1623 San Filippo Dr SE · Palm Bay, FL 32909

$349,000

4 bd · 2.0 ba · 1,828 sqft · Land · 171 Days on market

Built 2026 10,019 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.2/30.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +0.5/10.0

Listing remarks MLS

Perfect City Water lot to build your dream home on! Located in a great location near schools, restaurants and shopping. Drive by and see the lot today!

Key facts

• Natural light
• Large island
• Breakfast bar

Tags

• OPEN-CONCEPT LAYOUT
• NATURAL LIGHT
• STAINLESS-STEEL APPLIANCES
• WALK-IN PANTRY
• LARGE ISLAND
• BREAKFAST BAR

Property features AI

Exterior

• Parking: Attached 2-car garage
• Security: Smoke detector(s)
• Utilities: Aerobic septic; Other utilities; Thermostat (energy-efficient feature noted)
• Home design: Single Family Residence; One story; North-facing; New construction
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Porch; Storm shutters; Smoke detector(s)

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 4 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Eat-in kitchen; Entrance foyer; Kitchen island; Pantry; Smart thermostat; Split bedroom layout; Walk-in closet(s)
• Laundry & utility: Unfurnished (no built-in laundry listed)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $349k.

Deal economics

• At list price, monthly cash flow is $-636 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $257k (26.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (35.6% below list).
• Recommended offer: $225k (35.6% 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: employment D+, amenities 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: Port Malabar Elementary School (math 48% / reading 58%, grade C, #963 of 2,144 statewide, top 45%, 640 students, 68% FRL); Southwest Middle School (math 40% / reading 39%, grade F, #373 of 571 statewide, top 66%, 920 students, 58% FRL); Bayside High School (math 27% / reading 40%, grade F, #400 of 667 statewide, top 61%, 1,854 students, 51% 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 42% at this address vs 55% district-wide (-13 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.7%/yr); 1111 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 34% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $37k of equity ($2k loan paydown + $35k appreciation (10.0% local appreciation)).
• 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 ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 171 days — a 12% lower offer ($307k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $45k; list at $349k implies a 676% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $224,805 (35.6% below list)

Questions for the listing agent

1. 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?
2. It's been on market 171 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.64% ✗
• Cap rate: 4.11%
• Cash-on-cash: -7.81%
• DSCR: 0.65
• GRM: 12.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.67% rent growth · sell at horizon

5-year hold

• IRR: 18.9%
• Equity multiple: 2.55×
• Total profit: $151,133
• Equity at exit: $314,407

10-year hold

• IRR: 17.7%
• Equity multiple: 5.91×
• Total profit: $480,161
• Equity at exit: $678,030

Cash invested: $97,720 (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 32909

• Home prices YoY: 6.0%
• Rents YoY: 3.7%
• Active inventory: 1111
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $2,248 high
• Mortgage (P&I): −$1,830
• Tax est. 1.5%: −$436 /mo · $5,235/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $-636

Break-even live

Break-even rent $3,053

Max offer price $256,984

Occupancy floor —

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2242 Mantilla Ave SE Palm Bay, FL	5.0	2.0	2516	$2,176	$0.86	21d	1	0.30mi
1454 Graves St SE Palm Bay, FL	3.0	2.0	1621	$2,100	$1.30	14d	1	0.40mi
2036 Walsh Ave SE Palm Bay, FL	3.0	2.0	1331	$1,930	$1.45	23d	1	0.45mi
1677 Lizette St SE Unit A Palm Bay, FL	3.0	2.0	2080	$1,900	$0.91	14d	1	0.49mi
1660 Lizette St SE Unit 1 Palm Bay, FL	4.0	2.0	1736	$2,199	$1.27	23d	1	0.49mi
1416 Martinez St SE Palm Bay, FL	3.0	2.0	1747	$2,000	$1.14	14d	1	0.58mi
1406 Martinez St SE Palm Bay, FL	4.0	2.0	2083	$2,100	$1.01	23d	1	0.58mi
1165 Rabbit St SE Palm Bay, FL	3.0	2.0	1994	$1,895	$0.95	19d	1	0.74mi
1674 Waltz St SE Palm Bay, FL	3.0	2.0	1262	$1,831	$1.45	13d	1	0.91mi
1625 Waneta St SE Palm Bay, FL	3.0	2.0	1631	$2,100	$1.29	19d	1	1.02mi
978 Remington Green Dr SE Palm Bay, FL	4.0	2.0	1830	$2,200	$1.20	23d	1	1.14mi
1198 Venus St SE Palm Bay, FL	3.0	2.0	1535	$1,961	$1.28	21d	1	1.18mi
1150 Tiger St SE Palm Bay, FL	3.0	2.0	1690	$1,950	$1.15	14d	1	1.18mi
1530 Paley Cir SE Palm Bay, FL	4.0	2.0	1842	$2,095	$1.14	14d	1	1.22mi
1068 Saint Johns St SE Palm Bay, FL	3.0	2.0	1332	$2,000	$1.50	23d	1	1.24mi
1150 Raoul St SE Palm Bay, FL	4.0	2.0	1787	$2,300	$1.29	23d	1	1.34mi
830 Painesville St SE Palm Bay, FL	3.0	2.0	2029	$2,220	$1.09	13d	1	1.35mi
1418 Paley Cir SE Palm Bay, FL	3.0	2.0	1260	$1,850	$1.47	23d	1	1.39mi
2877 Palisades Dr SE Palm Bay, FL	3.0	2.0	1974	$2,150	$1.09	19d	1	1.39mi
1517 Wacker Ave SE Palm Bay, FL	4.0	2.0	1775	$2,200	$1.24	23d	1	1.42mi
2250 Chinaberry Cir SE Palm Bay, FL	3.0	2.0	1669	$1,995	$1.20	23d	1	1.44mi

