421 Warren St Unit CO188

North Merritt Island, FL 32952

$36,900D+

2 bd · 2.0 ba · 840 sqft · Built 2025 · SingleFamily · Active · 311 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,781/mo
• Mortgage (P&I): −$194
• Tax + insurance: −$128
• HOA: −$0
• Vac / Maint / Mgmt: −$374
• Net cashflow: $1,086/mo
• Annual: $13,030/yr
• Cap rate: 43.77%
• Cash-on-cash: 133.83%
• DSCR: 6.95
• 1% rule: 4.83%
• Cash to close: $10,332

Investor read

• This is a 2-bed/2.0-bath single-family listed at $37k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $37k).
• It's been on market 311 days — a 12% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $32k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $255 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+6.5%/yr); 227 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; 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.

Questions for listing agent

• It's been on market 311 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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?
• 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.
• 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.
• 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.