340 Schoolhouse Ln · Tropical Park, FL 32953

$153,000

2 bd · 1.0 ba · 1,088 sqft · SingleFamily public records · 156 Days on market

Built 1962 7,405 sqft lot

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Why this score? — see what drove the B- 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 +28.2/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +4.7/10.0
• Rent growth +3.0/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Merritt Island opportunity with location curb appeal and strong potential. This two bedroom one and a half bath home is situated on a sidewalk lined street with a cul de sac at the end. The oversized driveway accommodates two vehicles plus a spacious carport with additional parking available. Conveniently located within walking distance to Target, Dollar Store, fast food options and everyday essentials. Inside the home features white kitchen cabinets natural light tile flooring in the main living areas and a functional layout ready for updates or personalization. The backyard is fenced on three sides and offers flexible outdoor space for a variety of uses or future improvements. Enjoy a Spa

Key facts

• Cul de sac
• Curb appeal
• Spacious carport

Tags

• CURB APPEAL
• SIDEWALK LINED STREET
• CUL DE SAC
• OVERSIZED DRIVEWAY
• SPACIOUS CARPORT
• WALKING DISTANCE TO TARGET

Property features AI

Finance

• Other: Unfurnished; Directions provided to property

Exterior

• Parking: Carport (1 space)
• Utilities: 100 amp electric service; Public sewer; Electricity available; Sewer available; Water available
• Home design: Single family residence; Faces south
• Construction: Block construction
• Exterior features: Front porch; Chain link fence; Few trees on the lot; Asphalt road access

Interior

• Kitchen: No appliances included
• Bedrooms: 2 bedrooms
• Flooring: Tile flooring
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Has cooling (type listed as Other); No heating
• Interior features: Jack and Jill bathroom; Primary bathroom with tub and shower
• Laundry & utility: Laundry located in carport

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $153k.

Deal economics

• At list price, monthly cash flow is $484 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $153k).
• Recommended offer: $135k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — 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: Mila Elementary School (math 37% / reading 46%, grade F, #1,437 of 2,144 statewide, top 68%, 433 students, 70% 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).
• Market conditions: Rents rising (+2.1%/yr); 219 active listings in the ZIP; 17 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 2.1% rent growth), your $43k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($135k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $134,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 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 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.18% ✓
• Cap rate: 10.09%
• Cash-on-cash: 13.56%
• DSCR: 1.60
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.12% rent growth · sell at horizon

5-year hold

• IRR: 2.7%
• Equity multiple: 1.10×
• Total profit: $4,417
• Equity at exit: $22,813

10-year hold

• IRR: 11.4%
• Equity multiple: 1.86×
• Total profit: $36,994
• Equity at exit: $13,229

Cash invested: $42,840 (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 32953

• Home prices YoY: -34.5%
• Rents YoY: 2.1%
• Active inventory: 219
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,802 high
• Mortgage (P&I): −$802
• Tax from tax record: −$73 /mo · $875/yr
• Insurance: −$64
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $484

Break-even live

Break-even rent $1,189

Max offer price $153,000

Occupancy floor 68%

Sensitivity live

Price	-10% $571	-5% $527	+0% $484	+5% $441	+10% $398
Rent	-10% $342	-5% $413	+0% $484	+5% $555	+10% $626
Rate	-1.0pp $561	-0.5pp $523	base $484	+0.5pp $445	+1.0pp $404

