1609 Dittmer Cir SE · Palm Bay, FL 32909

$280,000

3 bd · 2.0 ba · 1,260 sqft · SingleFamily public records · 15 Days on market

Built 2009 7,841 sqft lot $145/mo HOA · 7% 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 +11.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• DSCR +3.2/10.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0

Listing remarks

STUNNING LAKEFRONT home with sunset views! Lovingly maintained by original owners and truly MOVE-IN READY, this pristine 3BD/2BA home feels like NEW. Inside, you'll find 9'4'' ceilings, abundant natural light, a desirable split floor plan, and modern finishes throughout. The FULLY RENOVATED kitchen features quartz countertops (2021), Whirlpool appliances (2021), and too many upgrades to name (see upgrades below). The spacious primary suite is oversized and beautifully updated, offering the perfect place to relax and unwind. Step outside to your screened lanai and FULLY FENCED backyard, making your indoor-outdoor living dreams come true! MAJOR UPGRADES: fully renovated kitchen (2021), qu

Key facts

• Lakefront
• Quartz countertops
• Screened lanai

Tags

• LAKEFRONT
• SUNSET VIEWS
• FULLY RENOVATED KITCHEN
• QUARTZ COUNTERTOPS
• SCREENED LANAI
• FULLY FENCED BACKYARD

Property features AI

Finance

• Other: Unfurnished
• HOA & community: Part of Heron Bay at Waterstone association; Quarterly association fee; Association amenities include basketball court, clubhouse, fitness center, maintained grounds, park, playground, and tennis courts

Exterior

• Parking: 2-car garage with garage door opener
• Security: Carbon monoxide detectors; Fire alarm; Smoke detectors
• Utilities: Public sewer; Electricity connected; Water connected; Sewer available/connected; Cable available
• Home design: Single family residence; One story; East-facing
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Storm shutters; Patio (screened); Fully fenced backyard; Lakefront waterfront

Interior

• Kitchen: Dishwasher; Disposal; Electric oven; Electric range; Ice maker; Microwave; Refrigerator; Pantry; Breakfast bar; Eat-in kitchen
• Bedrooms: 3 bedrooms
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Breakfast bar; Ceiling fans; Eat-in kitchen; Pantry; Primary bathroom with shower (no tub); Split bedroom layout; Walk-in closets
• Laundry & utility: Washer and dryer included in appliance list; Washer hookup; Electric dryer hookup; Tankless water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $-117 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $259k (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $217k (22.3% below list).
• Recommended offer: $217k (22.3% 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: employment D+, amenities 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: Sunrise Elementary School (math 52% / reading 57%, grade C, #892 of 2,144 statewide, top 44%, 759 students, 58% FRL); Southwest Middle School (math 40% / reading 39%, grade F, #373 of 571 statewide, top 66%, 920 students, 58% FRL); Bayside High School (math 27% / reading 40%, grade F, #400 of 667 statewide, top 61%, 1,854 students, 51% FRL).
• Zoned-school proficiency averages 42% at this address vs 55% district-wide (-12 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.7%/yr); 1111 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 33% 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 $30k of equity ($2k loan paydown + $28k 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 ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $217,426 (22.3% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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 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: 0.78% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.80%
• DSCR: 0.92
• GRM: 10.7

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: 23.2%
• Equity multiple: 2.87×
• Total profit: $146,468
• Equity at exit: $252,246

10-year hold

• IRR: 20.8%
• Equity multiple: 6.62×
• Total profit: $440,222
• Equity at exit: $543,978

Cash invested: $78,400 (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: 10.7×

Monthly cashflow live

• Estimated rent: $2,174 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$105 /mo · $1,260/yr
• Insurance: −$117
• HOA: −$145
• Vacancy / Maint / Mgmt: −$457
• Net cashflow: $-117

Break-even live

Break-even rent $2,323

Max offer price $259,268

Occupancy floor —

Sensitivity live

Price	-10% $41	-5% $-38	+0% $-117	+5% $-197	+10% $-276
Rent	-10% $-289	-5% $-203	+0% $-117	+5% $-31	+10% $54
Rate	-1.0pp $24	-0.5pp $-46	base $-117	+0.5pp $-190	+1.0pp $-264

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1843 Middlebury Dr SE Palm Bay, FL	4.0	2.0	1822	$2,200	$1.21	24d	1	0.37mi
1884 Middlebury Dr SE Palm Bay, FL	3.0	2.0	1761	$2,000	$1.14	24d	1	0.38mi
1434 Garabaldi Cir SE Palm Bay, FL	4.0	2.0	1600	$2,000	$1.25	14d	1	0.49mi
1063 Grantham Ln SE Palm Bay, FL	3.0	2.0	1515	$2,000	$1.32	24d	1	0.56mi
3636 Aberdeen Dr SE Palm Bay, FL	4.0	2.0	1830	$2,295	$1.25	20d	1	0.58mi
2073 Farmhouse Rd SE Palm Bay, FL	4.0	2.0	1830	$2,133	$1.17	24d	1	0.59mi
925 Dugan Cir SE Palm Bay, FL	4.0	2.0	1830	$2,295	$1.25	14d	1	0.67mi
2183 Farmhouse Rd SE Palm Bay, FL	3.0	2.0	1676	$2,000	$1.19	24d	1	0.69mi
1213 Waterford St SE Palm Bay, FL	4.0	2.0	1695	$2,000	$1.18	24d	1	0.77mi
820 Tedder Rd SE Palm Bay, FL	3.0	2.0	1808	$2,000	$1.11	24d	1	1.38mi
1198 Venus St SE Palm Bay, FL	3.0	2.0	1535	$1,961	$1.28	22d	1	1.46mi

HOA detail

• Monthly dues: $145 · $1,740/yr
• Likely covers: pool

Listing history 8 events

1. 2026-06-07
   statusdays on market $280,000 Pending 15 DOM
2. 2026-06-05
   days on market $280,000 Active Under Contract 14 DOM
3. 2026-06-03
   days on market $280,000 Active Under Contract 13 DOM
4. 2026-06-02
   days on market $280,000 Active Under Contract 12 DOM
5. 2026-06-01
   days on market $280,000 Active Under Contract 11 DOM
6. 2026-05-31
   days on market $280,000 Active Under Contract 10 DOM
7. 2026-05-31
   days on market $280,000 Active Under Contract 9 DOM
8. 2026-05-22
   listed $280,000 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: $1,260 · $105/mo
• Projected year-2 tax: $2,324 · $194/mo
• Expected delta: +$1,064/yr (+$89/mo · 84.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 22 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: $26,091
• − Mortgage interest: −$15,684
• − Property taxes: −$1,260
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,087
• − Management: −$2,087
• − HOA: −$1,740
• − Depreciation: −$8,145
• Taxable loss: −$6,313
• Est. tax savings @ 24.0%: +$1,515
• After-tax cash flow: $107/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

1 event — show timeline

• 2026-05-22 Listed $280,000 SCMLS

Property tax history

+1.7%/yr

Latest (2025): $1,260 · +3.3% YoY. Source: county tax records.