8515 N Atlantic Ave Unit 1-46

Cape Canaveral, FL 32920

$89,900B

2 bd · 2.0 ba · 1,070 sqft · Built 1980 · Manufactured · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,075/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$216
• HOA: −$0
• Vac / Maint / Mgmt: −$436
• Net cashflow: $951/mo
• Annual: $11,417/yr
• Cap rate: 19.88%
• Cash-on-cash: 48.52%
• DSCR: 3.16
• 1% rule: 2.31%
• Cash to close: $25,172

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $90k. Condition is rated fair.
• At list price, monthly cash flow is $951 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• It's been on market 15 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#34 in FL, #677 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, housing A+; Watch: 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: Cape View Elementary School (math 62% / reading 62%, grade B, #608 of 2,144 statewide, top 29%, 305 students, 61% FRL); Cocoa Beach Junior/Senior High School (math 65% / reading 66%, grade B, #75 of 667 statewide, top 11%, 982 students, 30% FRL) — zoned schools at 45% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+4.0%/yr); 221 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• 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.
• This rent runs 37% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Light wear and tear, but not structural damage.
• Minor: Bathroom tiles — Some wear, but not to the point of needing replacement.
• Minor: Living room carpet — Significant wear, but not to the point of needing replacement.
• Minor: Exterior siding — Some visible wear, but not to the point of needing immediate repair.
• Minor: Windows — Some wear, but not to the point of needing immediate replacement.
• Minor: HVAC unit — Functional, but the surrounding area shows some wear, which could be addressed during a thorough cleaning and maintenance check.