512 Susan Dr · West Melbourne, FL 32904

$179,900

2 bd · 2.0 ba · 1,100 sqft · Manufactured public records · 49 Days on market

Built 1985 5,227 sqft lot $126/mo HOA · 7% of rent

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Why this score? — see what drove the C- 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 +20.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +4.9/10.0
• Schools +4.7/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Low Maintenance Living in the Active 55+ community of Hollywood Estates- where You Own The Land! This beautifully maintained, move-in ready 2BR/2BA home is offered fully furnished & features tasteful updates throughout. The eat-in kitchen features rich cherry cabinetry, newer stainless appliances & LVP flooring. The living area features an electric fireplace w/ heat option & flows into an under-air sunporch w/ vinyl windows. The oversized primary suite impresses w/ wood-look tile, custom California Closet, dual sinks & tile walk-in shower. Additional highlights include a laundry room, large storage shed & carport, recent pre-inspection (tiedowns and

Key facts

• Under-air sunporch
• Electric fireplace
• You own the land

Tags

• YOU OWN THE LAND
• SPACIOUS EAT-IN KITCHEN
• ELECTRIC FIREPLACE
• UNDER-AIR SUNPORCH
• OVERSIZED PRIMARY SUITE
• CUSTOM CALIFORNIA CLOSET

Property features AI

Finance

• Other: Partially furnished unit
• HOA & community: Association-managed community (T&W Management); Monthly association fee (includes grounds maintenance); Optional additional $25 voluntary fee; Community amenities: clubhouse, full-time and off-site management, RV/boat storage, shuffleboard court; Senior community

Exterior

• Parking: Attached parking; Attached carport (1 car); Carport
• Utilities: Public sewer; Cable available; Electricity connected; Sewer connected; Water connected
• Home design: Manufactured home; One level; Faces east
• Construction: Frame construction with vinyl siding; Shingle roof; Pets allowed
• Exterior features: Front and rear sprinklers; Asphalt/paved road access; No private pool

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Ceiling fans; Eat-in kitchen; Primary bathroom with shower (no tub); Electric fireplace
• Laundry & utility: In-unit laundry (washer and dryer included)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $236 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (0.7% below list).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 82/100 on livability (#73 in FL, #1,214 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A; Watch: commute D+, amenities 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: Meadowlane Primary Elementary School (650 students, 47% FRL); Central Middle School (math 50% / reading 48%, grade C-, #265 of 571 statewide, top 48%, 1,127 students, 53% FRL); Melbourne Senior High School (math 43% / reading 57%, grade D+, #175 of 667 statewide, top 27%, 2,249 students, 31% FRL) — zoned schools at 44% FRL track the district average.
• Market conditions: Rents soft (-0.3%/yr); 304 active listings in the ZIP; 21 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $82k; list at $180k implies a 119% 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 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $174,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.99% ✗
• Cap rate: 7.87%
• Cash-on-cash: 5.62%
• DSCR: 1.25
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.62×
• Total profit: $-19,375
• Equity at exit: $26,824

10-year hold

• IRR: -6.3%
• Equity multiple: 0.65×
• Total profit: $-17,812
• Equity at exit: $15,554

Cash invested: $50,372 (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 32904

• Rents YoY: -0.3%
• Active inventory: 304
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,786 high
• Mortgage (P&I): −$943
• Tax from tax record: −$31 /mo · $368/yr
• Insurance: −$75
• HOA: −$126
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $236

Break-even live

Break-even rent $1,487

Max offer price $179,900

Occupancy floor 82%

Sensitivity live

Price	-10% $338	-5% $287	+0% $236	+5% $-20	+10% $-83
Rent	-10% $95	-5% $165	+0% $236	+5% $306	+10% $377
Rate	-1.0pp $327	-0.5pp $282	base $236	+0.5pp $189	+1.0pp $142

