535 Palmetto Dr · Melbourne, FL 32935

$231,000

2 bd · 2.0 ba · 1,457 sqft · SingleFamily public records · 12 Days on market

Built 1943 9,583 sqft lot

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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 +12.9/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• DSCR +3.8/10.0
• 1% rule +2.6/10.0
• Rent growth +2.6/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

You will love this one! Doll house located in the middle of Melbourne. Home was built in 1943 but appears to have been updated throughout in recent years. Character remains, but with newer fixtures. Home has 3 bedrooms, 2 full baths, living room, dining room and indoor laundry/utility room.

Key facts

• Fresh interior paint
• Fresh exterior paint
• New roof

Tags

• STAINLESS STEEL APPLIANCES
• NEW ROOF
• FRESH INTERIOR PAINT
• FRESH EXTERIOR PAINT

Property features AI

Finance

• Other: Property zoned RU-1-11; Total living area about 1457 square feet
• Financial info: Lease restrictions apply
• HOA & community: No community association fees; No community features listed

Exterior

• Parking: Driveway
• Security: Owned security system
• Utilities: Well water available; Public sewer and septic tank; Electricity available; Water available
• Home design: Single-family residence; One-story; Faces east
• Construction: Wood siding exterior; Metal roof; Slab foundation; Built on a lot of about 0.22 acres
• Exterior features: Other exterior features

Interior

• Kitchen: Range; Range hood
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Tile; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Living room and dining room combined; Electric water heater; Range; Range hood; Other kitchen appliance(s) indicated
• Laundry & utility: Dedicated laundry room; Other laundry feature(s)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $231k.

Deal economics

• At list price, monthly cash flow is $-19 ($-223/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (1.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (23.9% below list).
• Recommended offer: $176k (23.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: Dr. W.J. Creel Elementary School (math 38% / reading 42%, grade F, #1,491 of 2,144 statewide, top 70%, 626 students, 72% FRL); Lyndon B. Johnson Middle School (math 40% / reading 42%, grade F, #353 of 571 statewide, top 63%, 610 students, 61% FRL); Eau Gallie High School (math 20% / reading 49%, grade F, #386 of 667 statewide, top 59%, 1,586 students, 55% FRL) — zoned schools average 63% FRL vs 43% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 38% at this address vs 55% district-wide (-16 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 335 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• This rent runs 33% of the median local income ($65k/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 $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 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 15y 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.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $175,769 (23.9% 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. Built in 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.76% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.35%
• DSCR: 0.98
• GRM: 11.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.53% rent growth · sell at horizon

5-year hold

• IRR: -19.4%
• Equity multiple: 0.34×
• Total profit: $-42,970
• Equity at exit: $34,443

10-year hold

• IRR: -17.5%
• Equity multiple: 0.13×
• Total profit: $-55,958
• Equity at exit: $19,973

Cash invested: $64,680 (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 32935

• Rents YoY: 0.5%
• Active inventory: 335
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,758 high
• Mortgage (P&I): −$1,211
• Tax from tax record: −$100 /mo · $1,195/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $-19

Break-even live

Break-even rent $1,781

Max offer price $227,713

Occupancy floor 96%

Sensitivity live

Price	-10% $112	-5% $47	+0% $-19	+5% $-84	+10% $-149
Rent	-10% $-157	-5% $-88	+0% $-19	+5% $51	+10% $120
Rate	-1.0pp $98	-0.5pp $40	base $-19	+0.5pp $-78	+1.0pp $-139

