651 San Filippo Dr SE · Palm Bay, FL 32909

$235,000

3 bd · 2.0 ba · 1,161 sqft · SingleFamily public records · 129 Days on market

Built 1984 10,454 sqft lot

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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 +12.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• DSCR +3.6/10.0
• Livability +3.6/5.0
• 1% rule +3.4/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome home to this charming 3-bedroom, 2-bathroom brick residence perfectly situated on a desirable corner lot! The thoughtfully designed split-bedroom plan offers maximum privacy. As you step inside, you're greeted by an expansive living/dining room combo that provides incredible flexibility for entertaining and daily life. The large oversized master suite is a true retreat, complete with a spacious walk-in closet. The dining area flows seamlessly out to a very large screened porch, making indoor-outdoor living a breeze.

Key facts

• Split-bedroom plan
• Walk-in closet
• Screened porch

Tags

• CORNER LOT
• SPLIT-BEDROOM PLAN
• LIVING DINING ROOM COMBO
• OVERSIZED MASTER SUITE
• WALK-IN CLOSET
• SCREENED PORCH

Property features AI

Finance

• Other: Lot with a few trees; City street frontage with paved/asphalt road; Approximately 0.24 acres

Exterior

• Parking: Attached garage; 2-car garage
• Utilities: Public sewer; Water available and connected; Sewer available and connected; Electricity available and connected; Cable available
• Home design: Single family residence; One story; Faces west
• Construction: Brick and frame construction; Shingle roof; Pets allowed
• Exterior features: Covered rear porch; Screened porch; Other exterior features; Shed(s) and additional structures

Interior

• Kitchen: Other appliances
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Built-in features; Open floor plan; Split bedrooms; Walk-in closet(s)
• Laundry & utility: Unfurnished (no washer/dryer included indicated)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $-55 ($-662/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (16.0% below list).
• Recommended offer: $197k (16.0% 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: Columbia Elementary School (math 52% / reading 47%, grade D, #1,088 of 2,144 statewide, top 53%, 506 students, 68% FRL); Stone Magnet Middle School (math 33% / reading 35%, grade F, #426 of 571 statewide, top 75%, 670 students, 69% FRL); Bayside High School (math 27% / reading 40%, grade F, #400 of 667 statewide, top 61%, 1,854 students, 51% FRL) — zoned schools average 63% FRL vs 43% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 39% at this address vs 55% district-wide (-16 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; 15 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).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.7% rent growth), your $66k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

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

Recommended offer $197,458 (16.0% 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 129 days. Have you received any prior offers? Is the seller open to a 16% 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. 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.
6. 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.
7. 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: 0.84% ✗
• Cap rate: 6.01%
• Cash-on-cash: -1.01%
• DSCR: 0.96
• GRM: 9.9

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: 23.8%
• Equity multiple: 2.91×
• Total profit: $125,836
• Equity at exit: $211,707

10-year hold

• IRR: 21.3%
• Equity multiple: 6.72×
• Total profit: $376,173
• Equity at exit: $456,553

Cash invested: $65,800 (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: 9.9×

Monthly cashflow live

• Estimated rent: $1,975 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$285 /mo · $3,418/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $-55

Break-even live

Break-even rent $2,044

Max offer price $225,249

Occupancy floor 98%

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1490 Van Buren Ave SE Palm Bay, FL	2.0	1.0	900	$1,600	$1.78	23d	1	0.50mi
1418 Paley Cir SE Palm Bay, FL	3.0	2.0	1260	$1,850	$1.47	23d	1	0.51mi
1630 Agnes Ave SE Palm Bay, FL	3.0	2.0	924	$1,749	$1.89	18d	1	0.63mi
1430 Valerius St SE Palm Bay, FL	2.0	1.0	904	$1,750	$1.94	23d	1	0.66mi
1130 Grapefruit Rd SE Palm Bay, FL	3.0	2.0	1144	$1,900	$1.66	14d	1	0.73mi
1068 Saint Johns St SE Palm Bay, FL	3.0	2.0	1332	$2,000	$1.50	23d	1	0.75mi
896 Talmadge Ave SE Palm Bay, FL	3.0	2.0	1263	$1,900	$1.50	14d	1	0.81mi
829 Tampa Ave SE Palm Bay, FL	3.0	2.0	1303	$1,740	$1.34	23d	1	0.87mi
822 Seven Gables Cir SE Palm Bay, FL	3.0	2.0	1474	$1,835	$1.24	23d	1	0.89mi
818 Seven Gables Cir SE Palm Bay, FL	3.0	2.0	1490	$1,795	$1.20	23d	1	0.89mi
1674 Waltz St SE Palm Bay, FL	3.0	2.0	1262	$1,831	$1.45	13d	1	1.07mi
1205 Jaslo St SE Palm Bay, FL	1.0–3.0	1.0–2.0	992	$2,245	$2.26	14d	8	1.12mi
710 Avalon St SE Palm Bay, FL	3.0	2.0	1378	$1,995	$1.45	23d	1	1.20mi
800 Starland St SE Palm Bay, FL	2.0	1.0	904	$1,650	$1.83	23d	1	1.20mi
2036 Walsh Ave SE Palm Bay, FL	3.0	2.0	1331	$1,930	$1.45	23d	1	1.44mi

