1700 S Merrimac Dr · Merritt Island, FL 32952

$354,900

3 bd · 2.0 ba · 1,558 sqft · SingleFamily public records · 39 Days on market

Built 1967 9,148 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 +16.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• 1% rule +3.7/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICE REDUCED BY 10K. .. . MAKE ME MOVE!!! Amazing home on a corner lot in a quiet neighborhood. This home has a brand new roof w/ 50 year transferable warranty, A/C, landscaping w/ St. Augustine sod, & irrigation system. Updated kitchen (granite countertops), bathrooms, and flooring. The wrap around front & back porches, formal living room and Florida room, make this house perfect for entertaining. New 100' rock driveway extension can fit up to a 26' boat/RV behind a brand new wooden gate. Auto/manual hurricane shutters on all windows and extra storage in an 8'x 8' shed out back. Located on the northern end of desired Newfound Harbor Dr. , it's minutes from the beach, mainland and Kennedy Space Center. Call to set up your showing TODAY!

Key facts

• Single car parking
• Storm shutters
• Cozy fireplace

Tags

• COZY FIREPLACE
• GAS RANGE
• CORNER LOT
• SINGLE CAR PARKING
• BONUS SPACE FOR BOAT OR RV
• STORM SHUTTERS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $355k.

Deal economics

• At list price, monthly cash flow is $119 ($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 $307k (13.4% below list).
• Recommended offer: $307k (13.4% below list) — sets the bar for 1% rule.

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: Tropical Elementary School (math 60% / reading 64%, grade B, #608 of 2,144 statewide, top 29%, 671 students, 51% FRL); Thomas Jefferson Middle School (math 63% / reading 55%, grade B, #144 of 571 statewide, top 26%, 608 students, 43% FRL); Merritt Island High School (math 32% / reading 55%, grade F, #248 of 667 statewide, top 38%, 1,546 students, 35% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: Rents rising fast (+6.5%/yr); 227 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• This rent runs 36% of the median local income ($103k/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 $2k of loan paydown is wiped out by about $11k 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 39 days — a 3% lower offer ($344k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y 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 $215k; list at $355k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $307,379 (13.4% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
7. 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.
8. 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.
9. 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: 0.87% ✗
• Cap rate: 6.92%
• Cash-on-cash: 2.24%
• DSCR: 1.10
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.53% rent growth · sell at horizon

5-year hold

• IRR: -10.3%
• Equity multiple: 0.61×
• Total profit: $-38,648
• Equity at exit: $52,917

10-year hold

• IRR: 3.1%
• Equity multiple: 1.26×
• Total profit: $25,843
• Equity at exit: $30,685

Cash invested: $99,372 (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 32952

• Rents YoY: 6.5%
• Active inventory: 227
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $3,074 high
• Mortgage (P&I): −$1,861
• Tax from tax record: −$234 /mo · $2,802/yr
• Insurance: −$148
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$645
• Net cashflow: $119

Break-even live

Break-even rent $2,923

Max offer price $354,900

Occupancy floor 91%

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: $88,725
• Closing costs: $10,647
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1160 Altman Dr Unit 1512885P Merritt Island, FL	3.0	2.0	1076	$3,641	$3.38	18d	1	0.69mi
250 S Sykes Creek Pkwy Unit B510 Merritt Island, FL	2.0	2.0	1660	$2,600	$1.57	23d	1	1.15mi
1555 S Banana River Dr Merritt Island, FL	3.0	2.0	1160	$3,300	$2.84	23d	1	1.18mi
200 S Sykes Creek Pkwy #702 Merritt Island, FL	2.0	2.0	1307	$2,390	$1.83	23d	1	1.21mi
540 Albatross St Merritt Island, FL	4.0	2.0	1828	$3,950	$2.16	13d	1	1.31mi
701 Pilot Ln Unit 1499904P Merritt Island, FL	2.0	2.0	1323	$3,978	$3.01	21d	1	1.31mi
735 Pilot Ln #507 Merritt Island, FL	2.0	2.0	1711	$2,800	$1.64	14d	1	1.34mi
735 Pilot Ln #1009 Merritt Island, FL	2.0	2.0	1334	$2,850	$2.14	23d	1	1.35mi
735 Pilot Ln #503 Merritt Island, FL	2.0	2.0	1334	$2,700	$2.02	23d	1	1.36mi
735 Pilot Ln #414 Merritt Island, FL	3.0	3.5	1715	$3,300	$1.92	23d	1	1.38mi

Listing history 13 events

1. 2026-04-27
   status Pending
2. 2026-03-19
   listed $354,900 Active
3. 2018-12-14
   soldstatus $215,000 758-char remark

   Show marketing remark (758 chars)

   PRICE REDUCED BY 10K. .. . MAKE ME MOVE!!! Amazing home on a corner lot in a quiet neighborhood. This home has a brand new roof w/ 50 year transferable warranty, A/C, landscaping w/ St. Augustine sod, & irrigation system. Updated kitchen (granite countertops), bathrooms, and flooring. The wrap around front & back porches, formal living room and Florida room, make this house perfect for entertaining. New 100' rock driveway extension can fit up to a 26' boat/RV behind a brand new wooden gate. Auto/manual hurricane shutters on all windows and extra storage in an 8'x 8' shed out back. Located on the northern end of desired Newfound Harbor Dr. , it's minutes from the beach, mainland and Kennedy Space Center. Call to set up your showing TODAY!

