424 Warren St Unit CO228 · North Merritt Island, FL 32952

$79,900

3 bd · 2.0 ba · 896 sqft · SingleFamily · 102 Days on market

Built 2026 Excellent condition $89/sqft · 63% below area

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• Condition / age +5.0/5.0
• Rent growth +4.1/5.0
• Livability +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Brand New Home in Merritt Island, FL - Buy Now and Receive 5% OFF! Don't miss this limited-time opportunity to save on your new home! Buy now and receive 5% OFF on this beautiful brand-new 3-bedroom, 2-bathroom home. This thoughtfully designed 896 sq. ft. home features an open-concept floor plan where the living room flows seamlessly into the kitchen, creating a bright and inviting space perfect for everyday living and entertaining. The primary bedroom offers a private ensuite bathroom and spacious closet, while the additional bedrooms provide flexible options for a home office, gym, guest room, kids' room, or extra storage.

Key facts

• Built 2026
• Listed 101 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $80k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.
• Cap rate 22.7% vs local median 3.2% in North Merritt Island — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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: Lewis Carroll Elementary School (math 72% / reading 70%, grade A-, #320 of 2,144 statewide, top 15%, 626 students, 38% 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 39% FRL track the district average.
• Market conditions: Rents rising fast (+6.5%/yr); 263 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.

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 $72,709 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
6. 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.
7. 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: 2.61% ✓
• Cap rate: 22.74%
• Cash-on-cash: 58.74%
• DSCR: 3.61
• GRM: 3.2

CMA / ARV

• ARV (median comp): $217,163
• List price: $79,900
• Delta: -63.21%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
375 Baker Rd	0.22mi	2/2.0 (-1)	800 (-11%)	9mo	$40,000	$50	59
335 Saint Charles Ave	0.19mi	3/2.0	1,152 (+29%)	47mo	$214,000	$186	46
330 Creole Dr	0.16mi	2/2.0 (-1)	1,152 (+29%)	31mo	$145,000	$126	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 57.6%
• Equity multiple: 3.70×
• Total profit: $60,302
• Equity at exit: $11,913

10-year hold

• IRR: 63.8%
• Equity multiple: 8.64×
• Total profit: $170,995
• Equity at exit: $6,908

Cash invested: $22,372 (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 →

Active competition Active MLS

• For sale now: 12 active · 1 under contract
• Median asking: $49,900 ($56/sqft)
• Median days on market: 362 d
• This list price: 75% of active listings are priced below it
• ARV vs active asking: +335.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 32952

• Rents YoY: 6.5%
• Active inventory: 263
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $2,085 medium
• Mortgage (P&I): −$419
• Tax est. 1.5%: −$100 /mo · $1,198/yr
• Insurance: −$33
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $1,029

Break-even live

Break-even rent $783

Max offer price $79,900

Occupancy floor 46%

Sensitivity live

Price	-10% $1,084	-5% $1,056	+0% $1,029	+5% $1,001	+10% $973
Rent	-10% $864	-5% $946	+0% $1,029	+5% $1,111	+10% $1,193
Rate	-1.0pp $1,069	-0.5pp $1,049	base $1,029	+0.5pp $1,008	+1.0pp $987

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: $19,975
• Closing costs: $2,397
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6876 Marilane Merritt Island, FL	2.0	2.0	840	$1,300	$1.55	72d	5	0.07mi

Property features AI

Finance

• Financial info: List price: $79,900

Exterior

• Utilities: Electric heating and power availableCentral air conditioning
• Home design: Spec inventory (The Cypress Trail plan)
• Construction: Built as part of The Cypress Trail plan
• Exterior features: Address: 424 Warren St Unit CO228, Merritt Island, FL 32952

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric forced-air heatingCentral air conditioning
• Interior features: Living area: 896

