602 Ballon Ter SE · Palm Bay, FL 32909

$350,000

3 bd · 2.0 ba · 2,112 sqft · SingleFamily public records · 87 Days on market

Built 2002 0.32 ac 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.8/30.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +1.1/10.0

Listing remarks MLS

Lovely & functional w/ concrete block construction & all-brick exterior. This immaculate home sits on a large corner lot near the popular Bayside Lakes area. 20x20 diagonal ceramic tile underscores the entire open floor plan. Vaulted ceilings, rounded corners & archways add an extra architectural touch. A broad bay window accents the formal living rm. , and a modern island kitchen boasts granite counters, a sophisticated glass back splash, SS Samsung appliances, breakfast bar & rich dark wood cabinetry w/ brushed nickel hardware. French doors off both the formal living & family rms. open to a relaxing tiled screened porch w/ ceiling fans. The master suite presents a separate shower, jetted tub, 2 sinks & walk-in closets. Additional comforts include a laundry tub & programmable thermostat!

Key facts

• Large corner lot
• Split floor plan
• Brick exterior walls

Tags

• SPLIT FLOOR PLAN
• LARGE CORNER LOT
• BRICK EXTERIOR WALLS
• HIP GABLE SHINGLE ROOF
• VAULTED CEILINGS
• 24 INCH TILE FLOORING

Property features AI

Exterior

• Parking: 2-car garage; Additional parking lot
• Utilities: Septic tank; Water connected; Electricity connected; Cable available
• Home design: Single-family residence; One story; Faces south; Customized wheelchair-accessible features (accessible approach with ramp, accessible entrance, accessible doors, accessible hallway(s), accessible common living area, accessible bedroom, accessible full bath, accessible kitchen and appliances, grip-accessible features, visitable)
• Construction: Brick and frame construction; Shingle roof
• Exterior features: Storm shutters; Rear screened porch; Corner lot with few trees; City street frontage; Asphalt road surface

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Kitchen island; Eat-in kitchen
• Bedrooms: 3 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Ceiling fans; Eat-in kitchen; Kitchen island; Primary bathroom with separate tub and shower; Split bedroom floor plan; Vaulted ceilings; Walk-in closets; Central living area
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry sink; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $-538 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $255k (27.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (35.8% below list).
• Recommended offer: $225k (35.8% 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: employment D+, amenities 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: Columbia Elementary School (math 52% / reading 47%, grade D, #1,088 of 2,144 statewide, top 53%, 506 students, 68% FRL); Southwest Middle School (math 40% / reading 39%, grade F, #373 of 571 statewide, top 66%, 920 students, 58% FRL); Bayside High School (math 27% / reading 40%, grade F, #400 of 667 statewide, top 61%, 1,854 students, 51% FRL) — zoned schools average 59% FRL vs 43% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 41% at this address vs 55% district-wide (-14 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.7%/yr); 1123 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 34% 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 $37k of equity ($2k loan paydown + $35k 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 ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y ago; this cycle's ask has dropped $170k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $221k; list at $350k implies a 58% 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 5→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $224,628 (35.8% 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 87 days. Have you received any prior offers? Is the seller open to a 36% 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: 0.64% ✗
• Cap rate: 4.45%
• Cash-on-cash: -6.59%
• DSCR: 0.71
• GRM: 13.0

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: 19.8%
• Equity multiple: 2.61×
• Total profit: $157,834
• Equity at exit: $315,308

10-year hold

• IRR: 18.3%
• Equity multiple: 6.05×
• Total profit: $494,868
• Equity at exit: $679,973

Cash invested: $98,000 (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: 1123
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $2,246 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$331 /mo · $3,978/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $-538

Break-even live

Break-even rent $2,928

Max offer price $254,923

Occupancy floor —

Sensitivity live

Price	-10% $-340	-5% $-439	+0% $-538	+5% $-637	+10% $-736
Rent	-10% $-716	-5% $-627	+0% $-538	+5% $-449	+10% $-361
Rate	-1.0pp $-362	-0.5pp $-449	base $-538	+0.5pp $-629	+1.0pp $-721

