240 Spring Dr #5 · Merritt Island, FL 32953

$159,900

2 bd · 2.0 ba · 1,037 sqft · Condo public records · 131 Days on market

Built 1988 $265/mo HOA · 12% of rent ↓ 12% since listing

---

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 +25.6/30.0
• 1% rule +8.6/10.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 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

Centrally located spacious condo park like setting. View of the pond. First floor unit. Breakfast bar separate dining area. Solid Surface countertops. Community pool and playground. Easy access to 1-95 and the Beach Line. Ten minutes from Cape Canaveral. A Must See.

Key facts

• Community pool
• Easy access to 1-95
• View of the pond

Tags

• VIEW OF THE POND
• BREAKFAST BAR
• SEPARATE DINING AREA
• COMMUNITY POOL
• EASY ACCESS TO 1-95
• EASY ACCESS TO THE BEACH LINE

Property features AI

Finance

• HOA & community: Association: Summer Place; Monthly association fee ($265) covering grounds maintenance and trash; Community amenities: basketball court, playground, racquetball, trash service

Exterior

• Parking: Parking lot
• Security: Smoke detector(s)
• Utilities: Public sewer; Water available; Electricity available; Cable available; Sewer connected
• Home design: Condominium; One level entry (entry level 1); 2-story building; Faces east
• Construction: Concrete construction; Shingle roof
• Exterior features: Porch (screened); Few trees; City street frontage; Asphalt road surface

Interior

• Kitchen: Dishwasher; Electric oven; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Breakfast bar; Ceiling fans; Open floor plan; Smoke detectors
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $378 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (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: Lewis Carroll Elementary School (math 72% / reading 70%, grade A-, #320 of 2,144 statewide, top 15%, 626 students, 38% 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) — zoned schools at 39% FRL track the district average.
• 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 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).
• 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 131 days — a 12% lower offer ($141k) 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 $140,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.36% ✓
• Cap rate: 9.13%
• Cash-on-cash: 10.14%
• DSCR: 1.45
• GRM: 6.1

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: -2.1%
• Equity multiple: 0.92×
• Total profit: $-3,552
• Equity at exit: $23,842

10-year hold

• IRR: 6.5%
• Equity multiple: 1.47×
• Total profit: $20,945
• Equity at exit: $13,825

Cash invested: $44,772 (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: 6.1×

Monthly cashflow live

• Estimated rent: $2,182 high
• Mortgage (P&I): −$839
• Tax from tax record: −$175 /mo · $2,102/yr
• Insurance: −$67
• HOA: −$265
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $378

Break-even live

Break-even rent $1,703

Max offer price $159,900

Occupancy floor 78%

Sensitivity live

Price	-10% $469	-5% $424	+0% $378	+5% $333	+10% $288
Rent	-10% $206	-5% $292	+0% $378	+5% $464	+10% $551
Rate	-1.0pp $459	-0.5pp $419	base $378	+0.5pp $337	+1.0pp $295

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: $39,975
• Closing costs: $4,797
• 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	24d	1	0.14mi
437 Via Palermo Ct Merritt Island, FL	3.0	2.0	1375	$2,175	$1.58	24d	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	24d	1	0.47mi
650 Parkside Ave Merritt Island, FL	2.0	2.0	1390	$1,950	$1.40	24d	1	0.52mi
3077 Sea Gate Cir Merritt Island, FL	2.0	2.0	1044	$1,950	$1.87	24d	1	0.74mi
10 Bogart Pl Merritt Island, FL	3.0	2.5	1376	$2,350	$1.71	24d	1	0.94mi
360 Schoolhouse Ln Merritt Island, FL	3.0	2.0	953	$1,500	$1.57	24d	1	0.96mi
48 Bogart Pl Merritt Island, FL	2.0	1.5	1184	$1,800	$1.52	24d	1	0.97mi
43 Bogart Pl Merritt Island, FL	2.0	1.5	1172	$1,875	$1.60	24d	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: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-15
   days on market $159,900 Active 131 DOM
2. 2026-06-14
   days on market $159,900 Active 129 DOM
3. 2026-06-10
   days on market $159,900 Active 126 DOM
4. 2026-06-08
   days on market $159,900 Active 124 DOM
5. 2026-06-07
   pricedays on market $159,900 Active 123 DOM
6. 2026-06-05
   days on market $174,900 Active 120 DOM
7. 2026-06-03
   days on market $174,900 Active 119 DOM
8. 2026-06-02
   days on market $174,900 Active 118 DOM
9. 2026-05-31
   days on market $174,900 Active 117 DOM
10. 2026-05-11
    price $174,900
11. 2026-03-28
    price $184,900
12. 2026-01-27
    listed $199,000 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: −$8,957
• − Property taxes: −$2,102
• − Insurance: −$800
• − Repairs & maintenance: −$2,095
• − Management: −$2,095
• − HOA: −$3,180
• − Depreciation: −$4,652
• Taxable income: $2,302
• Est. tax owed @ 24.0%: −$553
• After-tax cash flow: $3,987/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

-12.1% since first listed

3 events — show timeline

• 2026-05-11 Price Changed $174,900 SCMLS
• 2026-03-28 Price Changed $184,900 SCMLS
• 2026-01-27 Listed $199,000 SCMLS

Property tax history

+7.1%/yr

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