505 Susan Dr · West Melbourne, FL 32904

$169,900

2 bd · 2.0 ba · 864 sqft · Manufactured public records · 37 Days on market

Built 1985 5,663 sqft lot $2/mo HOA

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Why this score? — see what drove the C 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 +22.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +5.1/10.0
• Schools +4.7/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautiful updated 2/2 nestled in the desirable Hollywood Estates 55+, where you also own the land!!! No expense was spared, with its granite countertop, soft closed cabinets, stainless steel appliances. NEW HVAC, NEW ROOF and New Waterproof Vinyl Plank Flooring throughout the living space. Each bedroom has a walk-in closet & a standard closet for storage. The utility room under your covered screened-in patio stores your washer/dryer & has plenty of space for a workshop. The community has activities to participate in, a pool & a clubhouse that offers RV and boat storage. This home is conveniently located in the heart of Melbourne - close to shopping, dining, the Melbourne Int'l Airport, and is less than 5 miles from the beach. Expect to Be Impressed!

Key facts

• Newer roof
• Walk-in closet
• Soft-close cabinetry

Tags

• GRANITE COUNTERTOPS
• SOFT-CLOSE CABINETRY
• STAINLESS STEEL APPLIANCES
• NEWER HVAC SYSTEM
• NEWER ROOF
• WALK-IN CLOSET

Property features AI

Finance

• Other: Unfurnished; Located in a senior community
• HOA & community: Has homeowners association; Annual association fee: $25; Association includes grounds maintenance; Community amenities: clubhouse, cable TV, RV/boat storage, shuffleboard court, grounds maintenance, developer/full-time/off-site management

Exterior

• Parking: Attached carport (1 space)
• Utilities: Public sewer; Water available; Sewer available; Electricity available; Cable available
• Home design: Manufactured home; One level; Entry level: 1; Faces west
• Construction: Frame and other construction materials; Shingle roof
• Exterior features: Covered front porch; Porch; Wooded lot; Paved road access

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Breakfast nook; Built-in features; Ceiling fans; Primary bathroom with shower (no tub)
• Laundry & utility: Washer hookup; Electric dryer hookup in carport

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $170k.

Deal economics

• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 82/100 on livability (#73 in FL, #1,214 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A; Watch: commute 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.
• Zoned schools: Meadowlane Primary Elementary School (650 students, 47% FRL); Central Middle School (math 50% / reading 48%, grade C-, #265 of 571 statewide, top 48%, 1,127 students, 53% FRL); Melbourne Senior High School (math 43% / reading 57%, grade D+, #175 of 667 statewide, top 27%, 2,249 students, 31% FRL) — zoned schools at 44% FRL track the district average.
• Market conditions: Rents soft (-0.3%/yr); 304 active listings in the ZIP; 12 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).

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 37 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 11y 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 $113k; list at $170k implies a 50% 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 6→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $164,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
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: 1.01% ✓
• Cap rate: 8.23%
• Cash-on-cash: 6.92%
• DSCR: 1.31
• GRM: 8.2

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: -8.9%
• Equity multiple: 0.68×
• Total profit: $-15,127
• Equity at exit: $25,333

10-year hold

• IRR: -3.7%
• Equity multiple: 0.78×
• Total profit: $-10,282
• Equity at exit: $14,690

Cash invested: $47,572 (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 32904

• Rents YoY: -0.3%
• Active inventory: 304
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,722 high
• Mortgage (P&I): −$891
• Tax from tax record: −$122 /mo · $1,465/yr
• Insurance: −$71
• HOA: −$2
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $274

