412 School Rd #88 · Indian Harbour Beach, FL 32937

$212,000

2 bd · 2.0 ba · 1,092 sqft · Condo public records · 20 Days on market

Built 1977 $475/mo HOA · 21% 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 +11.3/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• DSCR +3.3/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a very clean first floor end unit, if you know the complex then you know first floor end units are very desirable. A clean and bright unit with an enclosed porch for added living area, nuetral colors, very well maintained and in move in condition. Seller motivated

Key facts

• Enclosed porch
• Granite kitchen
• New ac

Tags

• WALKING DISTANCE TO BEACH
• ENCLOSED PORCH
• GRANITE KITCHEN
• NEW TANKLESS HOT WATER HEATER
• NEW AC
• STEPS TO COMMUNITY POOL

Property features AI

Finance

• Other: Unit is offered furnished
• HOA & community: Condominium association (The Condominiums of Indian Harbour Beach); Monthly association fee of $475; Association covers grounds and structure maintenance, trash, and water; Association amenities include laundry, off-site management, shuffleboard court, trash service and water; Is a senior community; Pets allowed with restrictions (cats and dogs OK; breed, number and size limits)

Exterior

• Parking: Assigned parking; Guest parking; Additional parking in parking lot
• Security: Firewall(s)
• Utilities: Public sewer; Water available; Electricity available; Cable available; Natural gas not available; Sewer available
• Home design: Condominium; 2-story building; Entry level: 1; North-facing
• Construction: Block and stucco construction; Shingle roof; Built as part of a multi-unit property
• Exterior features: Fire pit; Glass-enclosed patio/porch; Porch (rear porch); Privacy wood fencing

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Refrigerator; Tankless water heater
• Bedrooms: 2 bedrooms (one is on the lower level)
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air (electric); Separate meters
• Interior features: Ceiling fan(s); Primary bathroom with shower (no tub); Split bedroom floor plan; Walk-in closet(s)
• Laundry & utility: In-unit washer and dryer hookups; Electric dryer hookup; Washer hookup (lower level)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $212k.

Deal economics

• At list price, monthly cash flow is $-78 ($-936/yr) — negative.
• To cash-flow at today's rent, offer at most $198k (6.5% below list).
• Meets the 1% rule at list price ($2k rent vs $212k).
• Recommended offer: $198k (6.5% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 84/100 on livability (#37 in FL, #722 nationally) — a professional / high-income tenant draw. Strengths: crime A+, housing A+, health & safety A+; Watch: cost of living C-, amenities F.
• 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: Ocean Breeze Elementary School (math 73% / reading 77%, grade A, #218 of 2,144 statewide, top 11%, 554 students, 25% FRL); Herbert C. Hoover Middle School (math 67% / reading 64%, grade A-, #95 of 571 statewide, top 17%, 506 students, 38% FRL); Satellite Senior High School (math 65% / reading 71%, grade B, #66 of 667 statewide, top 10%, 1,517 students, 20% FRL).
• Zoned-school proficiency averages 70% at this address vs 55% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Brevard average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+1.6%/yr); 317 active listings in the ZIP; 39 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 20 days — a 2% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y 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.
• Current owner paid $66k; list at $212k implies a 221% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• Climate carrying-cost: major 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 $198,216 (6.5% 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. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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. 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?
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 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: 1.04% ✓
• Cap rate: 5.85%
• Cash-on-cash: -1.58%
• DSCR: 0.93
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.55% rent growth · sell at horizon

5-year hold

• IRR: -20.8%
• Equity multiple: 0.29×
• Total profit: $-42,252
• Equity at exit: $31,610

10-year hold

• IRR: -18.5%
• Equity multiple: 0.08×
• Total profit: $-54,847
• Equity at exit: $18,330

Cash invested: $59,360 (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 32937

• Rents YoY: 1.6%
• Active inventory: 317
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,215 high
• Mortgage (P&I): −$1,112
• Tax from tax record: −$153 /mo · $1,835/yr
• Insurance: −$88
• HOA: −$475
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $-78

