325 Tangle Run Blvd #1116 · Merritt Island, FL 32940

$159,000

2 bd · 2.0 ba · 1,478 sqft · Condo public records · 37 Days on market

Built 1981 $525/mo HOA · 25% of rent

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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 +19.7/30.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• Appreciation +5.2/10.0
• Schools +4.7/10.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0

Listing remarks

You don't want to miss this spacious condo located in the heart of Suntree! Whether you are looking for a primary residence, a winter getaway, or an excellent investment opportunity, this property is a perfect fit. The home features an open-concept living area with a built-in wet bar that overlooks a private patio, making it ideal for indoor/outdoor entertaining. It includes two generously sized bedrooms and two full bathrooms, with a large walk-in closet in the primary suite. Assigned parking space and private storage locker included. You can truly relax here, as the HOA covers lawn care, trash, pest control, and the water/sewer bill. The location is unbeatable--situated close to excellent

Key facts

• Hoa covers lawn care
• Private patio
• Built-in wet bar

Tags

• OPEN-CONCEPT LIVING AREA
• BUILT-IN WET BAR
• PRIVATE PATIO
• ASSIGNED PARKING SPACE
• PRIVATE STORAGE LOCKER
• HOA COVERS LAWN CARE

Property features AI

Finance

• HOA & community: Condo association with monthly fee of $525; Association fee covers grounds maintenance, pest control, sewer, trash and water; Pets allowed

Exterior

• Parking: Assigned parking in parking lot
• Utilities: Public sewer; Cable available; Electricity available; Sewer available; Water available
• Home design: Condominium; One level; Entry on level 1; Faces east; 3-story building
• Construction: Block construction
• Exterior features: Patio; Few trees on the lot

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Unfurnished unit; Patio
• Laundry & utility: In-unit washer; In-unit dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $159k.

Deal economics

• At list price, monthly cash flow is $187 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $154k (3.0% 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: Suntree Elementary School (math 80% / reading 80%, grade A+, #110 of 2,144 statewide, top 5%, 600 students, 23% FRL); Delaura Middle School (math 74% / reading 70%, grade A, #52 of 571 statewide, top 10%, 843 students, 21% FRL); Viera High School (math 58% / reading 71%, grade B-, #78 of 667 statewide, top 13%, 2,289 students, 15% FRL) — zoned schools average 19% FRL vs 43% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 72% at this address vs 55% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Brevard average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.0%/yr); 583 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($1k loan paydown + $641 appreciation (0.4% local appreciation)).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (0.4% appreciation + 2.0% rent growth), your $45k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $110k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $154,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.34% ✓
• Cap rate: 7.71%
• Cash-on-cash: 5.05%
• DSCR: 1.22
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.4% appreciation · 1.96% rent growth · sell at horizon

5-year hold

• IRR: 3.9%
• Equity multiple: 1.19×
• Total profit: $8,391
• Equity at exit: $49,400

10-year hold

• IRR: 8.0%
• Equity multiple: 1.88×
• Total profit: $39,275
• Equity at exit: $62,025

Cash invested: $44,520 (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 32940

• Home prices YoY: 0.1%
• Rents YoY: 2.0%
• Active inventory: 583
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,134 high
• Mortgage (P&I): −$834
• Tax from tax record: −$73 /mo · $880/yr
• Insurance: −$66
• HOA: −$525
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $187

Break-even live

Break-even rent $1,897

Max offer price $159,000

Occupancy floor 86%

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
216 Country Club Dr Melbourne, FL	3.0	2.0	1749	$2,295	$1.31	21d	1	0.45mi
2705 Bosque Cir Melbourne, FL	1.0–3.0	1.0–2.0	1044	$1,998	$1.91	14d	18	0.77mi
2745 Bosque Cir Unit 307 Melbourne, FL	3.0	2.0	1305	$2,245	$1.72	23d	1	0.81mi
2750 Bosque Cir Unit 304 Melbourne, FL	2.0	2.0	1046	$1,825	$1.74	23d	1	0.87mi
2760 Bosque Cir Unit 307 Melbourne, FL	3.0	2.0	1305	$2,225	$1.70	23d	1	0.91mi
201 Plantation Club Dr Melbourne, FL	1.0–2.0	1.0–2.0	1025	$1,870	$1.82	13d	10	1.13mi
7667 N Wickham Rd Melbourne, FL	1.0–2.0	1.0–2.0	915	$1,750	$1.91	14d	2	1.26mi
640 Casa Grande Dr Melbourne, FL	3.0	2.0	1160	$2,200	$1.90	23d	1	1.28mi

HOA detail condo

• Monthly dues: $525 · $6,300/yr
• Likely covers: watersewertrashlandscapingparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $159,000 Active 37 DOM
2. 2026-06-17
   days on market $159,000 Active 36 DOM
3. 2026-06-16
   days on market $159,000 Active 35 DOM
4. 2026-06-15
   days on market $159,000 Active 34 DOM
5. 2026-06-14
   days on market $159,000 Active 32 DOM
6. 2026-06-10
   days on market $159,000 Active 29 DOM
7. 2026-06-08
   days on market $159,000 Active 27 DOM
8. 2026-06-07
   days on market $159,000 Active 26 DOM
9. 2026-06-05
   days on market $159,000 Active 23 DOM
10. 2026-06-03
    days on market $159,000 Active 22 DOM
11. 2026-06-02
    days on market $159,000 Active 21 DOM
12. 2026-06-01
    days on market $159,000 Active 20 DOM
13. 2026-05-31
    days on market $159,000 Active 19 DOM
14. 2026-05-31
    days on market $159,000 Active 18 DOM
15. 2026-05-12
    listed $159,000 Active
16. 2004-05-17
    soldstatus $110,000
17. 1998-11-19
    soldstatus $65,300
18. 1997-12-23
    soldstatus $65,900
19. 1981-07-01
    soldstatus $1,676,000

ⓘ 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: $880 · $73/mo
• Projected year-2 tax: $1,320 · $110/mo
• Expected delta: +$440/yr (+$37/mo · 50.0%)

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

Taxation est. · year 1

• Rental income: $25,607
• − Mortgage interest: −$8,906
• − Property taxes: −$880
• − Insurance: −$795
• − Repairs & maintenance: −$2,049
• − Management: −$2,049
• − HOA: −$6,300
• − Depreciation: −$4,625
• Taxable income: $3
• Est. tax owed @ 24.0%: −$1
• After-tax cash flow: $2,248/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

• County: Brevard County · 602,871 people
• City population: 46,372
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 51,727
• Household income: $110,495
• Rent vs Own: 15.8% rent · 84.2% own
• Severe rent burden: 873.0

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 10% Two or more races 9% Asian 5% Black 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 1%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 11% · Canada, Jamaica, China
• Languages at home: 88% English-only · Spanish 6% Other Indo-European 2% German/W. Germanic 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: ▲ 0.40%
• Current HPI: 298.1023
• Rent YoY: ▲ 1.96%
• 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

-90.5% since first listed

5 events — show timeline

• 2026-05-12 Listed $159,000 SCMLS
• 2004-05-17 Sold (Public Records) $110,000 Public Records
• 1998-11-19 Sold (Public Records) $65,300 Public Records
• 1997-12-23 Sold (Public Records) $65,900 Public Records
• 1981-07-01 Sold (Public Records) $1,676,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $880 · +16.4% YoY. Source: county tax records.