None · West Melbourne, FL 32904

$450,000

6 bd · 4.0 ba · 2,378 sqft · MultiFamily public records · 104 Days on market

Built 1973 0.31 ac lot ↓ 3% since listing

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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 +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +4.7/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Triplex in very convenient area walking distance to bus and major roadway. Quiet mixed residential area on a low traffic loop. This is a corner lot with many nice shady trees and small areas in back for the private use of tenants. Updates needed. Unit 3 needs total renovation. Each unit has 2 bedrooms and one bath. City water and electric meters are separate for each unit. The units have a front and back door and their own water heater and central air unit. This Property has delayed maintenance issues and will require one unit to be renovated.

Key facts

• Shady trees
• Own water heater
• Central air unit

Tags

• CORNER LOT
• SHADY TREES
• SEPARATE ELECTRIC METERS
• OWN WATER HEATER
• CENTRAL AIR UNIT

Property features AI

Finance

• Financial info: Owner responsible for grounds care and taxes

Exterior

• Parking: Off-street parking for 3 vehicles
• Utilities: Public sewer; Water available; Electricity available; Cable available; Sewer connected
• Home design: Triplex; Single-story; Faces northwest; One building
• Construction: Block and stucco construction; Shingle roof; Built as a single-story building
• Exterior features: Few trees on the lot; City street frontage; Asphalt road surface

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Six bedrooms total (across the property)
• Flooring: Tile flooring
• Bathrooms: Three full bathrooms total
• Heating & cooling: Central heating (electric) with separate meters; Central air conditioning (electric) with separate meters
• Interior features: Accessible entrance; Multi-family use; One-level layout; Three separate units (total of 3 units); Unfurnished
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $354/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• Recommended offer: $410k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 82/100 on livability (#73 in FL, #1,214 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A; Watch: commute D+, amenities F.
• 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: University Park Elementary School (math 22% / reading 32%, grade F, #1,969 of 2,144 statewide, top 94%, 484 students, 76% FRL); Stone Magnet Middle School (math 33% / reading 35%, grade F, #426 of 571 statewide, top 75%, 670 students, 69% FRL); Melbourne Senior High School (math 43% / reading 57%, grade D+, #175 of 667 statewide, top 27%, 2,249 students, 31% FRL) — zoned schools average 59% FRL vs 43% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 37% 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.
• Market conditions: Rents soft (-0.3%/yr); 304 active listings in the ZIP; solid renter incomes; 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• At $5,044/mo this rent would consume 67% of the median local household income ($91k/yr) (locally 597% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k 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 104 days — a 9% lower offer ($410k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $88k; list at $450k implies a 411% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: 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 $409,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
8. 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.
9. 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.
10. 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: 1.12% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.11%
• DSCR: 1.45
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.84×
• Total profit: $-20,141
• Equity at exit: $67,096

10-year hold

• IRR: 1.6%
• Equity multiple: 1.10×
• Total profit: $12,223
• Equity at exit: $38,908

Cash invested: $126,000 (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 32904

• Rents YoY: -0.3%
• Active inventory: 304
• Price-to-rent: 22.3×

Monthly cashflow live

• Estimated rent: $5,044 high
• Mortgage (P&I): −$2,360
• Tax from tax record: −$376 /mo · $4,513/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,059
• Net cashflow: $1,061

Break-even live

Break-even rent $3,701

Max offer price $450,000

Occupancy floor 74%

Sensitivity live

Price	-10% $1,316	-5% $1,189	+0% $1,061	+5% $934	+10% $807
Rent	-10% $663	-5% $862	+0% $1,061	+5% $1,261	+10% $1,460
Rate	-1.0pp $1,288	-0.5pp $1,176	base $1,061	+0.5pp $945	+1.0pp $826

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,043
Total (3 units)			$5,044

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $450,000 Active 104 DOM
2. 2026-06-17
   days on market $450,000 Active 103 DOM
3. 2026-06-16
   days on market $450,000 Active 102 DOM
4. 2026-06-15
   days on market $450,000 Active 101 DOM
5. 2026-06-14
   days on market $450,000 Active 99 DOM
6. 2026-06-10
   days on market $450,000 Active 96 DOM
7. 2026-06-08
   days on market $450,000 Active 94 DOM
8. 2026-06-07
   days on market $450,000 Active 93 DOM
9. 2026-06-05
   days on market $450,000 Active 90 DOM
10. 2026-06-03
    days on market $450,000 Active 89 DOM
11. 2026-06-02
    days on market $450,000 Active 88 DOM
12. 2026-06-01
    days on market $450,000 Active 87 DOM
13. 2026-05-31
    days on market $450,000 Active 86 DOM
14. 2026-05-31
    days on market $450,000 Active 85 DOM
15. 2026-03-06
    listed $450,000 Active
16. 1999-09-07
    soldstatus $88,000
17. 1985-04-01
    soldstatus $96,900
18. 1977-11-01
    soldstatus $44,500
19. 1974-02-01
    soldstatus $466,000

ⓘ 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: $4,513 · $376/mo
• Projected year-2 tax: $4,513 · $376/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $60,528
• − Mortgage interest: −$25,207
• − Property taxes: −$4,513
• − Insurance: −$2,250
• − Repairs & maintenance: −$4,842
• − Management: −$4,842
• − Depreciation: −$13,091
• Taxable income: $5,783
• Est. tax owed @ 24.0%: −$1,388
• After-tax cash flow: $11,348/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 — West Melbourne

• Score: 82/100
• State rank: #73
• US rank: #1214

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Melbourne, FL
• County: Brevard County · 602,871 people
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 37,241
• Household income: $90,673
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 597.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 14% Two or more races 10% Asian 5% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 10% · Canada, China, Vietnam
• Languages at home: 84% English-only · Spanish 8% Other Indo-European 2% Chinese 2%

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: ▼ -195.98%
• Current HPI: 304.2546
• Rent YoY: ▼ -0.32%
• 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

-3.4% since first listed

5 events — show timeline

• 2026-03-06 Listed $450,000 SCMLS
• 1999-09-07 Sold (Public Records) $88,000 Public Records
• 1985-04-01 Sold (Public Records) $96,900 Public Records
• 1977-11-01 Sold (Public Records) $44,500 Public Records
• 1974-02-01 Sold (Public Records) $466,000 Public Records

Property tax history

+7.8%/yr

Latest (2025): $4,513 · +15.6% YoY. Source: county tax records.