Break-even live

Break-even rent $2,314

Max offer price $198,216

Occupancy floor 99%

Sensitivity live

Price	-10% $42	-5% $-18	+0% $-78	+5% $-138	+10% $-198
Rent	-10% $-253	-5% $-166	+0% $-78	+5% $9	+10% $97
Rate	-1.0pp $29	-0.5pp $-24	base $-78	+0.5pp $-133	+1.0pp $-189

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: $53,000
• Closing costs: $6,360
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
500 Palm Springs Blvd #403 Indian Harbour Beach, FL	2.0	2.0	1055	$2,200	$2.09	23d	1	0.16mi
500 Palm Springs Blvd #407 Indian Harbour Beach, FL	2.0	1.5	1055	$1,800	$1.71	25d	1	0.16mi
500 Palm Springs Blvd #110 Indian Harbour Beach, FL	2.0	2.0	1100	$1,600	$1.45	25d	1	0.16mi
1020 Pinetree Dr #8 Indian Harbour Beach, FL	2.0	1.5	1180	$1,700	$1.44	25d	1	0.26mi
1034 Park Dr Unit 4 Indian Harbour Beach, FL	2.0	1.0	1000	$1,500	$1.50	16d	1	0.32mi
120 E Colonial Ct #47 Indian Harbour Beach, FL	2.0	1.5	960	$1,700	$1.77	15d	1	0.32mi
926 Jamestown Ave #93 Indian Harbour Beach, FL	2.0	1.5	1088	$1,700	$1.56	25d	1	0.33mi
913 S Colonial Ct Unit C Indian Harbour Beach, FL	2.0	1.0	860	$1,600	$1.86	25d	1	0.33mi
911 S Colonial Ct Unit C Indian Harbour Beach, FL	2.0	1.0	900	$1,600	$1.78	25d	1	0.35mi
128 Martin St Unit 1250956P Satellite Beach, FL	3.0	2.0	1453	$5,409	$3.72	20d	1	0.38mi
157 Kristi Dr Indian Harbour Beach, FL	2.0	2.5	1296	$2,500	$1.93	25d	1	0.53mi
2186 Jimmy Buffett Memorial Hwy Unit 4c Indian Harbour Beach, FL	1.0	1.0	783	$1,695	$2.16	16d	1	0.59mi
2186 Jimmy Buffett Memorial Hwy Unit B7 Indian Harbour Beach, FL	2.0	2.0	1188	$1,900	$1.60	16d	1	0.59mi
2186 Highway A1A Unit A7 Indian Harbour Beach, FL	2.0	2.0	1002	$1,600	$1.60	23d	1	0.60mi
201 Harbor City Pkwy Indian Harbour Beach, FL	1.0–3.0	1.0–2.0	918	$1,874	$2.04	25d	18	0.64mi
799 Shell St Satellite Beach, FL	3.0	2.5	1248	$3,950	$3.17	25d	1	0.67mi
650 Island Club Ct #139 Indialantic, FL	1.0	1.0	710	$1,695	$2.39	16d	1	0.71mi
2225 Highway A1A Indian Harbour Beach, FL	2.0	1.0–2.0	1187	$3,400	$2.86	25d	2	0.75mi
2225 Highway A1A #311 Indian Harbour Beach, FL	2.0	2.0	1361	$3,800	$2.79	25d	1	0.75mi
1951 Island Club Dr #56 Melbourne, FL	1.0	1.0	700	$1,500	$2.14	25d	1	0.79mi
1874 Brittany Dr Melbourne, FL	2.0–3.0	1.0–2.0	1286	$1,635	$1.27	16d	12	0.80mi
39 Anchor Dr Indian Harbour Beach, FL	2.0	2.0	1304	$2,395	$1.84	25d	1	0.82mi
115 Hogan Rd Indian Harbour Beach, FL	2.0	1.0–2.0	705	$1,850	$2.62	25d	12	0.82mi
1850 Charlesmont Dr #113 Indialantic, FL	2.0	2.0	900	$1,700	$1.89	16d	1	0.84mi
1850 Charlesmont Dr #113 Indialantic, FL	2.0	2.0	900	$1,800	$2.00	25d	1	0.84mi
1841 Island Club Dr Unit 4-72 Indialantic, FL	2.0	2.0	900	$3,000	$3.33	25d	1	0.88mi
1800 Charlesmont Dr #98 Indialantic, FL	2.0	2.0	900	$2,200	$2.44	25d	1	0.89mi
658 Atlantic Dr Satellite Beach, FL	2.0	2.5	1470	$2,200	$1.50	25d	1	0.93mi
18 North Ct Unit A Indialantic, FL	1.0	1.0	700	$1,500	$2.14	23d	1	1.25mi
100 Coral Way E #5 Indialantic, FL	1.0	1.0	924	$1,950	$2.11	25d	1	1.39mi
119 Coral Way E Unit A Indialantic, FL	2.0	1.5	1230	$2,000	$1.63	25d	1	1.40mi
408 Hawthorne Ct Indian Harbour Beach, FL	3.0	2.0	1367	$2,295	$1.68	25d	1	1.46mi
1465 Jimmy Buffett Memorial Hwy Unit 506 Satellite Beach, FL	2.0	2.0	1155	$4,400	$3.81	20d	1	1.48mi
2700 N Highway A1A Unit 11-202 Indialantic, FL	2.0	2.0	1131	$2,100	$1.86	25d	1	1.48mi
2700 N Highway A1A Unit 1-202 Indialantic, FL	2.0	2.0	1131	$1,850	$1.64	25d	1	1.48mi
2700 N Highway A1A Unit 12-101 Indialantic, FL	2.0	2.0	1131	$1,800	$1.59	15d	1	1.48mi
2700 N Highway A1A Unit 9-107 Indialantic, FL	2.0	2.0	1131	$1,575	$1.39	25d	1	1.48mi
2700 N Highway A1A Unit 16-203 Indialantic, FL	2.0	2.0	1131	$2,400	$2.12	25d	1	1.48mi
301 Markley Ct Unit 1545698P Indian Harbour Beach, FL	3.0	2.0	1194	$3,226	$2.70	15d	1	1.49mi

