505 Landings Way #10 · Merritt Island, FL 32952

$159,000

2 bd · 2.0 ba · 894 sqft · Condo public records · 218 Days on market

Built 1981 $460/mo HOA · 24% of rent

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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 +12.4/30.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• DSCR +3.7/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Condo in a fantastic location! Split plan 2 bedroom/2 full bath condo located on the second floor. Condo includes washer and dryer. Newer roof, stairways and railings. Enjoy the screened in patio. HOA fee includes water, cable, internet, pest control, lawn-landscaping maintenance exterior, and pool maintenance. Condo complex offers 2 pools and is well maintained. Condo is located next to Veterans Park with walking trails, parking, playground and more. Walk to mall, movie theaters and restaurants. Location location!!

Key facts

• $460 HOA
• Community pool
• Built 1981

Property features AI

Finance

• Other: Unit is unfurnished; Zero lot line; Asphalt road access; Property currently used for investment and residential
• HOA & community: HOA with monthly fee; Association amenities include barbecue, car wash area, grounds maintenance, structure maintenance and trash; HOA fees include cable TV, insurance, internet, grounds maintenance, structure maintenance, trash and water

Exterior

• Parking: Assigned parking; Guest parking
• Utilities: Public sewer; Cable available; Electricity available; Water available
• Home design: Condominium; North-facing; Entry on level 2; 2 stories
• Construction: Block, concrete and stucco construction
• Exterior features: Balcony; Impact windows; Rear screened porch

Interior

• Kitchen: Dishwasher; Electric oven; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: In-unit laundry (stacked washer/dryer)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $159k.

Deal economics

• At list price, monthly cash flow is $-93 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (10.4% below list).
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $140k (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: Tropical Elementary School (math 60% / reading 64%, grade B, #608 of 2,144 statewide, top 29%, 671 students, 51% 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 43% FRL track the district average.
• Market conditions: Rents rising fast (+6.5%/yr); 230 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).

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 218 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y ago; this cycle's ask is 9253% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 24% of rent.
• Climate carrying-cost: severe 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 $139,920 (12.0% 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 218 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.19% ✓
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.53% rent growth · sell at horizon

5-year hold

• IRR: -14.6%
• Equity multiple: 0.45×
• Total profit: $-24,420
• Equity at exit: $23,707

10-year hold

• IRR: 0.8%
• Equity multiple: 1.07×
• Total profit: $3,135
• Equity at exit: $13,747

Cash invested: $44,520 (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 32952

• Rents YoY: 6.5%
• Active inventory: 230
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,893 high
• Mortgage (P&I): −$834
• Tax from tax record: −$162 /mo · $1,945/yr
• Insurance: −$66
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$460
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $-93

Break-even live

Break-even rent $2,011

Max offer price $142,509

Occupancy floor 100%

Sensitivity live

Price	-10% $-3	-5% $-48	+0% $-93	+5% $-138	+10% $-183
Rent	-10% $-243	-5% $-168	+0% $-93	+5% $-19	+10% $56
Rate	-1.0pp $-13	-0.5pp $-53	base $-93	+0.5pp $-135	+1.0pp $-176

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
480 Nancie Ave Merritt Island, FL	3.0	2.0	888	$2,100	$2.36	25d	1	0.46mi
205 Palmetto Ave Merritt Island, FL	2.0	2.0	1033	$1,625	$1.57	25d	2	0.73mi
1200 S Courtenay Pkwy Merritt Island, FL	1.0–2.0	1.5–2.0	812	$1,625	$2.00	16d	7	0.82mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	25d	4	1.00mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	16d	4	1.00mi
442 Magnolia Ave Unit 31 Merritt Island, FL	1.0	1.0	760	$1,350	$1.78	25d	1	1.05mi
388 Hibiscus Ave Merritt Island, FL	2.0	1.0	720	$1,650	$2.29	25d	1	1.19mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,545	$1.72	16d	2	1.20mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,525	$1.69	25d	2	1.20mi
50 Needle Blvd #28 Merritt Island, FL	2.0	1.5	900	$1,550	$1.72	25d	1	1.25mi
630 Kurek Ct Merritt Island, FL	1.0	1.0	475	$1,199	$2.52	25d	1	1.42mi
140 Minna Ln Merritt Island, FL	2.0	1.0	775	$1,250	$1.61	16d	1	1.43mi

