347 W Merritt Ave · Merritt Island, FL 32953

$395,000

None bd · None ba · 2,243 sqft · MultiFamily · 838 Days on market

Built 1957 0.38 ac lot ↓ 21% since listing

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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 +5.7/10.0
• Schools +4.7/10.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Exciting Investment Opportunity! Formerly a triplex, this property has been converted into a duplex but can effortlessly revert to its original triplex configuration. In its triplex layout, it offers a variety of units: a spacious 2-bedroom, 1-bath unit, a cozy 1-bedroom, 1-bath unit, and a large 1-bedroom, 1-bath unit. Conveniently located less than two miles from all schools and just blocks away from Mila Elementary, it also boasts proximity to shopping and restaurants. Don't overlook this exceptional chance for income generation!

Key facts

• 0.38 acre lot
• 4 parking spots
• Built 1957

Property features AI

Finance

• Other: Lot size approximately 0.38 acres; Building area total reported as 2,323 (units not displayed); Living area reported as 2,243 (units not displayed)
• Financial info: Multi-family income/expense details not provided
• HOA & community: Association offers RV/boat storage

Exterior

• Parking: Total of 4 parking spaces; Additional parking available; Carport (1 space); Guest parking
• Security: No specific security features listed
• Utilities: Public sewer; Water connected; Sewer connected; Electricity connected; Natural gas connected; Cable available
• Home design: Triplex; Faces north; Single building (one structure)
• Construction: Block construction; Shingle roof; Building constructed as a single building
• Exterior features: Back yard with privacy and chain-link fencing; Many trees on the lot; City street frontage with asphalt road surface

Interior

• Kitchen: Gas oven; Gas range; Refrigerator
• Bedrooms: Details not provided
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: Details not provided
• Heating & cooling: Central heating (varies by unit); Central air (varies by unit); Electric cooling; Wall/window units in some units
• Interior features: Multi-family property (currently used as triplex); Unfurnished units; Carpet, tile and vinyl flooring
• Laundry & utility: Washer/dryer details not provided

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $395k.

Deal economics

• At list price, monthly cash flow is $611 ($7k/yr) — positive. Per door: $306/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $395k).
• Recommended offer: $348k (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: Mila Elementary School (math 37% / reading 46%, grade F, #1,437 of 2,144 statewide, top 68%, 433 students, 70% 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).
• Market conditions: Rents rising (+2.1%/yr); 219 active listings in the ZIP; 9 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).
• At $4,229/mo this rent would consume 58% of the median local household income ($87k/yr) (locally 849% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 838 days — a 12% lower offer ($348k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $104k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $347,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 838 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.07% ✓
• Cap rate: 8.15%
• Cash-on-cash: 6.63%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.12% rent growth · sell at horizon

5-year hold

• IRR: -7.1%
• Equity multiple: 0.74×
• Total profit: $-28,731
• Equity at exit: $58,896

10-year hold

• IRR: 1.4%
• Equity multiple: 1.09×
• Total profit: $10,398
• Equity at exit: $34,152

Cash invested: $110,600 (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 32953

• Home prices YoY: -34.5%
• Rents YoY: 2.1%
• Active inventory: 219
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $4,229 high
• Mortgage (P&I): −$2,071
• Tax est. 1.5%: −$494 /mo · $5,925/yr
• Insurance: −$165
• HOA: −$0
• Vacancy / Maint / Mgmt: −$888
• Net cashflow: $611

Break-even live

Break-even rent $3,455

Max offer price $395,000

Occupancy floor 81%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$4,230
Total (2 units)			$4,229

