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West Melbourne, FL 32904

$450,000C+

6 bd · 4.0 ba · 2,378 sqft · Built 1973 · MultiFamily · Active · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,044/mo
• Mortgage (P&I): −$2,360
• Tax + insurance: −$564
• HOA: −$0
• Vac / Maint / Mgmt: −$1,059
• Net cashflow: $1,061/mo
• Annual: $12,736/yr
• Cap rate: 9.12%
• Cash-on-cash: 10.11%
• DSCR: 1.45
• 1% rule: 1.12%
• Cash to close: $126,000

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $450k.
• 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).
• It's been on market 104 days — a 9% lower offer ($410k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $410k (9.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $88k; list at $450k implies a 411% gain — meaningful room to come down on a strong offer.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.