2135 N Courtenay Pkwy #211 · Merritt Island, FL 32953

$169,500

2 bd · 2.0 ba · 1,187 sqft · Condo public records · 3 Days on market

Built 1974 $543/mo HOA · 27% 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 +11.6/30.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Schools +4.7/10.0
• Livability +3.5/5.0
• DSCR +3.4/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy Florida living and beautiful views! This spacious condo is convenient to shopping, dining, and just minutes from 528. It has been very well kept and is clean and move-in ready. Features include master suite with large walk-in closet, indoor laundry room, and kitchen that opens to a living/dining combo. Sliding doors lead out to a private screened balcony with peaceful views of the lake and pool. This community has many amenities to offer, including a community pool, shuffleboard, a putting green, and a clubhouse.

Key facts

• Community pool
• Lake views
• Convenient access

Tags

• COMMUNITY POOL
• TENNIS COURTS
• SHUFFLEBOARD
• LAKE VIEWS
• CONVENIENT ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $170k.

Deal economics

• At list price, monthly cash flow is $-52 ($-629/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (5.5% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $160k (5.5% below list) — sets the bar for cash-flow.

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); 221 active listings in the ZIP; 13 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 $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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.
• 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 $160,237 (5.5% 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 1974 — 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 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?
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: 1.20% ✓
• Cap rate: 5.92%
• Cash-on-cash: -1.33%
• DSCR: 0.94
• GRM: 6.9

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: -19.6%
• Equity multiple: 0.32×
• Total profit: $-32,260
• Equity at exit: $25,273

10-year hold

• IRR: -14.8%
• Equity multiple: 0.19×
• Total profit: $-38,245
• Equity at exit: $14,655

Cash invested: $47,460 (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: 221
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,033 high
• Mortgage (P&I): −$889
• Tax from tax record: −$156 /mo · $1,868/yr
• Insurance: −$71
• HOA: −$543
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $-52

Break-even live

Break-even rent $2,099

Max offer price $160,237

Occupancy floor 98%

Sensitivity live

Price	-10% $44	-5% $-4	+0% $-52	+5% $-100	+10% $-148
Rent	-10% $-213	-5% $-133	+0% $-52	+5% $28	+10% $108
Rate	-1.0pp $33	-0.5pp $-9	base $-52	+0.5pp $-96	+1.0pp $-141

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: $42,375
• Closing costs: $5,085
• Reserves months: —
• Total cash needed: —

Rent comps 13 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	25d	1	0.48mi
10 Bogart Pl Merritt Island, FL	3.0	2.5	1376	$2,350	$1.71	25d	1	0.60mi
360 Schoolhouse Ln Merritt Island, FL	3.0	2.0	953	$1,500	$1.57	25d	1	0.62mi
48 Bogart Pl Merritt Island, FL	2.0	1.5	1184	$1,800	$1.52	25d	1	0.64mi
43 Bogart Pl Merritt Island, FL	2.0	1.5	1172	$1,875	$1.60	25d	1	0.65mi
437 Via Palermo Ct Merritt Island, FL	3.0	2.0	1375	$2,175	$1.58	25d	1	0.67mi
2610 Via Napoli Ct Merritt Island, FL	3.0	2.0	1123	$2,400	$2.14	16d	1	0.69mi
650 Parkside Ave Merritt Island, FL	2.0	2.0	1390	$1,950	$1.40	25d	1	0.77mi
104 Parrotfish Ln #101 Merritt Island, FL	3.0	2.5	1487	$2,750	$1.85	25d	1	0.82mi
1525 Polaris St Merritt Island, FL	3.0	2.0	1462	$2,400	$1.64	16d	1	0.96mi
3077 Sea Gate Cir Merritt Island, FL	2.0	2.0	1044	$1,950	$1.87	25d	1	1.09mi
1155 N Courtenay Pkwy Merritt Island, FL	2.0	1.0	750	$1,434	$1.91	25d	1	1.23mi
225 Ligustrum Ln Merritt Island, FL	1.0–2.0	1.0	640	$1,275	$1.99	20d	1	1.35mi

HOA detail condo

• Monthly dues: $543 · $6,516/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-06-22
   days on market $169,500 Active 3 DOM
2. 2026-06-18
   status $169,500 Active 1 DOM
3. 2026-06-16
   remarks 666-char remark
4. 2026-06-16
   listed $169,500 Coming Soon 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: $1,868 · $156/mo
• Projected year-2 tax: $1,868 · $156/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) · 51% 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: $24,390
• − Mortgage interest: −$9,495
• − Property taxes: −$1,868
• − Insurance: −$848
• − Repairs & maintenance: −$1,951
• − Management: −$1,951
• − HOA: −$6,516
• − Depreciation: −$4,931
• Taxable loss: −$3,169
• Est. tax savings @ 24.0%: +$761
• After-tax cash flow: $131/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

+637.0% since first listed

8 events — show timeline

• 2026-06-16 Coming Soon $169,500 SCMLS
• 2023-04-04 Sold (Public Records) $169,500 Public Records
• 2016-10-05 Sold (Public Records) $73,500 Public Records
• 2016-09-29 Sold (MLS) $73,500 SCMLS
• 2016-09-02 Listed $74,500 SCMLS
• 1998-04-13 Sold (Public Records) $59,000 Public Records
• 1995-04-25 Sold (Public Records) $51,000 Public Records
• 1973-07-01 Sold (Public Records) $23,000 Public Records

Property tax history

+11.7%/yr

Latest (2025): $1,868 · +8.3% YoY. Source: county tax records.