7667 N Wickham Rd #920

Viera East, FL 32940

$135,000C

2 bd · 2.0 ba · 1,078 sqft · Built 1990 · Condo · Pending · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,947/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$230
• HOA: −$537
• Vac / Maint / Mgmt: −$409
• Net cashflow: $63/mo
• Annual: $756/yr
• Cap rate: 6.85%
• Cash-on-cash: 2.00%
• DSCR: 1.09
• 1% rule: 1.44%
• Cash to close: $37,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $135k.
• At list price, monthly cash flow is $63 ($756/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• It's been on market 68 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (6.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($933 loan paydown + $544 appreciation (0.4% local appreciation)).
• Location reads 79/100 on livability (#141 in FL, #1,964 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: commute D+, schools F, 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.
• Watch-outs: HOA is 28% of rent.
• Market conditions: Rents rising (+2.0%/yr); 583 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• 6 sale attempts since 4y ago; this cycle's ask has dropped $30k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.