The Lighthouse Plan · North Merritt Island, FL 32952

$64,900

3 bd · 2.0 ba · 1,088 sqft · SingleFamily · 487 Days on market

Fair condition

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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 +29.6/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• Rent growth +4.1/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Key facts

• Pristine beaches
• Listed 486 days

Tags

• PET FRIENDLY NEIGHBORHOOD
• PRISTINE BEACHES
• LUSH NATURE PRESERVES
• INDIAN AND BANANA RIVERS

🏗️ New construction. The $64,900 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $153,157.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $65k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $485 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 3.4% in North Merritt Island — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade B — 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: 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 fast (+6.5%/yr); 317 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $5k 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 + 6.5% rent growth), your $43k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 487 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; flood insurance adds $66/mo.
• Climate carrying-cost: severe 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 $57,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 487 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.33% ✓
• Cap rate: 10.61%
• Cash-on-cash: 15.42%
• DSCR: 1.69
• GRM: 6.3

CMA / ARV

• ARV (median comp): $153,157
• List price: $64,900
• Delta: -57.63%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6838 Whaley Rd	0.07mi	3/2.0	924 (-15%)	0mo	$89,000	$96	71
345 Saint Charles Ave	0.14mi	4/1.5 (+1)	1,176 (+8%)	7mo	$77,900	$66	67
330 Creole Dr	0.10mi	2/2.0 (-1)	1,152 (+6%)	33mo	$145,000	$126	61
345 Creole Dr	0.11mi	3/2.0	1,288 (+18%)	13mo	$212,000	$165	60
6510 Whaley Rd	0.37mi	3/2.0	1,340 (+23%)	10mo	$120,000	$90	50
7610 Patti Dr	1.11mi	3/2.0	1,272 (+17%)	1mo	$170,000	$134	39

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 · 6.53% rent growth · sell at horizon

5-year hold

• IRR: 7.8%
• Equity multiple: 1.32×
• Total profit: $13,619
• Equity at exit: $22,836

10-year hold

• IRR: 20.0%
• Equity multiple: 2.98×
• Total profit: $84,969
• Equity at exit: $13,242

Cash invested: $42,884 (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: 29 active · 1 under contract
• Months of supply: 174.0 mo (1%/mo absorbed)
• Median asking: $79,900 ($71/sqft)
• Median days on market: 43 d
• This list price: 45% of active listings are priced below it
• ARV vs active asking: +99.4% above current asking $/sqft

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

ZIP-level market 32952

• Rents YoY: 6.5%
• Active inventory: 317
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $2,038 medium
• Mortgage (P&I): −$803
• Tax est. 1.5%: −$191 /mo · $2,297/yr
• Insurance: −$64
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $485

Break-even live

Break-even rent $1,424

Max offer price $153,157

Occupancy floor 71%

Sensitivity live

Price	-10% $591	-5% $538	+0% $485	+5% $432	+10% $379
Rent	-10% $324	-5% $404	+0% $485	+5% $565	+10% $646
Rate	-1.0pp $562	-0.5pp $524	base $485	+0.5pp $445	+1.0pp $405

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: $38,289
• Closing costs: $4,595
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6876 Marilane Merritt Island, FL	2.0	2.0	840	$1,300	$1.55	6d	3	0.03mi
1401 Dalbora Rd Unit B Merritt Island, FL	2.0	2.0	1011	$1,700	$1.68	6d	1	1.26mi

Property features AI

Finance

• Financial info: List price: $64,900

Exterior

• Utilities: Electric utilitiesCentral air conditioning
• Home design: New construction planModel name: The LighthouseLocated in Merritt Island, FL
• Construction: Living area approximately 1,088Built as part of The Lighthouse plan
• Exterior features: Shake roof

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heatingCentral air conditioning
• Interior features: Plan: The Lighthouse