Listing history 20 events

1. 2026-06-18
   days on market $349,000 Active 171 DOM
2. 2026-06-17
   days on market $349,000 Active 170 DOM
3. 2026-06-16
   days on market $349,000 Active 169 DOM
4. 2026-06-15
   days on market $349,000 Active 168 DOM
5. 2026-06-14
   days on market $349,000 Active 166 DOM
6. 2026-06-10
   days on market $349,000 Active 163 DOM
7. 2026-06-08
   days on market $349,000 Active 161 DOM
8. 2026-06-07
   days on market $349,000 Active 160 DOM
9. 2026-06-05
   days on market $349,000 Active 157 DOM
10. 2026-06-03
    days on market $349,000 Active 156 DOM
11. 2026-06-02
    days on market $349,000 Active 155 DOM
12. 2026-06-01
    days on market $349,000 Active 154 DOM
13. 2026-05-31
    days on market $349,000 Active 153 DOM
14. 2026-05-31
    days on market $349,000 Active 152 DOM
15. 2026-04-14
    price $349,000
16. 2026-02-03
    price $354,000
17. 2025-12-29
    listed $359,985 Active
18. 2025-08-08
    soldstatus $45,000
19. 2024-03-19
    historical 151-char remark

    Show marketing remark (151 chars)

    Perfect City Water lot to build your dream home on! Located in a great location near schools, restaurants and shopping. Drive by and see the lot today!

20. 2023-09-25
    listed $55,000 Active 151-char remark

    Show marketing remark (151 chars)

    Perfect City Water lot to build your dream home on! Located in a great location near schools, restaurants and shopping. Drive by and see the lot today!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 20 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: $26,977
• − Mortgage interest: −$19,549
• − Property taxes: −$5,235
• − Insurance: −$1,745
• − Repairs & maintenance: −$2,158
• − Management: −$2,158
• − Depreciation: −$10,153
• Taxable loss: −$14,022
• Est. tax savings @ 24.0%: +$3,365
• After-tax cash flow: $-4,266/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): 41,804
• Household income: $79,977
• Rent vs Own: 17.3% rent · 82.7% own
• Severe rent burden: 697.0

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 0.70)
• Race & ethnicity: White 46% Black 21% Hispanic / Latino 20% Two or more races 16% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8% Cuban 5%
• Common ancestry: Hispanic 3% Slovak 2% Lithuanian 2%
• Foreign-born: 17% · Canada, China, Jamaica
• Languages at home: 84% English-only · Spanish 9% French/Haitian/Cajun 4% Chinese 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: ▲ 18.81%
• Current HPI: 330.8595
• Rent YoY: ▲ 3.67%
• 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

+534.5% since first listed

6 events — show timeline

• 2026-04-14 Price Changed $349,000 SCMLS
• 2026-02-03 Price Changed $354,000 SCMLS
• 2025-12-29 Listed $359,985 SCMLS
• 2025-08-08 Sold (Public Records) $45,000 Public Records
• 2024-03-19 Listing Removed — SCMLS
• 2023-09-25 Listed $55,000 SCMLS

Property tax history

+11.9%/yr

Latest (2025): $330 · +9.0% YoY. Source: county tax records.