251 Eldron Blvd SE · Palm Bay, FL 32909

$129,000

None bd · None ba · — sqft · Land · 66 Days on market

0.46 ac lot

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Why this score? — see what drove the A- 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 +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Spacious double lot totaling approximately 0.46 acres in the growing community of Palm Bay. This property offers the unique advantage of being splittable, allowing for the development of two separate homes or maintaining a larger single residence with expansive outdoor space. Enjoy nearby recreational opportunities at Fred Poppe Regional Park, featuring soccer fields, a playground, and jogging trails. The property's proximity to major roadways ensures easy access to shopping, dining, and the beautiful beaches of Florida's Space Coast. No HOA restrictions provide flexibility for customization. Whether you're looking to build your dream home or invest in a promising area, this property offers endless possibilities

Key facts

• Double lot
• No hoa restrictions
• Splittable

Tags

• DOUBLE LOT
• SPLITTABLE
• EXPANSIVE OUTDOOR SPACE
• RECREATIONAL OPPORTUNITIES
• PROXIMITY TO MAJOR ROADWAYS
• NO HOA RESTRICTIONS

Property features AI

Exterior

• Parking: Attached 2-car garage
• Security: Smoke detector(s)
• Utilities: Aerobic septic system; Other utilities
• Home design: Single family residence; One story; Faces north; New construction
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Porch; Storm shutters; Smoke detector(s)

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 4 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Thermostat (energy efficient feature)
• Interior features: Eat-in kitchen; Entrance foyer; Kitchen island; Pantry; Smart thermostat; Split bedrooms; Walk-in closet(s); 7 total rooms
• Laundry & utility: Unfurnished (no built-in laundry included noted)

What this means for you Summary

Snapshot

• This is a land listed at $129k.

Deal economics

• At list price, monthly cash flow is $713 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Recommended offer: $121k (6.0% below list) — sets the bar for market timing.

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: John F. Turner Senior Elementary School (math 38% / reading 43%, grade F, #1,471 of 2,144 statewide, top 69%, 543 students, 69% FRL); Southwest Middle School (math 40% / reading 39%, grade F, #373 of 571 statewide, top 66%, 920 students, 58% FRL); Heritage High School (math 30% / reading 44%, grade F, #340 of 667 statewide, top 52%, 2,007 students, 62% FRL) — zoned schools average 63% FRL vs 43% district-wide (20 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.
• Market conditions: Rents rising (+3.7%/yr); 1111 active listings in the ZIP; 22 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

• In year one you build about $14k of equity ($892 loan paydown + $13k appreciation (10.0% local appreciation)).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.7% rent growth), your $36k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $243k (65%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.48% ✓
• Cap rate: 12.92%
• Cash-on-cash: 23.69%
• DSCR: 2.05
• GRM: 5.6

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: 42.4%
• Equity multiple: 4.24×
• Total profit: $116,926
• Equity at exit: $116,213

10-year hold

• IRR: 36.9%
• Equity multiple: 9.62×
• Total profit: $311,258
• Equity at exit: $250,619

Cash invested: $36,120 (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: 5.6×

Monthly cashflow live

• Estimated rent: $1,907 high
• Mortgage (P&I): −$676
• Tax from tax record: −$63 /mo · $759/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $713

Break-even live

Break-even rent $1,004

Max offer price $129,000

Occupancy floor 58%

Sensitivity live

Price	-10% $786	-5% $749	+0% $713	+5% $676	+10% $640
Rent	-10% $562	-5% $638	+0% $713	+5% $788	+10% $864
Rate	-1.0pp $778	-0.5pp $746	base $713	+0.5pp $680	+1.0pp $645

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
320 Algiers Ave SE Palm Bay, FL	3.0	2.0	1306	$1,825	$1.40	24d	1	0.07mi
154 Anderson Ave NE Unit 154 Palm Bay, FL	3.0	2.0	1414	$1,800	$1.27	14d	1	0.50mi
214 Eldron Blvd NE Palm Bay, FL	3.0	2.0	1646	$2,075	$1.26	24d	1	0.54mi
741 Frisco St SE Palm Bay, FL	3.0	2.0	1156	$1,950	$1.69	24d	1	0.63mi
461 Ellington Ave SE Palm Bay, FL	2.0	2.0	1040	$1,595	$1.53	24d	1	0.65mi
171 Okeefe St SE Palm Bay, FL	3.0	2.0	1288	$1,855	$1.44	14d	1	0.66mi
741 Fairhaven St NE Palm Bay, FL	2.0	2.0	1336	$1,900	$1.42	24d	1	0.80mi
743 Andrew St SE Palm Bay, FL	3.0	2.0	1252	$1,895	$1.51	24d	1	1.00mi
210 Meehan Ave NW Palm Bay, FL	3.0	2.0	2020	$1,895	$0.94	14d	1	1.06mi
857 Buchanan Ave SE Palm Bay, FL	3.0	2.0	1257	$1,950	$1.55	24d	1	1.08mi
431 Brantley St SE Palm Bay, FL	3.0	2.0	1326	$2,050	$1.55	19d	1	1.12mi
154 Daffodil Dr SW Palm Bay, FL	3.0–4.0	2.0–3.0	1384	$1,649	$1.19	14d	6	1.13mi
726 Scotten Ave SW Palm Bay, FL	3.0	2.0	1443	$1,970	$1.37	14d	1	1.18mi
347 Americana Blvd NE Palm Bay, FL	3.0	2.0	1372	$1,900	$1.38	14d	1	1.18mi
549 Burlington Ave NE Palm Bay, FL	3.0	2.0	1608	$2,075	$1.29	14d	1	1.19mi
205 Valor Dr SE Palm Bay, FL	1.0–2.0	1.0–2.0	901	$1,937	$2.15	14d	17	1.21mi
931 Commerce Rd SE Palm Bay, FL	3.0	2.0	1068	$2,300	$2.15	24d	1	1.25mi
914 Caligula Ave SE Palm Bay, FL	3.0	2.0	1371	$1,841	$1.34	14d	1	1.25mi
487 Wiltshire Ave SW Palm Bay, FL	3.0	2.0	1462	$2,300	$1.57	24d	1	1.30mi
124 Evergreen St NE Palm Bay, FL	3.0	2.0	1283	$1,855	$1.45	24d	1	1.33mi
511 Trumpet St SW Palm Bay, FL	3.0	2.0	1243	$2,200	$1.77	24d	1	1.33mi
800 Starland St SE Palm Bay, FL	2.0	1.0	904	$1,650	$1.83	24d	1	1.40mi

