702 Novak St SW · Palm Bay, FL 32908

$319,000

4 bd · 2.0 ba · 1,499 sqft · SingleFamily · 89 Days on market

Built 2026 Good condition 0.27 ac lot 2-car garage $213/sqft · at area comps Est $333k · at est. ↓ 4% since listing

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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).

• ARV discount +9.4/15.0
• Cash flow +7.6/30.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Rent growth +2.8/5.0
• 1% rule +2.2/10.0
• DSCR +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in the desirable Palm Bay, Florida, the Freeport II offers everything you need in a single-story layout that lives larger than its square footage. With four bedrooms, there's flexibility for whatever life brings-guest space, a home office, or that creative studio you've always wanted. Two full bathrooms with sleek fixtures and easy-care countertops provide both comfort and style. At the heart of the home, the open-concept kitchen shines with a central island, walk-in pantry, and a seamless connection to the spacious great room-perfect for hosting friends or enjoying laid-back evenings in. Tucked privately at the back, the primary suite offers a relaxing retreat with a large walk-in closet and a well-appointed ensuite bath. Step outside to the covered patio, perfect for weekend grilling or winding down with your favorite book and a breeze. And with no HOA fees, you'll enjoy the freedom to live your way-without extra costs or restrictions. Designed with energy efficiency in mind, the Freeport II features Low-E windows, a high-efficiency HVAC system, and storm-ready construction for added peace of mind. Whether you're starting out, moving up, or simplifying, the Freeport II blends smart design with stylish finishes-offering comfort, value, and room for everyone.

Key facts

• Single-story layout
• Central island
• Open-concept kitchen

Tags

• SINGLE-STORY LAYOUT
• OPEN-CONCEPT KITCHEN
• CENTRAL ISLAND
• WALK-IN PANTRY
• COVERED PATIO

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $319k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-389 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $263k (17.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (27.9% below list).
• Recommended offer: $230k (27.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#366 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, amenities 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: Westside Elementary School (math 51% / reading 58%, grade C, #892 of 2,144 statewide, top 44%, 798 students, 52% 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: Rents rising (+1.3%/yr); 1388 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• This rent runs 35% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• 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 89 days — a 6% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $229,866 (27.9% 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 89 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.72% ✗
• Cap rate: 4.83%
• Cash-on-cash: -5.22%
• DSCR: 0.77
• GRM: 11.6

CMA / ARV

• ARV (median comp): $333,062
• List price: $319,000
• Delta: -4.22%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1900 Klebs Ave SW	0.30mi	4/2.0	1,499 (0%)	0mo	$321,375	$214	86
1967 New York Ave SW	0.22mi	3/2.0 (-1)	1,510 (+1%)	7mo	$395,000	$262	77
1998 Madden Ave SW	0.10mi	3/2.0 (-1)	1,328 (-11%)	0mo	$290,000	$218	71
610 Krome St SW	0.19mi	3/2.0 (-1)	1,328 (-11%)	0mo	$300,000	$226	67
1920 Basinger Ave SW	0.23mi	3/2.0 (-1)	1,328 (-11%)	0mo	$289,990	$218	65
2142 Madden Ave	0.19mi	3/2.0 (-1)	1,536 (+2%)	22mo	$352,155	$229	63
701 Banyan St SW	0.36mi	3/2.0 (-1)	1,328 (-11%)	0mo	$302,865	$228	59
524 Corbin Cir SW	0.68mi	3/2.0 (-1)	1,589 (+6%)	3mo	$365,000	$230	51
2425 Largo Ave SW	0.69mi	3/2.0 (-1)	1,328 (-11%)	0mo	$298,095	$224	43
707 Corbin Cir SW	0.66mi	3/2.0 (-1)	1,713 (+14%)	1mo	$325,000	$190	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.29% rent growth · sell at horizon

5-year hold

• IRR: -27.1%
• Equity multiple: 0.10×
• Total profit: $-80,296
• Equity at exit: $47,564

10-year hold

• IRR: -32.1%
• Equity multiple: -0.31×
• Total profit: $-117,067
• Equity at exit: $27,581

Cash invested: $89,320 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 75 active · 48 under contract
• Months of supply: 18.8 mo (5%/mo absorbed)
• Median asking: $315,990 ($199/sqft)
• Median days on market: 65 d
• This list price: 52% of active listings are priced below it
• ARV vs active asking: +11.7% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 32908

• Home prices YoY: -10.4%
• Rents YoY: 1.3%
• Active inventory: 1388
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $2,299 high
• Mortgage (P&I): −$1,673
• Tax est. 1.5%: −$399 /mo · $4,785/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $-389

Break-even live

Break-even rent $2,791

Max offer price $262,770

Occupancy floor —

Sensitivity live

Price	-10% $-168	-5% $-278	+0% $-389	+5% $-499	+10% $-609
Rent	-10% $-570	-5% $-479	+0% $-389	+5% $-298	+10% $-207
Rate	-1.0pp $-228	-0.5pp $-307	base $-389	+0.5pp $-471	+1.0pp $-555

