205 Palmetto Ave #714 · Merritt Island, FL 32953

$149,000

2 bd · 2.0 ba · 1,033 sqft · Condo public records · 63 Days on market

Built 1981 $506/mo HOA · 24% of rent

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Why this score? — see what drove the C- 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 +17.9/30.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• 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

REDUCED $10,000 FOR YOUR GOOD FORTUNE!!! Lovely second floor end unit overlooks pond and common area from two glass-enclosed porches. Pool, putting green, tennis, sauna, steam room, private storage complimentary RV/Boat storage. Convenient location - within walking distance of most amenties - excellent value!

Key facts

• Quartz countertop
• New kitchen
• Stainless appliances

Tags

• NEW KITCHEN
• STAINLESS APPLIANCES
• SOFT CLOSE CABINETS
• QUARTZ COUNTERTOP
• DECORATIVE BACKSPLASH
• MINIBAR WITH CABINETRY

Property features AI

Finance

• HOA & community: Has association (Sun Isle Condo Assoc); Monthly association fee; Association amenities: Basketball court, Car wash area, Laundry, Grounds maintenance, Tennis court(s), Trash service, Water

Exterior

• Parking: Additional parking available; Assigned parking; Guest parking; Off-street parking
• Utilities: Public sewer; Cable available; Sewer connected; Water connected
• Home design: Condominium; 2 stories; Entry level: 2nd floor; North-facing
• Construction: Block, concrete and stucco construction
• Exterior features: Balcony; Tennis court(s) on property; Covered patio/porch; Front porch; Rear porch; Located on a dead-end street; County road frontage

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Plumbed for ice maker
• Bedrooms: 2 bedrooms (one listed as Bedroom 2)
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central electric air conditioning
• Interior features: Ceiling fans; Open floor plan; Primary bathroom with shower (no tub); Walk-in closet(s); 6 total rooms; Living room; Dining room; Enclosed porch; Private enclosed porch
• Laundry & utility: In-unit laundry; Washer/dryer stacked

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $149k.

Deal economics

• At list price, monthly cash flow is $60 ($714/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $140k (6.0% below list) — sets the bar for market timing.

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: Mila Elementary School (math 37% / reading 46%, grade F, #1,437 of 2,144 statewide, top 68%, 433 students, 70% 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).
• Market conditions: Rents rising (+2.1%/yr); 219 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $1k 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.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $16k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 24% of rent.
• 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 $140,060 (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's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. 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?
8. 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.
9. 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.
10. 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: 1.39% ✓
• Cap rate: 7.31%
• Cash-on-cash: 3.62%
• DSCR: 1.16
• GRM: 6.0

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: -14.8%
• Equity multiple: 0.48×
• Total profit: $-21,804
• Equity at exit: $22,216

10-year hold

• IRR: -8.0%
• Equity multiple: 0.52×
• Total profit: $-19,942
• Equity at exit: $12,883

Cash invested: $41,720 (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 32953

• Home prices YoY: -34.5%
• Rents YoY: 2.1%
• Active inventory: 219
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,071 high
• Mortgage (P&I): −$781
• Tax from tax record: −$160 /mo · $1,924/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$506
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $60

Break-even live

Break-even rent $1,995

Max offer price $149,000

Occupancy floor 92%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
205 Palmetto Ave Merritt Island, FL	2.0	2.0	1033	$1,625	$1.57	23d	2	0.03mi
140 McLeod St Unit 1513829P Merritt Island, FL	3.0	2.0	1323	$3,291	$2.49	18d	1	0.38mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,545	$1.72	14d	2	0.46mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,525	$1.69	23d	2	0.46mi
50 Needle Blvd #28 Merritt Island, FL	2.0	1.5	900	$1,550	$1.72	23d	1	0.50mi
215 Richland Ave Unit 1044313P Merritt Island, FL	3.0	2.0	1184	$4,648	$3.93	14d	1	0.62mi
388 Hibiscus Ave Merritt Island, FL	2.0	1.0	720	$1,650	$2.29	23d	1	0.64mi
140 Minna Ln Merritt Island, FL	2.0	1.0	775	$1,250	$1.61	14d	1	0.70mi
442 Magnolia Ave Unit 31 Merritt Island, FL	1.0	1.0	760	$1,350	$1.78	23d	1	0.71mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	14d	4	0.79mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	23d	4	0.79mi
480 Nancie Ave Merritt Island, FL	3.0	2.0	888	$2,100	$2.36	23d	1	0.82mi
200 S Sykes Creek Pkwy #702 Merritt Island, FL	2.0	2.0	1307	$2,390	$1.83	23d	1	0.82mi
489 Seacrest Ave Unit 1325661P Merritt Island, FL	3.0	2.0	1173	$4,320	$3.68	14d	1	0.90mi
735 Pilot Ln #503 Merritt Island, FL	2.0	2.0	1334	$2,700	$2.02	23d	1	1.08mi
701 Pilot Ln Unit 1499904P Merritt Island, FL	2.0	2.0	1323	$3,978	$3.01	21d	1	1.10mi
735 Pilot Ln #1009 Merritt Island, FL	2.0	2.0	1334	$2,850	$2.14	23d	1	1.11mi
225 Ligustrum Ln Merritt Island, FL	1.0–2.0	1.0	640	$1,275	$1.99	18d	1	1.24mi
1155 N Courtenay Pkwy Merritt Island, FL	2.0	1.0	750	$1,434	$1.91	23d	1	1.32mi

