1644 Garabaldi Cir SE

Palm Bay, FL 32909

$432,125D-

5 bd · 3.0 ba · 2,601 sqft · Built 2026 · SingleFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,628/mo
• Mortgage (P&I): −$2,266
• Tax + insurance: −$720
• HOA: −$0
• Vac / Maint / Mgmt: −$552
• Net cashflow: $-910/mo
• Annual: $-10,924/yr
• Cap rate: 3.77%
• Cash-on-cash: -9.03%
• DSCR: 0.60
• 1% rule: 0.61%
• Cash to close: $120,995

Investor read

• This is a 5-bed/3.0-bath single-family listed at $432k.
• At list price, monthly cash flow is $-910 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $300k (30.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $263k (39.2% below list).
• It's been on market 18 days — a 2% lower offer ($426k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $263k (39.2% below list) — sets the bar for 1% rule.
• In year one you build about $46k of equity ($3k loan paydown + $43k appreciation (10.0% local appreciation)).
• Location reads 72/100 on livability (#366 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment 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.
• Market conditions: Rents rising (+3.7%/yr); 1111 active listings in the ZIP; 11 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).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$74k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 5→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 39% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.