214 Blake Ave

Cocoa, FL 32922

$189,000D+

3 bd · 2.0 ba · 1,536 sqft · Built 1959 · SingleFamily · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,808/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$278
• HOA: −$0
• Vac / Maint / Mgmt: −$380
• Net cashflow: $159/mo
• Annual: $1,914/yr
• Cap rate: 7.31%
• Cash-on-cash: 3.62%
• DSCR: 1.16
• 1% rule: 0.96%
• Cash to close: $52,920

Investor read

• This is a 3-bed/2.0-bath single-family listed at $189k.
• At list price, monthly cash flow is $159 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (4.3% below list).
• It's been on market 44 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $181k (4.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#344 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, amenities F, employment 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: Endeavour Elementary School (math 15% / reading 20%, grade F, #2,117 of 2,144 statewide, top 99%, 717 students, 72% FRL); Ronald Mcnair Magnet Middle School (math 58% / reading 50%, grade B-, #196 of 571 statewide, top 36%, 364 students, 58% FRL); Rockledge Senior High School (math 27% / reading 49%, grade F, #328 of 667 statewide, top 50%, 1,558 students, 50% FRL) — zoned schools average 60% FRL vs 43% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 55% district-wide (-18 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.1%/yr); 167 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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.
• 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.
• At $1,808/mo this rent would consume 49% of the median local household income ($44k/yr) (locally 1007% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
• Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• 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.