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: $98,750
• Closing costs: $11,850
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
480 Sail Ln #204 Merritt Island, FL	3.0	2.0	2122	$2,950	$1.39	14d	1	0.27mi
410 S Tropical Trl Merritt Island, FL	3.0	2.0	1573	$2,295	$1.46	23d	1	0.74mi
800 1st St Merritt Island, FL	3.0	2.0	1529	$2,800	$1.83	23d	1	0.76mi
820 Del Rio Way #401 Merritt Island, FL	3.0	2.0	1862	$2,600	$1.40	23d	1	0.87mi
165 Tiki Dr Merritt Island, FL	3.0	2.0	1795	$2,875	$1.60	23d	1	0.96mi
102 Riverside Dr #806 Cocoa, FL	3.0	3.0	2019	$3,500	$1.73	23d	1	1.33mi
250 S Sykes Creek Pkwy Unit B510 Merritt Island, FL	2.0	2.0	1660	$2,600	$1.57	23d	1	1.42mi
735 Pilot Ln #414 Merritt Island, FL	3.0	3.5	1715	$3,300	$1.92	23d	1	1.46mi
735 Pilot Ln #507 Merritt Island, FL	2.0	2.0	1711	$2,800	$1.64	14d	1	1.48mi

Listing history 25 events

1. 2026-06-18
   days on market $395,000 Active 838 DOM
2. 2026-06-17
   days on market $395,000 Active 837 DOM
3. 2026-06-16
   days on market $395,000 Active 836 DOM
4. 2026-06-15
   days on market $395,000 Active 835 DOM
5. 2026-06-14
   days on market $395,000 Active 833 DOM
6. 2026-06-10
   days on market $395,000 Active 830 DOM
7. 2026-06-08
   days on market $395,000 Active 828 DOM
8. 2026-06-07
   days on market $395,000 Active 827 DOM
9. 2026-06-05
   days on market $395,000 Active 824 DOM
10. 2026-06-03
    days on market $395,000 Active 823 DOM
11. 2026-06-02
    days on market $395,000 Active 822 DOM
12. 2026-06-01
    days on market $395,000 Active 821 DOM
13. 2026-05-31
    days on market $395,000 Active 820 DOM
14. 2025-10-01
    status Active
15. 2025-09-30
    historical
16. 2025-09-11
    price $395,000
17. 2025-04-01
    price $433,000
18. 2025-04-01
    status Active
19. 2025-03-31
    historical
20. 2025-02-07
    price $438,000
21. 2024-09-10
    price $450,000
22. 2024-08-19
    status Active
23. 2024-08-14
    historical Active Under Contract
24. 2024-04-12
    price $470,000
25. 2024-02-29
    listed $499,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $50,748
• − Mortgage interest: −$22,126
• − Property taxes: −$5,925
• − Insurance: −$1,975
• − Repairs & maintenance: −$4,060
• − Management: −$4,060
• − Depreciation: −$11,491
• Taxable income: $1,111
• Est. tax owed @ 24.0%: −$267
• After-tax cash flow: $7,067/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): 24,759
• Household income: $87,262
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 849.0

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 (77%)
• Race & ethnicity: White 77% Hispanic / Latino 13% Two or more races 7% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6%
• Common ancestry: Slovak 3% Romanian 3% Lithuanian 3%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 87% English-only · Spanish 8% Tagalog/Filipino 2% French/Haitian/Cajun 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: ▼ -168.76%
• Current HPI: 320.1966
• Rent YoY: ▲ 2.12%
• 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

-20.8% since first listed

12 events — show timeline

• 2025-10-01 Relisted — SCMLS
• 2025-09-30 Listing Removed — SCMLS
• 2025-09-11 Price Changed $395,000 SCMLS
• 2025-04-01 Price Changed $433,000 SCMLS
• 2025-04-01 Relisted — SCMLS
• 2025-03-31 Listing Removed — SCMLS
• 2025-02-07 Price Changed $438,000 SCMLS
• 2024-09-10 Price Changed $450,000 SCMLS
• 2024-08-19 Relisted — SCMLS
• 2024-08-14 Contingent — SCMLS
• 2024-04-12 Price Changed $470,000 SCMLS
• 2024-02-29 Listed $499,000 SCMLS