402 Dove Ln Unit 2-7 · South Patrick Shores, FL 32937

$305,000

3 bd · 2.5 ba · 1,668 sqft · Condo public records · 20 Days on market

Built 1978 $635/mo HOA · 20% of rent

---

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 +11.7/30.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Schools +5.0/10.0
• DSCR +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Wow - Move in Ready Townhome at the Beach! Big 3 bedroom and 2 full baths upstairs, plus 1/2 bath downstairs. No carpeting, just beautiful ceramic tile, real wood stairs, downstairs kitchen and huge living space! Beautiful pond right out your backdoor, always busy with birds, fish and turtles. .. there's always something to see. Huge community pool steps from your door - don't let this one pass you by!

Key facts

• Recent upgrades
• Premium amenities
• Pond views

Tags

• POND VIEWS
• PRIVATE PRIMARY SUITE BALCONY
• RECENT UPGRADES
• PREMIUM AMENITIES

Property features AI

Finance

• Other: Directions: East on Pineda Causeway to South Patrick, go right then next right into Waterway Estate Townhomes
• Financial info: Total annual HOA fees: $7,620; Lease restrictions apply
• HOA & community: Monthly HOA fee of $635; HOA covers pool, insurance, grounds maintenance, management, pest control, sewer, trash, and water; Association approval required; Association: Towers management / Ryan Marrs - LCAM; Community clubhouse and pool; Deed restrictions; Tennis courts in community; Pets allowed with breed restrictions; cats and dogs OK

Exterior

• Parking: Assigned parking; Guest parking; Off-street parking
• Utilities: Public water; Public sewer; Cable available; Electricity connected; Sewer connected; Water connected
• Home design: Townhouse; Residential property; Two levels; North-facing
• Construction: Block construction; Membrane and shingle roof; Slab foundation; Built as part of building number 402
• Exterior features: Balcony; Sliding doors; Community tennis courts; Pond view

Interior

• Kitchen: Dishwasher; Disposal; Range; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms
• Flooring: Tile flooring; Wood flooring
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Split-bedroom floor plan
• Laundry & utility: Washer hookup; Dryer hookup; Dedicated laundry room; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $305k.

Deal economics

• At list price, monthly cash flow is $-157 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $277k (9.1% below list).
• Meets the 1% rule at list price ($3k rent vs $305k).
• Recommended offer: $277k (9.1% below list) — sets the bar for cash-flow.

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-.
• Market conditions: Rents rising (+1.6%/yr); 312 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 38% of the median local income ($101k/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 $9k 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

• It's been on market 20 days — a 2% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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: 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 $277,324 (9.1% 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 1978 — 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.06% ✓
• Cap rate: 5.94%
• Cash-on-cash: -1.27%
• DSCR: 0.94
• GRM: 7.9

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: -21.9%
• Equity multiple: 0.25×
• Total profit: $-63,630
• Equity at exit: $45,476

10-year hold

• IRR: -20.7%
• Equity multiple: 0.00×
• Total profit: $-85,078
• Equity at exit: $26,371

Cash invested: $85,400 (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 32937

• Rents YoY: 1.6%
• Active inventory: 312
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $3,231 high
• Mortgage (P&I): −$1,599
• Tax from tax record: −$281 /mo · $3,376/yr
• Insurance: −$127
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$635
• Vacancy / Maint / Mgmt: −$679
• Net cashflow: $-157

Break-even live

Break-even rent $3,430

Max offer price $277,324

Occupancy floor 100%

Sensitivity live

Price	-10% $16	-5% $-70	+0% $-157	+5% $-243	+10% $-329
Rent	-10% $-412	-5% $-284	+0% $-157	+5% $-29	+10% $99
Rate	-1.0pp $-3	-0.5pp $-79	base $-157	+0.5pp $-236	+1.0pp $-316