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2910 Emerson Dr SE Palm Bay, FL	3.0	2.0	1700	$1,950	$1.15	16d	1	0.53mi
1290 Sail Ct SE Palm Bay, FL	3.0	2.0	1509	$1,945	$1.29	25d	1	0.66mi
1224 Buffing Cir SE Palm Bay, FL	4.0	2.0	2233	$2,395	$1.07	16d	1	0.67mi
818 Seven Gables Cir SE Palm Bay, FL	3.0	2.0	1490	$1,795	$1.20	25d	1	0.67mi
822 Seven Gables Cir SE Palm Bay, FL	3.0	2.0	1474	$1,835	$1.24	25d	1	0.69mi
1523 Elmhurst Cir SE Palm Bay, FL	3.0	2.0	2028	$2,325	$1.15	25d	1	0.83mi
1736 La Maderia Dr SW Palm Bay, FL	3.0	2.0	1873	$2,000	$1.07	25d	1	0.95mi
1150 Tiger St SE Palm Bay, FL	3.0	2.0	1690	$1,950	$1.15	16d	1	0.97mi
1517 Wacker Ave SE Palm Bay, FL	4.0	2.0	1775	$2,200	$1.24	25d	1	0.98mi
1733 La Maderia Dr SW Palm Bay, FL	3.0	2.0	1865	$2,195	$1.18	23d	1	0.98mi
1129 Colonial Ave SE Palm Bay, FL	4.0	3.0	2008	$2,500	$1.25	20d	1	0.98mi
1718 Sawgrass Dr SW Palm Bay, FL	4.0	2.5	2248	$2,400	$1.07	25d	1	0.99mi
647 Airoso Rd SE Palm Bay, FL	4.0	3.0	2365	$2,900	$1.23	15d	1	1.02mi
2250 Chinaberry Cir SE Palm Bay, FL	3.0	2.0	1669	$1,995	$1.20	25d	1	1.07mi
1150 Raoul St SE Palm Bay, FL	4.0	2.0	1787	$2,300	$1.29	25d	1	1.13mi
402 Breckenridge Cir SE Palm Bay, FL	3.0	2.0	1960	$2,200	$1.12	25d	1	1.21mi
978 Remington Green Dr SE Palm Bay, FL	4.0	2.0	1830	$2,200	$1.20	25d	1	1.22mi
1897 Gould Ave SW Palm Bay, FL	4.0	2.0	1555	$1,850	$1.19	25d	1	1.34mi
328 Hammonton St SW Palm Bay, FL	3.0	2.0	1942	$2,500	$1.29	25d	1	1.43mi

Listing history 25 events

1. 2026-06-22
   days on market $350,000 Active 87 DOM
2. 2026-06-18
   days on market $350,000 Active 84 DOM
3. 2026-06-17
   days on market $350,000 Active 83 DOM
4. 2026-06-16
   days on market $350,000 Active 82 DOM
5. 2026-06-15
   days on market $350,000 Active 81 DOM
6. 2026-06-14
   days on market $350,000 Active 79 DOM
7. 2026-06-10
   days on market $350,000 Active 76 DOM
8. 2026-06-08
   days on market $350,000 Active 74 DOM
9. 2026-06-07
   statusdays on market $350,000 Active 73 DOM
10. 2026-05-08
    status Pending
11. 2026-04-09
    price $350,000
12. 2026-03-21
    price $400,000
13. 2026-03-10
    price $480,000
14. 2026-02-26
    listed $520,000 Active
15. 2017-05-30
    soldstatus $221,000 841-char remark

    Show marketing remark (841 chars)

    Lovely & functional w/ concrete block construction & all-brick exterior. This immaculate home sits on a large corner lot near the popular Bayside Lakes area. 20x20 diagonal ceramic tile underscores the entire open floor plan. Vaulted ceilings, rounded corners & archways add an extra architectural touch. A broad bay window accents the formal living rm. , and a modern island kitchen boasts granite counters, a sophisticated glass back splash, SS Samsung appliances, breakfast bar & rich dark wood cabinetry w/ brushed nickel hardware. French doors off both the formal living & family rms. open to a relaxing tiled screened porch w/ ceiling fans. The master suite presents a separate shower, jetted tub, 2 sinks & walk-in closets. Additional comforts include a laundry tub & programmable thermostat!

