3678 Grappler Cir SE · Palm Bay, FL 32909

$390,000

3 bd · 2.5 ba · 2,403 sqft · SingleFamily public records · 132 Days on market

Built 2024 4,792 sqft lot ↓ 2% since listing

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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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +5.5/30.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +1.2/10.0
• DSCR +0.0/10.0

Listing remarks

Enjoy beautiful backyard water views from this exceptional property in Palm Bay! Stunning 2024 construction home offering a versatile and functional floor plan. This property features 3 spacious bedrooms plus a flex room or den, ideal for a home office, playroom, or guest space. The home includes 2 full bathrooms and 1 half bathroom, providing convenience for residents and visitors. Designed with modern living in mind, the home showcases an open concept layout, bright living areas and contemporary finishes throughout. The primary suite offers comfort and privacy, while the additional bedrooms are well sized and thoughtfully positioned. Located in a growing area of Palm Bay, this home pro

Key facts

• Backyard water views
• Flex room
• Open concept layout

Tags

• BACKYARD WATER VIEWS
• FLEX ROOM
• OPEN CONCEPT LAYOUT
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING
• EASY ACCESS TO SCHOOLS

Property features AI

Finance

• Other: Pets allowed: cats and dogs
• Financial info: Lease restrictions apply
• HOA & community: Has HOA (association approval required); No association fee listed

Exterior

• Parking: Attached garage; 2 garage spaces; Carport with 2 spaces
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Other utilities
• Home design: Single family residence; Two stories; Faces southeast
• Construction: Concrete construction; Shingle roof; Basement foundation; Built on a lot of about 0.11 acres
• Exterior features: Other exterior features; Asphalt road access

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Other kitchen appliances
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile; Basement foundation
• Bathrooms: 2 full bathrooms, 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: No special interior features listed
• Laundry & utility: Laundry room; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $390k.

Deal economics

• At list price, monthly cash flow is $-826 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (37.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $242k (38.0% below list).
• Recommended offer: $242k (38.0% 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 rising (+3.7%/yr); 1111 active listings in the ZIP; 20 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 36% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $42k of equity ($3k loan paydown + $39k appreciation (10.0% local appreciation)).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($343k) is reasonable based on typical stale-listing flexibility.

Recommended offer $241,702 (38.0% 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 132 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.62% ✗
• Cap rate: 3.75%
• Cash-on-cash: -9.07%
• DSCR: 0.60
• GRM: 13.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.67% rent growth · sell at horizon

5-year hold

• IRR: 18.1%
• Equity multiple: 2.48×
• Total profit: $161,528
• Equity at exit: $351,343

10-year hold

• IRR: 17.0%
• Equity multiple: 5.77×
• Total profit: $520,562
• Equity at exit: $757,684

Cash invested: $109,200 (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 32909

• Home prices YoY: 6.0%
• Rents YoY: 3.7%
• Active inventory: 1111
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $2,417 high
• Mortgage (P&I): −$2,045
• Tax from tax record: −$527 /mo · $6,327/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $-826

