1545 Cunningham Ave · Merritt Island, FL 32952

$219,000

3 bd · 2.0 ba · 1,148 sqft · SingleFamily public records · 142 Days on market

Built 1961 7,405 sqft lot

---

Why this score? — see what drove the C+ 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).

• Cash flow +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Most of the contents will be left with the house Some furniture, tools etc. .. . The detached garage is set up as a workshop. There was a fire in the late 70s and the house was rebuilt and roof was repaired.

Key facts

• 7,405 sq ft lot
• Garage
• Built 1961

Property features AI

Finance

• Other: Living area approximately 1,148 (listed); Lot size approximately 0.17 acres; Current use: Residential; Directions: North Banana River Dr to Cunningham Ave, house will be on the left
• Financial info: Tax information available

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public sewer; Electricity connected; Sewer connected; Water connected; Propane
• Home design: Single Family Residence
• Construction: Concrete and stucco construction
• Exterior features: Lot features: Other; North-facing

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Heating present (type: Other)
• Interior features: Furnished

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $219k.

Deal economics

• At list price, monthly cash flow is $440 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $219k).
• Recommended offer: $193k (12.0% below list) — sets the bar for market timing.

Location & tenants

• 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: Audubon Elementary School (math 55% / reading 57%, grade C+, #832 of 2,144 statewide, top 40%, 450 students, 58% FRL); Thomas Jefferson Middle School (math 63% / reading 55%, grade B, #144 of 571 statewide, top 26%, 608 students, 43% FRL); Merritt Island High School (math 32% / reading 55%, grade F, #248 of 667 statewide, top 38%, 1,546 students, 35% FRL) — zoned schools at 45% FRL track the district average.
• Market conditions: Rents rising fast (+6.5%/yr); 227 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $61k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $40k; list at $219k implies a 441% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $192,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.16% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.92%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.53% rent growth · sell at horizon

5-year hold

• IRR: 0.8%
• Equity multiple: 1.03×
• Total profit: $2,022
• Equity at exit: $32,654

10-year hold

• IRR: 13.8%
• Equity multiple: 2.30×
• Total profit: $79,588
• Equity at exit: $18,935

Cash invested: $61,320 (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 32952

• Rents YoY: 6.5%
• Active inventory: 227
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,551 medium
• Mortgage (P&I): −$1,148
• Tax from tax record: −$269 /mo · $3,222/yr
• Insurance: −$91
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$536
• Net cashflow: $440

Break-even live

Break-even rent $1,993

Max offer price $219,000

Occupancy floor 78%

Sensitivity live

Price	-10% $564	-5% $502	+0% $440	+5% $378	+10% $316
Rent	-10% $239	-5% $340	+0% $440	+5% $541	+10% $642
Rate	-1.0pp $551	-0.5pp $496	base $440	+0.5pp $384	+1.0pp $326

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1315 Lester Ct Merritt Island, FL	3.0	2.0	1462	$2,350	$1.61	24d	1	0.44mi
200 S Sykes Creek Pkwy #702 Merritt Island, FL	2.0	2.0	1307	$2,390	$1.83	24d	1	1.24mi

Listing history 17 events

1. 2026-03-28
   price $219,000
2. 2026-03-19
   status Active
3. 2026-03-16
   status Pending
4. 2026-03-10
   status Active
5. 2026-02-17
   status Pending
6. 2026-01-18
   price $224,000
7. 2025-12-09
   listed $229,000 Active
8. 2025-11-01
   historical 212-char remark

   Show marketing remark (212 chars)

   Most of the contents will be left with the house Some furniture, tools etc. .. . The detached garage is set up as a workshop. There was a fire in the late 70s and the house was rebuilt and roof was repaired.

9. 2025-09-25
   price $229,000 212-char remark

   Show marketing remark (212 chars)

   Most of the contents will be left with the house Some furniture, tools etc. .. . The detached garage is set up as a workshop. There was a fire in the late 70s and the house was rebuilt and roof was repaired.

