2749 Patty Ln · Melbourne, FL 32935

$109,000

1 bd · 1.0 ba · 733 sqft · Condo public records · 63 Days on market

Built 1984 $221/mo HOA · 17% 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 +16.9/30.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• DSCR +5.2/10.0
• Schools +4.7/10.0
• Rent growth +2.6/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This 1 bedroom 1 bathroom condo with plenty of space including a screened in patio and inside laundry room is seeking its next owner to put some finishing touches on it. Rent it out or live in this quiet community you can't go wrong. The community features a kids playground, refreshing swimming pool, gym and beautiful clubhouse for gatherings. The AC is 2024 and is barely used. The Unit is well insulated and stays cool. Close to everything, shopping, restaurants, Eau Gallie Arts District, Healthcare, major area employers and 15 minutes to the beach. Whether it is your first home, vacation pad, retirement or rental property this condo is a Homerun.

Key facts

• Beautiful clubhouse
• Well insulated
• Gym

Tags

• SCREENED IN PATIO
• INSIDE LAUNDRY ROOM
• REFRESHING SWIMMING POOL
• GYM
• BEAUTIFUL CLUBHOUSE
• WELL INSULATED

Property features AI

Finance

• HOA & community: Association: Coral Gardens of Melbourne; Monthly association fee; Association amenities include clubhouse, fitness center and playground; Association fee covers grounds and structure maintenance

Exterior

• Parking: Parking lot with unassigned spaces
• Utilities: Public sewer; Cable connected; Electricity connected; Water connected; Sewer connected
• Home design: Condominium; One story; Entry level 1; North-facing; Property is attached
• Construction: Block, concrete and stucco construction; Shingle roof; Built on a single-level foundation
• Exterior features: Patio with screened area; Vinyl fencing; In-ground private pool

Interior

• Kitchen: Dishwasher; Electric oven; Refrigerator; Electric water heater
• Bedrooms: 1 bedroom
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Entrance foyer; Primary bathroom with tub and shower; Walk-in closet
• Laundry & utility: In-unit washer and dryer hookups; Electric dryer hookup; Washer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $109k.

Deal economics

• At list price, monthly cash flow is $71 ($851/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $102k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: Sabal Elementary School (math 38% / reading 41%, grade F, #1,513 of 2,144 statewide, top 73%, 503 students, 69% FRL); Lyndon B. Johnson Middle School (math 40% / reading 42%, grade F, #353 of 571 statewide, top 63%, 610 students, 61% FRL) — zoned schools average 65% FRL vs 43% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 40% at this address vs 55% district-wide (-15 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 332 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $754 of loan paydown is wiped out by about $3k 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 63 days — a 6% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $57k; list at $109k implies a 91% 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; extreme-heat days projected 8→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $102,460 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 7.07%
• Cash-on-cash: 2.79%
• DSCR: 1.12
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.53% rent growth · sell at horizon

5-year hold

• IRR: -15.3%
• Equity multiple: 0.47×
• Total profit: $-16,171
• Equity at exit: $16,252

10-year hold

• IRR: -13.0%
• Equity multiple: 0.34×
• Total profit: $-20,050
• Equity at exit: $9,424

Cash invested: $30,520 (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 32935

• Rents YoY: 0.5%
• Active inventory: 332
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,307 medium
• Mortgage (P&I): −$572
• Tax from tax record: −$124 /mo · $1,486/yr
• Insurance: −$45
• HOA: −$221
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $71

Break-even live

Break-even rent $1,218

Max offer price $109,000

Occupancy floor 90%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
820 N Wickham Rd Melbourne, FL	1.0–2.0	1.0	720	$1,185	$1.65	14d	8	0.36mi

HOA detail condo

• Monthly dues: $221 · $2,652/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $109,000 Active 63 DOM
2. 2026-06-17
   days on market $109,000 Active 62 DOM
3. 2026-06-16
   days on market $109,000 Active 61 DOM
4. 2026-06-15
   days on market $109,000 Active 60 DOM
5. 2026-06-14
   days on market $109,000 Active 58 DOM
6. 2026-06-10
   days on market $109,000 Active 55 DOM
7. 2026-06-08
   days on market $109,000 Active 53 DOM
8. 2026-06-07
   days on market $109,000 Active 52 DOM
9. 2026-06-05
   days on market $109,000 Active 49 DOM
10. 2026-06-03
    days on market $109,000 Active 48 DOM
11. 2026-06-02
    days on market $109,000 Active 47 DOM
12. 2026-06-01
    days on market $109,000 Active 46 DOM
13. 2026-05-31
    days on market $109,000 Active 45 DOM
14. 2026-05-31
    days on market $109,000 Active 44 DOM
15. 2026-04-16
    listed $109,000 Active
16. 2017-02-02
    soldstatus $57,000
17. 2012-05-24
    soldstatus $39,700
18. 2011-06-20
    soldstatus $5,450,000
19. 2008-12-31
    soldstatus $12,575,200

ⓘ 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: $1,486 · $124/mo
• Projected year-2 tax: $1,486 · $124/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 2/10 Low
• 🌡 Heat 10/10 Extreme 8 d/yr ≥105°F today · 25 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: $15,688
• − Mortgage interest: −$6,106
• − Property taxes: −$1,486
• − Insurance: −$545
• − Repairs & maintenance: −$1,255
• − Management: −$1,255
• − HOA: −$2,652
• − Depreciation: −$3,171
• Taxable loss: −$782
• Est. tax savings @ 24.0%: +$188
• After-tax cash flow: $1,038/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 — Melbourne

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Melbourne, FL
• County: Brevard County · 602,871 people
• City population: 178,420
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 41,965
• Household income: $64,588
• Rent vs Own: 40.3% rent · 59.7% own
• Severe rent burden: 1747.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 13% Two or more races 9% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, Vietnam, Jamaica
• Languages at home: 88% English-only · Spanish 8% Other Indo-European 1% Tagalog/Filipino 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: ▼ -185.48%
• Current HPI: 308.7443
• Rent YoY: ▲ 0.53%
• 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

-99.1% since first listed

5 events — show timeline

• 2026-04-16 Listed $109,000 SCMLS
• 2017-02-02 Sold (Public Records) $57,000 Public Records
• 2012-05-24 Sold (Public Records) $39,700 Public Records
• 2011-06-20 Sold (Public Records) $5,450,000 Public Records
• 2008-12-31 Sold (Public Records) $12,575,200 Public Records

Property tax history

+6.1%/yr

Latest (2025): $1,486 · +1.0% YoY. Source: county tax records.