2963 Chipper Dr NE · Palm Bay, FL 32905

$205,000

2 bd · 1.0 ba · 912 sqft · SingleFamily public records · 18 Days on market

Built 1971 7,405 sqft lot

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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 +11.3/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• DSCR +3.3/10.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +2.2/10.0

Listing remarks MLS

Pride in ownership shows in this 2 bedroom 1 bath Port Malabar Home. Enjoy your tiled living, kitchen and updated bathroom with newer carpeting in bedrooms. NEW roof as of 2017, NEW St. Augustine grass lawn with irrigation installed in 2017. This home comes with ample room for car, RV or Boat parking and even has a powered storage or workroom space in the spacious backyard. Take in the cool coastal breeze in your screened patio, or spacious fenced backyard, great for entertaining. Convenient to south Brevard's employment centers of Melbourne and Palm Bay, such as Harris, Northrop Grumman, Embraer and many others. Only minutes to shopping and the beaches of South Brevard.

Key facts

• Screened porch
• Large shed
• Inside laundry room

Tags

• INSIDE LAUNDRY ROOM
• SCREENED PORCH
• FULLY FENCED YARD
• LARGE SHED
• 15 MINUTES TO THE BEACH

Property features AI

Exterior

• Parking: Attached 1-car carport
• Utilities: Private sewer; Cable connected; Electricity connected; Sewer connected; Water connected
• Home design: Single family residence; Property faces south
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Rear screened porch; Chain-link fenced yard; Other lot features

Interior

• Kitchen: Electric range; Microwave; Refrigerator; Dishwasher
• Bedrooms: 2 bedrooms
• Flooring: Tile; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Tile and vinyl flooring; Screened rear porch; Chain-link fenced yard
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $-75 ($-896/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (17.8% below list).
• Recommended offer: $168k (17.8% 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: Stone Magnet Middle School (math 33% / reading 35%, grade F, #426 of 571 statewide, top 75%, 670 students, 69% FRL); Palm Bay Magnet Senior High School (math 25% / reading 37%, grade F, #429 of 667 statewide, top 65%, 1,486 students, 63% FRL) — zoned schools average 66% FRL vs 43% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 32% at this address vs 55% district-wide (-22 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.5%/yr); 321 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• This rent runs 36% of the median local income ($56k/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 $1k of loan paydown is wiped out by about $6k 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 18 days — a 2% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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 $125k; list at $205k implies a 64% 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; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $168,467 (17.8% 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. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.82% ✗
• Cap rate: 5.86%
• Cash-on-cash: -1.56%
• DSCR: 0.93
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -22.3%
• Equity multiple: 0.25×
• Total profit: $-42,890
• Equity at exit: $30,566

10-year hold

• IRR: -26.1%
• Equity multiple: -0.09×
• Total profit: $-62,473
• Equity at exit: $17,725

Cash invested: $57,400 (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 32905

• Home prices YoY: -1.8%
• Rents YoY: -0.5%
• Active inventory: 321
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,685 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$245 /mo · $2,941/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $-75

Break-even live

Break-even rent $1,779

Max offer price $191,817

Occupancy floor 99%

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2780 Floresta Dr NE Palm Bay, FL	3.0	2.0	1120	$1,750	$1.56	23d	1	0.73mi
4714 Overlook Dr Palm Bay, FL	1.0	1.0	672	$1,475	$2.19	23d	1	0.83mi
4818 Overlook Dr NE #4 Palm Bay, FL	1.0	1.0	672	$1,250	$1.86	19d	1	0.84mi
2485 Port Malabar Blvd NE Palm Bay, FL	3.0	1.0–3.0	1181	$3,510	$2.97	14d	301	0.87mi
1199 Jordan Ct NE Unit B Palm Bay, FL	2.0	1.0	800	$1,000	$1.25	19d	1	0.96mi
1452 Turkey Creek Dr NE Palm Bay, FL	2.0	2.0	958	$1,500	$1.57	23d	1	1.14mi
1280 U.S. 1 Unit C Malabar, FL	1.0	1.0	959	$1,850	$1.93	21d	1	1.16mi
1051 Clearmont St NE Unit 202 Palm Bay, FL	2.0	2.0	993	$1,480	$1.49	19d	1	1.23mi

Listing history 15 events

1. 2026-05-19
   status Pending
2. 2026-05-14
   price $205,000
3. 2026-05-06
   status Active
4. 2026-04-29
   status Pending
5. 2026-04-24
   listed $215,000 Active
6. 2018-04-09
   soldstatus $125,000
7. 2018-04-06
   soldstatus $125,000 679-char remark

   Show marketing remark (679 chars)

   Pride in ownership shows in this 2 bedroom 1 bath Port Malabar Home. Enjoy your tiled living, kitchen and updated bathroom with newer carpeting in bedrooms. NEW roof as of 2017, NEW St. Augustine grass lawn with irrigation installed in 2017. This home comes with ample room for car, RV or Boat parking and even has a powered storage or workroom space in the spacious backyard. Take in the cool coastal breeze in your screened patio, or spacious fenced backyard, great for entertaining. Convenient to south Brevard's employment centers of Melbourne and Palm Bay, such as Harris, Northrop Grumman, Embraer and many others. Only minutes to shopping and the beaches of South Brevard.