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: $79,750
• Closing costs: $9,570
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
591 Mimosa St SW Palm Bay, FL	4.0	2.0	1828	$2,000	$1.09	6d	1	0.38mi
439 Gancedo St SW Palm Bay, FL	4.0	2.0	1830	$2,200	$1.20	119d	1	0.62mi
593 Haleybury St SW Palm Bay, FL	4.0	2.0	1824	$2,400	$1.32	6d	1	0.67mi
593 Haleybury St SW Palm Bay, FL	4.0	2.0	1824	$2,200	$1.21	3d	1	0.67mi
2008 Olympia Ave SW Palm Bay, FL	4.0	2.0	1828	$2,500	$1.37	119d	1	0.67mi
586 Cooper Ct SW Palm Bay, FL	3.0	2.0	1660	$2,300	$1.39	62d	1	0.72mi
458 Fitzsimmons St SW Palm Bay, FL	3.0	2.0	1814	$1,875	$1.03	6d	1	0.90mi
1897 Gould Ave SW Palm Bay, FL	4.0	2.0	1555	$1,850	$1.19	119d	1	0.93mi
2437 Hagoplan Ave SW Palm Bay, FL	3.0	2.0	1840	$2,150	$1.17	119d	1	1.00mi
1606 De Groodt Rd SW Palm Bay, FL	4.0	2.0	1830	$2,200	$1.20	62d	1	1.14mi
1777 Sawgrass Dr SW Palm Bay, FL	3.0	2.0	1865	$2,095	$1.12	6d	1	1.18mi
2681 Madden Ave SW Palm Bay, FL	3.0	2.0	1518	$1,850	$1.22	4d	1	1.18mi
2601 Hagoplan Ave SW Palm Bay, FL	4.0	2.0	1801	$1,945	$1.08	5d	1	1.25mi
401 J T Sancho St SW Palm Bay, FL	3.0	2.0	1813	$1,900	$1.05	0d	1	1.27mi
1733 La Maderia Dr SW Palm Bay, FL	3.0	2.0	1865	$2,195	$1.18	117d	1	1.38mi
1736 La Maderia Dr SW Palm Bay, FL	3.0	2.0	1873	$2,000	$1.07	119d	1	1.39mi
427 Oakleaf St SW Palm Bay, FL	4.0	2.0	1827	$1,500	$0.82	6d	1	1.39mi
2790 Hague Ave SW Palm Bay, FL	4.0	2.0	1809	$1,950	$1.08	6d	1	1.42mi

Property features AI

Exterior

• Parking: Attached 2-car garage
• Security: Smoke detector(s)
• Utilities: Aerobic septicCable availableWater availableThermostat (energy-efficient feature)
• Home design: Single family residenceOne storyFaces southNew construction
• Construction: Block, concrete and stucco constructionShingle roof
• Exterior features: PorchStorm shuttersSmoke detector(s)

Interior

• Kitchen: DishwasherDisposalElectric rangeMicrowave
• Bedrooms: 4 bedrooms
• Flooring: CarpetVinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric)Central air conditioning (electric)
• Interior features: Eat-in kitchenEntrance foyerKitchen islandPantrySmart thermostatSplit bedroom layoutWalk-in closet(s)
• Laundry & utility: Electric water heater

