1025 Waterway Dr · Micco, FL 32976

$140,000

2 bd · 2.0 ba · 1,089 sqft · Manufactured public records · 48 Days on market

Built 1977 3,920 sqft lot $81/mo HOA · 5% of rent

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Why this score? — see what drove the C+ 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 +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Schools +4.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

SMOOTH SAILING TO YOUR NEW ADDRESS! Brigadier home with new rubber roof 2005 & new air/heat 2002! 2 bedroom/2 bath with a ground level glass porch. Wrap around windows in the sunny living room, built in china cabinet in the dining room. Breakfast nook has banquette benches with storage space. Master suite has dressing alcove, walk-in closet, new vanity with basin. Light paneling or light wallpaper effect walls, natural carpet/vinyl adorn this home! Home Warranty is provided! Sail right in!

Key facts

• Carport
• Extended driveway
• Large florida room

Tags

• INSIDE LAUNDRY
• LARGE FLORIDA ROOM
• EXTENDED DRIVEWAY
• CARPORT

Property features AI

Finance

• Other: Furnished unit; Pets allowed (cats and dogs)
• HOA & community: Part of an association (Barefoot Bay); Annual association fee; Association amenities include clubhouse, golf course, park, pickleball, playground, racquetball, RV/boat storage, security, shuffleboard, storage, and tennis courts; Association fee covers security and trash

Exterior

• Parking: Carport (1 space); Off-street parking
• Security: Community security
• Utilities: Public sewer; Electricity available; Water connected; Cable available; Sewer connected
• Home design: Manufactured home; One level; Entry level: 1; Faces northwest
• Construction: Vinyl siding; Membrane roof; Built as a manufactured home
• Exterior features: Smoke detectors; Zero lot line; Asphalt road frontage (county road)

Interior

• Kitchen: Electric cooktop; Microwave; Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Walk-in closets; Visitor bathroom
• Laundry & utility: In-unit washer and dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $324 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#633 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, amenities F, commute 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: Sunrise Elementary School (math 52% / reading 57%, grade C, #892 of 2,144 statewide, top 44%, 759 students, 58% FRL); Southwest Middle School (math 40% / reading 39%, grade F, #373 of 571 statewide, top 66%, 920 students, 58% FRL); Bayside High School (math 27% / reading 40%, grade F, #400 of 667 statewide, top 61%, 1,854 students, 51% FRL).
• Zoned-school proficiency averages 42% at this address vs 55% district-wide (-12 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: 185 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $968 of loan paydown is wiped out by about $4k 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 48 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $140k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.23% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.93%
• DSCR: 1.44
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-1,968
• Equity at exit: $20,874

10-year hold

• IRR: 8.4%
• Equity multiple: 1.64×
• Total profit: $25,144
• Equity at exit: $12,105

Cash invested: $39,200 (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 32976

• Home prices YoY: -18.6%
• Active inventory: 185
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,716 high
• Mortgage (P&I): −$734
• Tax from tax record: −$158 /mo · $1,895/yr
• Insurance: −$58
• HOA: −$81
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $324

Break-even live

Break-even rent $1,306

Max offer price $140,000

Occupancy floor 76%

Sensitivity live

Price	-10% $404	-5% $364	+0% $324	+5% $285	+10% $245
Rent	-10% $189	-5% $256	+0% $324	+5% $392	+10% $460
Rate	-1.0pp $395	-0.5pp $360	base $324	+0.5pp $288	+1.0pp $251

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1207 Marigold Dr Sebastian, FL	2.0	2.0	1104	$1,500	$1.36	24d	1	0.19mi
914 Pecan Cir Sebastian, FL	2.0	1.0	1000	$1,600	$1.60	24d	1	0.27mi
904 Red Bud Rd Sebastian, FL	3.0	2.0	1278	$1,500	$1.17	24d	1	0.30mi
702 Lark Dr Sebastian, FL	3.0	2.0	1296	$1,775	$1.37	24d	1	0.41mi
621 Hyacinth Cir Sebastian, FL	2.0	2.0	1324	$1,850	$1.40	24d	1	0.48mi
909 Sequoia St Sebastian, FL	2.0	2.0	1156	$1,845	$1.60	24d	1	0.51mi
1112 Pocatella Dr Sebastian, FL	2.0	2.0	1370	$1,900	$1.39	24d	1	0.53mi
706 Hyacinth Cir Sebastian, FL	2.0	2.0	1062	$1,750	$1.65	24d	1	0.58mi
1315 Barefoot Cir Sebastian, FL	2.0	2.0	1167	$2,300	$1.97	24d	1	0.68mi
629 W Marlin Cir Unit NA Sebastian, FL	2.0	2.0	1104	$1,400	$1.27	15d	1	0.85mi
7629 Chasta Rd Sebastian, FL	2.0	2.0	958	$1,600	$1.67	24d	1	0.98mi
415 Plover Dr Sebastian, FL	3.0	2.0	1200	$2,400	$2.00	24d	1	0.99mi
7606 Cedar Bark Rd Sebastian, FL	2.0	2.0	1273	$1,800	$1.41	24d	1	1.00mi
7597 Cedar Bark Rd Sebastian, FL	2.0	2.0	902	$1,700	$1.88	24d	1	1.02mi
830 Lychee Dr Sebastian, FL	2.0	2.0	1269	$2,000	$1.58	24d	1	1.16mi

