278 Greenway Ave NE · Palm Bay, FL 32907

$249,000

2 bd · 2.0 ba · 1,125 sqft · SingleFamily public records · 37 Days on market

Built 2005

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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 +9.6/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• DSCR +2.7/10.0
• Rent growth +2.7/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully renovated 2-bedroom, 2-bathroom home boasting 1,125 sqft of comfortable living space. Located in the heart of Palm Bay, this property features a newer roof and modern updates throughout, ensuring peace of mind and style. Step inside to discover newly renovated bathrooms and stunning flooring that flows seamlessly through each room. The bright and airy living spaces create an inviting atmosphere, perfect for relaxing or entertaining guests. The backyard is fully fenced, providing privacy and a secure space for children or pets to play. Additionally, the detached shed with a garage door offers ample storage or workspace options—ideal for hobbyists or those in need of extra space. With most of the house recently updated, this home is move-in ready and waiting for you to make it your own. Don't miss out on this fantastic opportunity—schedule your showing today!

Key facts

• Double gate
• New water heater
• Indoor laundry room

Tags

• INDOOR LAUNDRY ROOM
• CONCRETE BLOCK STUCCO
• DETACHED GARAGE
• DOUBLE GATE
• NEW WATER HEATER
• NEW AC

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $249k.

Deal economics

• At list price, monthly cash flow is $-170 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (12.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (23.9% below list).
• Recommended offer: $190k (23.9% 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: schools C-, employment D+, 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.
• Market conditions: Rents flat; 739 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• This rent runs 30% of the median local income ($75k/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 $7k 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 37 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 4 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 $116k; list at $249k implies a 115% 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 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,564 (23.9% 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 37 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 0.76% ✗
• Cap rate: 5.48%
• Cash-on-cash: -2.92%
• DSCR: 0.87
• GRM: 10.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.93% rent growth · sell at horizon

5-year hold

• IRR: -23.4%
• Equity multiple: 0.21×
• Total profit: $-55,023
• Equity at exit: $37,127

10-year hold

• IRR: -24.6%
• Equity multiple: -0.11×
• Total profit: $-77,067
• Equity at exit: $21,529

Cash invested: $69,720 (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 32907

• Home prices YoY: -10.1%
• Rents YoY: 0.9%
• Active inventory: 739
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,896 high
• Mortgage (P&I): −$1,306
• Tax from tax record: −$258 /mo · $3,091/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $-170

Break-even live

Break-even rent $2,110

Max offer price $219,041

Occupancy floor —

Sensitivity live

Price	-10% $-29	-5% $-99	+0% $-170	+5% $-240	+10% $-311
Rent	-10% $-319	-5% $-244	+0% $-170	+5% $-95	+10% $-20
Rate	-1.0pp $-44	-0.5pp $-106	base $-170	+0.5pp $-234	+1.0pp $-300

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
154 Anderson Ave NE Unit 154 Palm Bay, FL	3.0	2.0	1414	$1,800	$1.27	14d	1	0.28mi
124 Evergreen St NE Palm Bay, FL	3.0	2.0	1283	$1,855	$1.45	24d	1	0.65mi
347 Americana Blvd NE Palm Bay, FL	3.0	2.0	1372	$1,900	$1.38	14d	1	0.65mi
154 Daffodil Dr SW Palm Bay, FL	3.0–4.0	2.0–3.0	1384	$1,649	$1.19	14d	6	0.79mi
320 Algiers Ave SE Palm Bay, FL	3.0	2.0	1306	$1,825	$1.40	24d	1	0.80mi
741 Fairhaven St NE Palm Bay, FL	2.0	2.0	1336	$1,900	$1.42	24d	1	1.14mi
171 Okeefe St SE Palm Bay, FL	3.0	2.0	1288	$1,855	$1.44	14d	1	1.17mi
741 Frisco St SE Palm Bay, FL	3.0	2.0	1156	$1,950	$1.69	24d	1	1.28mi
487 Wiltshire Ave SW Palm Bay, FL	3.0	2.0	1462	$2,300	$1.57	24d	1	1.28mi
511 Trumpet St SW Palm Bay, FL	3.0	2.0	1243	$2,200	$1.77	24d	1	1.31mi
461 Ellington Ave SE Palm Bay, FL	2.0	2.0	1040	$1,595	$1.53	24d	1	1.37mi

