474 Houston Ln · Tropical Park, FL 32953

$279,000

3 bd · 2.5 ba · 1,463 sqft · Townhouse · 28 Days on market

Built 2026 Good condition 2,178 sqft lot $118/mo HOA · 5% of rent ↓ 2% since listing

---

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 +12.1/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• 1% rule +4.0/10.0
• Condition / age +4.0/5.0
• DSCR +3.6/10.0
• Rent growth +3.0/5.0
• Livability +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

We're excited to introduce Banyan Point, our newest townhome community in Merritt Island, Florida - designed for modern living and perfectly positioned near the best of the Space Coast. The featured Pearson floorplan offers three bedrooms, two and a half baths, a one-car garage, and 1,463 square feet of thoughtfully designed space. The open-concept kitchen, dining, and living areas flow seamlessly onto a private patio, creating the perfect setting for gatherings and everyday living. Upstairs, the spacious primary suite includes a walk-in closet and double vanity bath, while two additional bedrooms share a well-appointed bathroom, ideal for family or guests. A convenient upstairs laundry space and smart storage solutions complete the home, along with stylish finishes and energy-efficient design throughout. Life in Merritt Island means more than just a beautiful home. From the world-famous beaches of Cocoa Beach to the innovation of Kennedy Space Center, adventure and inspiration are always close by. Stroll through historic Cocoa Village for boutique shopping and dining, enjoy the natural beauty of the Banana River and Indian River Lagoon, or head over to Port Canaveral and Orlando's attractions for endless entertainment. With its combination of thoughtful floor plans, desirable location, and vibrant surroundings, our Merritt Island townhome community is the perfect place to call home for families, professionals, and anyone looking to embrace the coastal lifestyle.

Key facts

• Quartz countertops
• Walk-in closet
• Stylish kitchen

Tags

• OPEN-CONCEPT FIRST FLOOR
• STYLISH KITCHEN
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• PRIVATE PATIO
• WALK-IN CLOSET

Property features AI

Finance

• HOA & community: Community association managed by Space Coast Property Management; Association fee $118 monthly; Association amenities: other

Exterior

• Parking: Garage and additional parking; 1 garage space
• Security: Smoke detector(s)
• Utilities: Public sewer; Sewer available; Water available
• Home design: Townhouse; Two levels; Property is attached; Faces east; New construction
• Construction: Block, concrete, and stucco construction; Other roof; Pets allowed
• Exterior features: Patio; Smoke detectors

Interior

• Kitchen: Dishwasher; Electric range; Microwave
• Bedrooms: 3 bedrooms (upper level laundry)
• Flooring: Other
• Bathrooms: 3 bathrooms total — 2 full, 1 half
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Breakfast bar; Entrance foyer; Open floorplan; Pantry; Primary bathroom with shower (no tub); Smart home features; Split bedroom layout; Walk-in closets
• Laundry & utility: Laundry on upper level; Unfurnished

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $279k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-129 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (6.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $251k (10.0% below list).
• Recommended offer: $251k (10.0% below list) — sets the bar for 1% rule.

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.
• 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; 18 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).
• This rent runs 35% of the median local income ($87k/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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($275k) is reasonable based on typical stale-listing flexibility.
• 3 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.

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; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $251,062 (10.0% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 0.90% ✗
• Cap rate: 6.02%
• Cash-on-cash: -0.96%
• DSCR: 0.96
• GRM: 9.3

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: -20.6%
• Equity multiple: 0.29×
• Total profit: $-55,490
• Equity at exit: $41,600

10-year hold

• IRR: -16.0%
• Equity multiple: 0.14×
• Total profit: $-67,183
• Equity at exit: $24,123

Cash invested: $78,120 (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: 9.3×

Monthly cashflow live

• Estimated rent: $2,511 high
• Mortgage (P&I): −$1,463
• Tax est. 1.5%: −$349 /mo · $4,185/yr
• Insurance: −$116
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$118
• Vacancy / Maint / Mgmt: −$527
• Net cashflow: $-129

