127 Plover Ln #531

Merritt Island, FL 32955

$275,000D

3 bd · 2.5 ba · 1,655 sqft · Built 1997 · Condo · Pending · 481 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,831/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$297
• HOA: −$555
• Vac / Maint / Mgmt: −$594
• Net cashflow: $-58/mo
• Annual: $-695/yr
• Cap rate: 6.04%
• Cash-on-cash: -0.90%
• DSCR: 0.96
• 1% rule: 1.03%
• Cash to close: $77,000

Investor read

• This is a 3-bed/2.5-bath condo listed at $275k.
• At list price, monthly cash flow is $-58 ($-695/yr) — negative.
• To cash-flow at today's rent, offer at most $265k (3.7% below list).
• Meets the 1% rule at list price ($3k rent vs $275k).
• It's been on market 481 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#441 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: amenities F, commute 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: Ralph M Williams Junior Elementary School (math 64% / reading 67%, grade B+, #500 of 2,144 statewide, top 24%, 451 students, 39% FRL); Ronald Mcnair Magnet Middle School (math 58% / reading 50%, grade B-, #196 of 571 statewide, top 36%, 364 students, 58% FRL); Viera High School (math 58% / reading 71%, grade B-, #78 of 667 statewide, top 13%, 2,289 students, 15% FRL).
• Market conditions: Rents flat; 321 active listings in the ZIP; 2 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.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $30k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• This rent runs 39% of the median local income ($86k/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 481 days. Have you received any prior offers? Is the seller open to a 12% 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 B-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?