205 Palmetto Ave #102 · Merritt Island, FL 32953

$115,000

2 bd · 2.0 ba · 1,033 sqft · Condo public records · 38 Days on market

Built 1983 $506/mo HOA · 24% of rent

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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 +26.9/30.0
• 1% rule +10.0/10.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Centrally located FIRST floor 2 bedroom 2 bath unit in Sun Isles condo! Close to shopping and restaurants! Large community pool and rec area plus tennis and basketball courts! All appliances included with a new refrigerator and stove! Wood flooring throughout! Updated bathrooms! Screened patio overlooking garden pond! Complex allows large dogs which is hard to find! Great buy in a great location! Owner is LREA

Key facts

• Community pool
• Tennis courts
• New refrigerator

Tags

• FIRST FLOOR
• COMMUNITY POOL
• REC AREA
• TENNIS COURTS
• BASKETBALL COURTS
• NEW REFRIGERATOR

Property features AI

Finance

• Other: Directions available (unit 102)
• Financial info: Total annual fees $6,074.64; No lease restrictions indicated; Unfurnished
• HOA & community: Sun Isles HOA; Monthly association fee of $506.22; HOA covers cable TV, insurance, grounds maintenance, sewer, trash and water; Community amenities include pool, sidewalks and tennis courts; Pets allowed (cats and dogs)

Exterior

• Parking: No parking details provided
• Security: No security details provided
• Utilities: Public water; Public sewer; Electricity connected; Water connected; Sewer connected
• Home design: Residential condominium; One-level unit (floor 1); East-facing
• Construction: Block and concrete construction; Other roof type; Slab foundation; Built as part of a 2-story building
• Exterior features: Covered porch; Screened porch; Patio/porch area; Sidewalk; Sliding doors

Interior

• Kitchen: Range; Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Wood flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heat; Central air conditioning
• Interior features: Living room and dining room combo; Walk-in closet(s); Total of 5 rooms
• Laundry & utility: Washer; Dryer; Laundry located outside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $253 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.

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.
• Market conditions: Rents rising (+2.1%/yr); 219 active listings in the ZIP; 19 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 $795 of loan paydown is wiped out by about $3k 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 38 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $20k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 24% of rent.
• 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 $111,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.80% ✓
• Cap rate: 9.63%
• Cash-on-cash: 11.91%
• DSCR: 1.53
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.12% rent growth · sell at horizon

5-year hold

• IRR: -3.3%
• Equity multiple: 0.88×
• Total profit: $-3,931
• Equity at exit: $17,147

10-year hold

• IRR: 5.1%
• Equity multiple: 1.36×
• Total profit: $11,614
• Equity at exit: $9,943

Cash invested: $32,200 (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 32953

• Home prices YoY: -34.5%
• Rents YoY: 2.1%
• Active inventory: 219
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,071 high
• Mortgage (P&I): −$603
• Tax from tax record: −$159 /mo · $1,909/yr
• Insurance: −$48
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$506
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $253

Break-even live

Break-even rent $1,750

Max offer price $115,000

Occupancy floor 83%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
205 Palmetto Ave Merritt Island, FL	2.0	2.0	1033	$1,625	$1.57	23d	2	0.03mi
140 McLeod St Unit 1513829P Merritt Island, FL	3.0	2.0	1323	$3,291	$2.49	19d	1	0.38mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,545	$1.72	14d	2	0.46mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,525	$1.69	23d	2	0.46mi
50 Needle Blvd #28 Merritt Island, FL	2.0	1.5	900	$1,550	$1.72	23d	1	0.50mi
215 Richland Ave Unit 1044313P Merritt Island, FL	3.0	2.0	1184	$4,648	$3.93	14d	1	0.62mi
388 Hibiscus Ave Merritt Island, FL	2.0	1.0	720	$1,650	$2.29	23d	1	0.64mi
140 Minna Ln Merritt Island, FL	2.0	1.0	775	$1,250	$1.61	14d	1	0.70mi
442 Magnolia Ave Unit 31 Merritt Island, FL	1.0	1.0	760	$1,350	$1.78	23d	1	0.71mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	14d	4	0.79mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	23d	4	0.79mi
480 Nancie Ave Merritt Island, FL	3.0	2.0	888	$2,100	$2.36	23d	1	0.82mi
200 S Sykes Creek Pkwy #702 Merritt Island, FL	2.0	2.0	1307	$2,390	$1.83	23d	1	0.82mi
489 Seacrest Ave Unit 1325661P Merritt Island, FL	3.0	2.0	1173	$4,320	$3.68	14d	1	0.90mi
735 Pilot Ln #503 Merritt Island, FL	2.0	2.0	1334	$2,700	$2.02	23d	1	1.08mi
701 Pilot Ln Unit 1499904P Merritt Island, FL	2.0	2.0	1323	$3,978	$3.01	21d	1	1.10mi
735 Pilot Ln #1009 Merritt Island, FL	2.0	2.0	1334	$2,850	$2.14	23d	1	1.11mi
225 Ligustrum Ln Merritt Island, FL	1.0–2.0	1.0	640	$1,275	$1.99	19d	1	1.24mi
1155 N Courtenay Pkwy Merritt Island, FL	2.0	1.0	750	$1,434	$1.91	23d	1	1.32mi