10. 2025-09-05
    price $239,000 212-char remark

    Show marketing remark (212 chars)

    Most of the contents will be left with the house Some furniture, tools etc. .. . The detached garage is set up as a workshop. There was a fire in the late 70s and the house was rebuilt and roof was repaired.

11. 2025-08-17
    price $249,000 212-char remark

    Show marketing remark (212 chars)

    Most of the contents will be left with the house Some furniture, tools etc. .. . The detached garage is set up as a workshop. There was a fire in the late 70s and the house was rebuilt and roof was repaired.

12. 2025-07-31
    price $250,000 212-char remark

    Show marketing remark (212 chars)

    Most of the contents will be left with the house Some furniture, tools etc. .. . The detached garage is set up as a workshop. There was a fire in the late 70s and the house was rebuilt and roof was repaired.

13. 2025-06-06
    price $280,000 212-char remark

    Show marketing remark (212 chars)

    Most of the contents will be left with the house Some furniture, tools etc. .. . The detached garage is set up as a workshop. There was a fire in the late 70s and the house was rebuilt and roof was repaired.

14. 2025-05-29
    price $290,000 212-char remark

    Show marketing remark (212 chars)

    Most of the contents will be left with the house Some furniture, tools etc. .. . The detached garage is set up as a workshop. There was a fire in the late 70s and the house was rebuilt and roof was repaired.

15. 2025-05-01
    listed $289,000 Active 212-char remark

    Show marketing remark (212 chars)

    Most of the contents will be left with the house Some furniture, tools etc. .. . The detached garage is set up as a workshop. There was a fire in the late 70s and the house was rebuilt and roof was repaired.

16. 1979-08-01
    soldstatus $40,500
17. 1967-07-01
    soldstatus $114,000

ⓘ 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: $3,222 · $269/mo
• Projected year-2 tax: $3,222 · $269/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 23 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: $30,610
• − Mortgage interest: −$12,267
• − Property taxes: −$3,222
• − Insurance: −$1,892
• − Repairs & maintenance: −$2,449
• − Management: −$2,449
• − Depreciation: −$6,371
• Taxable income: $1,959
• Est. tax owed @ 24.0%: −$470
• After-tax cash flow: $4,815/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 — Merritt Island

• Score: 70/100
• State rank: #441
• US rank: #7878

Category grades

Amenities F Commute F Cost of living C+ Crime A+ Employment A- Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merritt Island, FL
• County: Brevard County · 602,871 people
• City population: 24,834
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 21,613
• Household income: $102,726
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 199.0

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: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 6% Asian 2% Black 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 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: ▼ -177.56%
• Current HPI: 323.6021
• Rent YoY: ▲ 6.53%
• 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

+92.1% since first listed

17 events — show timeline

• 2026-03-28 Price Changed $219,000 SCMLS
• 2026-03-19 Relisted — SCMLS
• 2026-03-16 Pending — SCMLS
• 2026-03-10 Relisted — SCMLS
• 2026-02-17 Pending — SCMLS
• 2026-01-18 Price Changed $224,000 SCMLS
• 2025-12-09 Listed $229,000 SCMLS
• 2025-11-01 Listing Removed — SCMLS
• 2025-09-25 Price Changed $229,000 SCMLS
• 2025-09-05 Price Changed $239,000 SCMLS
• 2025-08-17 Price Changed $249,000 SCMLS
• 2025-07-31 Price Changed $250,000 SCMLS
• 2025-06-06 Price Changed $280,000 SCMLS
• 2025-05-29 Price Changed $290,000 SCMLS
• 2025-05-01 Listed $289,000 SCMLS
• 1979-08-01 Sold (Public Records) $40,500 Public Records
• 1967-07-01 Sold (Public Records) $114,000 Public Records

Property tax history

+15.3%/yr

Latest (2025): $3,222 · +292.0% YoY. Source: county tax records.