–5.0	1.0–4.0	548	$2,563	$4.68	15d	2	0.53mi

HOA detail condo

• Monthly dues: $343 · $4,116/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-05-09
   status Pending
2. 2026-05-01
   listed $150,000 Active
3. 2002-05-24
   soldstatus $56,500
4. 1993-02-12
   soldstatus $29,000
5. 1975-06-01
   soldstatus $16,200

ⓘ 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: $1,770 · $147/mo
• Projected year-2 tax: $1,770 · $147/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 8/10 Severe FEMA zone X (shaded) · 97% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 24 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: $23,745
• − Mortgage interest: −$8,402
• − Property taxes: −$1,770
• − Insurance: −$1,547
• − Repairs & maintenance: −$1,900
• − Management: −$1,900
• − HOA: −$4,116
• − Depreciation: −$4,364
• Taxable loss: −$253
• Est. tax savings @ 24.0%: +$61
• After-tax cash flow: $1,947/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 — South Patrick Shores

• Score: 64/100
• State rank: #665
• US rank: #13650

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Patrick Shores, FL
• County: Brevard County · 602,871 people
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 27,836
• Household income: $101,184
• Rent vs Own: 17.5% rent · 82.5% own
• Severe rent burden: 534.0

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 9% Two or more races 7% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% 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: ▼ -336.76%
• Current HPI: 361.3801
• Rent YoY: ▲ 1.55%
• 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

+825.9% since first listed

5 events — show timeline

• 2026-05-09 Pending — SCMLS
• 2026-05-01 Listed $150,000 SCMLS
• 2002-05-24 Sold (Public Records) $56,500 Public Records
• 1993-02-12 Sold (Public Records) $29,000 Public Records
• 1975-06-01 Sold (Public Records) $16,200 Public Records

Property tax history

+8.3%/yr

Latest (2025): $1,770 · +5.1% YoY. Source: county tax records.