348 Cross St · Melbourne, FL 32901

$22,000

2 bd · 2.0 ba · 1,056 sqft · SingleFamily · 1 Days on market

Built 1981

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.7/10.0
• Rent growth +2.9/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

PRICE DROP-- 2BR/2BA Manufactured house in a beautiful 55+ community located in Lakewood Village, Melbourne, Florida. Base rent $856 FEATURES: new plywood under laminate flooring throughout, a screened in carport, enlarged shed, extended driveway width, an added ceiling fan in large Florida Room, new circuit breaker box replaced in 2014. This home has an irrigation system for lush green lawn year-round. HVAC was replaced 4 years ago and well maintained. Kitchen is equipped with appliances purchased 2024 (smooth top stove, dishwasher, garbage disposal and three door refrigerator with bottom freezer) Washer dryer included. Open Livingroom/dining room with large windows, Master bedroom with en

Key facts

• Hvac replaced
• Screened in carport
• Enlarged shed

Tags

• SCREENED IN CARPORT
• ENLARGED SHED
• EXTENDED DRIVEWAY WIDTH
• ADDED CEILING FAN
• IRRIGATION SYSTEM
• HVAC REPLACED

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $22k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $22k).

Location & tenants

• Location reads: area grade D — 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.
• Market conditions: Rents rising (+1.7%/yr); 202 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• This rent runs 36% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $152 of loan paydown is wiped out by about $660 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 + 1.7% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $22,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 7.38% ✓
• Cap rate: 67.92%
• Cash-on-cash: 220.08%
• DSCR: 10.79
• GRM: 1.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.7% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.77×
• Total profit: $66,319
• Equity at exit: $3,280

10-year hold

• IRR: —
• Equity multiple: 24.07×
• Total profit: $142,127
• Equity at exit: $1,902

Cash invested: $6,160 (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 32901

• Home prices YoY: -31.0%
• Rents YoY: 1.7%
• Active inventory: 202
• Price-to-rent: 1.1×

Monthly cashflow live

• Estimated rent: $1,623 high
• Mortgage (P&I): −$115
• Tax est. 1.5%: −$28 /mo · $330/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $1,130