HOA detail condo

• Monthly dues: $475 · $5,700/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-22
   days on market $212,000 Active 20 DOM
2. 2026-06-18
   days on market $212,000 Active 17 DOM
3. 2026-06-17
   days on market $212,000 Active 16 DOM
4. 2026-06-16
   days on market $212,000 Active 15 DOM
5. 2026-06-15
   days on market $212,000 Active 14 DOM
6. 2026-06-14
   days on market $212,000 Active 12 DOM
7. 2026-06-10
   days on market $212,000 Active 9 DOM
8. 2026-06-08
   days on market $212,000 Active 7 DOM
9. 2026-06-07
   days on market $212,000 Active 6 DOM
10. 2026-06-05
    days on market $212,000 Active 3 DOM
11. 2026-06-03
    days on market $212,000 Active 2 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $212,000 Active 1 DOM

ⓘ 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: $1,835 · $153/mo
• Projected year-2 tax: $1,835 · $153/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 6/10 Major FEMA zone X (unshaded) · 56% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°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: $26,581
• − Mortgage interest: −$11,875
• − Property taxes: −$1,835
• − Insurance: −$1,060
• − Repairs & maintenance: −$2,127
• − Management: −$2,127
• − HOA: −$5,700
• − Depreciation: −$6,167
• Taxable loss: −$4,309
• Est. tax savings @ 24.0%: +$1,034
• After-tax cash flow: $98/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 — Indian Harbour Beach

• Score: 84/100
• State rank: #37
• US rank: #722

Category grades

Amenities F Commute C+ Cost of living C- Crime A+ Employment B+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Indian Harbour Beach, FL
• County: Brevard County · 602,871 people
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 27,836
• Household income: $101,184
• Rent vs Own: 17.5% rent · 82.5% own
• Severe rent burden: 534.0

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 9% Two or more races 7% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% 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: ▼ -336.76%
• Current HPI: 361.3801
• Rent YoY: ▲ 1.55%
• 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

+292.6% since first listed

6 events — show timeline

• 2026-06-01 Listed $212,000 SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2006-03-31 Listed $185,900 SCMLS
• 1999-02-03 Sold (Public Records) $66,000 Public Records
• 1988-05-01 Sold (Public Records) $54,500 Public Records
• 1985-05-01 Sold (Public Records) $54,000 Public Records

Property tax history

+11.0%/yr

Latest (2025): $1,835 · -10.0% YoY. Source: county tax records.