603 Josephine St

Titusville, FL 32796

$254,900F

3 bd · 1.0 ba · 1,326 sqft · Built 1958 · SingleFamily · Pending · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,777/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$386
• HOA: −$0
• Vac / Maint / Mgmt: −$373
• Net cashflow: $-319/mo
• Annual: $-3,825/yr
• Cap rate: 5.11%
• Cash-on-cash: -4.24%
• DSCR: 0.81
• 1% rule: 0.70%
• Cash to close: $71,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $255k.
• At list price, monthly cash flow is $-319 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (22.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (30.3% below list).
• It's been on market 88 days — a 6% lower offer ($240k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $178k (30.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#42 in FL, #668 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D, employment 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: Mims Elementary School (math 42% / reading 47%, grade F, #1,288 of 2,144 statewide, top 62%, 462 students, 80% FRL); James Madison Middle School (math 39% / reading 39%, grade F, #381 of 571 statewide, top 67%, 446 students, 65% FRL); Astronaut High School (math 25% / reading 43%, grade F, #394 of 667 statewide, top 60%, 1,112 students, 51% FRL) — zoned schools average 65% FRL vs 43% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 39% at this address vs 55% district-wide (-16 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $66/mo; built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 256 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 22y 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 $136k; list at $255k implies a 88% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; 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.
• This rent runs 32% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 88 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?