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: $76,250
• Closing costs: $9,150
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
419 Blue Jay Ln Satellite Beach, FL	2.0	2.5	1424	$1,950	$1.37	24d	1	0.09mi
436 Blue Jay Ln Satellite Beach, FL	2.0	2.5	1424	$1,950	$1.37	24d	1	0.09mi
444 Finch Dr Satellite Beach, FL	4.0	3.0	1945	$4,300	$2.21	15d	1	0.11mi
444 Finch Dr Satellite Beach, FL	4.0	3.0	1945	$4,300	$2.21	20d	1	0.11mi
160 Melaleuca Dr Satellite Beach, FL	3.0	2.0	1127	$3,000	$2.66	24d	1	0.16mi
236 NE 3rd St Satellite Beach, FL	4.0	2.0	1976	$3,200	$1.62	24d	1	0.21mi
405 Sparrow Dr Satellite Beach, FL	4.0	2.0	1768	$3,800	$2.15	24d	1	0.22mi
216 NE 3rd St Satellite Beach, FL	3.0	2.0	1118	$2,650	$2.37	24d	1	0.28mi
601 Sea Gull Dr Satellite Beach, FL	3.0	2.5	1926	$3,100	$1.61	24d	1	0.37mi
160 A1A Jimmy Buffett Memorial Hwy Satellite Beach, FL	1.0–2.0	1.0–2.0	1047	$2,050	$1.96	24d	1	0.59mi
122 Eden Ave Satellite Beach, FL	3.0	2.0	2156	$2,000	$0.93	15d	1	0.67mi
199 Jimmy Buffett Memorial Hwy Unit 1044475P Satellite Beach, FL	2.0	2.5	1194	$4,321	$3.62	24d	1	0.70mi
199 Highway A1A Unit A102 Satellite Beach, FL	2.0	2.0	1254	$3,300	$2.63	24d	1	0.70mi
199 Jimmy Buffett Memorial Hwy Unit A-104 Satellite Beach, FL	2.0	2.0	1254	$3,400	$2.71	24d	1	0.70mi
199 Jimmy Buffett Memorial Hwy Unit B205 Satellite Beach, FL	2.0	2.5	1205	$3,350	$2.78	24d	1	0.70mi
199 Jimmy Buffett Memorial Hwy Unit D102 Satellite Beach, FL	2.0	2.0	1174	$2,300	$1.96	24d	1	0.70mi
199 Jimmy Buffett Memorial Hwy Unit A205 Satellite Beach, FL	2.0	2.5	1205	$3,250	$2.70	24d	1	0.70mi
199 Jimmy Buffett Memorial Hwy Unit A-105 Satellite Beach, FL	2.0	2.0	1254	$3,300	$2.63	15d	1	0.70mi
705 3rd Ave Satellite Beach, FL	3.0	2.0	1616	$2,900	$1.79	15d	1	0.78mi
55 Sea Park Blvd #501 Satellite Beach, FL	3.0	2.0	1614	$1,650	$1.02	24d	1	0.79mi
295 A1A Jimmy Buffett Memorial Hwy Unit 407 Satellite Beach, FL	2.0	2.0	1627	$3,250	$2.00	15d	1	0.85mi
101 E Dover St Satellite Beach, FL	3.0	2.5	1636	$2,700	$1.65	15d	1	0.98mi
700 Ventura Dr Satellite Beach, FL	3.0	2.5	2022	$3,000	$1.48	22d	1	1.09mi
82 Hubble Ln Satellite Beach, FL	4.0	3.0	2161	$4,500	$2.08	24d	1	1.10mi
27 Gulfstream Way Satellite Beach, FL	4.0	3.0	2161	$5,000	$2.31	15d	1	1.34mi

HOA detail condo

• Monthly dues: $635 · $7,620/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-05-05
   listed $305,000 Active
2. 2022-04-27
   soldstatus $305,000
3. 2022-04-11
   soldstatus $305,000 Closed 405-char remark

   Show marketing remark (405 chars)

   Wow - Move in Ready Townhome at the Beach! Big 3 bedroom and 2 full baths upstairs, plus 1/2 bath downstairs. No carpeting, just beautiful ceramic tile, real wood stairs, downstairs kitchen and huge living space! Beautiful pond right out your backdoor, always busy with birds, fish and turtles. .. there's always something to see. Huge community pool steps from your door - don't let this one pass you by!

4. 2022-03-18
   price $2,690
5. 2022-03-15
   historical Backups 405-char remark

   Show marketing remark (405 chars)

   Wow - Move in Ready Townhome at the Beach! Big 3 bedroom and 2 full baths upstairs, plus 1/2 bath downstairs. No carpeting, just beautiful ceramic tile, real wood stairs, downstairs kitchen and huge living space! Beautiful pond right out your backdoor, always busy with birds, fish and turtles. .. there's always something to see. Huge community pool steps from your door - don't let this one pass you by!

