240 Spring Dr #2 · Merritt Island, FL 32953

$179,000

2 bd · 2.0 ba · 1,037 sqft · Condo public records · 47 Days on market

Built 1988 $265/mo HOA · 12% of rent

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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 +21.5/30.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• DSCR +6.9/10.0
• 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

Listing remarks

🌴 Just Listed in Merritt Island! 🌴 Welcome to 240 Spring Dr -- a beautifully updated 2-bedroom, 2 bath first-floor condo offering comfort, style, and a peaceful pond view right outside your back door. Step inside to find luxury vinyl flooring throughout and a fully renovated kitchen featuring brand-new cabinetry, sleek countertops, and all new stainless-steel appliances--perfect for both everyday living and entertaining. Enjoy the convenience of first-floor access, no stairs, and a layout that flows effortlessly from kitchen to living space. Relax with your morning coffee or unwind in the evening while taking in the tranquil water views. 📍 Prime location puts you just minutes from: •

Key facts

• $265 HOA
• Built 1988
• Listed 46 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $179k.

Deal economics

• At list price, monthly cash flow is $270 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $174k (3.0% 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.
• Market conditions: Rents rising (+2.1%/yr); 219 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 30% of the median local income ($87k/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 $1k of loan paydown is wiped out by about $5k 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 47 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate 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.

Recommended offer $173,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.22% ✓
• Cap rate: 8.10%
• Cash-on-cash: 6.47%
• DSCR: 1.29
• GRM: 6.8

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: -7.4%
• Equity multiple: 0.73×
• Total profit: $-13,547
• Equity at exit: $26,689

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $3,314
• Equity at exit: $15,477

Cash invested: $50,120 (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: 6.8×

Monthly cashflow live

• Estimated rent: $2,182 high
• Mortgage (P&I): −$939
• Tax from tax record: −$175 /mo · $2,102/yr
• Insurance: −$75
• HOA: −$265
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $270

Break-even live

Break-even rent $1,840

Max offer price $179,000

Occupancy floor 83%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Summer Pl #8 Merritt Island, FL	2.0	2.0	1037	$2,500	$2.41	23d	1	0.14mi
437 Via Palermo Ct Merritt Island, FL	3.0	2.0	1375	$2,175	$1.58	23d	1	0.32mi
2610 Via Napoli Ct Merritt Island, FL	3.0	2.0	1123	$2,400	$2.14	14d	1	0.36mi
104 Parrotfish Ln #101 Merritt Island, FL	3.0	2.5	1487	$2,750	$1.85	23d	1	0.47mi
650 Parkside Ave Merritt Island, FL	2.0	2.0	1390	$1,950	$1.40	23d	1	0.52mi
3077 Sea Gate Cir Merritt Island, FL	2.0	2.0	1044	$1,950	$1.87	23d	1	0.74mi
10 Bogart Pl Merritt Island, FL	3.0	2.5	1376	$2,350	$1.71	23d	1	0.94mi
360 Schoolhouse Ln Merritt Island, FL	3.0	2.0	953	$1,500	$1.57	23d	1	0.96mi
48 Bogart Pl Merritt Island, FL	2.0	1.5	1184	$1,800	$1.52	23d	1	0.97mi
43 Bogart Pl Merritt Island, FL	2.0	1.5	1172	$1,875	$1.60	23d	1	0.99mi
1525 Polaris St Merritt Island, FL	3.0	2.0	1462	$2,400	$1.64	14d	1	1.29mi

HOA detail condo

• Monthly dues: $265 · $3,180/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $179,000 Active 47 DOM
2. 2026-06-17
   days on market $179,000 Active 46 DOM
3. 2026-06-16
   days on market $179,000 Active 45 DOM
4. 2026-06-15
   days on market $179,000 Active 44 DOM
5. 2026-06-14
   days on market $179,000 Active 42 DOM
6. 2026-06-10
   days on market $179,000 Active 39 DOM
7. 2026-06-08
   days on market $179,000 Active 37 DOM
8. 2026-06-07
   days on market $179,000 Active 36 DOM
9. 2026-06-05
   days on market $179,000 Active 33 DOM
10. 2026-06-03
    days on market $179,000 Active 32 DOM
11. 2026-06-02
    days on market $179,000 Active 31 DOM
12. 2026-06-01
    days on market $179,000 Active 30 DOM
13. 2026-05-31
    days on market $179,000 Active 29 DOM
14. 2026-05-31
    days on market $179,000 Active 28 DOM
15. 2026-05-03
    listed $179,000 Active

ⓘ 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: $2,102 · $175/mo
• Projected year-2 tax: $2,102 · $175/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 5/10 Major FEMA zone X (unshaded) · 44% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $26,182
• − Mortgage interest: −$10,027
• − Property taxes: −$2,102
• − Insurance: −$895
• − Repairs & maintenance: −$2,095
• − Management: −$2,095
• − HOA: −$3,180
• − Depreciation: −$5,207
• Taxable income: $581
• Est. tax owed @ 24.0%: −$140
• After-tax cash flow: $3,103/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

1 event — show timeline

• 2026-05-03 Listed $179,000 SCMLS

Property tax history

+7.1%/yr

Latest (2025): $2,102 · +5.8% YoY. Source: county tax records.