509 Andrew St SE · Palm Bay, FL 32909

$349,800

4 bd · 2.0 ba · 1,650 sqft · Land · 275 Days on market

Built 2025 10,454 sqft lot

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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
• Cash flow +8.9/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0

Listing remarks MLS

Introducing your dream home: a spacious 4-bedroom, 2-bathroom oasis. Enjoy the open and airy feel of 9'4'' high ceilings throughout, enhancing the sense of space in every room. Sunlight floods in through 38'' x 78'' hurricane-impact windows and sliding door, creating a bright and welcoming atmosphere. Modern living is at your fingertips with state-of-the-art appliances, including a stove, microwave, and dishwasher.

Key facts

• Open floor plan
• Granite countertops
• Vinyl plank flooring

Tags

• NEW CONSTRUCTION HOME
• CONCRETE BLOCK HOME
• OPEN FLOOR PLAN
• 9'4'' HIGH INTERIOR CEILINGS
• VINYL PLANK FLOORING
• GRANITE COUNTERTOPS

Property features AI

Exterior

• Parking: Attached 2-car garage with garage door opener
• Utilities: Septic tank; Cable available; Electricity connected; Sewer connected; Water connected
• Home design: Single family residence; New construction; Faces south
• Construction: Block and stucco construction; Shingle roof
• Exterior features: Patio; Cleared lot

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Plumbed for ice maker; Tankless water heater
• Bedrooms: 4 bedrooms
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (heat pump, electric); Central air conditioning (electric)
• Interior features: Breakfast bar; Ceiling fan(s); His and hers closets; Kitchen island; Open floorplan; Primary bathroom with tub and separate shower; Split bedrooms; Walk-in closet(s)
• Laundry & utility: In-unit laundry; Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $350k.

Deal economics

• At list price, monthly cash flow is $-283 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $300k (14.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $223k (36.3% below list).
• Recommended offer: $223k (36.3% below list) — sets the bar for 1% rule.

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: John F. Turner Senior Elementary School (math 38% / reading 43%, grade F, #1,471 of 2,144 statewide, top 69%, 543 students, 69% FRL); Southwest Middle School (math 40% / reading 39%, grade F, #373 of 571 statewide, top 66%, 920 students, 58% FRL); Heritage High School (math 30% / reading 44%, grade F, #340 of 667 statewide, top 52%, 2,007 students, 62% FRL) — zoned schools average 63% FRL vs 43% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 39% at this address vs 55% district-wide (-16 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); 1111 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 33% 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 $37k of equity ($2k loan paydown + $35k 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 ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 275 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $20k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $46k; list at $350k implies a 652% 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 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $222,833 (36.3% 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 275 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.64% ✗
• Cap rate: 5.32%
• Cash-on-cash: -3.47%
• DSCR: 0.85
• GRM: 13.1

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: 22.0%
• Equity multiple: 2.77×
• Total profit: $173,803
• Equity at exit: $315,128

10-year hold

• IRR: 19.9%
• Equity multiple: 6.40×
• Total profit: $528,757
• Equity at exit: $679,584

Cash invested: $97,944 (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: 1111
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $2,228 high
• Mortgage (P&I): −$1,834
• Tax from tax record: −$63 /mo · $759/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $-283

Break-even live

Break-even rent $2,587

Max offer price $299,809

Occupancy floor —

Sensitivity live

Price	-10% $-85	-5% $-184	+0% $-283	+5% $-382	+10% $-899
Rent	-10% $-459	-5% $-371	+0% $-283	+5% $-195	+10% $-107
Rate	-1.0pp $-107	-0.5pp $-194	base $-283	+0.5pp $-374	+1.0pp $-466