Break-even live

Break-even rent $1,375

Max offer price $169,900

Occupancy floor 79%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
515 Jennifer Cir Melbourne, FL	2.0	2.0	828	$1,600	$1.93	23d	1	0.08mi
3020 Mary St Melbourne, FL	3.0	1.0	1072	$2,095	$1.95	23d	1	0.47mi
135 NW Shannon Ave West Melbourne, FL	2.0	2.0	900	$1,850	$2.06	19d	1	0.83mi
126 San Paulo Cir Unit 1-126 Melbourne, FL	1.0	1.0	792	$1,275	$1.61	23d	1	0.98mi
127 San Paulo Cir Unit 1-127 Melbourne, FL	1.0	1.0	792	$1,300	$1.64	23d	1	1.03mi
164 San Paulo Ct Unit 5-164 Melbourne, FL	1.0	1.0	792	$1,300	$1.64	23d	1	1.04mi
223 San Paulo Cir Unit 8-223 Melbourne, FL	2.0	2.0	1080	$1,500	$1.39	23d	1	1.12mi
4850 Heritage Lakes BLVD West Melbourne, FL	1.0–3.0	1.0–2.5	1018	$2,070	$2.03	13d	119	1.12mi
356 Vesta Cir Melbourne, FL	2.0	1.0	814	$1,900	$2.33	23d	1	1.23mi
309 Rutgers Ave Melbourne, FL	3.0	1.0	912	$1,700	$1.86	21d	1	1.29mi
300 Rutgers Ave Melbourne, FL	3.0	1.0	912	$1,850	$2.03	23d	1	1.32mi
1921 Park Ave Melbourne, FL	3.0	1.0	900	$1,775	$1.97	23d	1	1.45mi

HOA detail

• Monthly dues: $2 · $24/yr
• Likely covers: waterpool

Listing history 39 events

1. 2026-06-18
   days on market $169,900 Active 37 DOM
2. 2026-06-17
   days on market $169,900 Active 36 DOM
3. 2026-06-16
   days on market $169,900 Active 35 DOM
4. 2026-06-15
   days on market $169,900 Active 34 DOM
5. 2026-06-14
   days on market $169,900 Active 32 DOM
6. 2026-06-10
   days on market $169,900 Active 29 DOM
7. 2026-06-08
   days on market $169,900 Active 27 DOM
8. 2026-06-07
   days on market $169,900 Active 26 DOM
9. 2026-06-05
   days on market $169,900 Active 23 DOM
10. 2026-06-03
    days on market $169,900 Active 22 DOM
11. 2026-06-02
    days on market $169,900 Active 21 DOM
12. 2026-06-01
    days on market $169,900 Active 20 DOM
13. 2026-05-31
    days on market $169,900 Active 19 DOM
14. 2026-05-31
    days on market $169,900 Active 18 DOM
15. 2026-05-10
    listed $169,900 Active
16. 2024-09-16
    historical 793-char remark

    Show marketing remark (793 chars)

    Welcome to this beautiful updated 2/2 nestled in the desirable Hollywood Estates 55+, where you also own the land!!! No expense was spared, with its granite countertop, soft closed cabinets, stainless steel appliances. NEW HVAC, NEW ROOF and New Waterproof Vinyl Plank Flooring throughout the living space. Each bedroom has a walk-in closet & a standard closet for storage. The utility room under your covered screened-in patio stores your washer/dryer & has plenty of space for a workshop. The community has activities to participate in, a pool & a clubhouse that offers RV and boat storage. This home is conveniently located in the heart of Melbourne - close to shopping, dining, the Melbourne Int'l Airport, and is less than 5 miles from the beach. Expect to Be Impressed!

17. 2024-09-13
    historical
18. 2024-06-18
    price $199,900

    Show marketing remark (793 chars)

    Welcome to this beautiful updated 2/2 nestled in the desirable Hollywood Estates 55+, where you also own the land!!! No expense was spared, with its granite countertop, soft closed cabinets, stainless steel appliances. NEW HVAC, NEW ROOF and New Waterproof Vinyl Plank Flooring throughout the living space. Each bedroom has a walk-in closet & a standard closet for storage. The utility room under your covered screened-in patio stores your washer/dryer & has plenty of space for a workshop. The community has activities to participate in, a pool & a clubhouse that offers RV and boat storage. This home is conveniently located in the heart of Melbourne - close to shopping, dining, the Melbourne Int'l Airport, and is less than 5 miles from the beach. Expect to Be Impressed!