Break-even live

Break-even rent $192

Max offer price $22,000

Occupancy floor 25%

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: $5,500
• Closing costs: $660
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
343 Talbot St Melbourne, FL	3.0	2.0	1355	$1,699	$1.25	23d	1	0.15mi
3101 Wiley Ave Melbourne, FL	3.0	2.0	1185	$1,499	$1.26	23d	1	0.17mi
3008 Hanson Ave Melbourne, FL	1.0	1.0	840	$1,125	$1.34	23d	1	0.25mi
248 E University Blvd Melbourne, FL	1.0–2.0	1.0	720	$1,449	$2.01	14d	5	0.36mi
3151 S Babcock St Melbourne, FL	1.0–2.0	1.0–2.0	807	$1,595	$1.98	14d	10	0.38mi
2700 Carlson Cir Melbourne, FL	1.0–2.0	1.0–2.0	879	$1,242	$1.41	23d	1	0.41mi
100 E University Blvd Melbourne, FL	1.0–3.0	1.0–1.5	756	$1,437	$1.90	14d	16	0.47mi
3595 Misty Oak Dr Melbourne, FL	1.0–2.0	1.0–2.0	747	$1,550	$2.07	14d	6	0.68mi
3522 D'Avinci Way Melbourne, FL	2.0	2.0	875	$1,625	$1.86	23d	1	0.69mi
3502 D'Avinci Way Melbourne, FL	2.0–3.0	2.0	998	$1,480	$1.48	14d	15	0.74mi
300 Rutgers Ave Melbourne, FL	3.0	1.0	912	$1,850	$2.03	23d	1	0.77mi
309 Rutgers Ave Melbourne, FL	3.0	1.0	912	$1,700	$1.86	21d	1	0.82mi
2900 Vassar St Melbourne, FL	3.0	2.0	1316	$1,925	$1.46	14d	1	0.84mi
2331 Commerce Park Dr NE Palm Bay, FL	1.0–3.0	1.0–2.0	1094	$1,736	$1.59	14d	33	0.88mi
3104 Swift St Melbourne, FL	3.0	1.0	1379	$1,750	$1.27	23d	1	0.89mi
21 Rosevere Way Melbourne, FL	3.0	2.0	1467	$1,900	$1.30	14d	1	0.90mi
300 Amherst Ave Melbourne, FL	3.0	2.0	1353	$2,050	$1.52	14d	1	0.92mi
342 Crown Blvd Melbourne, FL	3.0	2.0	1224	$1,900	$1.55	23d	1	0.95mi
310 Fitness Cir Melbourne, FL	1.0–3.0	1.0–2.0	843	$1,412	$1.68	14d	12	1.03mi
1002 Brothers Ave Unit 101 Melbourne, FL	1.0	1.0	700	$1,445	$2.06	23d	1	1.05mi
520 Benton Dr Melbourne, FL	3.0	2.0	1281	$1,850	$1.44	23d	1	1.07mi
2361 Commerce Park Dr NE Palm Bay, FL	1.0–3.0	1.0–2.0	1106	$1,902	$1.72	14d	47	1.12mi
2399 Coconut Palm Dr NE Palm Bay, FL	2.0	2.0	968	$1,795	$1.85	23d	1	1.14mi
4315 S Babcock St Melbourne, FL	1.0–3.0	1.0–2.0	996	$1,738	$1.74	14d	15	1.18mi
1894 Coco Plum St NE Palm Bay, FL	2.0	2.0	1188	$1,200	$1.01	19d	1	1.19mi
1924 Seagrape St NE Palm Bay, FL	2.0	2.0	1206	$1,575	$1.31	14d	1	1.25mi
603 E New Haven Ave Melbourne, FL	1.0	1.0	1118	$1,575	$1.41	14d	1	1.26mi
212 Dubber Rd Melbourne, FL	3.0	2.0	1230	$2,000	$1.63	23d	1	1.27mi
635 E New Haven Ave Melbourne, FL	1.0–2.0	1.0–2.0	899	$2,700	$3.00	23d	1	1.29mi
1880 Mogra Cir NE Palm Bay, FL	2.0–3.0	2.0	1090	$1,382	$1.27	14d	6	1.32mi
2155 Robert J Conlan Blvd NE Palm Bay, FL	1.0–3.0	1.0–2.0	1093	$1,740	$1.59	14d	20	1.34mi
512 E Strawbridge Ave Melbourne, FL	3.0	1.0	1487	$2,400	$1.61	21d	1	1.36mi
1914 Fletcher St Melbourne, FL	2.0	2.0	907	$1,700	$1.87	23d	1	1.37mi
2643B Kingswood Dr NE Palm Bay, FL	3.0	1.0	1000	$1,650	$1.65	19d	1	1.39mi
533 E Lincoln Ave Melbourne, FL	2.0	1.0	796	$1,800	$2.26	23d	1	1.44mi
4001 Pinewood Dr NE Palm Bay, FL	2.0	2.0	1036	$1,269	$1.22	23d	5	1.47mi
1921 Park Ave Melbourne, FL	3.0	1.0	900	$1,775	$1.97	23d	1	1.50mi

Listing history 2 events

1. 2026-01-29
   historical Under Contract
2. 2026-01-28
   listed $22,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $19,470
• − Mortgage interest: −$1,232
• − Property taxes: −$330
• − Insurance: −$110
• − Repairs & maintenance: −$1,558
• − Management: −$1,558
• − Depreciation: −$640
• Taxable income: $14,043
• Est. tax owed @ 24.0%: −$3,370
• After-tax cash flow: $10,187/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 — Melbourne

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Melbourne, FL
• County: Brevard County · 602,871 people
• City population: 178,420
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 28,923
• Household income: $54,651
• Rent vs Own: 50.6% rent · 49.4% own
• Severe rent burden: 2018.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 62% Black 18% Hispanic / Latino 11% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 1%
• Foreign-born: 14% · Canada, Vietnam, Jamaica
• Languages at home: 85% English-only · Spanish 7% Other Indo-European 2% Vietnamese 2%

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: ▼ -145.13%
• Current HPI: 322.934
• Rent YoY: ▲ 1.70%
• 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

2 events — show timeline

• 2026-01-29 Contingent — ForSaleByOwner.com
• 2026-01-28 Listed $22,000 ForSaleByOwner.com