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: $57,750
• Closing costs: $6,930
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
109 San Juan Cir Melbourne, FL	2.0	1.0	955	$1,400	$1.47	23d	1	0.26mi
2173 Stewart Rd Melbourne, FL	2.0	1.5	1450	$1,700	$1.17	16d	1	0.31mi
196 San Juan Cir Melbourne, FL	2.0	1.0	955	$1,400	$1.47	25d	1	0.34mi
2082 Foxwood Dr Melbourne, FL	2.0	2.0	975	$1,600	$1.64	16d	1	0.39mi
1909 Oakwood Dr Melbourne, FL	3.0	2.0	1351	$2,400	$1.78	16d	1	0.40mi
2153 Royal Poinciana Blvd Melbourne, FL	3.0	2.5	1732	$2,600	$1.50	25d	1	0.43mi
1430 Isabella Dr #102 Melbourne, FL	3.0	2.5	1510	$2,250	$1.49	25d	1	0.50mi
1455 Isabella Dr #101 Melbourne, FL	3.0	2.5	1606	$2,275	$1.42	25d	1	0.52mi
2146 Sandalwood Dr Melbourne, FL	3.0	2.0	1320	$1,910	$1.45	25d	1	0.54mi
2242 Flower Tree Cir Melbourne, FL	2.0	2.0	879	$1,300	$1.48	25d	1	0.56mi
1252 Ridgewood Dr Melbourne, FL	3.0	2.0	1114	$1,785	$1.60	21d	1	0.62mi
1795 Kole Pl #109 Melbourne, FL	3.0	2.5	1472	$1,950	$1.32	25d	1	0.62mi
2414 Summerset Dr Melbourne, FL	2.0	2.0	1065	$1,450	$1.36	25d	1	0.64mi
188 Berkshire Ln Melbourne, FL	3.0	2.0	1094	$1,750	$1.60	21d	1	0.73mi
2745 Revolution St #101 Melbourne, FL	3.0	2.5	1694	$2,500	$1.48	25d	1	0.74mi
177 Ulster Ln Melbourne, FL	2.0	2.0	890	$1,300	$1.46	25d	1	0.77mi
181 Ulster Ln Melbourne, FL	2.0	2.0	890	$1,400	$1.57	25d	1	0.77mi
254 Ulster Ln Melbourne, FL	3.0	2.0	1094	$1,600	$1.46	15d	1	0.82mi
280 Ulster Ln Melbourne, FL	3.0	2.0	1094	$1,600	$1.46	25d	1	0.83mi
217 Bristol Ln Melbourne, FL	2.0	2.0	890	$1,395	$1.57	25d	1	0.84mi
189 Cambridge Ln Melbourne, FL	3.0	2.0	1094	$1,600	$1.46	25d	1	0.85mi
2660 Revolution St #106 Melbourne, FL	3.0	2.5	1694	$1,950	$1.15	25d	1	0.88mi
2420 Central Park Dr Melbourne, FL	1.0–3.0	1.0–2.0	1045	$1,799	$1.72	15d	11	0.89mi
2504 Bogey Ln Apt C Melbourne, FL	2.0	2.0	1002	$1,500	$1.50	25d	1	0.96mi
2700 Croton Rd Melbourne, FL	1.0–2.0	1.0–2.0	870	$1,675	$1.93	16d	1	0.99mi
2362 Pineapple Ave Unit 1520582P Melbourne, FL	3.0	2.0	1194	$5,629	$4.71	16d	1	1.06mi
2323 Golf Lake Cir #1111 Melbourne, FL	2.0	2.0	1140	$1,600	$1.40	21d	1	1.11mi
2201 Hampton Greens Blvd Melbourne, FL	1.0–3.0	1.0–2.0	900	$1,742	$1.94	15d	10	1.12mi
1688 Eisenhower Ave Melbourne, FL	3.0	1.5	988	$1,700	$1.72	25d	1	1.13mi
1727 Avocado Ave Unit 6 Melbourne, FL	2.0	1.0	900	$1,425	$1.58	25d	1	1.16mi
1727 Avocado Ave #8 Melbourne, FL	2.0	1.0	900	$1,475	$1.64	25d	1	1.16mi
1805 Guava Ave Melbourne, FL	2.0	1.0	896	$1,600	$1.79	16d	1	1.16mi
1032 Hidden Harbour Dr Melbourne, FL	1.0	1.0	921	$1,249	$1.36	25d	1	1.19mi
1821 Highland Ave Melbourne, FL	2.0	1.0	900	$1,650	$1.83	25d	1	1.21mi
1811 Highland Ave Melbourne, FL	2.0	1.0	900	$1,650	$1.83	25d	1	1.22mi
1868 Pineapple Ave Melbourne, FL	2.0	1.0	1000	$1,750	$1.75	25d	1	1.23mi
1809 Highland Ave Melbourne, FL	2.0	1.0	900	$1,650	$1.83	25d	1	1.23mi
693 Law St Unit B Melbourne, FL	3.0	1.0	1200	$1,950	$1.62	25d	1	1.28mi
2137 Laden Rd Melbourne, FL	3.0	2.0	1248	$2,100	$1.68	25d	1	1.32mi
3051 Savannah Way Melbourne, FL	1.0–2.0	1.0–2.0	927	$1,689	$1.82	15d	26	1.32mi

Listing history 8 events

1. 2026-05-19
   status Pending
2. 2026-05-07
   listed $231,000 Active
3. 2026-04-03
   soldstatus $202,700
4. 2011-11-07
   soldstatus $60,000 291-char remark

   Show marketing remark (291 chars)

   You will love this one! Doll house located in the middle of Melbourne. Home was built in 1943 but appears to have been updated throughout in recent years. Character remains, but with newer fixtures. Home has 3 bedrooms, 2 full baths, living room, dining room and indoor laundry/utility room.

5. 2011-09-02
   listed $54,900 291-char remark

   Show marketing remark (291 chars)

   You will love this one! Doll house located in the middle of Melbourne. Home was built in 1943 but appears to have been updated throughout in recent years. Character remains, but with newer fixtures. Home has 3 bedrooms, 2 full baths, living room, dining room and indoor laundry/utility room.

6. 1994-04-01
   soldstatus $34,000
7. 1986-01-01
   soldstatus $40,000
8. 1978-10-01
   soldstatus $24,500

ⓘ 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: $1,195 · $100/mo
• Projected year-2 tax: $1,917 · $160/mo
• Expected delta: +$723/yr (+$60/mo · 60.5%)

ⓘ 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 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: $21,092
• − Mortgage interest: −$12,940
• − Property taxes: −$1,195
• − Insurance: −$1,155
• − Repairs & maintenance: −$1,687
• − Management: −$1,687
• − Depreciation: −$6,720
• Taxable loss: −$4,292
• Est. tax savings @ 24.0%: +$1,030
• After-tax cash flow: $807/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 — Melbourne

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Brevard County · 602,871 people
• City population: 178,420
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 41,965
• Household income: $64,588
• Rent vs Own: 40.3% rent · 59.7% own
• Severe rent burden: 1747.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 13% Two or more races 9% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, Vietnam, Jamaica
• Languages at home: 88% English-only · Spanish 8% Other Indo-European 1% Tagalog/Filipino 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: ▼ -185.48%
• Current HPI: 308.7443
• Rent YoY: ▲ 0.53%
• 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

+842.9% since first listed

8 events — show timeline

• 2026-05-19 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-05-07 Listed $231,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-03 Sold (Public Records) $202,700 Public Records
• 2011-11-07 Sold (MLS) $60,000 SCMLS
• 2011-09-02 Listed $54,900 SCMLS
• 1994-04-01 Sold (Public Records) $34,000 Public Records
• 1986-01-01 Sold (Public Records) $40,000 Public Records
• 1978-10-01 Sold (Public Records) $24,500 Public Records

Property tax history

+2.9%/yr

Latest (2025): $1,195 · +12.0% YoY. Source: county tax records.