902 Culpepper Ave SE · Palm Bay, FL 32909

$362,990

3 bd · 3.0 ba · 1,894 sqft · Land · 114 Days on market

Built 2025 10,018 sqft lot

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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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +5.4/30.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +1.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Build your dream home on this fantastic quarter acre lot!!! Property is centrally located in great area with no HOA and close to shopping, dining and highways. Survey has already been done by seller and property is marked. Drive by okay!

Key facts

• Large covered porch
• Ceramic tile
• Built-in closet

Tags

• BUILT-IN CLOSET
• SPARKLING QUARTZ COUNTERTOPS
• WATERFALL COUNTERTOP
• STAINLESS STEEL APPLIANCES
• CERAMIC TILE
• LARGE COVERED PORCH

Property features AI

Finance

• Other: Property type: Residential — Single Family Residence; Zoning: RS-2; Lot size approx. 0.25 acres; Total living area reported by builder: 1,894 sq ft; total building area: 2,603 sq ft; Builder license: CGC1530203; Property listed as third-party; No lease restrictions indicated
• HOA & community: No HOA association indicated

Exterior

• Parking: Attached 2-car garage (approx. 20 x 19)
• Utilities: Well water; Septic tank sewer; Electricity connected
• Home design: Single family residence; One story; East-facing entry; Completed new construction
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built by DNE DEVELOPEMENT (Model: PALM BAY)
• Exterior features: Exterior lighting; Asphalt road access

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Vinyl flooring
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Open living room/dining room combo
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath land listed at $363k.

Deal economics

• At list price, monthly cash flow is $-788 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $249k (31.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (40.0% below list).
• Recommended offer: $218k (40.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#366 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, amenities 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: W. Melbourne Elementary School For Science (math 88% / reading 86%, grade A+, #24 of 2,144 statewide, top 1%, 549 students, 18% FRL); Southwest Middle School (math 40% / reading 39%, grade F, #373 of 571 statewide, top 66%, 920 students, 58% FRL); Bayside High School (math 27% / reading 40%, grade F, #400 of 667 statewide, top 61%, 1,854 students, 51% FRL) — zoned schools at 42% FRL track the district average.
• Market conditions: Rents rising (+3.7%/yr); 1123 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• This rent runs 33% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $39k of equity ($3k loan paydown + $36k appreciation (10.0% local appreciation)).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago 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 $35k; list at $363k implies a 937% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $217,831 (40.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
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. 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?
6. 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.
7. 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.
8. 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: 0.60% ✗
• Cap rate: 3.69%
• Cash-on-cash: -9.30%
• DSCR: 0.59
• GRM: 13.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.67% rent growth · sell at horizon

5-year hold

• IRR: 17.9%
• Equity multiple: 2.47×
• Total profit: $149,037
• Equity at exit: $327,010

10-year hold

• IRR: 16.9%
• Equity multiple: 5.74×
• Total profit: $481,491
• Equity at exit: $705,210

Cash invested: $101,637 (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 32909

• Home prices YoY: 6.0%
• Rents YoY: 3.7%
• Active inventory: 1123
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $2,178 high
• Mortgage (P&I): −$1,904
• Tax est. 1.5%: −$454 /mo · $5,445/yr
• Insurance: −$151
• HOA: −$0
• Vacancy / Maint / Mgmt: −$457
• Net cashflow: $-788

Break-even live

Break-even rent $3,175

Max offer price $249,012

Occupancy floor —

Sensitivity live

Price	-10% $-537	-5% $-662	+0% $-788	+5% $-913	+10% $-1,039
Rent	-10% $-960	-5% $-874	+0% $-788	+5% $-702	+10% $-616
Rate	-1.0pp $-605	-0.5pp $-695	base $-788	+0.5pp $-882	+1.0pp $-977

