1924 Capital Dr SE · Palm Bay, FL 32909

$337,000

4 bd · 2.0 ba · 1,918 sqft · SingleFamily public records · 180 Days on market

Built 2022 6,098 sqft lot $78/mo HOA · 3% of rent

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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 +6.6/30.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +0.8/10.0

Listing remarks MLS

Don't wait to build !! This water front home is beautiful move in ready with 4 bedrooms and 2 bathrooms located in the desirable neighborhood of Cypress Bay. You will love the flow of this home as soon as you walk through the door. Enjoy entertaining in this desirable open concept living space. Kitchen boasts a kitchen island, stainless steel appliances , granite counter tops and plenty of storage space. Unwind in the master suite that features walk-in closets, dual vanity, and walk-in shower. Home includes SCREEN POARCH and GUTTERS. Also home has CELLING FANS in all the bedrooms and living room. Come see this home . A new Publix is being built for your convenience. Cypress Bay is gated neighborhood with its very own community pool and playground

Key facts

• Waterfront home
• Casual dining area
• Open concept design

Tags

• WATERFRONT HOME
• OPEN CONCEPT DESIGN
• SPACIOUS FAMILY ROOM
• CASUAL DINING AREA
• WELL APPOINTED KITCHEN
• KITCHEN ISLAND

Property features AI

Finance

• HOA & community: Homeowners association (Cypress Bay Preserve HOA); Gated community; Playground; Quarterly association fee ($235)

Exterior

• Parking: 2-car garage
• Security: Security gate
• Utilities: Public sewer; Water available; Electricity available; Cable available; Sewer available
• Home design: Single family residence; One level; East-facing
• Construction: Block and stucco construction; Shingle roof
• Exterior features: Storm shutters; Rear screened porch; Few trees on the lot; Asphalt road frontage; Lakefront waterfront

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Ceiling fans; Open floor plan; Primary bathroom with tub and shower; Walk-in closets
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $337k.

Deal economics

• At list price, monthly cash flow is $-626 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $226k (32.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $242k (28.2% below list).
• Recommended offer: $226k (32.8% below list) — sets the bar for cash-flow.

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: Sunrise Elementary School (math 52% / reading 57%, grade C, #892 of 2,144 statewide, top 44%, 759 students, 58% 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-school proficiency averages 42% at this address vs 55% district-wide (-12 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; 16 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 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 $36k of equity ($2k loan paydown + $34k 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 ~$58k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 180 days — a 12% lower offer ($297k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y ago; this cycle's ask is 16339% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 2→6/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $226,362 (32.8% 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 180 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.72% ✗
• Cap rate: 4.30%
• Cash-on-cash: -7.12%
• DSCR: 0.68
• GRM: 11.6

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: 18.9%
• Equity multiple: 2.54×
• Total profit: $145,457
• Equity at exit: $303,596

10-year hold

• IRR: 17.6%
• Equity multiple: 5.91×
• Total profit: $463,468
• Equity at exit: $654,717

Cash invested: $94,360 (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: 11.6×

Monthly cashflow live

• Estimated rent: $2,420 high
• Mortgage (P&I): −$1,767
• Tax from tax record: −$486 /mo · $5,828/yr
• Insurance: −$140
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$78
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $-626

Break-even live

Break-even rent $3,212

Max offer price $226,362

Occupancy floor —

Sensitivity live

Price	-10% $-436	-5% $-531	+0% $-626	+5% $-722	+10% $-817
Rent	-10% $-817	-5% $-722	+0% $-626	+5% $-531	+10% $-435
Rate	-1.0pp $-457	-0.5pp $-541	base $-626	+0.5pp $-714	+1.0pp $-802

