2218 Croft Inlet Dr NW

Palm Bay, FL 32907

$323,170F

4 bd · 2.5 ba · 1,869 sqft · Built 2026 · Land · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,275/mo
• Mortgage (P&I): −$1,695
• Tax + insurance: −$356
• HOA: −$265
• Vac / Maint / Mgmt: −$478
• Net cashflow: $-518/mo
• Annual: $-6,214/yr
• Cap rate: 4.37%
• Cash-on-cash: -6.87%
• DSCR: 0.69
• 1% rule: 0.70%
• Cash to close: $90,488

Investor read

• This is a 4-bed/2.5-bath land listed at $323k.
• At list price, monthly cash flow is $-518 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $232k (28.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $228k (29.6% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $228k (29.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• 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: 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); Heritage High School (math 30% / reading 44%, grade F, #340 of 667 statewide, top 52%, 2,007 students, 62% FRL).
• Zoned-school proficiency averages 43% at this address vs 55% district-wide (-12 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 739 active listings in the ZIP; 5 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).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• This rent runs 36% of the median local income ($75k/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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.