691 San Filippo Dr SE · Palm Bay, FL 32909

$349,990

4 bd · 3.0 ba · 1,815 sqft · Land · 142 Days on market

Built 2026 10,454 sqft lot

---

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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.2/30.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• DSCR +0.5/10.0

Listing remarks MLS

80' x 125' 10,000 total sq. ft. w city water surrounded by new homes close to I 95 exit Unit 16. This desirable city water lot located 691 San Filippo Drive SE is ready to go for your new home. Title has been ordered by seller and can close in 7 to 10 days. No deed restrictions, no time limits to build, property taxes 2019 only $139.30 Call today for this prime lot in Palm Bay!

Key facts

• 0.24 acre lot
• 2 garage spots
• Built 2026

Property features AI

Finance

• Other: Zoned RS2
• HOA & community: Pets allowed

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Septic tank sewer; Public utilities available
• Home design: Single Family Residence; One story; East-facing entry; New construction; Completed condition
• Construction: Block, concrete and stucco construction; Shingle roof; Concrete perimeter foundation; Built as new construction
• Exterior features: Sidewalk; Paved road access

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: 4 bedrooms
• Flooring: Laminate
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Kitchen and family room are combined; Sliding doors
• Laundry & utility: Laundry room with electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath land listed at $350k.

Deal economics

• At list price, monthly cash flow is $-634 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $258k (26.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (35.4% below list).
• Recommended offer: $226k (35.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#366 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment D+, 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.
• Market conditions: Rents rising (+3.7%/yr); 1111 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 34% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $37k of equity ($2k loan paydown + $35k appreciation (10.0% local appreciation)).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y ago; this cycle's ask is 13900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $39k; list at $350k implies a 797% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $225,962 (35.4% 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. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.65% ✗
• Cap rate: 4.12%
• Cash-on-cash: -7.76%
• DSCR: 0.65
• GRM: 12.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.67% rent growth · sell at horizon

5-year hold

• IRR: 19.0%
• Equity multiple: 2.55×
• Total profit: $151,827
• Equity at exit: $315,299

10-year hold

• IRR: 17.7%
• Equity multiple: 5.92×
• Total profit: $482,105
• Equity at exit: $679,954

Cash invested: $97,997 (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 32909

• Home prices YoY: 6.0%
• Rents YoY: 3.7%
• Active inventory: 1111
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $2,260 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$437 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $-634

Break-even live

Break-even rent $3,062

Max offer price $258,307

Occupancy floor —

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: $87,498
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1210 Vandalia Ave SE Palm Bay, FL	4.0	2.0	1833	$2,050	$1.12	14d	1	0.24mi
1418 Paley Cir SE Palm Bay, FL	3.0	2.0	1260	$1,850	$1.47	24d	1	0.42mi
1255 Wadsworth St SE Unit 1255 Palm Bay, FL	3.0	3.0	1747	$2,350	$1.35	19d	1	0.45mi
1150 Raoul St SE Palm Bay, FL	4.0	2.0	1787	$2,300	$1.29	24d	1	0.46mi
1530 Paley Cir SE Palm Bay, FL	4.0	2.0	1842	$2,095	$1.14	14d	1	0.54mi
1517 Wacker Ave SE Palm Bay, FL	4.0	2.0	1775	$2,200	$1.24	24d	1	0.57mi
1643 Talavera St SE Palm Bay, FL	4.0	2.0	1833	$1,861	$1.02	19d	1	0.60mi
1068 Saint Johns St SE Palm Bay, FL	3.0	2.0	1332	$2,000	$1.50	24d	1	0.73mi
1150 Tiger St SE Palm Bay, FL	3.0	2.0	1690	$1,950	$1.15	14d	1	0.77mi
1625 Waneta St SE Palm Bay, FL	3.0	2.0	1631	$2,100	$1.29	19d	1	0.81mi
896 Talmadge Ave SE Palm Bay, FL	3.0	2.0	1263	$1,900	$1.50	14d	1	0.89mi
885 Talmadge Ave SE Palm Bay, FL	3.0	2.0	1787	$2,300	$1.29	21d	1	0.89mi
829 Tampa Ave SE Palm Bay, FL	3.0	2.0	1303	$1,740	$1.34	24d	1	0.93mi
822 Seven Gables Cir SE Palm Bay, FL	3.0	2.0	1474	$1,835	$1.24	24d	1	0.94mi
818 Seven Gables Cir SE Palm Bay, FL	3.0	2.0	1490	$1,795	$1.20	24d	1	0.94mi
1674 Waltz St SE Palm Bay, FL	3.0	2.0	1262	$1,831	$1.45	14d	1	0.98mi
2910 Emerson Dr SE Palm Bay, FL	3.0	2.0	1700	$1,950	$1.15	14d	1	0.98mi
721 Taluga Ave SE Palm Bay, FL	3.0	2.0	1556	$1,800	$1.16	24d	1	1.09mi
1290 Sail Ct SE Palm Bay, FL	3.0	2.0	1509	$1,945	$1.29	24d	1	1.17mi
1205 Jaslo St SE Palm Bay, FL	1.0–3.0	1.0–2.0	992	$2,245	$2.26	14d	8	1.20mi
710 Avalon St SE Palm Bay, FL	3.0	2.0	1378	$1,995	$1.45	24d	1	1.28mi
647 Airoso Rd SE Palm Bay, FL	4.0	3.0	2365	$2,900	$1.23	13d	1	1.32mi
1129 Colonial Ave SE Palm Bay, FL	4.0	3.0	2008	$2,500	$1.25	19d	1	1.37mi
2036 Walsh Ave SE Palm Bay, FL	3.0	2.0	1331	$1,930	$1.45	24d	1	1.37mi
1224 Buffing Cir SE Palm Bay, FL	4.0	2.0	2233	$2,395	$1.07	14d	1	1.38mi