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: $90,748
• Closing costs: $10,890
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
896 Talmadge Ave SE Palm Bay, FL	3.0	2.0	1263	$1,900	$1.50	16d	1	0.13mi
885 Talmadge Ave SE Palm Bay, FL	3.0	2.0	1787	$2,300	$1.29	23d	1	0.16mi
829 Tampa Ave SE Palm Bay, FL	3.0	2.0	1303	$1,740	$1.34	25d	1	0.33mi
1255 Wadsworth St SE Unit 1255 Palm Bay, FL	3.0	3.0	1747	$2,350	$1.35	20d	1	0.35mi
721 Taluga Ave SE Palm Bay, FL	3.0	2.0	1556	$1,800	$1.16	25d	1	0.36mi
1205 Jaslo St SE Palm Bay, FL	1.0–3.0	1.0–2.0	992	$2,245	$2.26	16d	8	0.44mi
1210 Vandalia Ave SE Palm Bay, FL	4.0	2.0	1833	$2,050	$1.12	16d	1	0.57mi
907 Algardi St SE Palm Bay, FL	4.0	2.0	1943	$2,330	$1.20	25d	1	0.83mi
84 San Filippo Dr SE Palm Bay, FL	1.0–3.0	1.0–2.0	1052	$2,044	$1.94	16d	30	0.87mi
710 Avalon St SE Palm Bay, FL	3.0	2.0	1378	$1,995	$1.45	25d	1	0.90mi
1643 Talavera St SE Palm Bay, FL	4.0	2.0	1833	$1,861	$1.02	20d	1	0.97mi
743 Andrew St SE Palm Bay, FL	3.0	2.0	1252	$1,895	$1.51	25d	1	1.00mi
647 Airoso Rd SE Palm Bay, FL	4.0	3.0	2365	$2,900	$1.23	15d	1	1.04mi
822 Seven Gables Cir SE Palm Bay, FL	3.0	2.0	1474	$1,835	$1.24	25d	1	1.06mi
818 Seven Gables Cir SE Palm Bay, FL	3.0	2.0	1490	$1,795	$1.20	25d	1	1.08mi
1129 Colonial Ave SE Palm Bay, FL	4.0	3.0	2008	$2,500	$1.25	20d	1	1.11mi
1150 Raoul St SE Palm Bay, FL	4.0	2.0	1787	$2,300	$1.29	25d	1	1.11mi
1517 Wacker Ave SE Palm Bay, FL	4.0	2.0	1775	$2,200	$1.24	25d	1	1.12mi
1418 Paley Cir SE Palm Bay, FL	3.0	2.0	1260	$1,850	$1.47	25d	1	1.14mi
1290 Sail Ct SE Palm Bay, FL	3.0	2.0	1509	$1,945	$1.29	25d	1	1.15mi
1530 Paley Cir SE Palm Bay, FL	4.0	2.0	1842	$2,095	$1.14	16d	1	1.29mi
1224 Buffing Cir SE Palm Bay, FL	4.0	2.0	2233	$2,395	$1.07	16d	1	1.30mi
2910 Emerson Dr SE Palm Bay, FL	3.0	2.0	1700	$1,950	$1.15	16d	1	1.30mi
1068 Saint Johns St SE Palm Bay, FL	3.0	2.0	1332	$2,000	$1.50	25d	1	1.34mi
1150 Tiger St SE Palm Bay, FL	3.0	2.0	1690	$1,950	$1.15	16d	1	1.40mi
431 Brantley St SE Palm Bay, FL	3.0	2.0	1326	$2,050	$1.55	20d	1	1.43mi

Listing history 12 events

1. 2026-05-01
   status Pending
2. 2026-04-08
   status Active
3. 2026-03-03
   status Pending
4. 2026-01-14
   price $362,990
5. 2025-12-03
   listed $368,990 Active
6. 2023-11-27
   soldstatus $35,000
7. 2023-11-22
   soldstatus $35,000 Closed 237-char remark

   Show marketing remark (237 chars)

   Build your dream home on this fantastic quarter acre lot!!! Property is centrally located in great area with no HOA and close to shopping, dining and highways. Survey has already been done by seller and property is marked. Drive by okay!

8. 2023-11-08
   status Pending 237-char remark

   Show marketing remark (237 chars)

   Build your dream home on this fantastic quarter acre lot!!! Property is centrally located in great area with no HOA and close to shopping, dining and highways. Survey has already been done by seller and property is marked. Drive by okay!

9. 2023-10-31
   listed $39,900 Active 237-char remark

   Show marketing remark (237 chars)

   Build your dream home on this fantastic quarter acre lot!!! Property is centrally located in great area with no HOA and close to shopping, dining and highways. Survey has already been done by seller and property is marked. Drive by okay!

10. 2019-08-27
    soldstatus $5,250
11. 1993-12-31
    soldstatus $7,000
12. 1980-01-01
    soldstatus $6,900

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 22 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: $26,140
• − Mortgage interest: −$20,333
• − Property taxes: −$5,445
• − Insurance: −$1,815
• − Repairs & maintenance: −$2,091
• − Management: −$2,091
• − Depreciation: −$10,560
• Taxable loss: −$16,195
• Est. tax savings @ 24.0%: +$3,887
• After-tax cash flow: $-5,565/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 — Palm Bay

• Score: 72/100
• State rank: #366
• US rank: #6458

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palm Bay, FL
• County: Brevard County · 602,871 people
• City population: 132,211
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 41,804
• Household income: $79,977
• Rent vs Own: 17.3% rent · 82.7% own
• Severe rent burden: 697.0

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 0.70)
• Race & ethnicity: White 46% Black 21% Hispanic / Latino 20% Two or more races 16% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8% Cuban 5%
• Common ancestry: Hispanic 3% Slovak 2% Lithuanian 2%
• Foreign-born: 17% · Canada, China, Jamaica
• Languages at home: 84% English-only · Spanish 9% French/Haitian/Cajun 4% Chinese 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: ▲ 18.81%
• Current HPI: 330.8595
• Rent YoY: ▲ 3.67%
• 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

+5160.7% since first listed

12 events — show timeline

• 2026-05-01 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-08 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-03-03 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-01-14 Price Changed $362,990 Stellar MLS as Distributed by MLS Grid
• 2025-12-03 Listed $368,990 Stellar MLS as Distributed by MLS Grid
• 2023-11-27 Sold (Public Records) $35,000 Public Records
• 2023-11-22 Sold (MLS) $35,000 SCMLS
• 2023-11-08 Pending — SCMLS
• 2023-10-31 Listed $39,900 SCMLS
• 2019-08-27 Sold (Public Records) $5,250 Public Records
• 1993-12-31 Sold (Public Records) $7,000 Public Records
• 1980-01-01 Sold (Public Records) $6,900 Public Records

Property tax history

+18.0%/yr

Latest (2025): $585 · -0.9% YoY. Source: county tax records.