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: $87,450
• Closing costs: $10,494
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
431 Brantley St SE Palm Bay, FL	3.0	2.0	1326	$2,050	$1.55	19d	1	0.39mi
743 Andrew St SE Palm Bay, FL	3.0	2.0	1252	$1,895	$1.51	24d	1	0.41mi
309 Cactus St SE Palm Bay, FL	4.0	2.0	1846	$2,195	$1.19	15d	1	0.42mi
857 Buchanan Ave SE Palm Bay, FL	3.0	2.0	1257	$1,950	$1.55	24d	1	0.49mi
931 Commerce Rd SE Palm Bay, FL	3.0	2.0	1068	$2,300	$2.15	24d	1	0.56mi
490 Hatcher St SE Palm Bay, FL	4.0	2.0	1833	$2,150	$1.17	21d	1	0.62mi
171 Okeefe St SE Palm Bay, FL	3.0	2.0	1288	$1,855	$1.44	15d	1	0.63mi
914 Caligula Ave SE Palm Bay, FL	3.0	2.0	1371	$1,841	$1.34	14d	1	0.67mi
741 Frisco St SE Palm Bay, FL	3.0	2.0	1156	$1,950	$1.69	24d	1	0.74mi
320 Algiers Ave SE Palm Bay, FL	3.0	2.0	1306	$1,825	$1.40	24d	1	0.74mi
710 Avalon St SE Palm Bay, FL	3.0	2.0	1378	$1,995	$1.45	24d	1	0.75mi
272 Aquarius Ave SE Palm Bay, FL	4.0	2.0	1650	$1,995	$1.21	24d	1	0.76mi
907 Algardi St SE Palm Bay, FL	4.0	2.0	1943	$2,330	$1.20	24d	1	0.81mi
1129 Colonial Ave SE Palm Bay, FL	4.0	3.0	2008	$2,500	$1.25	19d	1	0.85mi
726 Scotten Ave SW Palm Bay, FL	3.0	2.0	1443	$1,970	$1.37	14d	1	1.08mi
1224 Buffing Cir SE Palm Bay, FL	4.0	2.0	2233	$2,395	$1.07	15d	1	1.13mi
1130 Grapefruit Rd SE Palm Bay, FL	3.0	2.0	1144	$1,900	$1.66	15d	1	1.15mi
1290 Sail Ct SE Palm Bay, FL	3.0	2.0	1509	$1,945	$1.29	24d	1	1.23mi
154 Anderson Ave NE Unit 154 Palm Bay, FL	3.0	2.0	1414	$1,800	$1.27	14d	1	1.29mi
214 Eldron Blvd NE Palm Bay, FL	3.0	2.0	1646	$2,075	$1.26	24d	1	1.33mi
1205 Jaslo St SE Palm Bay, FL	1.0–3.0	1.0–2.0	992	$2,245	$2.26	15d	8	1.37mi
896 Talmadge Ave SE Palm Bay, FL	3.0	2.0	1263	$1,900	$1.50	15d	1	1.41mi
822 Seven Gables Cir SE Palm Bay, FL	3.0	2.0	1474	$1,835	$1.24	24d	1	1.42mi
84 San Filippo Dr SE Palm Bay, FL	1.0–3.0	1.0–2.0	1052	$2,044	$1.94	15d	30	1.42mi
818 Seven Gables Cir SE Palm Bay, FL	3.0	2.0	1490	$1,795	$1.20	24d	1	1.43mi
885 Talmadge Ave SE Palm Bay, FL	3.0	2.0	1787	$2,300	$1.29	21d	1	1.43mi
721 Taluga Ave SE Palm Bay, FL	3.0	2.0	1556	$1,800	$1.16	24d	1	1.45mi

Listing history 29 events

1. 2026-06-18
   days on market $349,800 Active 275 DOM
2. 2026-06-17
   days on market $349,800 Active 274 DOM
3. 2026-06-16
   days on market $349,800 Active 273 DOM
4. 2026-06-15
   days on market $349,800 Active 272 DOM
5. 2026-06-14
   days on market $349,800 Active 270 DOM
6. 2026-06-10
   pricedays on market $349,800 Active 267 DOM
7. 2026-06-08
   days on market $354,800 Active 265 DOM
8. 2026-06-07
   days on market $354,800 Active 264 DOM
9. 2026-06-05
   days on market $354,800 Active 261 DOM
10. 2026-06-03
    days on market $354,800 Active 260 DOM
11. 2026-06-02
    days on market $354,800 Active 259 DOM
12. 2026-06-01
    days on market $354,800 Active 258 DOM
13. 2026-05-31
    days on market $354,800 Active 257 DOM
14. 2026-05-31
    days on market $354,800 Active 256 DOM
15. 2026-05-02
    status Active
16. 2026-03-23
    status Pending
17. 2026-02-26
    price $354,800
18. 2026-01-12
    price $359,800
19. 2025-10-09
    price $359,900
20. 2025-08-08
    listed $369,500 Active
21. 2025-02-02
    historical 418-char remark

    Show marketing remark (418 chars)

    Introducing your dream home: a spacious 4-bedroom, 2-bathroom oasis. Enjoy the open and airy feel of 9'4'' high ceilings throughout, enhancing the sense of space in every room. Sunlight floods in through 38'' x 78'' hurricane-impact windows and sliding door, creating a bright and welcoming atmosphere. Modern living is at your fingertips with state-of-the-art appliances, including a stove, microwave, and dishwasher.