HOA detail condo

• Monthly dues: $506 · $6,072/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-09
   status $149,000 Pending 63 DOM
2. 2026-06-08
   days on market $149,000 Active 63 DOM
3. 2026-06-07
   days on market $149,000 Active 62 DOM
4. 2026-06-05
   days on market $149,000 Active 59 DOM
5. 2026-06-03
   days on market $149,000 Active 58 DOM
6. 2026-06-02
   days on market $149,000 Active 57 DOM
7. 2026-06-01
   pricedays on market $149,000 Active 56 DOM
8. 2026-05-31
   days on market $157,500 Active 55 DOM
9. 2026-05-31
   days on market $157,500 Active 54 DOM
10. 2026-05-09
    price $157,500
11. 2026-04-07
    listed $165,000 Active
12. 2016-08-16
    historical 310-char remark

    Show marketing remark (310 chars)

    REDUCED $10,000 FOR YOUR GOOD FORTUNE!!! Lovely second floor end unit overlooks pond and common area from two glass-enclosed porches. Pool, putting green, tennis, sauna, steam room, private storage complimentary RV/Boat storage. Convenient location - within walking distance of most amenties - excellent value!

13. 2006-10-24
    soldstatus $115,000
14. 2006-10-20
    soldstatus $115,000 492-char remark

    Show marketing remark (492 chars)

    MOTIVATED SELLER, BRING OFFER!!! Merritt Island condo only minutes from Cocoa Beach and Cocoa Village. This 2 bedroom, 2 bath, 2nd floor end unit has 2 enclosed porches that overlook a wooded common area and a pond. This is a well maintained unit with newer appliances in a kitchen that features a pass-through to a large dining/living area. Master bedroom includes a vanity area and large walk-in closet. This is a quiet community that offers all the amenities in a very convenient location.

15. 2006-08-01
    listed $125,000 492-char remark

    Show marketing remark (492 chars)

    MOTIVATED SELLER, BRING OFFER!!! Merritt Island condo only minutes from Cocoa Beach and Cocoa Village. This 2 bedroom, 2 bath, 2nd floor end unit has 2 enclosed porches that overlook a wooded common area and a pond. This is a well maintained unit with newer appliances in a kitchen that features a pass-through to a large dining/living area. Master bedroom includes a vanity area and large walk-in closet. This is a quiet community that offers all the amenities in a very convenient location.

16. 2006-02-23
    listed $137,900 310-char remark

    Show marketing remark (310 chars)

    REDUCED $10,000 FOR YOUR GOOD FORTUNE!!! Lovely second floor end unit overlooks pond and common area from two glass-enclosed porches. Pool, putting green, tennis, sauna, steam room, private storage complimentary RV/Boat storage. Convenient location - within walking distance of most amenties - excellent value!

17. 1989-12-01
    soldstatus $47,400
18. 1985-12-01
    soldstatus $60,900

ⓘ 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: $1,924 · $160/mo
• Projected year-2 tax: $1,924 · $160/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 8/10 Severe FEMA zone X (unshaded) · 97% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°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: $24,848
• − Mortgage interest: −$8,346
• − Property taxes: −$1,924
• − Insurance: −$1,542
• − Repairs & maintenance: −$1,988
• − Management: −$1,988
• − HOA: −$6,072
• − Depreciation: −$4,335
• Taxable loss: −$1,348
• Est. tax savings @ 24.0%: +$323
• 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 — 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

+158.6% since first listed

9 events — show timeline

• 2026-05-09 Price Changed $157,500 SCMLS
• 2026-04-07 Listed $165,000 SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2006-10-24 Sold (Public Records) $115,000 Public Records
• 2006-10-20 Sold (MLS) $115,000 SCMLS
• 2006-08-01 Listed $125,000 SCMLS
• 2006-02-23 Listed $137,900 SCMLS
• 1989-12-01 Sold (Public Records) $47,400 Public Records
• 1985-12-01 Sold (Public Records) $60,900 Public Records

Property tax history

+7.4%/yr

Latest (2025): $1,924 · -1.4% YoY. Source: county tax records.