Listing history 47 events

1. 2026-08-11
   days on market $64,900 Active 487 DOM
2. 2026-08-10
   days on market $64,900 Active 486 DOM
3. 2026-08-09
   days on market $64,900 Active 485 DOM
4. 2026-08-08
   days on market $64,900 Active 484 DOM
5. 2026-08-07
   days on market $64,900 Active 483 DOM
6. 2026-08-06
   days on market $64,900 Active 482 DOM
7. 2026-08-05
   days on market $64,900 Active 481 DOM
8. 2026-08-03
   days on market $64,900 Active 479 DOM
9. 2026-07-31
   days on market $64,900 Active 476 DOM
10. 2026-07-29
    days on market $64,900 Active 474 DOM
11. 2026-07-25
    days on market $64,900 Active 470 DOM
12. 2026-07-23
    days on market $64,900 Active 468 DOM
13. 2026-07-22
    days on market $64,900 Active 467 DOM
14. 2026-07-21
    days on market $64,900 Active 466 DOM
15. 2026-07-18
    days on market $64,900 Active 463 DOM
16. 2026-07-16
    days on market $64,900 Active 460 DOM
17. 2026-07-14
    days on market $64,900 Active 459 DOM
18. 2026-07-12
    days on market $64,900 Active 457 DOM
19. 2026-07-11
    days on market $64,900 Active 456 DOM
20. 2026-07-10
    days on market $64,900 Active 455 DOM
21. 2026-07-09
    days on market $64,900 Active 454 DOM
22. 2026-07-07
    days on market $64,900 Active 452 DOM
23. 2026-07-05
    days on market $64,900 Active 450 DOM
24. 2026-07-04
    days on market $64,900 Active 449 DOM
25. 2026-07-03
    days on market $64,900 Active 448 DOM
26. 2026-07-02
    days on market $64,900 Active 447 DOM
27. 2026-07-01
    days on market $64,900 Active 446 DOM
28. 2026-06-30
    days on market $64,900 Active 445 DOM
29. 2026-06-29
    days on market $64,900 Active 444 DOM
30. 2026-06-28
    days on market $64,900 Active 443 DOM
31. 2026-06-28
    days on market $64,900 Active 442 DOM
32. 2026-06-27
    days on market $64,900 Active 441 DOM
33. 2026-06-25
    days on market $64,900 Active 439 DOM
34. 2026-06-22
    days on market $64,900 Active 436 DOM
35. 2026-06-18
    days on market $64,900 Active 433 DOM
36. 2026-06-17
    days on market $64,900 Active 432 DOM
37. 2026-06-16
    days on market $64,900 Active 431 DOM
38. 2026-06-15
    days on market $64,900 Active 430 DOM
39. 2026-06-14
    days on market $64,900 Active 428 DOM
40. 2026-06-10
    days on market $64,900 Active 425 DOM
41. 2026-06-08
    days on market $64,900 Active 423 DOM
42. 2026-06-07
    days on market $64,900 Active 422 DOM
43. 2026-06-05
    days on market $64,900 Active 419 DOM
44. 2026-06-03
    days on market $64,900 Active 418 DOM
45. 2026-06-02
    days on market $64,900 Active 417 DOM
46. 2026-06-01
    days on market $64,900 Active 416 DOM
47. 2026-05-31
    days on market $64,900 Active 415 DOM

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,450
• − Mortgage interest: −$8,579
• − Property taxes: −$2,297
• − Insurance: −$1,563
• − Repairs & maintenance: −$1,956
• − Management: −$1,956
• − Depreciation: −$4,455
• Taxable income: $3,643
• Est. tax owed @ 24.0%: −$874
• After-tax cash flow: $4,943/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

Fair 45/100 Moderate rehab Est. rehab $27,200–$48,960 screening

The home is in fair condition with some minor repairs and maintenance needed, particularly painting and landscaping. These updates would significantly enhance its resale and rental value.

Repairs flagged

• Minor Painting — The exterior appears to have some fading or discoloration.
• Minor Landscaping — The lawn and landscaping appear slightly overgrown and could benefit from trimming and maintenance.

Value-add opportunities

• Resale Painting the exterior — Fresh paint can significantly enhance curb appeal and the home's overall appearance. ↑
• Rental Landscaping and trimming — Well-maintained landscaping can attract more tenants and improve the home's rental value. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 58/100

Zoned Schools

Elementary Lewis Carroll Elementary School A- FL #320/2,144 Nat'l #3,228/41,679 Middle Thomas Jefferson Middle School B FL #144/571 Nat'l #1,951/14,009 High Merritt Island High School F FL #248/667 Nat'l #7,376/17,239

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

Livability — North Merritt Island

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

Census & demographics

• Census place: North Merritt Island, FL
• County: Brevard County · 623,254 people
• City population: 24,834
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 21,613
• Household income: $102,726
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 16% of renters

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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: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 6% Asian 2% Black 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 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: ▼ -177.56%
• Current HPI: 323.6021
• Rent YoY: ▲ 6.53%
• 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

Finance

• Financial info: List price: $64,900

Exterior

• Utilities: Electric utilitiesCentral air conditioning
• Home design: New construction planModel name: The LighthouseLocated in Merritt Island, FL
• Construction: Living area approximately 1,088Built as part of The Lighthouse plan
• Exterior features: Shake roof

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heatingCentral air conditioning
• Interior features: Plan: The Lighthouse