Listing history 39 events

1. 2026-06-18
   days on market $349,990 Active 142 DOM
2. 2026-06-17
   days on market $349,990 Active 141 DOM
3. 2026-06-16
   days on market $349,990 Active 140 DOM
4. 2026-06-15
   days on market $349,990 Active 139 DOM
5. 2026-06-14
   days on market $349,990 Active 137 DOM
6. 2026-06-10
   days on market $349,990 Active 134 DOM
7. 2026-06-08
   days on market $349,990 Active 132 DOM
8. 2026-06-07
   days on market $349,990 Active 131 DOM
9. 2026-06-05
   days on market $349,990 Active 128 DOM
10. 2026-06-03
    days on market $349,990 Active 127 DOM
11. 2026-06-02
    days on market $349,990 Active 126 DOM
12. 2026-06-01
    days on market $349,990 Active 125 DOM
13. 2026-05-31
    days on market $349,990 Active 124 DOM
14. 2026-05-31
    days on market $349,990 Active 123 DOM
15. 2026-05-12
    price $349,990
16. 2026-05-06
    price $2,250
17. 2026-04-02
    price $2,450
18. 2026-03-31
    listed $2,500
19. 2026-03-20
    price $354,990
20. 2026-01-27
    listed $359,990 Active
21. 2021-12-08
    soldstatus $39,000
22. 2021-10-02
    historical
23. 2021-09-10
    price $33,000
24. 2021-08-26
    price $41,500
25. 2021-08-15
    listed $48,500 Active
26. 2021-04-20
    soldstatus $25,000
27. 2021-04-02
    soldstatus $25,000 Closed 380-char remark

    Show marketing remark (380 chars)

    80' x 125' 10,000 total sq. ft. w city water surrounded by new homes close to I 95 exit Unit 16. This desirable city water lot located 691 San Filippo Drive SE is ready to go for your new home. Title has been ordered by seller and can close in 7 to 10 days. No deed restrictions, no time limits to build, property taxes 2019 only $139.30 Call today for this prime lot in Palm Bay!

28. 2021-03-15
    status Pending 380-char remark

    Show marketing remark (380 chars)

    80' x 125' 10,000 total sq. ft. w city water surrounded by new homes close to I 95 exit Unit 16. This desirable city water lot located 691 San Filippo Drive SE is ready to go for your new home. Title has been ordered by seller and can close in 7 to 10 days. No deed restrictions, no time limits to build, property taxes 2019 only $139.30 Call today for this prime lot in Palm Bay!

29. 2021-03-12
    price $25,000 380-char remark

    Show marketing remark (380 chars)

    80' x 125' 10,000 total sq. ft. w city water surrounded by new homes close to I 95 exit Unit 16. This desirable city water lot located 691 San Filippo Drive SE is ready to go for your new home. Title has been ordered by seller and can close in 7 to 10 days. No deed restrictions, no time limits to build, property taxes 2019 only $139.30 Call today for this prime lot in Palm Bay!