8. 2018-04-06
   soldstatus $125,000 679-char remark

   Show marketing remark (679 chars)

   Pride in ownership shows in this 2 bedroom 1 bath Port Malabar Home. Enjoy your tiled living, kitchen and updated bathroom with newer carpeting in bedrooms. NEW roof as of 2017, NEW St. Augustine grass lawn with irrigation installed in 2017. This home comes with ample room for car, RV or Boat parking and even has a powered storage or workroom space in the spacious backyard. Take in the cool coastal breeze in your screened patio, or spacious fenced backyard, great for entertaining. Convenient to south Brevard's employment centers of Melbourne and Palm Bay, such as Harris, Northrop Grumman, Embraer and many others. Only minutes to shopping and the beaches of South Brevard.

9. 2018-02-08
   listed $125,000 679-char remark

   Show marketing remark (679 chars)

   Pride in ownership shows in this 2 bedroom 1 bath Port Malabar Home. Enjoy your tiled living, kitchen and updated bathroom with newer carpeting in bedrooms. NEW roof as of 2017, NEW St. Augustine grass lawn with irrigation installed in 2017. This home comes with ample room for car, RV or Boat parking and even has a powered storage or workroom space in the spacious backyard. Take in the cool coastal breeze in your screened patio, or spacious fenced backyard, great for entertaining. Convenient to south Brevard's employment centers of Melbourne and Palm Bay, such as Harris, Northrop Grumman, Embraer and many others. Only minutes to shopping and the beaches of South Brevard.

10. 2018-02-07
    listed $125,000 679-char remark

    Show marketing remark (679 chars)

    Pride in ownership shows in this 2 bedroom 1 bath Port Malabar Home. Enjoy your tiled living, kitchen and updated bathroom with newer carpeting in bedrooms. NEW roof as of 2017, NEW St. Augustine grass lawn with irrigation installed in 2017. This home comes with ample room for car, RV or Boat parking and even has a powered storage or workroom space in the spacious backyard. Take in the cool coastal breeze in your screened patio, or spacious fenced backyard, great for entertaining. Convenient to south Brevard's employment centers of Melbourne and Palm Bay, such as Harris, Northrop Grumman, Embraer and many others. Only minutes to shopping and the beaches of South Brevard.

11. 2004-04-14
    soldstatus $89,000
12. 1990-04-01
    soldstatus $51,500
13. 1983-10-01
    soldstatus $47,500
14. 1981-04-01
    soldstatus $42,900
15. 1972-03-01
    soldstatus $20,700

ⓘ 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: $2,941 · $245/mo
• Projected year-2 tax: $2,941 · $245/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 5/10 Major
• 🌡 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: $20,216
• − Mortgage interest: −$11,483
• − Property taxes: −$2,941
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,617
• − Management: −$1,617
• − Depreciation: −$5,964
• Taxable loss: −$4,431
• Est. tax savings @ 24.0%: +$1,063
• After-tax cash flow: $168/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): 24,792
• Household income: $56,411
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 1962.0

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 0.57)
• Race & ethnicity: White 61% Hispanic / Latino 16% Black 16% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4% Cuban 4%
• Common ancestry: Romanian 2% Hispanic 2% Slovak 2%
• Foreign-born: 13% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 12% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -5.59%
• Current HPI: 309.8748
• Rent YoY: ▼ -0.52%
• 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

+890.3% since first listed

15 events — show timeline

• 2026-05-19 Pending — SCMLS
• 2026-05-14 Price Changed $205,000 SCMLS
• 2026-05-06 Relisted — SCMLS
• 2026-04-29 Pending — SCMLS
• 2026-04-24 Listed $215,000 SCMLS
• 2018-04-09 Sold (Public Records) $125,000 Public Records
• 2018-04-06 Sold (MLS) $125,000 Stellar MLS as Distributed by MLS Grid
• 2018-04-06 Sold (MLS) $125,000 SCMLS
• 2018-02-08 Listed $125,000 SCMLS
• 2018-02-07 Listed $125,000 Stellar MLS as Distributed by MLS Grid
• 2004-04-14 Sold (Public Records) $89,000 Public Records
• 1990-04-01 Sold (Public Records) $51,500 Public Records
• 1983-10-01 Sold (Public Records) $47,500 Public Records
• 1981-04-01 Sold (Public Records) $42,900 Public Records
• 1972-03-01 Sold (Public Records) $20,700 Public Records

Property tax history

+30.4%/yr

Latest (2025): $2,941 · +4.8% YoY. Source: county tax records.