HOA detail condo

• Monthly dues: $460 · $5,520/yr
• Likely covers: waterinternetcablelandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 37 events

1. 2026-06-22
   days on market $159,000 Active 218 DOM
2. 2026-06-18
   days on market $159,000 Active 215 DOM
3. 2026-06-17
   days on market $159,000 Active 214 DOM
4. 2026-06-16
   days on market $159,000 Active 213 DOM
5. 2026-06-15
   days on market $159,000 Active 212 DOM
6. 2026-06-14
   days on market $159,000 Active 210 DOM
7. 2026-06-10
   days on market $159,000 Active 207 DOM
8. 2026-06-08
   days on market $159,000 Active 205 DOM
9. 2026-06-07
   days on market $159,000 Active 204 DOM
10. 2026-06-05
    days on market $159,000 Active 201 DOM
11. 2026-06-03
    days on market $159,000 Active 200 DOM
12. 2026-06-02
    days on market $159,000 Active 199 DOM
13. 2026-06-01
    days on market $159,000 Active 198 DOM
14. 2026-05-31
    days on market $159,000 Active 197 DOM
15. 2026-05-31
    days on market $159,000 Active 196 DOM
16. 2026-05-23
    listed $1,700
17. 2026-05-22
    price $159,000
18. 2026-02-16
    price $159,900
19. 2026-02-02
    status Active
20. 2026-02-02
    price $173,000
21. 2026-01-14
    historical
22. 2025-10-26
    listed $170,000 Active
23. 2025-07-31
    historical $1,600
24. 2025-05-20
    price $1,600
25. 2025-04-29
    price $1,750
26. 2025-03-27
    listed $1,900
27. 2022-12-28
    soldstatus $162,500
28. 2022-12-20
    soldstatus $162,500 Closed 521-char remark

    Show marketing remark (521 chars)

    Condo in a fantastic location! Split plan 2 bedroom/2 full bath condo located on the second floor. Condo includes washer and dryer. Newer roof, stairways and railings. Enjoy the screened in patio. HOA fee includes water, cable, internet, pest control, lawn-landscaping maintenance exterior, and pool maintenance. Condo complex offers 2 pools and is well maintained. Condo is located next to Veterans Park with walking trails, parking, playground and more. Walk to mall, movie theaters and restaurants. Location location!!

29. 2022-11-30
    status Pending 521-char remark

    Show marketing remark (521 chars)

    Condo in a fantastic location! Split plan 2 bedroom/2 full bath condo located on the second floor. Condo includes washer and dryer. Newer roof, stairways and railings. Enjoy the screened in patio. HOA fee includes water, cable, internet, pest control, lawn-landscaping maintenance exterior, and pool maintenance. Condo complex offers 2 pools and is well maintained. Condo is located next to Veterans Park with walking trails, parking, playground and more. Walk to mall, movie theaters and restaurants. Location location!!

30. 2022-11-24
    price $169,900 521-char remark

    Show marketing remark (521 chars)

    Condo in a fantastic location! Split plan 2 bedroom/2 full bath condo located on the second floor. Condo includes washer and dryer. Newer roof, stairways and railings. Enjoy the screened in patio. HOA fee includes water, cable, internet, pest control, lawn-landscaping maintenance exterior, and pool maintenance. Condo complex offers 2 pools and is well maintained. Condo is located next to Veterans Park with walking trails, parking, playground and more. Walk to mall, movie theaters and restaurants. Location location!!

31. 2022-11-08
    price $177,900 521-char remark

    Show marketing remark (521 chars)

    Condo in a fantastic location! Split plan 2 bedroom/2 full bath condo located on the second floor. Condo includes washer and dryer. Newer roof, stairways and railings. Enjoy the screened in patio. HOA fee includes water, cable, internet, pest control, lawn-landscaping maintenance exterior, and pool maintenance. Condo complex offers 2 pools and is well maintained. Condo is located next to Veterans Park with walking trails, parking, playground and more. Walk to mall, movie theaters and restaurants. Location location!!