HOA detail

• Monthly dues: $81 · $972/yr

Listing history 20 events

1. 2026-06-18
   days on market $140,000 Active 48 DOM
2. 2026-06-17
   price $140,000 Active 47 DOM
3. 2026-06-17
   days on market $160,000 Active 47 DOM
4. 2026-06-16
   days on market $160,000 Active 46 DOM
5. 2026-06-15
   days on market $160,000 Active 45 DOM
6. 2026-06-14
   days on market $160,000 Active 43 DOM
7. 2026-06-10
   days on market $160,000 Active 40 DOM
8. 2026-06-08
   days on market $160,000 Active 38 DOM
9. 2026-06-07
   days on market $160,000 Active 37 DOM
10. 2026-06-05
    days on market $160,000 Active 34 DOM
11. 2026-06-03
    days on market $160,000 Active 33 DOM
12. 2026-06-02
    days on market $160,000 Active 32 DOM
13. 2026-06-01
    days on market $160,000 Active 31 DOM
14. 2026-05-31
    days on market $160,000 Active 30 DOM
15. 2026-05-31
    days on market $160,000 Active 29 DOM
16. 2026-05-01
    listed $160,000 Active
17. 2007-02-07
    soldstatus $72,000
18. 2007-01-31
    soldstatus $72,000 500-char remark

    Show marketing remark (500 chars)

    SMOOTH SAILING TO YOUR NEW ADDRESS! Brigadier home with new rubber roof 2005 & new air/heat 2002! 2 bedroom/2 bath with a ground level glass porch. Wrap around windows in the sunny living room, built in china cabinet in the dining room. Breakfast nook has banquette benches with storage space. Master suite has dressing alcove, walk-in closet, new vanity with basin. Light paneling or light wallpaper effect walls, natural carpet/vinyl adorn this home! Home Warranty is provided! Sail right in!

19. 2006-06-01
    listed $82,500 500-char remark

    Show marketing remark (500 chars)

    SMOOTH SAILING TO YOUR NEW ADDRESS! Brigadier home with new rubber roof 2005 & new air/heat 2002! 2 bedroom/2 bath with a ground level glass porch. Wrap around windows in the sunny living room, built in china cabinet in the dining room. Breakfast nook has banquette benches with storage space. Master suite has dressing alcove, walk-in closet, new vanity with basin. Light paneling or light wallpaper effect walls, natural carpet/vinyl adorn this home! Home Warranty is provided! Sail right in!

20. 1978-08-01
    soldstatus $28,800

ⓘ 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: $1,895 · $158/mo
• Projected year-2 tax: $1,895 · $158/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 24 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: $20,592
• − Mortgage interest: −$7,842
• − Property taxes: −$1,895
• − Insurance: −$700
• − Repairs & maintenance: −$1,647
• − Management: −$1,647
• − HOA: −$972
• − Depreciation: −$4,073
• Taxable income: $1,816
• Est. tax owed @ 24.0%: −$436
• After-tax cash flow: $3,455/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 — Micco

• Score: 65/100
• State rank: #633
• US rank: #12408

Category grades

Amenities F Commute F Cost of living A+ Crime B- Employment D Housing A+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Micco, FL
• Population (ZIP): 9,237

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 (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 1% Asian 1%
• Common ancestry: Lithuanian 5% Romanian 4% Iranian 2%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 3%

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: ▼ -73.57%
• Current HPI: 321.5196
• Rent YoY: —
• Metro: —
• 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

+455.6% since first listed

5 events — show timeline

• 2026-05-01 Listed $160,000 SCMLS
• 2007-02-07 Sold (Public Records) $72,000 Public Records
• 2007-01-31 Sold (MLS) $72,000 SCMLS
• 2006-06-01 Listed $82,500 SCMLS
• 1978-08-01 Sold (Public Records) $28,800 Public Records

Property tax history

+10.2%/yr

Latest (2025): $1,895 · +4.9% YoY. Source: county tax records.