450 Topeka · Palm Bay, FL 32908

$240,000

2 bd · 2.0 ba · 1,056 sqft · SingleFamily public records · 2 Days on market

Built 1988 390 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 +10.4/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming home located in Palm Bay, FL. This inviting property features a spacious layout with 3 bedrooms and 2 bathrooms. Enjoy an open-concept living area that seamlessly flows into the modern kitchen, appropriate for entertaining. The large backyard has ample outdoor space for relaxation and leisure activities. Conveniently situated near local amenities and parks, this home provides a wonderful setting for comfortable living. Please note that this is ''Owner-occupied - discretion appreciated. ''

Key facts

• New ac unit
• Major system updates
• Ranch style home

Tags

• RANCH STYLE HOME
• MAJOR SYSTEM UPDATES
• ESTABLISHED NEIGHBORHOOD
• FUNCTIONAL LAYOUT
• RENOVATION OPPORTUNITY
• NEW AC UNIT

Property features AI

Finance

• Other: Property type: Residential, Single Family Residence; Zoning: RESI; Total living area reported as 1,056 sq ft (public records); Building area reported as 1,488 sq ft (public records); Lot size approximately 0.23 acre; Property listed as fixer; Unfurnished
• Financial info: Homestead exemption applied
• HOA & community: No HOA/association

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Public water; No sewer; Cable available; Electricity available
• Home design: Single family residence; One story; Faces east; Residential property in fixer condition
• Construction: Wood siding; Other type roof; Slab foundation; Built with wood siding
• Exterior features: Paved road access; Lot about 0.23 acre

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-126 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (7.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (19.1% below list).
• Recommended offer: $194k (19.1% 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 (+1.3%/yr); 1020 active listings in the ZIP; 13 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts 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 $51k; list at $240k implies a 372% 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; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $194,055 (19.1% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.81% ✗
• Cap rate: 5.67%
• Cash-on-cash: -2.24%
• DSCR: 0.90
• GRM: 10.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.29% rent growth · sell at horizon

5-year hold

• IRR: -21.9%
• Equity multiple: 0.25×
• Total profit: $-50,141
• Equity at exit: $35,785

10-year hold

• IRR: -20.5%
• Equity multiple: 0.01×
• Total profit: $-66,856
• Equity at exit: $20,751

Cash invested: $67,200 (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 32908

• Home prices YoY: -10.4%
• Rents YoY: 1.3%
• Active inventory: 1020
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,941 high
• Mortgage (P&I): −$1,259
• Tax est. 1.5%: −$300 /mo · $3,600/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $-126

Break-even live

Break-even rent $2,099

Max offer price $221,832

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2127 Jupiter Blvd SW Palm Bay, FL	3.0	2.0	1104	$1,885	$1.71	23d	1	0.18mi
751 Winchell St SW Palm Bay, FL	3.0	2.0	1160	$1,960	$1.69	19d	1	0.23mi
403 Tillman Ave SW Palm Bay, FL	3.0	2.0	1056	$1,750	$1.66	21d	1	0.32mi
465 Birch Ave SW Palm Bay, FL	3.0	2.0	1252	$2,000	$1.60	23d	1	0.54mi
511 Trumpet St SW Palm Bay, FL	3.0	2.0	1243	$2,200	$1.77	23d	1	0.62mi
487 Wiltshire Ave SW Palm Bay, FL	3.0	2.0	1462	$2,300	$1.57	23d	1	0.65mi
271 Wendover Rd SW Palm Bay, FL	3.0	2.0	1425	$1,900	$1.33	23d	1	0.69mi
1215 Hastings Rd SW Palm Bay, FL	3.0	2.0	1294	$1,775	$1.37	19d	1	0.92mi
154 Daffodil Dr SW Palm Bay, FL	3.0–4.0	2.0–3.0	1384	$1,649	$1.19	14d	6	0.92mi
726 Scotten Ave SW Palm Bay, FL	3.0	2.0	1443	$1,970	$1.37	14d	1	1.19mi
1374 Jupiter Blvd NW Palm Bay, FL	3.0	2.0	1500	$1,895	$1.26	23d	1	1.24mi
1309 Gideon St SW Palm Bay, FL	3.0	2.0	1252	$1,800	$1.44	20d	1	1.26mi
1309 Gideon St SW Palm Bay, FL	3.0	2.0	1350	$1,800	$1.33	23d	1	1.26mi

Listing history 3 events

1. 2026-06-18
   days on market $240,000 Active 2 DOM
2. 2026-06-17
   remarks 687-char remark
3. 2026-06-17
   listed $240,000 Active 1 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 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: $23,287
• − Mortgage interest: −$13,444
• − Property taxes: −$3,600
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,863
• − Management: −$1,863
• − Depreciation: −$6,982
• Taxable loss: −$5,665
• Est. tax savings @ 24.0%: +$1,360
• After-tax cash flow: $-147/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): 16,535
• Household income: $79,596
• Rent vs Own: 10.2% rent · 89.8% own
• Severe rent burden: 112.0

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 0.69)
• Race & ethnicity: White 48% Hispanic / Latino 20% Black 20% Two or more races 19%
• Hispanic origin (detail): Mexican 1% Puerto Rican 8% Cuban 6% Dominican 3%
• Common ancestry: Hispanic 3% Estonian 2% Romanian 1%
• Foreign-born: 10% · Canada, Jamaica, South Korea
• Languages at home: 87% English-only · Spanish 9% Other Indo-European 1% 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: ▼ -38.22%
• Current HPI: 330.0399
• Rent YoY: ▲ 1.29%
• 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

+3328.6% since first listed

13 events — show timeline

• 2026-06-16 Listed $240,000 Stellar MLS as Distributed by MLS Grid
• 2025-09-26 Relisted — SCMLS
• 2025-09-22 Pending — SCMLS
• 2025-09-22 Listing Removed — SCMLS
• 2025-09-19 Relisted — SCMLS
• 2025-09-17 Pending — SCMLS
• 2025-09-04 Price Changed $170,000 SCMLS
• 2025-09-04 Relisted — SCMLS
• 2025-08-25 Listing Removed — SCMLS
• 2025-08-19 Listed $190,000 SCMLS
• 1998-02-26 Sold (Public Records) $50,900 Public Records
• 1990-04-01 Sold (Public Records) $46,600 Public Records
• 1988-06-01 Sold (Public Records) $7,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $467 · +5.2% YoY. Source: county tax records.