280 Spring Dr #1 · Merritt Island, FL 32953

$199,999

2 bd · 2.0 ba · 1,037 sqft · Condo public records · 118 Days on market

Built 1988 $265/mo HOA · 12% of rent ↓ 5% since listing

---

Why this score? — see what drove the C- 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 +17.9/30.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• DSCR +5.6/10.0
• Schools +4.7/10.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully updated with effortless coastal charm, this light-filled end unit offers style, and serene lake views. Thoughtfully upgraded and tastefully finished, the open-concept kitchen and great room create an inviting space perfect for relaxing or entertaining. Brand new windows, flooring, bathrooms, kitchen, doors and more!! The spacious primary suite features a walk-in closet and a private en-suite bath, while a second bedroom and full bath provide flexibility for guests, a home office, or both. Step outside to your private screened patio and unwind with peaceful water views -- the perfect spot for morning coffee or evening sunsets. Enjoy resort-style community amenities including a

Key facts

• Lake views
• Open-concept kitchen
• $265 HOA

Tags

• LAKE VIEWS
• OPEN-CONCEPT KITCHEN
• PRIVATE SCREENED PATIO

Property features AI

Finance

• HOA & community: Homeowners association (monthly fee of $265) — association provides grounds maintenance

Exterior

• Parking: Unassigned parking
• Utilities: Public sewer; Water connected; Cable available
• Home design: Condominium; 2 stories total; Faces west; Entry level 1
• Construction: Concrete construction
• Exterior features: Rear screened porch; Private in-ground pool with fence; Pond on the property; Asphalt road access; Lot described as 'Other'

Interior

• Kitchen: Dishwasher; Electric cooktop; Electric oven; Electric range; Refrigerator
• Bedrooms: 2 bedrooms (entry level 1)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Unfurnished; Stacked washer/dryer
• Laundry & utility: Stacked washer and dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#441 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: amenities F, commute 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: Lewis Carroll Elementary School (math 72% / reading 70%, grade A-, #320 of 2,144 statewide, top 15%, 626 students, 38% 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) — zoned schools at 39% FRL track the district average.
• Market conditions: Rents rising (+2.1%/yr); 219 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 30% 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 $1k of loan paydown is wiped out by about $6k 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 118 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate 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 $181,999 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.10% ✓
• Cap rate: 7.29%
• Cash-on-cash: 3.57%
• DSCR: 1.16
• GRM: 7.6

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: -11.7%
• Equity multiple: 0.58×
• Total profit: $-23,573
• Equity at exit: $29,821

10-year hold

• IRR: -3.9%
• Equity multiple: 0.75×
• Total profit: $-14,036
• Equity at exit: $17,292

Cash invested: $56,000 (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: 7.6×

Monthly cashflow live

• Estimated rent: $2,203 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$176 /mo · $2,115/yr
• Insurance: −$83
• HOA: −$265
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $167

Break-even live

Break-even rent $1,992

Max offer price $199,999

Occupancy floor 87%

Sensitivity live

Price	-10% $280	-5% $223	+0% $167	+5% $110	+10% $53
Rent	-10% $-7	-5% $80	+0% $167	+5% $254	+10% $341
Rate	-1.0pp $267	-0.5pp $218	base $167	+0.5pp $115	+1.0pp $62

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Summer Pl #8 Merritt Island, FL	2.0	2.0	1037	$2,500	$2.41	24d	1	0.09mi
437 Via Palermo Ct Merritt Island, FL	3.0	2.0	1375	$2,175	$1.58	24d	1	0.24mi
2610 Via Napoli Ct Merritt Island, FL	3.0	2.0	1123	$2,400	$2.14	15d	1	0.27mi
104 Parrotfish Ln #101 Merritt Island, FL	3.0	2.5	1487	$2,750	$1.85	24d	1	0.41mi
650 Parkside Ave Merritt Island, FL	2.0	2.0	1390	$1,950	$1.40	24d	1	0.44mi
3077 Sea Gate Cir Merritt Island, FL	2.0	2.0	1044	$1,950	$1.87	24d	1	0.67mi
360 Schoolhouse Ln Merritt Island, FL	3.0	2.0	953	$1,500	$1.57	24d	1	1.03mi
10 Bogart Pl Merritt Island, FL	3.0	2.5	1376	$2,350	$1.71	24d	1	1.03mi
48 Bogart Pl Merritt Island, FL	2.0	1.5	1184	$1,800	$1.52	24d	1	1.06mi
43 Bogart Pl Merritt Island, FL	2.0	1.5	1172	$1,875	$1.60	24d	1	1.08mi
1525 Polaris St Merritt Island, FL	3.0	2.0	1462	$2,400	$1.64	15d	1	1.37mi

HOA detail condo

• Monthly dues: $265 · $3,180/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-17
   statusdays on market $199,999 Pending 118 DOM
2. 2026-06-16
   days on market $199,999 Active Under Contract 117 DOM
3. 2026-06-15
   days on market $199,999 Active Under Contract 116 DOM
4. 2026-06-14
   days on market $199,999 Active Under Contract 114 DOM
5. 2026-06-10
   days on market $199,999 Active Under Contract 111 DOM
6. 2026-06-08
   days on market $199,999 Active Under Contract 109 DOM
7. 2026-06-07
   days on market $199,999 Active Under Contract 108 DOM
8. 2026-06-05
   days on market $199,999 Active Under Contract 105 DOM
9. 2026-06-03
   days on market $199,999 Active Under Contract 104 DOM
10. 2026-06-02
    days on market $199,999 Active Under Contract 103 DOM
11. 2026-06-01
    days on market $199,999 Active Under Contract 102 DOM
12. 2026-05-31
    days on market $199,999 Active Under Contract 101 DOM
13. 2026-05-31
    days on market $199,999 Active Under Contract 100 DOM
14. 2026-05-02
    historical Active Under Contract
15. 2026-04-03
    price $199,999
16. 2026-03-17
    price $204,900
17. 2026-02-19
    listed $210,000 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: $2,115 · $176/mo
• Projected year-2 tax: $2,115 · $176/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 44% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $26,432
• − Mortgage interest: −$11,203
• − Property taxes: −$2,115
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,115
• − Management: −$2,115
• − HOA: −$3,180
• − Depreciation: −$5,818
• Taxable loss: −$1,113
• Est. tax savings @ 24.0%: +$267
• After-tax cash flow: $2,268/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 — Merritt Island

• Score: 70/100
• State rank: #441
• US rank: #7878

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merritt Island, FL
• County: Brevard County · 602,871 people
• City population: 46,372
• 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

-4.8% since first listed

4 events — show timeline

• 2026-05-02 Contingent — SCMLS
• 2026-04-03 Price Changed $199,999 SCMLS
• 2026-03-17 Price Changed $204,900 SCMLS
• 2026-02-19 Listed $210,000 SCMLS

Property tax history

+7.0%/yr

Latest (2025): $2,115 · +5.8% YoY. Source: county tax records.