Break-even live

Break-even rent $2,674

Max offer price $260,308

Occupancy floor —

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1527 Schoolhouse St Unit A3 Merritt Island, FL	2.0	1.0	1695	$1,350	$0.80	23d	1	0.13mi
360 Schoolhouse Ln Merritt Island, FL	3.0	2.0	953	$1,500	$1.57	23d	1	0.21mi
1795 Dogwood Dr Merritt Island, FL	3.0	2.0	1762	$3,500	$1.99	14d	1	0.38mi
295 Spruce Ave Merritt Island, FL	3.0	2.0	1514	$3,500	$2.31	23d	1	0.48mi
295 Spruce Ave Unit 1526854P Merritt Island, FL	3.0	2.0	1506	$4,370	$2.90	19d	1	0.48mi
10 Bogart Pl Merritt Island, FL	3.0	2.5	1376	$2,350	$1.71	23d	1	0.53mi
43 Bogart Pl Merritt Island, FL	2.0	1.5	1172	$1,875	$1.60	23d	1	0.60mi
48 Bogart Pl Merritt Island, FL	2.0	1.5	1184	$1,800	$1.52	23d	1	0.62mi
1155 N Courtenay Pkwy Merritt Island, FL	2.0	1.0	750	$1,434	$1.91	23d	1	0.66mi
1525 Polaris St Merritt Island, FL	3.0	2.0	1462	$2,400	$1.64	14d	1	0.86mi
165 Tiki Dr Merritt Island, FL	3.0	2.0	1795	$2,875	$1.60	23d	1	1.18mi
100 Summer Pl #8 Merritt Island, FL	2.0	2.0	1037	$2,500	$2.41	23d	1	1.19mi
800 1st St Merritt Island, FL	3.0	2.0	1529	$2,800	$1.83	23d	1	1.27mi
650 Parkside Ave Merritt Island, FL	2.0	2.0	1390	$1,950	$1.40	23d	1	1.27mi
2610 Via Napoli Ct Merritt Island, FL	3.0	2.0	1123	$2,400	$2.14	14d	1	1.33mi
437 Via Palermo Ct Merritt Island, FL	3.0	2.0	1375	$2,175	$1.58	23d	1	1.35mi
215 Richland Ave Unit 1044313P Merritt Island, FL	3.0	2.0	1184	$4,648	$3.93	14d	1	1.45mi
50 Needle Blvd #28 Merritt Island, FL	2.0	1.5	900	$1,550	$1.72	23d	1	1.48mi

HOA detail

• Monthly dues: $118 · $1,416/yr

Listing history 19 events

1. 2026-06-18
   days on market $279,000 Active 28 DOM
2. 2026-06-17
   days on market $279,000 Active 27 DOM
3. 2026-06-16
   days on market $279,000 Active 26 DOM
4. 2026-06-15
   days on market $279,000 Active 25 DOM
5. 2026-06-14
   days on market $279,000 Active 23 DOM
6. 2026-06-10
   days on market $279,000 Active 20 DOM
7. 2026-06-08
   days on market $279,000 Active 18 DOM
8. 2026-06-07
   days on market $279,000 Active 17 DOM
9. 2026-06-05
   days on market $279,000 Active 14 DOM
10. 2026-06-03
    days on market $279,000 Active 13 DOM
11. 2026-06-02
    days on market $279,000 Active 12 DOM
12. 2026-06-01
    days on market $279,000 Active 11 DOM
13. 2026-05-31
    days on market $279,000 Active 10 DOM
14. 2026-05-31
    days on market $279,000 Active 9 DOM
15. 2026-05-21
    listed $279,000 Active
16. 2026-05-20
    price $279,000 1487-char remark

    Show marketing remark (1487 chars)

    We're excited to introduce Banyan Point, our newest townhome community in Merritt Island, Florida - designed for modern living and perfectly positioned near the best of the Space Coast. The featured Pearson floorplan offers three bedrooms, two and a half baths, a one-car garage, and 1,463 square feet of thoughtfully designed space. The open-concept kitchen, dining, and living areas flow seamlessly onto a private patio, creating the perfect setting for gatherings and everyday living. Upstairs, the spacious primary suite includes a walk-in closet and double vanity bath, while two additional bedrooms share a well-appointed bathroom, ideal for family or guests. A convenient upstairs laundry space and smart storage solutions complete the home, along with stylish finishes and energy-efficient design throughout. Life in Merritt Island means more than just a beautiful home. From the world-famous beaches of Cocoa Beach to the innovation of Kennedy Space Center, adventure and inspiration are always close by. Stroll through historic Cocoa Village for boutique shopping and dining, enjoy the natural beauty of the Banana River and Indian River Lagoon, or head over to Port Canaveral and Orlando's attractions for endless entertainment. With its combination of thoughtful floor plans, desirable location, and vibrant surroundings, our Merritt Island townhome community is the perfect place to call home for families, professionals, and anyone looking to embrace the coastal lifestyle.