Listing history 50 events

1. 2026-09-24
   days on market $319,000 Active 89 DOM
2. 2026-09-22
   days on market $319,000 Active 87 DOM
3. 2026-09-21
   days on market $319,000 Active 86 DOM
4. 2026-09-20
   days on market $319,000 Active 85 DOM
5. 2026-09-19
   days on market $319,000 Active 84 DOM
6. 2026-09-18
   days on market $319,000 Active 83 DOM
7. 2026-09-17
   days on market $319,000 Active 82 DOM
8. 2026-09-16
   days on market $319,000 Active 81 DOM
9. 2026-09-15
   days on market $319,000 Active 80 DOM
10. 2026-09-15
    days on market $319,000 Active 79 DOM
11. 2026-09-13
    days on market $319,000 Active 78 DOM
12. 2026-09-12
    days on market $319,000 Active 77 DOM
13. 2026-09-11
    days on market $319,000 Active 76 DOM
14. 2026-09-05
    days on market $319,000 Active 70 DOM
15. 2026-09-04
    days on market $319,000 Active 69 DOM
16. 2026-09-03
    days on market $319,000 Active 68 DOM
17. 2026-08-31
    pricedays on market $319,000 Active 65 DOM
18. 2026-08-30
    days on market $314,000 Active 64 DOM
19. 2026-08-29
    days on market $314,000 Active 63 DOM
20. 2026-08-28
    days on market $314,000 Active 62 DOM
21. 2026-08-27
    days on market $314,000 Active 61 DOM
22. 2026-08-26
    days on market $314,000 Active 60 DOM
23. 2026-08-25
    days on market $314,000 Active 59 DOM
24. 2026-08-24
    days on market $314,000 Active 58 DOM
25. 2026-08-23
    days on market $314,000 Active 57 DOM
26. 2026-08-22
    days on market $314,000 Active 56 DOM
27. 2026-08-21
    days on market $314,000 Active 55 DOM
28. 2026-08-20
    days on market $314,000 Active 54 DOM
29. 2026-08-19
    days on market $314,000 Active 53 DOM
30. 2026-08-18
    days on market $314,000 Active 52 DOM
31. 2026-08-17
    days on market $314,000 Active 51 DOM
32. 2026-08-16
    days on market $314,000 Active 50 DOM
33. 2026-08-15
    days on market $314,000 Active 49 DOM
34. 2026-08-15
    days on market $314,000 Active 48 DOM
35. 2026-08-13
    days on market $314,000 Active 47 DOM
36. 2026-08-12
    days on market $314,000 Active 46 DOM
37. 2026-08-11
    days on market $314,000 Active 45 DOM
38. 2026-08-10
    pricestatus $314,000 Active 44 DOM
39. 2026-07-23
    status $313,990 Pending 44 DOM
40. 2026-07-22
    days on market $313,990 Active 44 DOM
41. 2026-07-21
    days on market $313,990 Active 43 DOM
42. 2026-07-18
    days on market $313,990 Active 40 DOM
43. 2026-07-16
    days on market $313,990 Active 38 DOM
44. 2026-07-16
    days on market $313,990 Active 37 DOM
45. 2026-07-14
    days on market $313,990 Active 36 DOM
46. 2026-07-14
    days on market $313,990 Active 35 DOM
47. 2026-07-12
    days on market $313,990 Active 34 DOM
48. 2026-07-11
    days on market $313,990 Active 33 DOM
49. 2026-07-10
    days on market $313,990 Active 32 DOM
50. 2026-07-09
    days on market $313,990 Active 31 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $27,584
• − Mortgage interest: −$17,869
• − Property taxes: −$4,785
• − Insurance: −$1,595
• − Repairs & maintenance: −$2,207
• − Management: −$2,207
• − Depreciation: −$9,280
• Taxable loss: −$10,358
• Est. tax savings @ 24.0%: +$2,486
• After-tax cash flow: $-2,177/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.

Condition & rehab AI · 2 photos

Good 80/100 None rehab

This single-story home in Palm Bay, Florida, is in excellent condition with no visible repairs needed. It offers a good ROI with updates focusing on curb appeal and interior aesthetics.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Resale Kitchen backsplash — Improves kitchen functionality and aesthetics ↑
• Resale Bathroom vanity tops — Updates bathrooms for a more modern look ↑

F Composite school gradezoned avg 42/100

Zoned Schools

Elementary Westside Elementary School C FL #892/2,144 Nat'l #9,801/41,679 Middle Southwest Middle School F FL #373/571 Nat'l #6,151/14,009 High Bayside High School F FL #400/667 Nat'l #10,191/17,239

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

B Composite livability gradescore 72/100

Livability — Palm Bay

• Score: 72/100
• State rank: #366
• US rank: #6458

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palm Bay, FL
• County: Brevard County · 623,254 people
• City population: 132,211
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 16,535
• Household income: $79,596
• Rent vs Own: 10.2% rent · 89.8% own

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 48% Hispanic / Latino 20% Black 20% Two or more races 19%
• Hispanic origin (detail): Mexican 1% Puerto Rican 8% Cuban 6% Dominican 3%
• Common ancestry: Hispanic 3% Estonian 2% Romanian 1%
• Foreign-born: 10% · Canada, Jamaica, South Korea
• Languages at home: 87% English-only · Spanish 9% Other Indo-European 1% French/Haitian/Cajun 1%

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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: ▼ -38.22%
• Current HPI: 330.0399
• Rent YoY: ▲ 1.29%
• Metro: Palm Bay-Melbourne-Titusville, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

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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

Property features AI

Exterior

• Parking: Attached 2-car garage
• Security: Smoke detector(s)
• Utilities: Aerobic septicCable availableWater availableThermostat (energy-efficient feature)
• Home design: Single family residenceOne storyFaces southNew construction
• Construction: Block, concrete and stucco constructionShingle roof
• Exterior features: PorchStorm shuttersSmoke detector(s)

Interior

• Kitchen: DishwasherDisposalElectric rangeMicrowave
• Bedrooms: 4 bedrooms
• Flooring: CarpetVinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric)Central air conditioning (electric)
• Interior features: Eat-in kitchenEntrance foyerKitchen islandPantrySmart thermostatSplit bedroom layoutWalk-in closet(s)
• Laundry & utility: Electric water heater

Price history

-3.8% since first listed

4 events — show timeline

• 2026-06-09 Price Changed $313,990 Zillow
• 2026-06-08 Price Changed $313,990 SCMLS
• 2026-06-08 Listed $326,410 SCMLS
• 2026-05-12 Listed $326,410 Zillow