2406 N Tropical Trl · Merritt Island, FL 32953

$170,000

3 bd · 2.0 ba · 1,320 sqft · Townhouse public records · 37 Days on market

Built 1984 3,920 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• 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 MLS

A STEAL!! Cozy and spacious 2 story town home. This end unit offers 2 bedrooms (upstairs) and 1 and half bathrooms. Both the master and guest bedrooms offer plenty of space, with their own balconies and large closets. The living room, dining room, and kitchen downstairs have laminate & tile, with hardwood & tile upstairs. The private backyard is a rare find at this price point and the possibilities are endless. This home needs a little bit of cosmetic love, but can be the perfect starter home or investment property with NO HOA to cut into profits.

Key facts

• Built 1984
• Listed 37 days

Property features AI

Exterior

• Parking: Additional parking; Parking lot with unassigned spaces
• Utilities: Public sewer; Cable connected; Electricity connected; Sewer connected; Water connected
• Home design: Townhouse; Two levels; Entry on level 1; Facing west; Property attached
• Construction: Concrete, stucco and vinyl siding construction; Membrane and shingle roof; Pets allowed
• Exterior features: Balcony; Front porch; Back yard with wood fencing; Other exterior features

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Tile; Vinyl; Wood
• Bathrooms: 2 bathrooms (1 full, 1 half)
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Ceiling fans; Primary bathroom has tub plus separate shower; Walk-in closet(s)
• Laundry & utility: In-unit laundry with washer hookup and electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $170k.

Deal economics

• At list price, monthly cash flow is $872 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% 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; 15 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 34% 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.
• At projected returns (-3.0% appreciation + 2.1% rent growth), your $48k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $83k; list at $170k implies a 105% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $164,900 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.45% ✓
• Cap rate: 12.45%
• Cash-on-cash: 21.98%
• DSCR: 1.98
• GRM: 5.8

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: 13.7%
• Equity multiple: 1.54×
• Total profit: $25,801
• Equity at exit: $25,348

10-year hold

• IRR: 21.9%
• Equity multiple: 2.79×
• Total profit: $85,167
• Equity at exit: $14,698

Cash invested: $47,600 (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: 5.8×

Monthly cashflow live

• Estimated rent: $2,457 high
• Mortgage (P&I): −$891
• Tax from tax record: −$106 /mo · $1,278/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $872

Break-even live

Break-even rent $1,353

Max offer price $170,000

Occupancy floor 60%

Sensitivity live

Price	-10% $968	-5% $920	+0% $872	+5% $824	+10% $776
Rent	-10% $678	-5% $775	+0% $872	+5% $969	+10% $1,066
Rate	-1.0pp $958	-0.5pp $915	base $872	+0.5pp $828	+1.0pp $783

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 15 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	0.18mi
2610 Via Napoli Ct Merritt Island, FL	3.0	2.0	1123	$2,400	$2.14	15d	1	0.31mi
437 Via Palermo Ct Merritt Island, FL	3.0	2.0	1375	$2,175	$1.58	24d	1	0.31mi
650 Parkside Ave Merritt Island, FL	2.0	2.0	1390	$1,950	$1.40	24d	1	0.41mi
104 Parrotfish Ln #101 Merritt Island, FL	3.0	2.5	1487	$2,750	$1.85	24d	1	0.50mi
295 Spruce Ave Merritt Island, FL	3.0	2.0	1514	$3,500	$2.31	24d	1	0.64mi
295 Spruce Ave Unit 1526854P Merritt Island, FL	3.0	2.0	1506	$4,370	$2.90	20d	1	0.64mi
3077 Sea Gate Cir Merritt Island, FL	2.0	2.0	1044	$1,950	$1.87	24d	1	0.74mi
1795 Dogwood Dr Merritt Island, FL	3.0	2.0	1762	$3,500	$1.99	15d	1	0.84mi
360 Schoolhouse Ln Merritt Island, FL	3.0	2.0	953	$1,500	$1.57	24d	1	0.96mi
10 Bogart Pl Merritt Island, FL	3.0	2.5	1376	$2,350	$1.71	24d	1	0.99mi
1527 Schoolhouse St Unit A3 Merritt Island, FL	2.0	1.0	1695	$1,350	$0.80	24d	1	1.02mi
48 Bogart Pl Merritt Island, FL	2.0	1.5	1184	$1,800	$1.52	24d	1	1.03mi
43 Bogart Pl Merritt Island, FL	2.0	1.5	1172	$1,875	$1.60	24d	1	1.04mi
1525 Polaris St Merritt Island, FL	3.0	2.0	1462	$2,400	$1.64	15d	1	1.35mi

