3382 Dockside Ln

Melbourne Beach, FL 32951

$289,900D

3 bd · 1.0 ba · 450 sqft · Built 2006 · Condo · Active · 886 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,490/mo
• Mortgage (P&I): −$1,520
• Tax + insurance: −$287
• HOA: −$230
• Vac / Maint / Mgmt: −$523
• Net cashflow: $-71/mo
• Annual: $-849/yr
• Cap rate: 6.00%
• Cash-on-cash: -1.05%
• DSCR: 0.95
• 1% rule: 0.86%
• Cash to close: $81,172

Investor read

• This is a 3-bed/1.0-bath condo listed at $290k.
• At list price, monthly cash flow is $-71 ($-849/yr) — negative.
• To cash-flow at today's rent, offer at most $277k (4.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (14.1% below list).
• It's been on market 886 days — a 12% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $249k (14.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#249 in FL, #3,935 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, employment B+; Watch: amenities F, commute F, cost of living 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.
• Zoned schools: Gemini Elementary School (math 80% / reading 79%, grade A, #116 of 2,144 statewide, top 6%, 468 students, 20% FRL); Herbert C. Hoover Middle School (math 67% / reading 64%, grade A-, #95 of 571 statewide, top 17%, 506 students, 38% FRL); Melbourne Senior High School (math 43% / reading 57%, grade D+, #175 of 667 statewide, top 27%, 2,249 students, 31% FRL).
• Market conditions: 218 active listings in the ZIP; solid renter incomes; 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $40k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; list at $290k implies a 287% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 30% of the median local income ($98k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 886 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?