6. 2022-03-06
   price $310,000 405-char remark

   Show marketing remark (405 chars)

   Wow - Move in Ready Townhome at the Beach! Big 3 bedroom and 2 full baths upstairs, plus 1/2 bath downstairs. No carpeting, just beautiful ceramic tile, real wood stairs, downstairs kitchen and huge living space! Beautiful pond right out your backdoor, always busy with birds, fish and turtles. .. there's always something to see. Huge community pool steps from your door - don't let this one pass you by!

7. 2022-03-06
   status Active 405-char remark

   Show marketing remark (405 chars)

   Wow - Move in Ready Townhome at the Beach! Big 3 bedroom and 2 full baths upstairs, plus 1/2 bath downstairs. No carpeting, just beautiful ceramic tile, real wood stairs, downstairs kitchen and huge living space! Beautiful pond right out your backdoor, always busy with birds, fish and turtles. .. there's always something to see. Huge community pool steps from your door - don't let this one pass you by!

8. 2022-03-02
   historical Backups 405-char remark

   Show marketing remark (405 chars)

   Wow - Move in Ready Townhome at the Beach! Big 3 bedroom and 2 full baths upstairs, plus 1/2 bath downstairs. No carpeting, just beautiful ceramic tile, real wood stairs, downstairs kitchen and huge living space! Beautiful pond right out your backdoor, always busy with birds, fish and turtles. .. there's always something to see. Huge community pool steps from your door - don't let this one pass you by!

9. 2022-02-19
   listed $305,000 Active 405-char remark

   Show marketing remark (405 chars)

   Wow - Move in Ready Townhome at the Beach! Big 3 bedroom and 2 full baths upstairs, plus 1/2 bath downstairs. No carpeting, just beautiful ceramic tile, real wood stairs, downstairs kitchen and huge living space! Beautiful pond right out your backdoor, always busy with birds, fish and turtles. .. there's always something to see. Huge community pool steps from your door - don't let this one pass you by!

10. 2016-08-16
    historical 196-char remark

    Show marketing remark (196 chars)

    Waterway Estates Beachside Beauty 3 Bedroom 2.5 Baths two story townhome with new roof, water access with boat slips, tennis, pool, rec room. Close to beach and shopping. Priced to sell. MUST SEE!

11. 2016-08-16
    historical

    Show marketing remark (196 chars)

    Waterway Estates Beachside Beauty 3 Bedroom 2.5 Baths two story townhome with new roof, water access with boat slips, tennis, pool, rec room. Close to beach and shopping. Priced to sell. MUST SEE!

12. 2008-01-31
    listed $169,999 196-char remark

    Show marketing remark (196 chars)

    Waterway Estates Beachside Beauty 3 Bedroom 2.5 Baths two story townhome with new roof, water access with boat slips, tennis, pool, rec room. Close to beach and shopping. Priced to sell. MUST SEE!

13. 2006-12-05
    listed $169,999
14. 2004-01-05
    soldstatus $142,000
15. 2001-05-18
    soldstatus $85,000
16. 1978-11-01
    soldstatus $43,500

ⓘ 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: $3,376 · $281/mo
• Projected year-2 tax: $3,376 · $281/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 9/10 Extreme FEMA zone X (shaded) · 99% 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: $38,775
• − Mortgage interest: −$17,085
• − Property taxes: −$3,376
• − Insurance: −$2,322
• − Repairs & maintenance: −$3,102
• − Management: −$3,102
• − HOA: −$7,620
• − Depreciation: −$8,873
• Taxable loss: −$6,705
• Est. tax savings @ 24.0%: +$1,609
• After-tax cash flow: $-271/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)

No district data.

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

+601.1% since first listed

16 events — show timeline

• 2026-05-05 Listed $305,000 Stellar MLS as Distributed by MLS Grid
• 2022-04-27 Sold (Public Records) $305,000 Public Records
• 2022-04-11 Sold (MLS) $305,000 SCMLS
• 2022-03-18 Price Changed $2,690 RENT.
• 2022-03-15 Contingent — SCMLS
• 2022-03-06 Price Changed $310,000 SCMLS
• 2022-03-06 Relisted — SCMLS
• 2022-03-02 Contingent — SCMLS
• 2022-02-19 Listed $305,000 SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2008-01-31 Listed $169,999 SCMLS
• 2006-12-05 Listed $169,999 SCMLS
• 2004-01-05 Sold (Public Records) $142,000 Public Records
• 2001-05-18 Sold (Public Records) $85,000 Public Records
• 1978-11-01 Sold (Public Records) $43,500 Public Records

Property tax history

+5.2%/yr

Latest (2025): $3,376 · -7.9% YoY. Source: county tax records.