Break-even live

Break-even rent $3,462

Max offer price $244,169

Occupancy floor —

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: $97,500
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1046 Grantham Ln SE Palm Bay, FL	4.0	2.5	2405	$3,100	$1.29	23d	1	0.43mi
925 Dugan Cir SE Palm Bay, FL	4.0	2.0	1830	$2,295	$1.25	13d	1	0.53mi
3636 Aberdeen Dr SE Palm Bay, FL	4.0	2.0	1830	$2,295	$1.25	19d	1	0.54mi
820 Tedder Rd SE Palm Bay, FL	3.0	2.0	1808	$2,000	$1.11	23d	1	0.67mi
1394 Garabaldi Cir SE Palm Bay, FL	4.0	2.0	1876	$2,500	$1.33	19d	1	0.68mi
1434 Garabaldi Cir SE Palm Bay, FL	4.0	2.0	1600	$2,000	$1.25	13d	1	0.72mi
1213 Waterford St SE Palm Bay, FL	4.0	2.0	1695	$2,000	$1.18	23d	1	0.76mi
1496 Dittmer Cir SE Palm Bay, FL	4.0	2.0	2187	$2,440	$1.12	14d	1	0.81mi
1566 Criswell Ln SE Palm Bay, FL	4.0	2.0	2046	$2,400	$1.17	23d	1	0.85mi
1783 Dittmer Cir SE Palm Bay, FL	4.0	2.0	2207	$2,100	$0.95	23d	1	0.85mi
1453 Santa Anna St SE Palm Bay, FL	3.0	2.0	1994	$2,500	$1.25	14d	1	1.02mi
3517 Rixford Way SE Palm Bay, FL	4.0	3.0	2562	$2,800	$1.09	23d	1	1.07mi
3004 Suntan Ct SE Palm Bay, FL	4.0	2.0	2388	$2,900	$1.21	23d	1	1.10mi
1884 Middlebury Dr SE Palm Bay, FL	3.0	2.0	1761	$2,000	$1.14	23d	1	1.15mi
1843 Middlebury Dr SE Palm Bay, FL	4.0	2.0	1822	$2,200	$1.21	23d	1	1.18mi
496 Vanguard St SE Palm Bay, FL	3.0	2.0	1666	$2,150	$1.29	23d	1	1.21mi
3247 Halblum Ave SE Palm Bay, FL	4.0	3.0	1820	$2,516	$1.38	13d	1	1.24mi
2877 Palisades Dr SE Palm Bay, FL	3.0	2.0	1974	$2,150	$1.09	19d	1	1.26mi
291 Foley St SE Palm Bay, FL	4.0	2.0	1833	$2,025	$1.10	13d	1	1.40mi
486 Dadeville St SE Palm Bay, FL	4.0	2.0	1833	$1,995	$1.09	14d	1	1.48mi

Listing history 16 events

1. 2026-06-18
   days on market $390,000 Active 132 DOM
2. 2026-06-17
   days on market $390,000 Active 131 DOM
3. 2026-06-16
   days on market $390,000 Active 130 DOM
4. 2026-06-15
   days on market $390,000 Active 129 DOM
5. 2026-06-14
   days on market $390,000 Active 127 DOM
6. 2026-06-10
   days on market $390,000 Active 124 DOM
7. 2026-06-08
   days on market $390,000 Active 122 DOM
8. 2026-06-07
   days on market $390,000 Active 121 DOM
9. 2026-06-05
   days on market $390,000 Active 118 DOM
10. 2026-06-03
    pricedays on market $390,000 Active 117 DOM
11. 2026-06-02
    days on market $397,000 Active 116 DOM
12. 2026-06-01
    days on market $397,000 Active 115 DOM
13. 2026-05-31
    days on market $397,000 Active 114 DOM
14. 2026-05-31
    days on market $397,000 Active 113 DOM
15. 2026-03-04
    price $397,000
16. 2026-02-06
    listed $405,000 Active

ⓘ 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: $6,327 · $527/mo
• Projected year-2 tax: $6,327 · $527/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $29,004
• − Mortgage interest: −$21,846
• − Property taxes: −$6,327
• − Insurance: −$1,950
• − Repairs & maintenance: −$2,320
• − Management: −$2,320
• − Depreciation: −$11,345
• Taxable loss: −$17,105
• Est. tax savings @ 24.0%: +$4,105
• After-tax cash flow: $-5,801/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): 41,804
• Household income: $79,977
• Rent vs Own: 17.3% rent · 82.7% own
• Severe rent burden: 697.0

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 0.70)
• Race & ethnicity: White 46% Black 21% Hispanic / Latino 20% Two or more races 16% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8% Cuban 5%
• Common ancestry: Hispanic 3% Slovak 2% Lithuanian 2%
• Foreign-born: 17% · Canada, China, Jamaica
• Languages at home: 84% English-only · Spanish 9% French/Haitian/Cajun 4% Chinese 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: ▲ 18.81%
• Current HPI: 330.8595
• Rent YoY: ▲ 3.67%
• 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

-2.0% since first listed

2 events — show timeline

• 2026-03-04 Price Changed $397,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-06 Listed $405,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+2738.0%/yr

Latest (2025): $6,327 · +2738.0% YoY. Source: county tax records.