19. 2024-06-18
    listed $199,900 Active 793-char remark

    Show marketing remark (793 chars)

    Welcome to this beautiful updated 2/2 nestled in the desirable Hollywood Estates 55+, where you also own the land!!! No expense was spared, with its granite countertop, soft closed cabinets, stainless steel appliances. NEW HVAC, NEW ROOF and New Waterproof Vinyl Plank Flooring throughout the living space. Each bedroom has a walk-in closet & a standard closet for storage. The utility room under your covered screened-in patio stores your washer/dryer & has plenty of space for a workshop. The community has activities to participate in, a pool & a clubhouse that offers RV and boat storage. This home is conveniently located in the heart of Melbourne - close to shopping, dining, the Melbourne Int'l Airport, and is less than 5 miles from the beach. Expect to Be Impressed!

20. 2024-06-10
    price $220,000
21. 2024-06-10
    price $22,000
22. 2024-05-24
    listed $249,000 Active
23. 2023-12-05
    historical $1,725
24. 2023-11-14
    listed $1,725
25. 2023-08-16
    historical
26. 2023-08-10
    historical
27. 2023-07-02
    listed $249,000 Active
28. 2023-06-25
    status Active
29. 2023-05-31
    historical
30. 2023-05-21
    listed $249,000 Active
31. 2022-11-15
    status Active
32. 2022-09-18
    listed $249,900 Active
33. 2022-03-08
    soldstatus $113,000
34. 2015-10-09
    soldstatus $52,500
35. 2015-09-21
    soldstatus $52,500
36. 2015-07-15
    listed $55,900
37. 2014-07-30
    soldstatus $45,000
38. 2004-07-30
    soldstatus $72,000
39. 1985-05-01
    soldstatus $9,000

ⓘ 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: $1,465 · $122/mo
• Projected year-2 tax: $1,465 · $122/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 9/10 Extreme 6 d/yr ≥106°F today · 18 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: $20,663
• − Mortgage interest: −$9,517
• − Property taxes: −$1,465
• − Insurance: −$850
• − Repairs & maintenance: −$1,653
• − Management: −$1,653
• − HOA: −$24
• − Depreciation: −$4,943
• Taxable income: $558
• Est. tax owed @ 24.0%: −$134
• After-tax cash flow: $3,159/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 — West Melbourne

• Score: 82/100
• State rank: #73
• US rank: #1214

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Melbourne, FL
• County: Brevard County · 602,871 people
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 37,241
• Household income: $90,673
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 597.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 14% Two or more races 10% Asian 5% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 10% · Canada, China, Vietnam
• Languages at home: 84% English-only · Spanish 8% Other Indo-European 2% Chinese 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: ▼ -195.98%
• Current HPI: 304.2546
• Rent YoY: ▼ -0.32%
• 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

+1787.8% since first listed

25 events — show timeline

• 2026-05-10 Listed $169,900 SCMLS
• 2024-09-16 Listing Removed — SCMLS
• 2024-09-13 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-06-18 Price Changed $199,900 Stellar MLS as Distributed by MLS Grid
• 2024-06-18 Listed $199,900 SCMLS
• 2024-06-10 Price Changed $220,000 Stellar MLS as Distributed by MLS Grid
• 2024-06-10 Price Changed $22,000 Stellar MLS as Distributed by MLS Grid
• 2024-05-24 Listed $249,000 Stellar MLS as Distributed by MLS Grid
• 2023-12-05 Rental Removed $1,725 STELLARMLS
• 2023-11-14 Listed for Rent $1,725 STELLARMLS
• 2023-08-16 Listing Removed — SCMLS
• 2023-08-10 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2023-07-02 Listed $249,000 SCMLS
• 2023-06-25 Relisted — Stellar MLS as Distributed by MLS Grid
• 2023-05-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2023-05-21 Listed $249,000 Stellar MLS as Distributed by MLS Grid
• 2022-11-15 Relisted — Stellar MLS as Distributed by MLS Grid
• 2022-09-18 Listed $249,900 Stellar MLS as Distributed by MLS Grid
• 2022-03-08 Sold (Public Records) $113,000 Public Records
• 2015-10-09 Sold (Public Records) $52,500 Public Records
• 2015-09-21 Sold (MLS) $52,500 SCMLS
• 2015-07-15 Listed $55,900 SCMLS
• 2014-07-30 Sold (Public Records) $45,000 Public Records
• 2004-07-30 Sold (Public Records) $72,000 Public Records
• 1985-05-01 Sold (Public Records) $9,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $1,465 · +7.1% YoY. Source: county tax records.