Listing history 33 events

1. 2026-06-18
   days on market $249,000 Active 37 DOM
2. 2026-06-17
   days on market $249,000 Active 36 DOM
3. 2026-06-16
   days on market $249,000 Active 35 DOM
4. 2026-06-15
   days on market $249,000 Active 34 DOM
5. 2026-06-14
   days on market $249,000 Active 32 DOM
6. 2026-06-10
   days on market $249,000 Active 29 DOM
7. 2026-06-08
   days on market $249,000 Active 27 DOM
8. 2026-06-07
   days on market $249,000 Active 26 DOM
9. 2026-06-05
   days on market $249,000 Active 23 DOM
10. 2026-06-03
    days on market $249,000 Active 22 DOM
11. 2026-06-02
    days on market $249,000 Active 21 DOM
12. 2026-06-01
    days on market $249,000 Active 20 DOM
13. 2026-05-31
    days on market $249,000 Active 19 DOM
14. 2026-05-12
    listed $249,000 Active
15. 2024-12-16
    historical 909-char remark

    Show marketing remark (909 chars)

    Welcome to this beautifully renovated 2-bedroom, 2-bathroom home boasting 1,125 sqft of comfortable living space. Located in the heart of Palm Bay, this property features a newer roof and modern updates throughout, ensuring peace of mind and style. Step inside to discover newly renovated bathrooms and stunning flooring that flows seamlessly through each room. The bright and airy living spaces create an inviting atmosphere, perfect for relaxing or entertaining guests. The backyard is fully fenced, providing privacy and a secure space for children or pets to play. Additionally, the detached shed with a garage door offers ample storage or workspace options—ideal for hobbyists or those in need of extra space. With most of the house recently updated, this home is move-in ready and waiting for you to make it your own. Don't miss out on this fantastic opportunity—schedule your showing today!

16. 2024-12-15
    historical
17. 2024-10-25
    price $209,000 909-char remark

    Show marketing remark (909 chars)

    Welcome to this beautifully renovated 2-bedroom, 2-bathroom home boasting 1,125 sqft of comfortable living space. Located in the heart of Palm Bay, this property features a newer roof and modern updates throughout, ensuring peace of mind and style. Step inside to discover newly renovated bathrooms and stunning flooring that flows seamlessly through each room. The bright and airy living spaces create an inviting atmosphere, perfect for relaxing or entertaining guests. The backyard is fully fenced, providing privacy and a secure space for children or pets to play. Additionally, the detached shed with a garage door offers ample storage or workspace options—ideal for hobbyists or those in need of extra space. With most of the house recently updated, this home is move-in ready and waiting for you to make it your own. Don't miss out on this fantastic opportunity—schedule your showing today!

18. 2024-10-24
    price $209,000
19. 2024-10-09
    price $219,900 909-char remark

    Show marketing remark (909 chars)

    Welcome to this beautifully renovated 2-bedroom, 2-bathroom home boasting 1,125 sqft of comfortable living space. Located in the heart of Palm Bay, this property features a newer roof and modern updates throughout, ensuring peace of mind and style. Step inside to discover newly renovated bathrooms and stunning flooring that flows seamlessly through each room. The bright and airy living spaces create an inviting atmosphere, perfect for relaxing or entertaining guests. The backyard is fully fenced, providing privacy and a secure space for children or pets to play. Additionally, the detached shed with a garage door offers ample storage or workspace options—ideal for hobbyists or those in need of extra space. With most of the house recently updated, this home is move-in ready and waiting for you to make it your own. Don't miss out on this fantastic opportunity—schedule your showing today!

20. 2024-10-08
    price $219,900
21. 2024-10-03
    price $223,900 909-char remark

    Show marketing remark (909 chars)

    Welcome to this beautifully renovated 2-bedroom, 2-bathroom home boasting 1,125 sqft of comfortable living space. Located in the heart of Palm Bay, this property features a newer roof and modern updates throughout, ensuring peace of mind and style. Step inside to discover newly renovated bathrooms and stunning flooring that flows seamlessly through each room. The bright and airy living spaces create an inviting atmosphere, perfect for relaxing or entertaining guests. The backyard is fully fenced, providing privacy and a secure space for children or pets to play. Additionally, the detached shed with a garage door offers ample storage or workspace options—ideal for hobbyists or those in need of extra space. With most of the house recently updated, this home is move-in ready and waiting for you to make it your own. Don't miss out on this fantastic opportunity—schedule your showing today!

22. 2024-10-02
    price $223,900
23. 2024-09-28
    price $224,900
24. 2024-09-19
    price $229,000 909-char remark

    Show marketing remark (909 chars)

    Welcome to this beautifully renovated 2-bedroom, 2-bathroom home boasting 1,125 sqft of comfortable living space. Located in the heart of Palm Bay, this property features a newer roof and modern updates throughout, ensuring peace of mind and style. Step inside to discover newly renovated bathrooms and stunning flooring that flows seamlessly through each room. The bright and airy living spaces create an inviting atmosphere, perfect for relaxing or entertaining guests. The backyard is fully fenced, providing privacy and a secure space for children or pets to play. Additionally, the detached shed with a garage door offers ample storage or workspace options—ideal for hobbyists or those in need of extra space. With most of the house recently updated, this home is move-in ready and waiting for you to make it your own. Don't miss out on this fantastic opportunity—schedule your showing today!

