300 Spring Dr #4 · Merritt Island, FL 32953

$130,000

2 bd · 2.0 ba · 1,037 sqft · Condo public records · 1 Days on market

Built 1988 $265/mo HOA · 12% of rent ↓ 26% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * * Developer is now offering up to $5000 toward closing costs * * * Beautiful Summer Place Apartments are being converted to condos! Hurry and get yours before they are all gone. Units are selling quickly and prices will be going up as more units sell. Built in 1988, the exterior of this concrete block complex has been totally renovated and looks like brand new condos. Only 2 blocks from 528, the location is hard to beat. Formal dining room open into living room. Kitchen has pass through/breakf '||chr(10)||'Addendum - ast bar to the dining room. Laundry area, sliding glass doors open onto the screened porch. Amenities include pool, playground, racquet ball and basketball court.

Key facts

• $265 HOA
• Pool
• Built 1988

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $536 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).

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: Lewis Carroll Elementary School (math 72% / reading 70%, grade A-, #320 of 2,144 statewide, top 15%, 626 students, 38% 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 39% FRL track the district average.
• Market conditions: Rents rising (+2.1%/yr); 221 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $899 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.
• At projected returns (-3.0% appreciation + 2.1% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 21y 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 $50k; list at $130k implies a 160% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate 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 $130,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.67% ✓
• Cap rate: 11.24%
• Cash-on-cash: 17.66%
• DSCR: 1.79
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.12% rent growth · sell at horizon

5-year hold

• IRR: 8.0%
• Equity multiple: 1.31×
• Total profit: $11,351
• Equity at exit: $19,383

10-year hold

• IRR: 16.5%
• Equity multiple: 2.29×
• Total profit: $46,964
• Equity at exit: $11,240

Cash invested: $36,400 (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 32953

• Home prices YoY: -34.5%
• Rents YoY: 2.1%
• Active inventory: 221
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,175 high
• Mortgage (P&I): −$682
• Tax from tax record: −$181 /mo · $2,176/yr
• Insurance: −$54
• HOA: −$265
• Vacancy / Maint / Mgmt: −$457
• Net cashflow: $536

Break-even live

Break-even rent $1,496

Max offer price $130,000

Occupancy floor 70%

Sensitivity live

Price	-10% $609	-5% $572	+0% $536	+5% $499	+10% $462
Rent	-10% $364	-5% $450	+0% $536	+5% $622	+10% $707
Rate	-1.0pp $601	-0.5pp $569	base $536	+0.5pp $502	+1.0pp $468

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Summer Pl #8 Merritt Island, FL	2.0	2.0	1037	$2,500	$2.41	25d	1	0.15mi
437 Via Palermo Ct Merritt Island, FL	3.0	2.0	1375	$2,175	$1.58	25d	1	0.31mi
2610 Via Napoli Ct Merritt Island, FL	3.0	2.0	1123	$2,400	$2.14	16d	1	0.33mi
650 Parkside Ave Merritt Island, FL	2.0	2.0	1390	$1,950	$1.40	25d	1	0.46mi
104 Parrotfish Ln #101 Merritt Island, FL	3.0	2.5	1487	$2,750	$1.85	25d	1	0.48mi
3077 Sea Gate Cir Merritt Island, FL	2.0	2.0	1044	$1,950	$1.87	25d	1	0.74mi
360 Schoolhouse Ln Merritt Island, FL	3.0	2.0	953	$1,500	$1.57	25d	1	0.96mi
10 Bogart Pl Merritt Island, FL	3.0	2.5	1376	$2,350	$1.71	25d	1	0.96mi
48 Bogart Pl Merritt Island, FL	2.0	1.5	1184	$1,800	$1.52	25d	1	1.00mi
43 Bogart Pl Merritt Island, FL	2.0	1.5	1172	$1,875	$1.60	25d	1	1.02mi
1525 Polaris St Merritt Island, FL	3.0	2.0	1462	$2,400	$1.64	16d	1	1.31mi

HOA detail condo

• Monthly dues: $265 · $3,180/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-04-14
   status Pending
2. 2026-04-13
   listed $130,000 Active
3. 2016-08-16
   historical 696-char remark

   Show marketing remark (696 chars)

   * * * Developer is now offering up to $5000 toward closing costs * * * Beautiful Summer Place Apartments are being converted to condos! Hurry and get yours before they are all gone. Units are selling quickly and prices will be going up as more units sell. Built in 1988, the exterior of this concrete block complex has been totally renovated and looks like brand new condos. Only 2 blocks from 528, the location is hard to beat. Formal dining room open into living room. Kitchen has pass through/breakf '||chr(10)||'Addendum - ast bar to the dining room. Laundry area, sliding glass doors open onto the screened porch. Amenities include pool, playground, racquet ball and basketball court.

4. 2008-06-06
   soldstatus $50,000 27-char remark

   Show marketing remark (27 chars)

   GreatInvestment opportunity

5. 2008-04-05
   listed $54,900 27-char remark

   Show marketing remark (27 chars)

   GreatInvestment opportunity

6. 2005-12-02
   soldstatus $182,500
7. 2005-10-12
   listed $182,500
8. 2005-06-09
   listed $175,000 696-char remark

   Show marketing remark (696 chars)

   * * * Developer is now offering up to $5000 toward closing costs * * * Beautiful Summer Place Apartments are being converted to condos! Hurry and get yours before they are all gone. Units are selling quickly and prices will be going up as more units sell. Built in 1988, the exterior of this concrete block complex has been totally renovated and looks like brand new condos. Only 2 blocks from 528, the location is hard to beat. Formal dining room open into living room. Kitchen has pass through/breakf '||chr(10)||'Addendum - ast bar to the dining room. Laundry area, sliding glass doors open onto the screened porch. Amenities include pool, playground, racquet ball and basketball court.

ⓘ 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: $2,176 · $181/mo
• Projected year-2 tax: $2,176 · $181/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 5/10 Major FEMA zone X (unshaded) · 44% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $26,095
• − Mortgage interest: −$7,282
• − Property taxes: −$2,176
• − Insurance: −$650
• − Repairs & maintenance: −$2,088
• − Management: −$2,088
• − HOA: −$3,180
• − Depreciation: −$3,782
• Taxable income: $4,850
• Est. tax owed @ 24.0%: −$1,164
• After-tax cash flow: $5,264/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): 24,759
• Household income: $87,262
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 849.0

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 (77%)
• Race & ethnicity: White 77% Hispanic / Latino 13% Two or more races 7% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6%
• Common ancestry: Slovak 3% Romanian 3% Lithuanian 3%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 87% English-only · Spanish 8% Tagalog/Filipino 2% French/Haitian/Cajun 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: ▼ -168.76%
• Current HPI: 320.1966
• Rent YoY: ▲ 2.12%
• 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

-25.7% since first listed

8 events — show timeline

• 2026-04-14 Pending — SCMLS
• 2026-04-13 Listed $130,000 SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2008-06-06 Sold (MLS) $50,000 SCMLS
• 2008-04-05 Listed $54,900 SCMLS
• 2005-12-02 Sold (MLS) $182,500 Stellar MLS as Distributed by MLS Grid
• 2005-10-12 Listed $182,500 Stellar MLS as Distributed by MLS Grid
• 2005-06-09 Listed $175,000 SCMLS

Property tax history

+7.4%/yr

Latest (2025): $2,176 · +6.0% YoY. Source: county tax records.