32. 2022-10-28
    price $183,000 521-char remark

    Show marketing remark (521 chars)

    Condo in a fantastic location! Split plan 2 bedroom/2 full bath condo located on the second floor. Condo includes washer and dryer. Newer roof, stairways and railings. Enjoy the screened in patio. HOA fee includes water, cable, internet, pest control, lawn-landscaping maintenance exterior, and pool maintenance. Condo complex offers 2 pools and is well maintained. Condo is located next to Veterans Park with walking trails, parking, playground and more. Walk to mall, movie theaters and restaurants. Location location!!

33. 2022-10-25
    listed $191,000 Active 521-char remark

    Show marketing remark (521 chars)

    Condo in a fantastic location! Split plan 2 bedroom/2 full bath condo located on the second floor. Condo includes washer and dryer. Newer roof, stairways and railings. Enjoy the screened in patio. HOA fee includes water, cable, internet, pest control, lawn-landscaping maintenance exterior, and pool maintenance. Condo complex offers 2 pools and is well maintained. Condo is located next to Veterans Park with walking trails, parking, playground and more. Walk to mall, movie theaters and restaurants. Location location!!

34. 2006-12-05
    soldstatus $122,500
35. 2006-11-29
    soldstatus $122,500 145-char remark

    Show marketing remark (145 chars)

    Beautiful 2/2 condo in nice complex. Everything up date, including new carpet and paint. Great location close to shopping. Twoo pools in complex.

36. 2006-11-19
    listed $134,900 145-char remark

    Show marketing remark (145 chars)

    Beautiful 2/2 condo in nice complex. Everything up date, including new carpet and paint. Great location close to shopping. Twoo pools in complex.

37. 1993-12-21
    soldstatus $37,900

ⓘ 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: $1,945 · $162/mo
• Projected year-2 tax: $1,945 · $162/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 10/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $22,713
• − Mortgage interest: −$8,906
• − Property taxes: −$1,945
• − Insurance: −$1,592
• − Repairs & maintenance: −$1,817
• − Management: −$1,817
• − HOA: −$5,520
• − Depreciation: −$4,625
• Taxable loss: −$3,511
• Est. tax savings @ 24.0%: +$843
• After-tax cash flow: $-278/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): 21,613
• Household income: $102,726
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 199.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 6% Asian 2% Black 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 4% 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: ▼ -177.56%
• Current HPI: 323.6021
• Rent YoY: ▲ 6.53%
• 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

-95.5% since first listed

22 events — show timeline

• 2026-05-23 Listed for Rent $1,700 SCMLS
• 2026-05-22 Price Changed $159,000 SCMLS
• 2026-02-16 Price Changed $159,900 SCMLS
• 2026-02-02 Relisted — SCMLS
• 2026-02-02 Price Changed $173,000 SCMLS
• 2026-01-14 Listing Removed — SCMLS
• 2025-10-26 Listed $170,000 SCMLS
• 2025-07-31 Rental Removed $1,600 SCMLS
• 2025-05-20 Price Changed $1,600 SCMLS
• 2025-04-29 Price Changed $1,750 SCMLS
• 2025-03-27 Listed for Rent $1,900 SCMLS
• 2022-12-28 Sold (Public Records) $162,500 Public Records
• 2022-12-20 Sold (MLS) $162,500 SCMLS
• 2022-11-30 Pending — SCMLS
• 2022-11-24 Price Changed $169,900 SCMLS
• 2022-11-08 Price Changed $177,900 SCMLS
• 2022-10-28 Price Changed $183,000 SCMLS
• 2022-10-25 Listed $191,000 SCMLS
• 2006-12-05 Sold (Public Records) $122,500 Public Records
• 2006-11-29 Sold (MLS) $122,500 SCMLS
• 2006-11-19 Listed $134,900 SCMLS
• 1993-12-21 Sold (Public Records) $37,900 Public Records

Property tax history

+9.0%/yr

Latest (2025): $1,945 · +11.0% YoY. Source: county tax records.