2531 Chatham Way NE · Palm Bay, FL 32905

$169,999

3 bd · 1.0 ba · 672 sqft · Manufactured public records · 16 Days on market

Built 1971 4,356 sqft lot

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Why this score? — see what drove the D+ 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 +16.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• Schools +4.7/10.0
• 1% rule +4.0/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +2.2/10.0

Listing remarks

Minutes to the beach!! Land OWNED, City - Water and Sewer. NO HOA LIMITATIONS! NO HOA HEADACHES! Experience modern living in this beautifully remodeled and completely updated 3-bedroom, 2-bathroom home just minutes from the beach. With NO HOA and ownership of the land, this property offers the perfect blend of style, comfort, and flexibility. One bedroom features a private entrance, creating an excellent opportunity for additional income by renting the room while living in the other two bedrooms. Recent improvements include a newly resealed roof, adding peace of mind for the next owner. Conveniently located near shopping, dining, and coastal attractions, this move-in-ready home is packed wi

Key facts

• No hoa limitations
• No hoa headaches
• Minutes to the beach

Tags

• LAND OWNED
• PRIVATE ENTRANCE
• NEWLY RESEALED ROOF
• NO HOA LIMITATIONS
• NO HOA HEADACHES
• MINUTES TO THE BEACH

Property features AI

Finance

• Other: Pets allowed with no restrictions
• Financial info: No land lease

Exterior

• Parking: Attached carport; Covered parking for 2 vehicles; Total 2 parking spaces
• Utilities: Public water; Public sewer; Sewer and water available
• Home design: Mobile home (modular construction); One story; Faces south; Resale condition
• Construction: Modular construction; Aluminum roof; Owner-reported building area 1,010
• Exterior features: Sidewalks; Cross-fenced yard; Not waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: Three main-level bedrooms
• Flooring: Vinyl flooring
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Central electric heating; Central air conditioning (electric)
• Interior features: No notable built-in interior features listed
• Laundry & utility: Laundry area (other type)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $170k.

Deal economics

• At list price, monthly cash flow is $103 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (10.2% below list).
• Recommended offer: $153k (10.2% below list) — sets the bar for 1% rule.

Location & tenants

• 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 soft (-0.5%/yr); 321 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• This rent runs 32% of the median local income ($56k/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 $5k 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 16 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $110k; list at $170k implies a 55% 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 $152,591 (10.2% below list)

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 7.02%
• Cash-on-cash: 2.59%
• DSCR: 1.12
• GRM: 9.3

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: -15.5%
• Equity multiple: 0.46×
• Total profit: $-25,509
• Equity at exit: $25,347

10-year hold

• IRR: -12.8%
• Equity multiple: 0.35×
• Total profit: $-31,171
• Equity at exit: $14,698

Cash invested: $47,600 (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 32905

• Home prices YoY: -1.8%
• Rents YoY: -0.5%
• Active inventory: 321
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,526 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$141 /mo · $1,687/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $103

Break-even live

Break-even rent $1,396

Max offer price $169,999

Occupancy floor 88%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2522 Amberly Rd NE Palm Bay, FL	2.0	1.0	672	$1,300	$1.93	23d	1	0.06mi
1700 Woodlake Dr NE Palm Bay, FL	1.0–2.0	1.0–2.0	875	$1,500	$1.71	23d	12	1.06mi
1630 Bottlebrush Dr Palm Bay, FL	2.0	1.0	600	$1,495	$2.49	23d	1	1.20mi
3016 Pinewood Dr NE Palm Bay, FL	1.0–2.0	1.0	800	$1,103	$1.38	23d	1	1.44mi

Listing history 11 events

1. 2026-06-18
   days on market $169,999 Active 16 DOM
2. 2026-06-17
   days on market $169,999 Active 15 DOM
3. 2026-06-16
   days on market $169,999 Active 14 DOM
4. 2026-06-15
   days on market $169,999 Active 13 DOM
5. 2026-06-14
   days on market $169,999 Active 11 DOM
6. 2026-06-10
   days on market $169,999 Active 8 DOM
7. 2026-06-08
   days on market $169,999 Active 6 DOM
8. 2026-06-07
   days on market $169,999 Active 5 DOM
9. 2026-06-05
   days on market $169,999 Active 2 DOM
10. 2026-06-03
    remarks 699-char remark
11. 2026-06-03
    listed $169,999 Active 1 DOM

ⓘ 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: $1,687 · $141/mo
• Projected year-2 tax: $1,687 · $141/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°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: $18,311
• − Mortgage interest: −$9,523
• − Property taxes: −$1,687
• − Insurance: −$850
• − Repairs & maintenance: −$1,465
• − Management: −$1,465
• − Depreciation: −$4,945
• Taxable loss: −$1,624
• Est. tax savings @ 24.0%: +$390
• After-tax cash flow: $1,620/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 — Palm Bay

• Score: 72/100
• State rank: #366
• US rank: #6458

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palm Bay, FL
• County: Brevard County · 602,871 people
• City population: 132,211
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 24,792
• Household income: $56,411
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 1962.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 61% Hispanic / Latino 16% Black 16% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4% Cuban 4%
• Common ancestry: Romanian 2% Hispanic 2% Slovak 2%
• Foreign-born: 13% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 12% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -5.59%
• Current HPI: 309.8748
• Rent YoY: ▼ -0.52%
• 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

+1033.3% since first listed

34 events — show timeline

• 2026-05-29 Listed $169,999 Beaches MLS
• 2026-05-17 Listing Removed — Beaches MLS
• 2026-05-04 Listed $169,900 RAIRCMLS
• 2026-03-28 Price Changed $169,900 Beaches MLS
• 2026-01-01 Listed $176,000 Beaches MLS
• 2025-12-24 Listing Removed — SCMLS
• 2025-11-04 Price Changed $176,999 SCMLS
• 2025-10-22 Price Changed $184,000 SCMLS
• 2025-06-24 Listing Removed — MARMLS
• 2025-06-24 Listed $189,000 SCMLS
• 2025-05-31 Listed $189,000 MARMLS
• 2025-05-14 Listing Removed — Beaches MLS
• 2025-05-01 Price Changed $184,000 Beaches MLS
• 2025-05-01 Price Changed $184,000 RAIRCMLS
• 2025-04-07 Price Changed $189,000 Beaches MLS
• 2025-04-06 Price Changed $189,000 RAIRCMLS
• 2025-02-27 Price Changed $195,000 Beaches MLS
• 2025-02-27 Price Changed $195,000 RAIRCMLS
• 2025-02-04 Listed $199,900 RAIRCMLS
• 2025-02-04 Listed $199,900 Beaches MLS
• 2024-07-26 Relisted — SCMLS
• 2024-07-26 Sold (MLS) $110,000 SCMLS
• 2024-07-08 Contingent — SCMLS
• 2024-06-21 Listed $119,900 SCMLS
• 2024-06-21 Listing Removed — SCMLS
• 2024-06-20 Relisted — SCMLS
• 2024-06-19 Listing Removed — SCMLS
• 2024-05-23 Relisted — SCMLS
• 2024-05-18 Contingent — SCMLS
• 2024-05-11 Price Changed $124,900 SCMLS
• 2024-04-30 Price Changed $134,900 SCMLS
• 2024-03-19 Listed $139,900 SCMLS
• 2012-04-05 Sold (Public Records) $24,000 Public Records
• 1982-11-01 Sold (Public Records) $15,000 Public Records

Property tax history

+13.4%/yr

Latest (2025): $1,687 · +77.1% YoY. Source: county tax records.