Listing history 20 events

1. 2026-06-18
   days on market $235,000 Active 129 DOM
2. 2026-06-17
   days on market $235,000 Active 128 DOM
3. 2026-06-16
   days on market $235,000 Active 127 DOM
4. 2026-06-15
   days on market $235,000 Active 126 DOM
5. 2026-06-14
   days on market $235,000 Active 124 DOM
6. 2026-06-10
   days on market $235,000 Active 121 DOM
7. 2026-06-08
   days on market $235,000 Active 119 DOM
8. 2026-06-07
   days on market $235,000 Active 118 DOM
9. 2026-06-05
   days on market $235,000 Active 115 DOM
10. 2026-06-03
    days on market $235,000 Active 114 DOM
11. 2026-06-02
    days on market $235,000 Active 113 DOM
12. 2026-06-01
    days on market $235,000 Active 112 DOM
13. 2026-05-31
    days on market $235,000 Active 111 DOM
14. 2026-05-31
    days on market $235,000 Active 110 DOM
15. 2026-03-27
    price $235,000
16. 2026-02-09
    listed $240,000 Active

    Show marketing remark (529 chars)

    Welcome home to this charming 3-bedroom, 2-bathroom brick residence perfectly situated on a desirable corner lot! The thoughtfully designed split-bedroom plan offers maximum privacy. As you step inside, you're greeted by an expansive living/dining room combo that provides incredible flexibility for entertaining and daily life. The large oversized master suite is a true retreat, complete with a spacious walk-in closet. The dining area flows seamlessly out to a very large screened porch, making indoor-outdoor living a breeze.

17. 2026-02-09
    historical 529-char remark

    Show marketing remark (529 chars)

    Welcome home to this charming 3-bedroom, 2-bathroom brick residence perfectly situated on a desirable corner lot! The thoughtfully designed split-bedroom plan offers maximum privacy. As you step inside, you're greeted by an expansive living/dining room combo that provides incredible flexibility for entertaining and daily life. The large oversized master suite is a true retreat, complete with a spacious walk-in closet. The dining area flows seamlessly out to a very large screened porch, making indoor-outdoor living a breeze.

18. 2025-09-08
    listed $240,000 Active 529-char remark

    Show marketing remark (529 chars)

    Welcome home to this charming 3-bedroom, 2-bathroom brick residence perfectly situated on a desirable corner lot! The thoughtfully designed split-bedroom plan offers maximum privacy. As you step inside, you're greeted by an expansive living/dining room combo that provides incredible flexibility for entertaining and daily life. The large oversized master suite is a true retreat, complete with a spacious walk-in closet. The dining area flows seamlessly out to a very large screened porch, making indoor-outdoor living a breeze.

19. 2016-08-16
    historical 702-char remark

    Show marketing remark (702 chars)

    * * * NO SHOWINGS--PROPERTY BEING WITHDRAWN--WAITING ON PAPERWORK * * * This home will not last long. Very well-maintained, original owner, corner lot, brick home in growing area. Enter this home, and you will find a living/dining room combo w/ plenty of room for all your belongings. This split plan has an oversized master bedroom with a nice-sized walk-in closet. The dining room opens to a very large screened porch. Outside is completely private with a fence all around. and for the person with a gr '||chr(10)||'Addendum - een thumb there`s even a greenhouse. There are a variety of fruit trees and a huge Oak tree in the front yard. This home is a must see. Call for an appointment today!

20. 2003-12-05
    listed $99,800 702-char remark

    Show marketing remark (702 chars)

    * * * NO SHOWINGS--PROPERTY BEING WITHDRAWN--WAITING ON PAPERWORK * * * This home will not last long. Very well-maintained, original owner, corner lot, brick home in growing area. Enter this home, and you will find a living/dining room combo w/ plenty of room for all your belongings. This split plan has an oversized master bedroom with a nice-sized walk-in closet. The dining room opens to a very large screened porch. Outside is completely private with a fence all around. and for the person with a gr '||chr(10)||'Addendum - een thumb there`s even a greenhouse. There are a variety of fruit trees and a huge Oak tree in the front yard. This home is a must see. Call for an appointment today!

ⓘ 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: $3,418 · $285/mo
• Projected year-2 tax: $3,418 · $285/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 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 · 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: $23,695
• − Mortgage interest: −$13,164
• − Property taxes: −$3,418
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,896
• − Management: −$1,896
• − Depreciation: −$6,836
• Taxable loss: −$4,689
• Est. tax savings @ 24.0%: +$1,125
• After-tax cash flow: $463/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

+135.5% since first listed

6 events — show timeline

• 2026-03-27 Price Changed $235,000 SCMLS
• 2026-02-09 Listing Removed — SCMLS
• 2026-02-09 Listed $240,000 SCMLS
• 2025-09-08 Listed $240,000 SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2003-12-05 Listed $99,800 SCMLS

Property tax history

+19.0%/yr

Latest (2025): $3,418 · -2.3% YoY. Source: county tax records.