2796 Glory Cir

Melbourne Beach, FL 32951

$335,000D

2 bd · 2.0 ba · 949 sqft · Built 2010 · Manufactured · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,619/mo
• Mortgage (P&I): −$1,757
• Tax + insurance: −$388
• HOA: −$0
• Vac / Maint / Mgmt: −$550
• Net cashflow: $-76/mo
• Annual: $-910/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.12%
• DSCR: 0.99
• 1% rule: 0.78%
• Cash to close: $93,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $335k.
• At list price, monthly cash flow is $-76 ($-910/yr) — negative.
• To cash-flow at today's rent, offer at most $322k (4.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $262k (21.8% below list).
• It's been on market 18 days — a 2% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $262k (21.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#249 in FL, #3,935 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, employment B+; Watch: amenities F, commute F, cost of living 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: Gemini Elementary School (math 80% / reading 79%, grade A, #116 of 2,144 statewide, top 6%, 468 students, 20% FRL); Herbert C. Hoover Middle School (math 67% / reading 64%, grade A-, #95 of 571 statewide, top 17%, 506 students, 38% FRL); Melbourne Senior High School (math 43% / reading 57%, grade D+, #175 of 667 statewide, top 27%, 2,249 students, 31% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 218 active listings in the ZIP; 4 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).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 8 sale attempts since 9y 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 $162k; list at $335k implies a 107% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 32% of the median local income ($98k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.