4. 2018-12-14
   soldstatus $215,000

   Show marketing remark (758 chars)

   PRICE REDUCED BY 10K. .. . MAKE ME MOVE!!! Amazing home on a corner lot in a quiet neighborhood. This home has a brand new roof w/ 50 year transferable warranty, A/C, landscaping w/ St. Augustine sod, & irrigation system. Updated kitchen (granite countertops), bathrooms, and flooring. The wrap around front & back porches, formal living room and Florida room, make this house perfect for entertaining. New 100' rock driveway extension can fit up to a 26' boat/RV behind a brand new wooden gate. Auto/manual hurricane shutters on all windows and extra storage in an 8'x 8' shed out back. Located on the northern end of desired Newfound Harbor Dr. , it's minutes from the beach, mainland and Kennedy Space Center. Call to set up your showing TODAY!

5. 2018-07-26
   listed $215,000 758-char remark

   Show marketing remark (758 chars)

   PRICE REDUCED BY 10K. .. . MAKE ME MOVE!!! Amazing home on a corner lot in a quiet neighborhood. This home has a brand new roof w/ 50 year transferable warranty, A/C, landscaping w/ St. Augustine sod, & irrigation system. Updated kitchen (granite countertops), bathrooms, and flooring. The wrap around front & back porches, formal living room and Florida room, make this house perfect for entertaining. New 100' rock driveway extension can fit up to a 26' boat/RV behind a brand new wooden gate. Auto/manual hurricane shutters on all windows and extra storage in an 8'x 8' shed out back. Located on the northern end of desired Newfound Harbor Dr. , it's minutes from the beach, mainland and Kennedy Space Center. Call to set up your showing TODAY!

6. 2014-08-22
   soldstatus $135,000
7. 2014-08-07
   soldstatus $135,000 516-char remark

   Show marketing remark (516 chars)

   Don't miss this one! Immaculate and recently updated to include newer appliances. Large, serene fenced back yard with large screened in patio both in the back and the front. Travertine tile in kitchen and living areas and carpeting in the bedrooms. Dual glazed windows, new high end ceiling fans throughout, hurricane shutters, jetted Jacuzzi, natural gas, updated electrical box, copper wiring and much more! All located in a well-established, quite neighborhood with A+ schools. It won't last long, come see today!

8. 2014-06-01
   listed $134,900 516-char remark

   Show marketing remark (516 chars)

   Don't miss this one! Immaculate and recently updated to include newer appliances. Large, serene fenced back yard with large screened in patio both in the back and the front. Travertine tile in kitchen and living areas and carpeting in the bedrooms. Dual glazed windows, new high end ceiling fans throughout, hurricane shutters, jetted Jacuzzi, natural gas, updated electrical box, copper wiring and much more! All located in a well-established, quite neighborhood with A+ schools. It won't last long, come see today!

9. 2013-09-13
   historical
10. 2013-09-12
    listed $100,000
11. 2013-06-19
    soldstatus $40,000
12. 2013-05-01
    listed $40,000
13. 1974-04-01
    soldstatus $25,500

ⓘ 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: $2,802 · $234/mo
• Projected year-2 tax: $2,946 · $245/mo
• Expected delta: +$144/yr (+$12/mo · 5.1%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 23 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: $36,885
• − Mortgage interest: −$19,880
• − Property taxes: −$2,802
• − Insurance: −$2,572
• − Repairs & maintenance: −$2,951
• − Management: −$2,951
• − Depreciation: −$10,324
• Taxable loss: −$4,595
• Est. tax savings @ 24.0%: +$1,103
• After-tax cash flow: $2,534/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

• Census place: Merritt Island, FL
• County: Brevard County · 602,871 people
• City population: 24,834
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 21,613
• Household income: $102,726
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 199.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 6% Asian 2% Black 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 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: ▼ -177.56%
• Current HPI: 323.6021
• Rent YoY: ▲ 6.53%
• 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

+1291.8% since first listed

13 events — show timeline

• 2026-04-27 Pending — SCMLS
• 2026-03-19 Listed $354,900 SCMLS
• 2018-12-14 Sold (Public Records) $215,000 Public Records
• 2018-12-14 Sold (MLS) $215,000 SCMLS
• 2018-07-26 Listed $215,000 SCMLS
• 2014-08-22 Sold (Public Records) $135,000 Public Records
• 2014-08-07 Sold (MLS) $135,000 SCMLS
• 2014-06-01 Listed $134,900 SCMLS
• 2013-09-13 Listing Removed — SCMLS
• 2013-09-12 Listed $100,000 SCMLS
• 2013-06-19 Sold (MLS) $40,000 SCMLS
• 2013-05-01 Listed $40,000 SCMLS
• 1974-04-01 Sold (Public Records) $25,500 Public Records

Property tax history

+7.3%/yr

Latest (2025): $2,802 · +7.6% YoY. Source: county tax records.