Listing history 28 events

1. 2026-06-18
   days on market $170,000 Active 37 DOM
2. 2026-06-17
   days on market $170,000 Active 36 DOM
3. 2026-06-16
   days on market $170,000 Active 35 DOM
4. 2026-06-15
   days on market $170,000 Active 34 DOM
5. 2026-06-14
   days on market $170,000 Active 32 DOM
6. 2026-06-10
   days on market $170,000 Active 29 DOM
7. 2026-06-08
   days on market $170,000 Active 27 DOM
8. 2026-06-07
   pricedays on market $170,000 Active 26 DOM
9. 2026-06-05
   days on market $175,000 Active 23 DOM
10. 2026-06-03
    days on market $175,000 Active 22 DOM
11. 2026-06-02
    days on market $175,000 Active 21 DOM
12. 2026-06-01
    days on market $175,000 Active 20 DOM
13. 2026-05-31
    days on market $175,000 Active 19 DOM
14. 2026-05-31
    days on market $175,000 Active 18 DOM
15. 2026-05-14
    status Active
16. 2026-02-28
    historical
17. 2026-02-26
    listed $190,000 Active
18. 2026-02-22
    historical $190,000
19. 2025-08-03
    historical 565-char remark

    Show marketing remark (565 chars)

    A STEAL!! Cozy and spacious 2 story town home. This end unit offers 2 bedrooms (upstairs) and 1 and half bathrooms. Both the master and guest bedrooms offer plenty of space, with their own balconies and large closets. The living room, dining room, and kitchen downstairs have laminate & tile, with hardwood & tile upstairs. The private backyard is a rare find at this price point and the possibilities are endless. This home needs a little bit of cosmetic love, but can be the perfect starter home or investment property with NO HOA to cut into profits.

20. 2025-04-28
    listed $185,000 Active 565-char remark

    Show marketing remark (565 chars)

    A STEAL!! Cozy and spacious 2 story town home. This end unit offers 2 bedrooms (upstairs) and 1 and half bathrooms. Both the master and guest bedrooms offer plenty of space, with their own balconies and large closets. The living room, dining room, and kitchen downstairs have laminate & tile, with hardwood & tile upstairs. The private backyard is a rare find at this price point and the possibilities are endless. This home needs a little bit of cosmetic love, but can be the perfect starter home or investment property with NO HOA to cut into profits.

21. 2024-10-04
    listed $210,000 Active 57-char remark

    Show marketing remark (57 chars)

    Rare opportunity. Please stay tuned for more information.

22. 2024-10-04
    historical 57-char remark

    Show marketing remark (57 chars)

    Rare opportunity. Please stay tuned for more information.

23. 2024-09-17
    historical $210,000 57-char remark

    Show marketing remark (57 chars)

    Rare opportunity. Please stay tuned for more information.

24. 2015-06-22
    soldstatus $83,000
25. 2015-06-18
    soldstatus $83,000
26. 2015-04-01
    listed $79,900
27. 1991-11-01
    soldstatus $52,000
28. 1984-10-01
    soldstatus $57,900

ⓘ 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: $1,278 · $106/mo
• Projected year-2 tax: $1,411 · $118/mo
• Expected delta: +$133/yr (+$11/mo · 10.4%)

ⓘ 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) · 53% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 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: $29,479
• − Mortgage interest: −$9,523
• − Property taxes: −$1,278
• − Insurance: −$850
• − Repairs & maintenance: −$2,358
• − Management: −$2,358
• − Depreciation: −$4,945
• Taxable income: $8,167
• Est. tax owed @ 24.0%: −$1,960
• After-tax cash flow: $8,503/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

+228.2% since first listed

14 events — show timeline

• 2026-05-14 Relisted — SCMLS
• 2026-02-28 Listing Removed — SCMLS
• 2026-02-26 Listed $190,000 SCMLS
• 2026-02-22 Coming Soon $190,000 SCMLS
• 2025-08-03 Listing Removed — SCMLS
• 2025-04-28 Listed $185,000 SCMLS
• 2024-10-04 Listed $210,000 SCMLS
• 2024-10-04 Listing Removed — SCMLS
• 2024-09-17 Coming Soon $210,000 SCMLS
• 2015-06-22 Sold (Public Records) $83,000 Public Records
• 2015-06-18 Sold (MLS) $83,000 SCMLS
• 2015-04-01 Listed $79,900 SCMLS
• 1991-11-01 Sold (Public Records) $52,000 Public Records
• 1984-10-01 Sold (Public Records) $57,900 Public Records

Property tax history

+4.8%/yr

Latest (2025): $1,278 · +10.4% YoY. Source: county tax records.