16. 2017-05-30
    soldstatus $221,000

    Show marketing remark (841 chars)

    Lovely & functional w/ concrete block construction & all-brick exterior. This immaculate home sits on a large corner lot near the popular Bayside Lakes area. 20x20 diagonal ceramic tile underscores the entire open floor plan. Vaulted ceilings, rounded corners & archways add an extra architectural touch. A broad bay window accents the formal living rm. , and a modern island kitchen boasts granite counters, a sophisticated glass back splash, SS Samsung appliances, breakfast bar & rich dark wood cabinetry w/ brushed nickel hardware. French doors off both the formal living & family rms. open to a relaxing tiled screened porch w/ ceiling fans. The master suite presents a separate shower, jetted tub, 2 sinks & walk-in closets. Additional comforts include a laundry tub & programmable thermostat!

17. 2017-03-27
    listed $225,000 841-char remark

    Show marketing remark (841 chars)

    Lovely & functional w/ concrete block construction & all-brick exterior. This immaculate home sits on a large corner lot near the popular Bayside Lakes area. 20x20 diagonal ceramic tile underscores the entire open floor plan. Vaulted ceilings, rounded corners & archways add an extra architectural touch. A broad bay window accents the formal living rm. , and a modern island kitchen boasts granite counters, a sophisticated glass back splash, SS Samsung appliances, breakfast bar & rich dark wood cabinetry w/ brushed nickel hardware. French doors off both the formal living & family rms. open to a relaxing tiled screened porch w/ ceiling fans. The master suite presents a separate shower, jetted tub, 2 sinks & walk-in closets. Additional comforts include a laundry tub & programmable thermostat!

18. 2017-03-20
    historical 536-char remark

    Show marketing remark (536 chars)

    Stop Looking!!!! Elegant and Gorgeous house in Palm Bay. Those words really describe this marvelous 3 bed, 2 bath home. Kitchen is stunning, you will feel like you are in a model home!!! Kitchen cabinets and all appliances are brand new. A/C was installed only 8 months ago. 20x20 tile floors. Large screened in back porch making it a place great space to relax, laundry room with deep sink. Jetted tub in the master bathroom. This home is a concrete block home and reinforced with beautiful bricks that make a stronger home resistance.

19. 2017-01-04
    listed $228,000 536-char remark

    Show marketing remark (536 chars)

    Stop Looking!!!! Elegant and Gorgeous house in Palm Bay. Those words really describe this marvelous 3 bed, 2 bath home. Kitchen is stunning, you will feel like you are in a model home!!! Kitchen cabinets and all appliances are brand new. A/C was installed only 8 months ago. 20x20 tile floors. Large screened in back porch making it a place great space to relax, laundry room with deep sink. Jetted tub in the master bathroom. This home is a concrete block home and reinforced with beautiful bricks that make a stronger home resistance.

20. 2015-12-14
    soldstatus $171,000
21. 2015-12-04
    soldstatus $171,000
22. 2015-09-11
    listed $165,000
23. 2015-06-05
    historical
24. 2014-12-17
    listed $172,500
25. 1986-06-01
    soldstatus $1,000

ⓘ 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: $3,978 · $331/mo
• Projected year-2 tax: $3,978 · $331/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 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 5 d/yr ≥106°F today · 15 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: $26,955
• − Mortgage interest: −$19,605
• − Property taxes: −$3,978
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,156
• − Management: −$2,156
• − Depreciation: −$10,182
• Taxable loss: −$12,873
• Est. tax savings @ 24.0%: +$3,089
• After-tax cash flow: $-3,369/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

+34900.0% since first listed

16 events — show timeline

• 2026-05-08 Pending — SCMLS
• 2026-04-09 Price Changed $350,000 SCMLS
• 2026-03-21 Price Changed $400,000 SCMLS
• 2026-03-10 Price Changed $480,000 SCMLS
• 2026-02-26 Listed $520,000 SCMLS
• 2017-05-30 Sold (Public Records) $221,000 Public Records
• 2017-05-30 Sold (MLS) $221,000 SCMLS
• 2017-03-27 Listed $225,000 SCMLS
• 2017-03-20 Listing Removed — SCMLS
• 2017-01-04 Listed $228,000 SCMLS
• 2015-12-14 Sold (Public Records) $171,000 Public Records
• 2015-12-04 Sold (MLS) $171,000 SCMLS
• 2015-09-11 Listed $165,000 SCMLS
• 2015-06-05 Listing Removed — SCMLS
• 2014-12-17 Listed $172,500 SCMLS
• 1986-06-01 Sold (Public Records) $1,000 Public Records

Property tax history

+9.9%/yr

Latest (2025): $3,978 · +0.1% YoY. Source: county tax records.