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
515 Jennifer Cir Melbourne, FL	2.0	2.0	828	$1,600	$1.93	24d	1	0.08mi
3020 Mary St Melbourne, FL	3.0	1.0	1072	$2,095	$1.95	24d	1	0.47mi
760 John Adams Ln Melbourne, FL	3.0	2.0	1288	$1,950	$1.51	24d	1	0.48mi
4850 Sutton Ave Melbourne, FL	3.0	2.0	1166	$1,850	$1.59	15d	1	0.50mi
49 Piney Branch Way Unit A Melbourne, FL	2.0	2.5	1288	$1,600	$1.24	15d	1	0.75mi
135 NW Shannon Ave West Melbourne, FL	2.0	2.0	900	$1,850	$2.06	20d	1	0.83mi
126 San Paulo Cir Unit 1-126 Melbourne, FL	1.0	1.0	792	$1,275	$1.61	24d	1	0.98mi
127 San Paulo Cir Unit 1-127 Melbourne, FL	1.0	1.0	792	$1,300	$1.64	24d	1	1.03mi
164 San Paulo Ct Unit 5-164 Melbourne, FL	1.0	1.0	792	$1,300	$1.64	24d	1	1.04mi
101 San Paulo Cir Unit 14-101 Melbourne, FL	2.0	2.0	1220	$1,500	$1.23	15d	1	1.06mi
223 San Paulo Cir Unit 8-223 Melbourne, FL	2.0	2.0	1080	$1,500	$1.39	24d	1	1.12mi
4850 Heritage Lakes BLVD West Melbourne, FL	1.0–3.0	1.0–2.5	1018	$2,070	$2.03	15d	119	1.12mi
300 Amherst Ave Melbourne, FL	3.0	2.0	1353	$2,050	$1.52	15d	1	1.22mi
356 Vesta Cir Melbourne, FL	2.0	1.0	814	$1,900	$2.33	24d	1	1.23mi
2900 Vassar St Melbourne, FL	3.0	2.0	1316	$1,925	$1.46	15d	1	1.24mi
212 Dubber Rd Melbourne, FL	3.0	2.0	1230	$2,000	$1.63	24d	1	1.25mi
309 Rutgers Ave Melbourne, FL	3.0	1.0	912	$1,700	$1.86	22d	1	1.29mi
300 Rutgers Ave Melbourne, FL	3.0	1.0	912	$1,850	$2.03	24d	1	1.32mi
21 Rosevere Way Melbourne, FL	3.0	2.0	1467	$1,900	$1.30	15d	1	1.42mi
1152 Bainbury Ln Melbourne, FL	3.0	2.0	1297	$2,000	$1.54	24d	1	1.44mi
1921 Park Ave Melbourne, FL	3.0	1.0	900	$1,775	$1.97	24d	1	1.45mi

HOA detail

• Monthly dues: $126 · $1,512/yr
• Likely covers: electric

Listing history 18 events

1. 2026-06-18
   days on market $179,900 Active 49 DOM
2. 2026-06-17
   days on market $179,900 Active 48 DOM
3. 2026-06-16
   days on market $179,900 Active 47 DOM
4. 2026-06-15
   days on market $179,900 Active 46 DOM
5. 2026-06-14
   days on market $179,900 Active 44 DOM
6. 2026-06-10
   days on market $179,900 Active 41 DOM
7. 2026-06-08
   days on market $179,900 Active 39 DOM
8. 2026-06-07
   days on market $179,900 Active 38 DOM
9. 2026-06-05
   days on market $179,900 Active 35 DOM
10. 2026-06-03
    days on market $179,900 Active 34 DOM
11. 2026-06-02
    days on market $179,900 Active 33 DOM
12. 2026-06-01
    days on market $179,900 Active 32 DOM
13. 2026-05-31
    days on market $179,900 Active 31 DOM
14. 2026-05-31
    days on market $179,900 Active 30 DOM
15. 2026-04-30
    listed $185,000 Active
16. 2005-03-23
    soldstatus $82,000
17. 1985-02-01
    soldstatus $10,500
18. 1975-11-01
    soldstatus $25,000

ⓘ 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: $368 · $31/mo
• Projected year-2 tax: $1,493 · $124/mo
• Expected delta: +$1,125/yr (+$94/mo · 305.3%)

ⓘ 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 · 17 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: $21,433
• − Mortgage interest: −$10,077
• − Property taxes: −$368
• − Insurance: −$900
• − Repairs & maintenance: −$1,715
• − Management: −$1,715
• − HOA: −$1,512
• − Depreciation: −$5,233
• Taxable loss: −$87
• Est. tax savings @ 24.0%: +$21
• After-tax cash flow: $2,852/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 — West Melbourne

• Score: 82/100
• State rank: #73
• US rank: #1214

Category grades

Amenities F Commute D+ Cost of living B Crime A- Employment A+ Housing A+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Melbourne, FL
• County: Brevard County · 602,871 people
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 37,241
• Household income: $90,673
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 597.0

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: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 14% Two or more races 10% Asian 5% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 10% · Canada, China, Vietnam
• Languages at home: 84% English-only · Spanish 8% Other Indo-European 2% Chinese 2%

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: ▼ -195.98%
• Current HPI: 304.2546
• Rent YoY: ▼ -0.32%
• 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

+640.0% since first listed

4 events — show timeline

• 2026-04-30 Listed $185,000 SCMLS
• 2005-03-23 Sold (Public Records) $82,000 Public Records
• 1985-02-01 Sold (Public Records) $10,500 Public Records
• 1975-11-01 Sold (Public Records) $25,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $368 · +16.1% YoY. Source: county tax records.