25. 2024-09-19
    price $229,000

    Show marketing remark (909 chars)

    Welcome to this beautifully renovated 2-bedroom, 2-bathroom home boasting 1,125 sqft of comfortable living space. Located in the heart of Palm Bay, this property features a newer roof and modern updates throughout, ensuring peace of mind and style. Step inside to discover newly renovated bathrooms and stunning flooring that flows seamlessly through each room. The bright and airy living spaces create an inviting atmosphere, perfect for relaxing or entertaining guests. The backyard is fully fenced, providing privacy and a secure space for children or pets to play. Additionally, the detached shed with a garage door offers ample storage or workspace options—ideal for hobbyists or those in need of extra space. With most of the house recently updated, this home is move-in ready and waiting for you to make it your own. Don't miss out on this fantastic opportunity—schedule your showing today!

26. 2024-09-12
    listed $239,000 Active 909-char remark

    Show marketing remark (909 chars)

    Welcome to this beautifully renovated 2-bedroom, 2-bathroom home boasting 1,125 sqft of comfortable living space. Located in the heart of Palm Bay, this property features a newer roof and modern updates throughout, ensuring peace of mind and style. Step inside to discover newly renovated bathrooms and stunning flooring that flows seamlessly through each room. The bright and airy living spaces create an inviting atmosphere, perfect for relaxing or entertaining guests. The backyard is fully fenced, providing privacy and a secure space for children or pets to play. Additionally, the detached shed with a garage door offers ample storage or workspace options—ideal for hobbyists or those in need of extra space. With most of the house recently updated, this home is move-in ready and waiting for you to make it your own. Don't miss out on this fantastic opportunity—schedule your showing today!

27. 2024-09-05
    price $239,000
28. 2024-08-23
    listed $243,999 Active
29. 2016-11-09
    soldstatus $116,000
30. 2016-10-28
    soldstatus $116,000
31. 2016-07-29
    listed $116,990
32. 1983-11-01
    soldstatus $45,000
33. 1978-06-01
    soldstatus $24,900

ⓘ 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: $3,091 · $258/mo
• Projected year-2 tax: $3,091 · $258/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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 22 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: $22,748
• − Mortgage interest: −$13,948
• − Property taxes: −$3,091
• − Insurance: −$1,245
• − Repairs & maintenance: −$1,820
• − Management: −$1,820
• − Depreciation: −$7,244
• Taxable loss: −$6,420
• Est. tax savings @ 24.0%: +$1,541
• After-tax cash flow: $-494/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 — 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 · 602,871 people
• City population: 132,211
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 49,080
• Household income: $75,311
• Rent vs Own: 13.3% rent · 86.7% own
• Severe rent burden: 702.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 56% Hispanic / Latino 21% Black 15% Two or more races 14% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Cuban 2% Dominican 3%
• Common ancestry: Romanian 2% Lithuanian 2% Hispanic 2%
• Foreign-born: 16% · Canada, Jamaica
• Languages at home: 77% English-only · Spanish 17% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -34.79%
• Current HPI: 308.9719
• Rent YoY: ▲ 0.93%
• 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

+900.0% since first listed

20 events — show timeline

• 2026-05-12 Listed $249,000 FSBO.com
• 2024-12-16 Listing Removed — SCMLS
• 2024-12-15 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-10-25 Price Changed $209,000 SCMLS
• 2024-10-24 Price Changed $209,000 Stellar MLS as Distributed by MLS Grid
• 2024-10-09 Price Changed $219,900 SCMLS
• 2024-10-08 Price Changed $219,900 Stellar MLS as Distributed by MLS Grid
• 2024-10-03 Price Changed $223,900 SCMLS
• 2024-10-02 Price Changed $223,900 Stellar MLS as Distributed by MLS Grid
• 2024-09-28 Price Changed $224,900 Stellar MLS as Distributed by MLS Grid
• 2024-09-19 Price Changed $229,000 SCMLS
• 2024-09-19 Price Changed $229,000 Stellar MLS as Distributed by MLS Grid
• 2024-09-12 Listed $239,000 SCMLS
• 2024-09-05 Price Changed $239,000 Stellar MLS as Distributed by MLS Grid
• 2024-08-23 Listed $243,999 Stellar MLS as Distributed by MLS Grid
• 2016-11-09 Sold (Public Records) $116,000 Public Records
• 2016-10-28 Sold (MLS) $116,000 SCMLS
• 2016-07-29 Listed $116,990 SCMLS
• 1983-11-01 Sold (Public Records) $45,000 Public Records
• 1978-06-01 Sold (Public Records) $24,900 Public Records

Property tax history

+21.3%/yr

Latest (2025): $3,091 · +1.1% YoY. Source: county tax records.