545 S Courtenay Pkwy · Merritt Island, FL 32952

$375,000

3 bd · 2.0 ba · 1,573 sqft · SingleFamily public records · 1 Days on market

Built 1963 10,019 sqft lot

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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 +14.0/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• DSCR +4.3/10.0
• Rent growth +4.1/5.0
• Livability +3.5/5.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3/2/2 pool home has formal dining area and inside laundry room (including washer and dryer) with metal roof and upgraded electric. This home also boasts updated bathrooms, granite countertops, new kitchen cabinets, stainless steel appliances, newer A/C and new windows.

Key facts

• Resurfaced pool
• Metal roof
• A/c system

Tags

• METAL ROOF
• A/C SYSTEM
• RESURFACED POOL
• UPDATED ELECTRICAL PANEL
• UPDATED KITCHEN
• TERRAZZO THROUGHOUT

Property features AI

Finance

• Financial info: Property used as residential single family

Exterior

• Parking: 2-car garage; Guest parking; Off-street parking
• Utilities: Public sewer; Water connected; Electricity connected; Natural gas connected; Cable available
• Home design: Single family residence; Single-story entry level
• Construction: Block construction
• Exterior features: In-ground private pool; Irregular-shaped lot (0.23 acres); East-facing

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Heating present (other type)
• Interior features: Unfurnished

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $375k.

Deal economics

• At list price, monthly cash flow is $-16 ($-197/yr) — negative.
• To cash-flow at today's rent, offer at most $372k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $314k (16.1% below list).
• Recommended offer: $314k (16.1% below list) — sets the bar for 1% rule.

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); 227 active listings in the ZIP; 19 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 37% of the median local income ($103k/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 $3k of loan paydown is wiped out by about $11k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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 $112k; list at $375k implies a 235% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• 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 $314,479 (16.1% 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 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 6.45%
• Cash-on-cash: 0.57%
• DSCR: 1.03
• GRM: 9.9

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: -12.9%
• Equity multiple: 0.52×
• Total profit: $-50,258
• Equity at exit: $55,914

10-year hold

• IRR: 0.7%
• Equity multiple: 1.06×
• Total profit: $5,888
• Equity at exit: $32,423

Cash invested: $105,000 (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: 227
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $3,145 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$312 /mo · $3,739/yr
• Insurance: −$156
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$660
• Net cashflow: $-16

Break-even live

Break-even rent $3,166

Max offer price $372,093

Occupancy floor 96%

Sensitivity live

Price	-10% $196	-5% $90	+0% $-16	+5% $-123	+10% $-229
Rent	-10% $-265	-5% $-141	+0% $-16	+5% $108	+10% $232
Rate	-1.0pp $172	-0.5pp $79	base $-16	+0.5pp $-114	+1.0pp $-212

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
489 Seacrest Ave Unit 1325661P Merritt Island, FL	3.0	2.0	1173	$4,320	$3.68	15d	1	0.11mi
410 S Tropical Trl Merritt Island, FL	3.0	2.0	1573	$2,295	$1.46	24d	1	0.27mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	15d	4	0.57mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	24d	4	0.57mi
735 Pilot Ln #414 Merritt Island, FL	3.0	3.5	1715	$3,300	$1.92	24d	1	0.72mi
735 Pilot Ln #503 Merritt Island, FL	2.0	2.0	1334	$2,700	$2.02	24d	1	0.73mi
735 Pilot Ln #1009 Merritt Island, FL	2.0	2.0	1334	$2,850	$2.14	24d	1	0.74mi
140 McLeod St Unit 1513829P Merritt Island, FL	3.0	2.0	1323	$3,291	$2.49	20d	1	0.75mi
735 Pilot Ln #507 Merritt Island, FL	2.0	2.0	1711	$2,800	$1.64	15d	1	0.75mi
701 Pilot Ln Unit 1499904P Merritt Island, FL	2.0	2.0	1323	$3,978	$3.01	22d	1	0.77mi
480 Sail Ln #204 Merritt Island, FL	3.0	2.0	2122	$2,950	$1.39	15d	1	0.95mi
1276 Gary Dr Merritt Island, FL	3.0	2.0	1248	$2,200	$1.76	24d	1	1.06mi
250 S Sykes Creek Pkwy Unit B510 Merritt Island, FL	2.0	2.0	1660	$2,600	$1.57	24d	1	1.08mi
200 S Sykes Creek Pkwy #702 Merritt Island, FL	2.0	2.0	1307	$2,390	$1.83	24d	1	1.09mi
820 Del Rio Way #401 Merritt Island, FL	3.0	2.0	1862	$2,600	$1.40	24d	1	1.15mi
145 Needle Blvd Merritt Island, FL	4.0	2.0	1314	$3,250	$2.47	24d	1	1.21mi
390 Needle Blvd Merritt Island, FL	4.0	2.0	1828	$3,450	$1.89	24d	1	1.30mi
102 Riverside Dr #806 Cocoa, FL	3.0	3.0	2019	$3,500	$1.73	24d	1	1.46mi
215 Richland Ave Unit 1044313P Merritt Island, FL	3.0	2.0	1184	$4,648	$3.93	15d	1	1.46mi

Listing history 2 events

1. 2026-06-18
   remarks 500-char remark
2. 2026-06-18
   listed $375,000 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: $3,739 · $312/mo
• Projected year-2 tax: $3,739 · $312/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 7/10 Severe FEMA zone X (unshaded) · 87% 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: $37,737
• − Mortgage interest: −$21,006
• − Property taxes: −$3,739
• − Insurance: −$2,672
• − Repairs & maintenance: −$3,019
• − Management: −$3,019
• − Depreciation: −$10,909
• Taxable loss: −$6,627
• Est. tax savings @ 24.0%: +$1,590
• After-tax cash flow: $1,393/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

+451.5% since first listed

12 events — show timeline

• 2026-06-17 Listed $375,000 SCMLS
• 2026-06-12 Rental Removed $1,750 BUILDIUM
• 2026-06-09 Listed for Rent $1,750 BUILDIUM
• 2014-01-14 Sold (Public Records) $112,000 Public Records
• 2014-01-14 Sold (MLS) $112,000 SCMLS
• 2013-11-02 Listed $125,000 SCMLS
• 2010-09-23 Sold (MLS) $77,003 SCMLS
• 2010-06-22 Listed $69,900 SCMLS
• 2006-06-13 Sold (Public Records) $236,000 Public Records
• 2006-06-07 Sold (MLS) $236,000 SCMLS
• 2006-01-24 Listed $229,900 SCMLS
• 1984-07-01 Sold (Public Records) $68,000 Public Records

Property tax history

+6.2%/yr

Latest (2025): $3,739 · +3.1% YoY. Source: county tax records.