HOA detail condo

• Monthly dues: $506 · $6,072/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $115,000 Active 38 DOM
2. 2026-06-17
   days on market $115,000 Active 37 DOM
3. 2026-06-16
   days on market $115,000 Active 36 DOM
4. 2026-06-15
   days on market $115,000 Active 35 DOM
5. 2026-06-14
   pricedays on market $115,000 Active 33 DOM
6. 2026-06-10
   days on market $128,900 Active 30 DOM
7. 2026-06-08
   days on market $128,900 Active 28 DOM
8. 2026-06-07
   days on market $128,900 Active 27 DOM
9. 2026-06-05
   days on market $128,900 Active 24 DOM
10. 2026-06-03
    days on market $128,900 Active 23 DOM
11. 2026-06-02
    days on market $128,900 Active 22 DOM
12. 2026-06-01
    days on market $128,900 Active 21 DOM
13. 2026-05-31
    days on market $128,900 Active 20 DOM
14. 2026-05-31
    days on market $128,900 Active 19 DOM
15. 2026-05-11
    listed $134,900 Active
16. 2026-05-04
    price $134,900 414-char remark

    Show marketing remark (414 chars)

    Centrally located FIRST floor 2 bedroom 2 bath unit in Sun Isles condo! Close to shopping and restaurants! Large community pool and rec area plus tennis and basketball courts! All appliances included with a new refrigerator and stove! Wood flooring throughout! Updated bathrooms! Screened patio overlooking garden pond! Complex allows large dogs which is hard to find! Great buy in a great location! Owner is LREA

17. 2026-04-15
    listed $135,000 Active 414-char remark

    Show marketing remark (414 chars)

    Centrally located FIRST floor 2 bedroom 2 bath unit in Sun Isles condo! Close to shopping and restaurants! Large community pool and rec area plus tennis and basketball courts! All appliances included with a new refrigerator and stove! Wood flooring throughout! Updated bathrooms! Screened patio overlooking garden pond! Complex allows large dogs which is hard to find! Great buy in a great location! Owner is LREA

18. 2026-01-06
    historical 871-char remark

    Show marketing remark (871 chars)

    This lovely 2 bedroom, 2 bath apartment is located at 205 Palmetto Ave. , Unit 102, Merritt Island, FL 32953. It's a ground floor unit at the Sun Isle Condominium Complex. Amenities include a secured building with monitored security cameras, your own private assigned parking, guest parking, a private resorts style swimming pool, coin operated laundry room, private clubhouse for family party usage at no additional cost. Enjoy a large size living room with adjoining dining area. A full kitchen with electric stove / oven and refrigerator with plenty cabinet space. The master bedroom faces the rear of the property. A wall to wall sliding glass door that leads to your own private screened lanai sitting area. Each bedroom has its own full bath. The screened Lanai faces the rear garden next to Pool area with umbrella tables and chairs. Apartment is tenant occupied.

19. 2025-12-29
    listed $152,000 Active 871-char remark

    Show marketing remark (871 chars)

    This lovely 2 bedroom, 2 bath apartment is located at 205 Palmetto Ave. , Unit 102, Merritt Island, FL 32953. It's a ground floor unit at the Sun Isle Condominium Complex. Amenities include a secured building with monitored security cameras, your own private assigned parking, guest parking, a private resorts style swimming pool, coin operated laundry room, private clubhouse for family party usage at no additional cost. Enjoy a large size living room with adjoining dining area. A full kitchen with electric stove / oven and refrigerator with plenty cabinet space. The master bedroom faces the rear of the property. A wall to wall sliding glass door that leads to your own private screened lanai sitting area. Each bedroom has its own full bath. The screened Lanai faces the rear garden next to Pool area with umbrella tables and chairs. Apartment is tenant occupied.

20. 2021-06-21
    soldstatus $125,000 Closed
21. 2021-06-05
    historical Contingent
22. 2021-05-12
    listed $150,000 Active
23. 2021-05-03
    historical $150,000
24. 1985-05-01
    soldstatus $60,900

ⓘ 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: $1,909 · $159/mo
• Projected year-2 tax: $1,909 · $159/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 8/10 Severe FEMA zone X (unshaded) · 97% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°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: $24,848
• − Mortgage interest: −$6,442
• − Property taxes: −$1,909
• − Insurance: −$1,372
• − Repairs & maintenance: −$1,988
• − Management: −$1,988
• − HOA: −$6,072
• − Depreciation: −$3,345
• Taxable income: $1,731
• Est. tax owed @ 24.0%: −$415
• After-tax cash flow: $2,624/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: 46,372
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 24,759
• Household income: $87,262
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 849.0

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 (77%)
• Race & ethnicity: White 77% Hispanic / Latino 13% Two or more races 7% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6%
• Common ancestry: Slovak 3% Romanian 3% Lithuanian 3%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 87% English-only · Spanish 8% Tagalog/Filipino 2% French/Haitian/Cajun 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: ▼ -168.76%
• Current HPI: 320.1966
• Rent YoY: ▲ 2.12%
• 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

+121.5% since first listed

10 events — show timeline

• 2026-05-11 Listed $134,900 Stellar MLS as Distributed by MLS Grid
• 2026-05-04 Price Changed $134,900 SCMLS
• 2026-04-15 Listed $135,000 SCMLS
• 2026-01-06 Listing Removed — SCMLS
• 2025-12-29 Listed $152,000 SCMLS
• 2021-06-21 Sold (MLS) $125,000 SCMLS
• 2021-06-05 Contingent — SCMLS
• 2021-05-12 Listed $150,000 SCMLS
• 2021-05-03 Coming Soon $150,000 SCMLS
• 1985-05-01 Sold (Public Records) $60,900 Public Records

Property tax history

+17.5%/yr

Latest (2025): $1,909 · +0.2% YoY. Source: county tax records.