17. 2026-05-06
    historical 558-char remark

    Show marketing remark (558 chars)

    The Pearson townhome offers 3 bedrooms, 2.5 baths, and 1,464 sq. ft. of modern living. The open-concept first floor features a spacious living and dining area that flows into a stylish kitchen with quartz countertops, stainless steel appliances, and a pantry. Enjoy outdoor living on the private patio. Upstairs, the primary suite includes a walk-in closet and private bath, with two additional bedrooms and a full bath nearby. RevWood Select Plank flooring in main living and wet areas adds both style and durability. Photos are sample only not actual home.

18. 2026-03-25
    listed $283,395 Active 558-char remark

    Show marketing remark (558 chars)

    The Pearson townhome offers 3 bedrooms, 2.5 baths, and 1,464 sq. ft. of modern living. The open-concept first floor features a spacious living and dining area that flows into a stylish kitchen with quartz countertops, stainless steel appliances, and a pantry. Enjoy outdoor living on the private patio. Upstairs, the primary suite includes a walk-in closet and private bath, with two additional bedrooms and a full bath nearby. RevWood Select Plank flooring in main living and wet areas adds both style and durability. Photos are sample only not actual home.

19. 2026-03-24
    listed $283,395 Active 1487-char remark

    Show marketing remark (1487 chars)

    We're excited to introduce Banyan Point, our newest townhome community in Merritt Island, Florida - designed for modern living and perfectly positioned near the best of the Space Coast. The featured Pearson floorplan offers three bedrooms, two and a half baths, a one-car garage, and 1,463 square feet of thoughtfully designed space. The open-concept kitchen, dining, and living areas flow seamlessly onto a private patio, creating the perfect setting for gatherings and everyday living. Upstairs, the spacious primary suite includes a walk-in closet and double vanity bath, while two additional bedrooms share a well-appointed bathroom, ideal for family or guests. A convenient upstairs laundry space and smart storage solutions complete the home, along with stylish finishes and energy-efficient design throughout. Life in Merritt Island means more than just a beautiful home. From the world-famous beaches of Cocoa Beach to the innovation of Kennedy Space Center, adventure and inspiration are always close by. Stroll through historic Cocoa Village for boutique shopping and dining, enjoy the natural beauty of the Banana River and Indian River Lagoon, or head over to Port Canaveral and Orlando's attractions for endless entertainment. With its combination of thoughtful floor plans, desirable location, and vibrant surroundings, our Merritt Island townhome community is the perfect place to call home for families, professionals, and anyone looking to embrace the coastal lifestyle.

ⓘ 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 8/10 Severe FEMA zone X (unshaded) · 98% 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: $30,127
• − Mortgage interest: −$15,628
• − Property taxes: −$4,185
• − Insurance: −$2,192
• − Repairs & maintenance: −$2,410
• − Management: −$2,410
• − HOA: −$1,416
• − Depreciation: −$8,116
• Taxable loss: −$6,231
• Est. tax savings @ 24.0%: +$1,495
• After-tax cash flow: $-55/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.

Condition & rehab AI · 6 photos

Good 80/100 Cosmetic rehab

This modern townhouse is in excellent condition with minimal repairs needed. It offers a spacious layout, quartz countertops, and RevWood Select Plank flooring, making it move-in ready for both resale and rental.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace window treatments — Freshens look and improves energy efficiency
• Both Install smart home devices — Enhances convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace window treatments — Freshens look and improves energy efficiency ↑
• Both Install smart home devices — Enhances convenience and marketability ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-1.6% since first listed

5 events — show timeline

• 2026-05-21 Listed $279,000 SCMLS
• 2026-05-20 Price Changed $279,000 Zillow
• 2026-05-06 Listing Removed — SCMLS
• 2026-03-25 Listed $283,395 SCMLS
• 2026-03-24 Listed $283,395 Zillow