4107 Meander Pl #203

Rockledge, FL 32955

$205,000D-

2 bd · 2.0 ba · 1,079 sqft · Built 2007 · Condo · Coming Soon · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,001/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$303
• HOA: −$326
• Vac / Maint / Mgmt: −$420
• Net cashflow: $-123/mo
• Annual: $-1,474/yr
• Cap rate: 5.57%
• Cash-on-cash: -2.57%
• DSCR: 0.89
• 1% rule: 0.98%
• Cash to close: $57,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $205k.
• At list price, monthly cash flow is $-123 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $183k (10.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (2.4% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $183k (10.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#81 in FL, #1,315 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A, commute A-; Watch: amenities 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: Manatee Elementary School (math 85% / reading 84%, grade A+, #43 of 2,144 statewide, top 2%, 897 students, 19% FRL); John F. Kennedy Middle School (math 67% / reading 59%, grade B+, #111 of 571 statewide, top 20%, 673 students, 41% FRL); Rockledge Senior High School (math 27% / reading 49%, grade F, #328 of 667 statewide, top 50%, 1,558 students, 50% FRL).
• Market conditions: Rents flat; 317 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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.
• 2 sale attempts since 10y 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 $128k; list at $205k implies a 60% gain — meaningful room to come down on a strong offer.

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 does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.