30. 2020-10-23
    price $20,000 380-char remark

    Show marketing remark (380 chars)

    80' x 125' 10,000 total sq. ft. w city water surrounded by new homes close to I 95 exit Unit 16. This desirable city water lot located 691 San Filippo Drive SE is ready to go for your new home. Title has been ordered by seller and can close in 7 to 10 days. No deed restrictions, no time limits to build, property taxes 2019 only $139.30 Call today for this prime lot in Palm Bay!

31. 2020-09-08
    price $17,000 380-char remark

    Show marketing remark (380 chars)

    80' x 125' 10,000 total sq. ft. w city water surrounded by new homes close to I 95 exit Unit 16. This desirable city water lot located 691 San Filippo Drive SE is ready to go for your new home. Title has been ordered by seller and can close in 7 to 10 days. No deed restrictions, no time limits to build, property taxes 2019 only $139.30 Call today for this prime lot in Palm Bay!

32. 2020-06-09
    listed $12,000 Active 380-char remark

    Show marketing remark (380 chars)

    80' x 125' 10,000 total sq. ft. w city water surrounded by new homes close to I 95 exit Unit 16. This desirable city water lot located 691 San Filippo Drive SE is ready to go for your new home. Title has been ordered by seller and can close in 7 to 10 days. No deed restrictions, no time limits to build, property taxes 2019 only $139.30 Call today for this prime lot in Palm Bay!

33. 2016-08-16
    historical
34. 2016-08-16
    historical
35. 2016-08-16
    historical
36. 2007-04-06
    listed $32,900
37. 2006-02-14
    listed $45,900
38. 2005-11-04
    listed $56,500
39. 2005-05-10
    soldstatus $27,500

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 21 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: $27,115
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,169
• − Management: −$2,169
• − Depreciation: −$10,182
• Taxable loss: −$14,009
• Est. tax savings @ 24.0%: +$3,362
• After-tax cash flow: $-4,241/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 — Palm Bay

• Score: 72/100
• State rank: #366
• US rank: #6458

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palm Bay, FL
• County: Brevard County · 602,871 people
• City population: 132,211
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 41,804
• Household income: $79,977
• Rent vs Own: 17.3% rent · 82.7% own
• Severe rent burden: 697.0

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: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Black 21% Hispanic / Latino 20% Two or more races 16% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8% Cuban 5%
• Common ancestry: Hispanic 3% Slovak 2% Lithuanian 2%
• Foreign-born: 17% · Canada, China, Jamaica
• Languages at home: 84% English-only · Spanish 9% French/Haitian/Cajun 4% Chinese 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: ▲ 18.81%
• Current HPI: 330.8595
• Rent YoY: ▲ 3.67%
• 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

+1172.7% since first listed

25 events — show timeline

• 2026-05-12 Price Changed $349,990 Stellar MLS as Distributed by MLS Grid
• 2026-05-06 Price Changed $2,250 STELLARMLS
• 2026-04-02 Price Changed $2,450 STELLARMLS
• 2026-03-31 Listed for Rent $2,500 STELLARMLS
• 2026-03-20 Price Changed $354,990 Stellar MLS as Distributed by MLS Grid
• 2026-01-27 Listed $359,990 Stellar MLS as Distributed by MLS Grid
• 2021-12-08 Sold (Public Records) $39,000 Public Records
• 2021-10-02 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2021-09-10 Price Changed $33,000 Stellar MLS as Distributed by MLS Grid
• 2021-08-26 Price Changed $41,500 Stellar MLS as Distributed by MLS Grid
• 2021-08-15 Listed $48,500 Stellar MLS as Distributed by MLS Grid
• 2021-04-20 Sold (Public Records) $25,000 Public Records
• 2021-04-02 Sold (MLS) $25,000 MCRTC
• 2021-03-15 Pending — MCRTC
• 2021-03-12 Price Changed $25,000 MCRTC
• 2020-10-23 Price Changed $20,000 MCRTC
• 2020-09-08 Price Changed $17,000 MCRTC
• 2020-06-09 Listed $12,000 MCRTC
• 2016-08-16 Listing Removed — SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2007-04-06 Listed $32,900 SCMLS
• 2006-02-14 Listed $45,900 SCMLS
• 2005-11-04 Listed $56,500 SCMLS
• 2005-05-10 Sold (Public Records) $27,500 Public Records

Property tax history

+18.5%/yr

Latest (2025): $661 · +12.6% YoY. Source: county tax records.