515 Palm Ave · Merritt Island, FL 32952

$269,000

3 bd · 2.0 ba · 960 sqft · SingleFamily public records · 85 Days on market

Built 1959 7,841 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 +12.1/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• DSCR +3.6/10.0
• Livability +3.5/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

New roof was just completed! This home is much bigger then it looks. 4 bedrooms and 2 full baths with large open living spaces. Tile floors throughout. Home was recently updated and refreshed. Lot is very nicely sized with a large fenced back yard. Plus your covered with a Choice home warranty!

Key facts

• Nearly new roof
• Fenced backyards
• New hvac

Tags

• FENCED BACKYARDS
• UPDATED KITCHEN
• NEW HVAC
• NEARLY NEW ROOF
• FRESHLY PAINTED

Property features AI

Exterior

• Parking: Attached 1-car carport
• Utilities: Public sewer; Cable available and connected; Electricity available; Sewer available; Water available
• Home design: Single family residence; One-story; Faces south; Residential use
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Full fencing; Paved road access; No private pool

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 4 bedrooms (all on the main level)
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: 8 total rooms; Living room; Family room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $269k.

Deal economics

• At list price, monthly cash flow is $-127 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $247k (8.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $212k (21.3% below list).
• Recommended offer: $212k (21.3% 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; 10 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 85 days — a 6% lower offer ($253k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $64k; list at $269k implies a 320% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• 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 $211,717 (21.3% 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. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.79% ✗
• Cap rate: 6.02%
• Cash-on-cash: -0.96%
• DSCR: 0.96
• GRM: 10.6

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: -15.9%
• Equity multiple: 0.42×
• Total profit: $-43,875
• Equity at exit: $40,109

10-year hold

• IRR: -2.4%
• Equity multiple: 0.81×
• Total profit: $-14,253
• Equity at exit: $23,258

Cash invested: $75,320 (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: 10.6×

Monthly cashflow live

• Estimated rent: $2,117 high
• Mortgage (P&I): −$1,411
• Tax from tax record: −$210 /mo · $2,520/yr
• Insurance: −$112
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $-127

Break-even live

Break-even rent $2,277

Max offer price $246,627

Occupancy floor —

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
480 Nancie Ave Merritt Island, FL	3.0	2.0	888	$2,100	$2.36	23d	1	0.20mi
1200 S Courtenay Pkwy Merritt Island, FL	1.0–2.0	1.5–2.0	812	$1,625	$2.00	14d	7	0.78mi
205 Palmetto Ave Merritt Island, FL	2.0	2.0	1033	$1,625	$1.57	23d	2	0.80mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	14d	4	0.82mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	23d	4	0.82mi
388 Hibiscus Ave Merritt Island, FL	2.0	1.0	720	$1,650	$2.29	23d	1	1.11mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,525	$1.69	23d	2	1.24mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,545	$1.72	14d	2	1.24mi
50 Needle Blvd #28 Merritt Island, FL	2.0	1.5	900	$1,550	$1.72	23d	1	1.29mi
140 Minna Ln Merritt Island, FL	2.0	1.0	775	$1,250	$1.61	14d	1	1.44mi

Listing history 23 events

1. 2026-06-18
   days on market $269,000 Active 85 DOM
2. 2026-06-17
   days on market $269,000 Active 84 DOM
3. 2026-06-16
   days on market $269,000 Active 83 DOM
4. 2026-06-15
   days on market $269,000 Active 82 DOM
5. 2026-06-14
   days on market $269,000 Active 80 DOM
6. 2026-06-10
   days on market $269,000 Active 77 DOM
7. 2026-06-08
   days on market $269,000 Active 75 DOM
8. 2026-06-07
   days on market $269,000 Active 74 DOM
9. 2026-06-05
   days on market $269,000 Active 71 DOM
10. 2026-06-03
    days on market $269,000 Active 70 DOM
11. 2026-06-02
    days on market $269,000 Active 69 DOM
12. 2026-06-01
    days on market $269,000 Active 68 DOM
13. 2026-05-31
    days on market $269,000 Active 67 DOM
14. 2026-05-31
    days on market $269,000 Active 66 DOM
15. 2026-05-06
    price $269,000
16. 2026-04-09
    price $275,000
17. 2026-03-25
    listed $279,000 Active
18. 2018-04-13
    historical 295-char remark

    Show marketing remark (295 chars)

    New roof was just completed! This home is much bigger then it looks. 4 bedrooms and 2 full baths with large open living spaces. Tile floors throughout. Home was recently updated and refreshed. Lot is very nicely sized with a large fenced back yard. Plus your covered with a Choice home warranty!

19. 2018-02-16
    listed $159,000 295-char remark

    Show marketing remark (295 chars)

    New roof was just completed! This home is much bigger then it looks. 4 bedrooms and 2 full baths with large open living spaces. Tile floors throughout. Home was recently updated and refreshed. Lot is very nicely sized with a large fenced back yard. Plus your covered with a Choice home warranty!

20. 2013-06-25
    soldstatus $64,000
21. 2013-06-04
    soldstatus $64,000 154-char remark

    Show marketing remark (154 chars)

    Motivated seller, large fenced yard, plenty of room. Located on a large lot. If your an investor this has a tenant that would stay. .. give us an offer. .

22. 2013-05-10
    listed $72,000 154-char remark

    Show marketing remark (154 chars)

    Motivated seller, large fenced yard, plenty of room. Located on a large lot. If your an investor this has a tenant that would stay. .. give us an offer. .

23. 1975-08-01
    soldstatus $18,500

ⓘ 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: $2,520 · $210/mo
• Projected year-2 tax: $2,520 · $210/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) · 94% 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: $25,406
• − Mortgage interest: −$15,068
• − Property taxes: −$2,520
• − Insurance: −$2,142
• − Repairs & maintenance: −$2,032
• − Management: −$2,032
• − Depreciation: −$7,825
• Taxable loss: −$6,215
• Est. tax savings @ 24.0%: +$1,492
• After-tax cash flow: $-28/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

+1354.1% since first listed

9 events — show timeline

• 2026-05-06 Price Changed $269,000 SCMLS
• 2026-04-09 Price Changed $275,000 SCMLS
• 2026-03-25 Listed $279,000 SCMLS
• 2018-04-13 Listing Removed — SCMLS
• 2018-02-16 Listed $159,000 SCMLS
• 2013-06-25 Sold (Public Records) $64,000 Public Records
• 2013-06-04 Sold (MLS) $64,000 SCMLS
• 2013-05-10 Listed $72,000 SCMLS
• 1975-08-01 Sold (Public Records) $18,500 Public Records

Property tax history

+7.2%/yr

Latest (2025): $2,520 · +4.7% YoY. Source: county tax records.