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: $84,250
• Closing costs: $10,110
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2073 Farmhouse Rd SE Palm Bay, FL	4.0	2.0	1830	$2,133	$1.17	25d	1	0.37mi
2183 Farmhouse Rd SE Palm Bay, FL	3.0	2.0	1676	$2,000	$1.19	25d	1	0.37mi
1843 Middlebury Dr SE Palm Bay, FL	4.0	2.0	1822	$2,200	$1.21	25d	1	0.45mi
1884 Middlebury Dr SE Palm Bay, FL	3.0	2.0	1761	$2,000	$1.14	25d	1	0.48mi
3517 Rixford Way SE Palm Bay, FL	4.0	3.0	2562	$2,800	$1.09	25d	1	0.56mi
1783 Dittmer Cir SE Palm Bay, FL	4.0	2.0	2207	$2,100	$0.95	25d	1	0.87mi
1566 Criswell Ln SE Palm Bay, FL	4.0	2.0	2046	$2,400	$1.17	25d	1	0.89mi
1434 Garabaldi Cir SE Palm Bay, FL	4.0	2.0	1600	$2,000	$1.25	15d	1	0.92mi
1394 Garabaldi Cir SE Palm Bay, FL	4.0	2.0	1876	$2,500	$1.33	21d	1	0.96mi
1496 Dittmer Cir SE Palm Bay, FL	4.0	2.0	2187	$2,440	$1.12	16d	1	1.02mi
1453 Santa Anna St SE Palm Bay, FL	3.0	2.0	1994	$2,500	$1.25	16d	1	1.07mi
3636 Aberdeen Dr SE Palm Bay, FL	4.0	2.0	1830	$2,295	$1.25	21d	1	1.10mi
925 Dugan Cir SE Palm Bay, FL	4.0	2.0	1830	$2,295	$1.25	15d	1	1.14mi
1063 Grantham Ln SE Palm Bay, FL	3.0	2.0	1515	$2,000	$1.32	25d	1	1.29mi
1046 Grantham Ln SE Palm Bay, FL	4.0	2.5	2405	$3,100	$1.29	25d	1	1.30mi
3004 Suntan Ct SE Palm Bay, FL	4.0	2.0	2388	$2,900	$1.21	25d	1	1.47mi

HOA detail

• Monthly dues: $78 · $936/yr
• Likely covers: waterpoolsecurity

Listing history 22 events

1. 2026-06-05
   days on market $337,000 Active 180 DOM
2. 2026-06-03
   days on market $337,000 Active 179 DOM
3. 2026-06-02
   days on market $337,000 Active 178 DOM
4. 2026-06-01
   days on market $337,000 Active 177 DOM
5. 2026-05-31
   days on market $337,000 Active 176 DOM
6. 2026-05-31
   days on market $337,000 Active 175 DOM
7. 2026-03-11
   historical $2,050
8. 2026-01-01
   listed $2,050
9. 2025-12-21
   historical $2,050
10. 2025-12-12
    listed $2,050
11. 2025-12-06
    listed $337,000 Active
12. 2024-11-14
    historical $2,175

    Show marketing remark (762 chars)

    Don't wait to build !! This water front home is beautiful move in ready with 4 bedrooms and 2 bathrooms located in the desirable neighborhood of Cypress Bay. You will love the flow of this home as soon as you walk through the door. Enjoy entertaining in this desirable open concept living space. Kitchen boasts a kitchen island, stainless steel appliances , granite counter tops and plenty of storage space. Unwind in the master suite that features walk-in closets, dual vanity, and walk-in shower. Home includes SCREEN POARCH and GUTTERS. Also home has CELLING FANS in all the bedrooms and living room. Come see this home . A new Publix is being built for your convenience. Cypress Bay is gated neighborhood with its very own community pool and playground

13. 2024-11-14
    historical 762-char remark

    Show marketing remark (762 chars)

    Don't wait to build !! This water front home is beautiful move in ready with 4 bedrooms and 2 bathrooms located in the desirable neighborhood of Cypress Bay. You will love the flow of this home as soon as you walk through the door. Enjoy entertaining in this desirable open concept living space. Kitchen boasts a kitchen island, stainless steel appliances , granite counter tops and plenty of storage space. Unwind in the master suite that features walk-in closets, dual vanity, and walk-in shower. Home includes SCREEN POARCH and GUTTERS. Also home has CELLING FANS in all the bedrooms and living room. Come see this home . A new Publix is being built for your convenience. Cypress Bay is gated neighborhood with its very own community pool and playground

14. 2024-09-17
    price $363,750 762-char remark

    Show marketing remark (762 chars)

    Don't wait to build !! This water front home is beautiful move in ready with 4 bedrooms and 2 bathrooms located in the desirable neighborhood of Cypress Bay. You will love the flow of this home as soon as you walk through the door. Enjoy entertaining in this desirable open concept living space. Kitchen boasts a kitchen island, stainless steel appliances , granite counter tops and plenty of storage space. Unwind in the master suite that features walk-in closets, dual vanity, and walk-in shower. Home includes SCREEN POARCH and GUTTERS. Also home has CELLING FANS in all the bedrooms and living room. Come see this home . A new Publix is being built for your convenience. Cypress Bay is gated neighborhood with its very own community pool and playground

15. 2024-09-17
    listed $2,175

    Show marketing remark (762 chars)