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: $38,250
• Closing costs: $4,590
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
360 Schoolhouse Ln Merritt Island, FL	3.0	2.0	953	$1,500	$1.57	24d	1	0.04mi
10 Bogart Pl Merritt Island, FL	3.0	2.5	1376	$2,350	$1.71	24d	1	0.27mi
43 Bogart Pl Merritt Island, FL	2.0	1.5	1172	$1,875	$1.60	24d	1	0.35mi
48 Bogart Pl Merritt Island, FL	2.0	1.5	1184	$1,800	$1.52	24d	1	0.37mi
1155 N Courtenay Pkwy Merritt Island, FL	2.0	1.0	750	$1,434	$1.91	24d	1	0.62mi
1525 Polaris St Merritt Island, FL	3.0	2.0	1462	$2,400	$1.64	14d	1	0.63mi
225 Ligustrum Ln Merritt Island, FL	1.0–2.0	1.0	640	$1,275	$1.99	19d	1	0.73mi
100 Summer Pl #8 Merritt Island, FL	2.0	2.0	1037	$2,500	$2.41	24d	1	1.10mi
650 Parkside Ave Merritt Island, FL	2.0	2.0	1390	$1,950	$1.40	24d	1	1.27mi
2610 Via Napoli Ct Merritt Island, FL	3.0	2.0	1123	$2,400	$2.14	14d	1	1.28mi
437 Via Palermo Ct Merritt Island, FL	3.0	2.0	1375	$2,175	$1.58	24d	1	1.28mi
140 Minna Ln Merritt Island, FL	2.0	1.0	775	$1,250	$1.61	14d	1	1.31mi
215 Richland Ave Unit 1044313P Merritt Island, FL	3.0	2.0	1184	$4,648	$3.93	14d	1	1.36mi
104 Parrotfish Ln #101 Merritt Island, FL	3.0	2.5	1487	$2,750	$1.85	24d	1	1.44mi
50 Needle Blvd #28 Merritt Island, FL	2.0	1.5	900	$1,550	$1.72	24d	1	1.45mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,525	$1.69	24d	2	1.49mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,545	$1.72	14d	2	1.49mi

Listing history 15 events

1. 2026-06-18
   days on market $153,000 Active 156 DOM
2. 2026-06-17
   days on market $153,000 Active 155 DOM
3. 2026-06-16
   days on market $153,000 Active 154 DOM
4. 2026-06-15
   days on market $153,000 Active 153 DOM
5. 2026-06-14
   days on market $153,000 Active 151 DOM
6. 2026-06-10
   days on market $153,000 Active 148 DOM
7. 2026-06-08
   days on market $153,000 Active 146 DOM
8. 2026-06-07
   days on market $153,000 Active 145 DOM
9. 2026-06-05
   days on market $153,000 Active 142 DOM
10. 2026-06-03
    days on market $153,000 Active 141 DOM
11. 2026-06-02
    days on market $153,000 Active 140 DOM
12. 2026-06-01
    days on market $153,000 Active 139 DOM
13. 2026-05-31
    days on market $153,000 Active 138 DOM
14. 2026-05-31
    days on market $153,000 Active 137 DOM
15. 2026-01-12
    listed $153,000 Active

ⓘ 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: $875 · $73/mo
• Projected year-2 tax: $1,270 · $106/mo
• Expected delta: +$395/yr (+$33/mo · 45.1%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 54% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°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: $21,618
• − Mortgage interest: −$8,570
• − Property taxes: −$875
• − Insurance: −$765
• − Repairs & maintenance: −$1,729
• − Management: −$1,729
• − Depreciation: −$4,451
• Taxable income: $3,498
• Est. tax owed @ 24.0%: −$839
• After-tax cash flow: $4,971/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 — Tropical Park

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

Census & demographics

• Census place: Tropical Park, FL
• County: Brevard County · 602,871 people
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 24,759
• Household income: $87,262
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 849.0

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 (77%)
• Race & ethnicity: White 77% Hispanic / Latino 13% Two or more races 7% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6%
• Common ancestry: Slovak 3% Romanian 3% Lithuanian 3%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 87% English-only · Spanish 8% Tagalog/Filipino 2% French/Haitian/Cajun 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: ▼ -168.76%
• Current HPI: 320.1966
• Rent YoY: ▲ 2.12%
• 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

1 event — show timeline

• 2026-01-12 Listed $153,000 SCMLS

Property tax history

+3.8%/yr

Latest (2025): $875 · +10.4% YoY. Source: county tax records.