Listing history 23 events

1. 2026-06-14
   remarks 699-char remark
2. 2026-06-14
   pricestatusdays on marketlisting id $129,000 Pending 66 DOM
3. 2026-06-10
   days on market $356,000 Active 141 DOM
4. 2026-06-08
   days on market $356,000 Active 139 DOM
5. 2026-06-07
   days on market $356,000 Active 138 DOM
6. 2026-06-05
   days on market $356,000 Active 135 DOM
7. 2026-06-03
   days on market $356,000 Active 134 DOM
8. 2026-06-02
   days on market $356,000 Active 133 DOM
9. 2026-06-01
   days on market $356,000 Active 132 DOM
10. 2026-05-31
    days on market $356,000 Active 131 DOM
11. 2026-05-31
    days on market $356,000 Active 130 DOM
12. 2026-04-21
    price $356,000
13. 2026-04-14
    price $359,990
14. 2026-03-17
    price $369,990
15. 2026-01-19
    listed $371,985 Active
16. 2025-07-24
    soldstatus $472,000
17. 2025-05-23
    status Pending 721-char remark

    Show marketing remark (721 chars)

    Spacious double lot totaling approximately 0.46 acres in the growing community of Palm Bay. This property offers the unique advantage of being splittable, allowing for the development of two separate homes or maintaining a larger single residence with expansive outdoor space. Enjoy nearby recreational opportunities at Fred Poppe Regional Park, featuring soccer fields, a playground, and jogging trails. The property's proximity to major roadways ensures easy access to shopping, dining, and the beautiful beaches of Florida's Space Coast. No HOA restrictions provide flexibility for customization. Whether you're looking to build your dream home or invest in a promising area, this property offers endless possibilities

18. 2025-03-18
    listed $129,000 Active 721-char remark

    Show marketing remark (721 chars)

    Spacious double lot totaling approximately 0.46 acres in the growing community of Palm Bay. This property offers the unique advantage of being splittable, allowing for the development of two separate homes or maintaining a larger single residence with expansive outdoor space. Enjoy nearby recreational opportunities at Fred Poppe Regional Park, featuring soccer fields, a playground, and jogging trails. The property's proximity to major roadways ensures easy access to shopping, dining, and the beautiful beaches of Florida's Space Coast. No HOA restrictions provide flexibility for customization. Whether you're looking to build your dream home or invest in a promising area, this property offers endless possibilities

19. 2021-08-31
    soldstatus $60,000
20. 2021-08-25
    soldstatus $60,000 Closed 138-char remark

    Show marketing remark (138 chars)

    Great investment opportunity to own a double lot in Palm Bay at . 46 acres. Build your dream home in the fast developing city of Palm Bay!

21. 2021-07-26
    historical Contingent 138-char remark

    Show marketing remark (138 chars)

    Great investment opportunity to own a double lot in Palm Bay at . 46 acres. Build your dream home in the fast developing city of Palm Bay!

22. 2021-02-20
    listed $65,000 Active 138-char remark

    Show marketing remark (138 chars)

    Great investment opportunity to own a double lot in Palm Bay at . 46 acres. Build your dream home in the fast developing city of Palm Bay!

23. 1970-09-01
    soldstatus $26,000

ⓘ 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: $759 · $63/mo
• Projected year-2 tax: $1,071 · $89/mo
• Expected delta: +$312/yr (+$26/mo · 41.1%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 6 d/yr ≥106°F today · 19 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: $22,882
• − Mortgage interest: −$7,226
• − Property taxes: −$759
• − Insurance: −$645
• − Repairs & maintenance: −$1,831
• − Management: −$1,831
• − Depreciation: −$3,753
• Taxable income: $6,838
• Est. tax owed @ 24.0%: −$1,641
• After-tax cash flow: $6,914/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

+1269.2% since first listed

12 events — show timeline

• 2026-04-21 Price Changed $356,000 SCMLS
• 2026-04-14 Price Changed $359,990 SCMLS
• 2026-03-17 Price Changed $369,990 SCMLS
• 2026-01-19 Listed $371,985 SCMLS
• 2025-07-24 Sold (Public Records) $472,000 Public Records
• 2025-05-23 Pending — SCMLS
• 2025-03-18 Listed $129,000 SCMLS
• 2021-08-31 Sold (Public Records) $60,000 Public Records
• 2021-08-25 Sold (MLS) $60,000 SCMLS
• 2021-07-26 Contingent — SCMLS
• 2021-02-20 Listed $65,000 SCMLS
• 1970-09-01 Sold (Public Records) $26,000 Public Records

Property tax history

+12.4%/yr

Latest (2025): $759 · -43.3% YoY. Source: county tax records.