258 Aquarina Blvd

Grant-Valkaria, FL 32951

$399,000C-

3 bd · 2.5 ba · 1,830 sqft · Built 1984 · Condo · Active · 169 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,771/mo
• Mortgage (P&I): −$2,092
• Tax + insurance: −$731
• HOA: −$1,470
• Vac / Maint / Mgmt: −$1,212
• Net cashflow: $265/mo
• Annual: $3,179/yr
• Cap rate: 7.29%
• Cash-on-cash: 3.56%
• DSCR: 1.16
• 1% rule: 1.45%
• Cash to close: $111,720

Investor read

• This is a 3-bed/2.5-bath condo listed at $399k.
• At list price, monthly cash flow is $265 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $399k).
• It's been on market 169 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $351k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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: Gemini Elementary School (math 80% / reading 79%, grade A, #116 of 2,144 statewide, top 6%, 468 students, 20% FRL); Herbert C. Hoover Middle School (math 67% / reading 64%, grade A-, #95 of 571 statewide, top 17%, 506 students, 38% FRL); Melbourne Senior High School (math 43% / reading 57%, grade D+, #175 of 667 statewide, top 27%, 2,249 students, 31% FRL).
• Watch-outs: flood insurance adds $66/mo; HOA is 25% of rent.
• Market conditions: 218 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $5,771/mo this rent would consume 70% of the median local household income ($98k/yr) (locally 196% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 169 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.