    Don't wait to build !! This water front home is beautiful move in ready with 4 bedrooms and 2 bathrooms located in the desirable neighborhood of Cypress Bay. You will love the flow of this home as soon as you walk through the door. Enjoy entertaining in this desirable open concept living space. Kitchen boasts a kitchen island, stainless steel appliances , granite counter tops and plenty of storage space. Unwind in the master suite that features walk-in closets, dual vanity, and walk-in shower. Home includes SCREEN POARCH and GUTTERS. Also home has CELLING FANS in all the bedrooms and living room. Come see this home . A new Publix is being built for your convenience. Cypress Bay is gated neighborhood with its very own community pool and playground

16. 2024-09-05
    listed $373,999 Active 762-char remark

    Show marketing remark (762 chars)

    Don't wait to build !! This water front home is beautiful move in ready with 4 bedrooms and 2 bathrooms located in the desirable neighborhood of Cypress Bay. You will love the flow of this home as soon as you walk through the door. Enjoy entertaining in this desirable open concept living space. Kitchen boasts a kitchen island, stainless steel appliances , granite counter tops and plenty of storage space. Unwind in the master suite that features walk-in closets, dual vanity, and walk-in shower. Home includes SCREEN POARCH and GUTTERS. Also home has CELLING FANS in all the bedrooms and living room. Come see this home . A new Publix is being built for your convenience. Cypress Bay is gated neighborhood with its very own community pool and playground

17. 2022-06-06
    historical 539-char remark

    Show marketing remark (539 chars)

    Don't wait to build !! This home is beautiful brand new move in ready home with 4 bedrooms and 2 bathrooms located in the desirable neighborhood of Cypress Bay. You will love the flow of this home as soon as you walk through the door. Enjoy entertaining in this desirable open concept living space. Kitchen boasts a kitchen island, stainless steel appliances , granite counter and plenty of storage space. Unwind in the master suite that features walk-in closets, dual vanity, and walk-in shower. Come see this home before it's too late!

18. 2022-05-19
    listed $399,000 Active 539-char remark

    Show marketing remark (539 chars)

    Don't wait to build !! This home is beautiful brand new move in ready home with 4 bedrooms and 2 bathrooms located in the desirable neighborhood of Cypress Bay. You will love the flow of this home as soon as you walk through the door. Enjoy entertaining in this desirable open concept living space. Kitchen boasts a kitchen island, stainless steel appliances , granite counter and plenty of storage space. Unwind in the master suite that features walk-in closets, dual vanity, and walk-in shower. Come see this home before it's too late!

19. 2022-05-17
    historical $399,000 539-char remark

    Show marketing remark (539 chars)

    Don't wait to build !! This home is beautiful brand new move in ready home with 4 bedrooms and 2 bathrooms located in the desirable neighborhood of Cypress Bay. You will love the flow of this home as soon as you walk through the door. Enjoy entertaining in this desirable open concept living space. Kitchen boasts a kitchen island, stainless steel appliances , granite counter and plenty of storage space. Unwind in the master suite that features walk-in closets, dual vanity, and walk-in shower. Come see this home before it's too late!

20. 2022-04-28
    soldstatus $321,335 Closed
21. 2021-11-22
    historical Contingent
22. 2021-11-19
    listed $321,335 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: $5,828 · $486/mo
• Projected year-2 tax: $5,828 · $486/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 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 9/10 Extreme 2 d/yr ≥106°F today · 6 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: $29,036
• − Mortgage interest: −$18,877
• − Property taxes: −$5,828
• − Insurance: −$2,482
• − Repairs & maintenance: −$2,323
• − Management: −$2,323
• − HOA: −$936
• − Depreciation: −$9,804
• Taxable loss: −$13,537
• Est. tax savings @ 24.0%: +$3,249
• After-tax cash flow: $-4,267/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

-99.4% since first listed

16 events — show timeline

• 2026-03-11 Rental Removed $2,050 SCMLS
• 2026-01-01 Listed for Rent $2,050 SCMLS
• 2025-12-21 Rental Removed $2,050 SCMLS
• 2025-12-12 Listed for Rent $2,050 SCMLS
• 2025-12-06 Listed $337,000 SCMLS
• 2024-11-14 Rental Removed $2,175 SCMLS
• 2024-11-14 Listing Removed — SCMLS
• 2024-09-17 Price Changed $363,750 SCMLS
• 2024-09-17 Listed for Rent $2,175 SCMLS
• 2024-09-05 Listed $373,999 SCMLS
• 2022-06-06 Listing Removed — SCMLS
• 2022-05-19 Listed $399,000 SCMLS
• 2022-05-17 Coming Soon $399,000 SCMLS
• 2022-04-28 Sold (MLS) $321,335 SCMLS
• 2021-11-22 Contingent — SCMLS
• 2021-11-19 Listed $321,335 SCMLS

Property tax history

+103.7%/yr

Latest (2025): $5,828 · -5.4% YoY. Source: county tax records.