22. 2024-10-01
    listed $364,000 Active 418-char remark

    Show marketing remark (418 chars)

    Introducing your dream home: a spacious 4-bedroom, 2-bathroom oasis. Enjoy the open and airy feel of 9'4'' high ceilings throughout, enhancing the sense of space in every room. Sunlight floods in through 38'' x 78'' hurricane-impact windows and sliding door, creating a bright and welcoming atmosphere. Modern living is at your fingertips with state-of-the-art appliances, including a stove, microwave, and dishwasher.

23. 2024-09-30
    historical 446-char remark

    Show marketing remark (446 chars)

    RELISTED do NOT call owner! Introducing your dream home: a spacious 4-bedroom, 2-bathroom oasis. Enjoy the open and airy feel of 9'4'' high ceilings throughout, enhancing the sense of space in every room. Sunlight floods in through 38'' x 78'' hurricane-impact windows and sliding door, creating a bright and welcoming atmosphere. Modern living is at your fingertips with state-of-the-art appliances, including a stove, microwave, and dishwasher.

24. 2024-08-29
    price $364,000 446-char remark

    Show marketing remark (446 chars)

    RELISTED do NOT call owner! Introducing your dream home: a spacious 4-bedroom, 2-bathroom oasis. Enjoy the open and airy feel of 9'4'' high ceilings throughout, enhancing the sense of space in every room. Sunlight floods in through 38'' x 78'' hurricane-impact windows and sliding door, creating a bright and welcoming atmosphere. Modern living is at your fingertips with state-of-the-art appliances, including a stove, microwave, and dishwasher.

25. 2024-03-11
    listed $379,900 Active 446-char remark

    Show marketing remark (446 chars)

    RELISTED do NOT call owner! Introducing your dream home: a spacious 4-bedroom, 2-bathroom oasis. Enjoy the open and airy feel of 9'4'' high ceilings throughout, enhancing the sense of space in every room. Sunlight floods in through 38'' x 78'' hurricane-impact windows and sliding door, creating a bright and welcoming atmosphere. Modern living is at your fingertips with state-of-the-art appliances, including a stove, microwave, and dishwasher.

26. 2022-03-08
    soldstatus $46,500 Closed
27. 2022-03-08
    soldstatus $46,500
28. 2022-02-10
    historical Contingent
29. 2022-02-03
    listed $47,000 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: $759 · $63/mo
• Projected year-2 tax: $2,903 · $242/mo
• Expected delta: +$2,145/yr (+$179/mo · 282.6%)

ⓘ 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 7 d/yr ≥106°F today · 22 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: $26,740
• − Mortgage interest: −$19,594
• − Property taxes: −$759
• − Insurance: −$1,749
• − Repairs & maintenance: −$2,139
• − Management: −$2,139
• − Depreciation: −$10,176
• Taxable loss: −$9,816
• Est. tax savings @ 24.0%: +$2,356
• After-tax cash flow: $-1,040/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

+654.9% since first listed

15 events — show timeline

• 2026-05-02 Relisted — SCMLS
• 2026-03-23 Pending — SCMLS
• 2026-02-26 Price Changed $354,800 SCMLS
• 2026-01-12 Price Changed $359,800 SCMLS
• 2025-10-09 Price Changed $359,900 SCMLS
• 2025-08-08 Listed $369,500 SCMLS
• 2025-02-02 Listing Removed — SCMLS
• 2024-10-01 Listed $364,000 SCMLS
• 2024-09-30 Listing Removed — SCMLS
• 2024-08-29 Price Changed $364,000 SCMLS
• 2024-03-11 Listed $379,900 SCMLS
• 2022-03-08 Sold (Public Records) $46,500 Public Records
• 2022-03-08 Sold (MLS) $46,500 SCMLS
• 2022-02-10 Contingent — SCMLS
• 2022-02-03 Listed $47,000 SCMLS

Property tax history

+19.9%/yr

Latest (2025): $759 · +11.4% YoY. Source: county tax records.