9723 Alister Dr

Viera West, FL 32940

$387,000D-

3 bd · 2.0 ba · 1,565 sqft · Built 2022 · SingleFamily · Pending · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,111/mo
• Mortgage (P&I): −$2,029
• Tax + insurance: −$431
• HOA: −$513
• Vac / Maint / Mgmt: −$653
• Net cashflow: $-515/mo
• Annual: $-6,181/yr
• Cap rate: 4.70%
• Cash-on-cash: -5.70%
• DSCR: 0.75
• 1% rule: 0.80%
• Cash to close: $108,360

Investor read

• This is a 3-bed/2.0-bath single-family listed at $387k.
• At list price, monthly cash flow is $-515 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $296k (23.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $311k (19.6% below list).
• It's been on market 85 days — a 6% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $296k (23.5% below list) — sets the bar for cash-flow.
• In year one you build about $4k of equity ($3k loan paydown + $2k appreciation (0.4% local appreciation)).
• Location reads 70/100 on livability (#450 in FL) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A; Watch: amenities F, commute F, cost of living 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.
• Market conditions: Rents rising (+2.0%/yr); 583 active listings in the ZIP; 4 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.
• 4 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.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 34% of the median local income ($110k/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 85 days. Have you received any prior offers? Is the seller open to a 24% 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?
• 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 A-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?
• 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.