Listing history 45 events

1. 2026-08-08
   days on market $79,900 Active 102 DOM
2. 2026-08-07
   days on market $79,900 Active 101 DOM
3. 2026-08-06
   days on market $79,900 Active 100 DOM
4. 2026-08-05
   days on market $79,900 Active 99 DOM
5. 2026-08-03
   days on market $79,900 Active 97 DOM
6. 2026-07-31
   days on market $79,900 Active 94 DOM
7. 2026-07-29
   days on market $79,900 Active 92 DOM
8. 2026-07-25
   remarks 699-char remark
9. 2026-07-25
   days on market $79,900 Active 88 DOM
10. 2026-07-23
    days on market $79,900 Active 86 DOM
11. 2026-07-22
    days on market $79,900 Active 85 DOM
12. 2026-07-21
    days on market $79,900 Active 84 DOM
13. 2026-07-18
    days on market $79,900 Active 81 DOM
14. 2026-07-16
    days on market $79,900 Active 78 DOM
15. 2026-07-14
    days on market $79,900 Active 77 DOM
16. 2026-07-12
    days on market $79,900 Active 75 DOM
17. 2026-07-11
    days on market $79,900 Active 74 DOM
18. 2026-07-10
    days on market $79,900 Active 73 DOM
19. 2026-07-09
    days on market $79,900 Active 72 DOM
20. 2026-07-07
    days on market $79,900 Active 70 DOM
21. 2026-07-05
    days on market $79,900 Active 68 DOM
22. 2026-07-04
    days on market $79,900 Active 67 DOM
23. 2026-07-03
    days on market $79,900 Active 66 DOM
24. 2026-07-02
    days on market $79,900 Active 65 DOM
25. 2026-07-01
    days on market $79,900 Active 64 DOM
26. 2026-06-30
    days on market $79,900 Active 63 DOM
27. 2026-06-29
    days on market $79,900 Active 62 DOM
28. 2026-06-28
    days on market $79,900 Active 61 DOM
29. 2026-06-28
    days on market $79,900 Active 60 DOM
30. 2026-06-27
    days on market $79,900 Active 59 DOM
31. 2026-06-25
    days on market $79,900 Active 57 DOM
32. 2026-06-22
    days on market $79,900 Active 54 DOM
33. 2026-06-18
    days on market $79,900 Active 51 DOM
34. 2026-06-17
    days on market $79,900 Active 50 DOM
35. 2026-06-16
    days on market $79,900 Active 49 DOM
36. 2026-06-15
    days on market $79,900 Active 48 DOM
37. 2026-06-14
    days on market $79,900 Active 46 DOM
38. 2026-06-10
    days on market $79,900 Active 43 DOM
39. 2026-06-08
    days on market $79,900 Active 41 DOM
40. 2026-06-07
    days on market $79,900 Active 40 DOM
41. 2026-06-05
    days on market $79,900 Active 37 DOM
42. 2026-06-03
    days on market $79,900 Active 36 DOM
43. 2026-06-02
    days on market $79,900 Active 35 DOM
44. 2026-06-01
    days on market $79,900 Active 34 DOM
45. 2026-05-31
    days on market $79,900 Active 33 DOM

ⓘ 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 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,021
• − Mortgage interest: −$4,476
• − Property taxes: −$1,198
• − Insurance: −$1,197
• − Repairs & maintenance: −$2,002
• − Management: −$2,002
• − Depreciation: −$2,324
• Taxable income: $11,822
• Est. tax owed @ 24.0%: −$2,837
• After-tax cash flow: $9,505/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.

Condition & rehab AI · 2 photos

Excellent 100/100 None rehab

This brand new home in Merritt Island, FL is move-in ready with excellent condition and no visible repairs needed. It offers a great opportunity for investors looking to maximize both resale and rental value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can increase both resale and rental value. ↑
• Both Adding smart home features — Modern technology can increase both resale and rental appeal. ↑
• Resale Upgrading the kitchen appliances — Modern appliances can significantly boost resale value. ↑
• Resale Upgrading the bathrooms with modern fixtures — Modern bathrooms can significantly boost resale value. ↑
• Rental Adding a smart thermostat — Smart thermostats can reduce energy costs and attract renters. ↑
• Both Adding a smart lock system — A smart lock system enhances security and can increase both resale and rental value. ↑

D Composite school gradezoned avg 58/100

Zoned Schools

Elementary Lewis Carroll Elementary School A- FL #320/2,144 Nat'l #3,228/41,679 Middle Thomas Jefferson Middle School B FL #144/571 Nat'l #1,951/14,009 High Merritt Island High School F FL #248/667 Nat'l #7,376/17,239

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 — North Merritt Island

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: North Merritt Island, FL
• County: Brevard County · 623,254 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: 16% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Financial info: List price: $79,900

Exterior

• Utilities: Electric heating and power availableCentral air conditioning
• Home design: Spec inventory (The Cypress Trail plan)
• Construction: Built as part of The Cypress Trail plan
• Exterior features: Address: 424 Warren St Unit CO228, Merritt Island, FL 32952

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric forced-air heatingCentral air conditioning
• Interior features: Living area: 896