3508 Covey Ct #59 · Melbourne, FL 32904

$130,000

2 bd · 2.0 ba · 1,344 sqft · Manufactured · 124 Days on market

Manufactured home Built 2026 Excellent condition $97/sqft · 10% below area Est $144k · 10% under

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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 +26.8/30.0
• ARV discount +11.9/15.0
• DSCR +9.2/10.0
• 1% rule +7.2/10.0
• Condition / age +4.8/5.0
• Schools +4.5/10.0
• Appreciation +2.5/10.0
• Livability +2.5/5.0
• Rent growth +2.4/5.0
• Manufactured-home adj. -5.7

Listing remarks

Welcome to The Heron, a brand-new 2026 home designed with comfort, style, and low-maintenance living in mind. Featuring charming clay exterior siding and a spacious 2-bedroom, 2-bath layout, this beautifully crafted home offers the perfect blend of modern finishes and everyday convenience. Enjoy thoughtful exterior features like irrigated landscaping, a convenient carport for covered parking, and a 10' x 12' screened-in porch-perfect for morning coffee, relaxing afternoons, or entertaining guests. Inside, The Heron shines with stainless steel appliances, elegant recessed lighting, walk-in closets, and a beautiful tile primary shower that adds a touch of luxury to your daily routine.

Key facts

• Screen room
• Carport
• Walk-in closets

Tags

• CLAY EXTERIOR SIDING
• IRRIGATED LANDSCAPING
• SCREEN ROOM
• CARPORT
• STAINLESS STEEL APPLIANCES
• WALK-IN CLOSETS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $130k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $356 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 3.7% in Melbourne — 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: Riviera Elementary School (math 56% / reading 48%, grade C-, #990 of 2,144 statewide, top 48%, 696 students, 72% FRL); Stone Magnet Middle School (math 33% / reading 35%, grade F, #426 of 571 statewide, top 75%, 670 students, 69% FRL); Melbourne Senior High School (math 43% / reading 57%, grade D+, #175 of 667 statewide, top 27%, 2,249 students, 31% FRL).
• Market conditions: Rents soft (-0.3%/yr); 491 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $899 of loan paydown is wiped out by about $4k 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 124 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: 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 $114,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.22% ✓
• Cap rate: 9.58%
• Cash-on-cash: 11.74%
• DSCR: 1.52
• GRM: 6.8

CMA / ARV

• ARV (median comp): $144,000
• List price: $130,000
• Delta: -9.72%
• Verdict: FAIR
• Comps: 7 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1341 Olde Bailey Ln	0.22mi	3/2.0 (+1)	1,297 (-4%)	1mo	$270,000	$208	78
1381 Olde Bailey Ln	0.19mi	3/2.0 (+1)	1,593 (+18%)	0mo	$320,000	$201	61
1448 Attilburgh Blvd	0.73mi	3/2.0 (+1)	1,385 (+3%)	6mo	$338,000	$244	51
744 Samuel Chase Ln	1.12mi	3/2.0 (+1)	1,214 (-10%)	2mo	$310,000	$255	42
383 Lisa Rd NE	1.29mi	2/1.5	1,152 (-14%)	0mo	$227,500	$197	39
2556 Ventura Cir	0.62mi	3/2.0 (+1)	1,648 (+23%)	5mo	$338,500	$205	37
748 Samuel Chase Ln	1.10mi	2/2.0	1,137 (-15%)	5mo	$285,000	$251	36
743 Del Mar Cir	1.05mi	3/2.0 (+1)	1,655 (+23%)	2mo	$375,000	$227	34
1240 Coventry Cir	1.10mi	3/2.0 (+1)	1,524 (+13%)	5mo	$165,000	$108	33
3130 Ellis Dr	0.96mi	3/2.0 (+1)	1,568 (+17%)	3mo	$369,900	$236	33
706 Samuel Chase Ln	1.28mi	3/2.0 (+1)	1,552 (+16%)	3mo	$354,000	$228	32
2661 Bradfordt Dr	0.75mi	3/2.0 (+1)	1,572 (+17%)	5mo	$380,000	$242	31

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -2.3%
• Equity multiple: 0.92×
• Total profit: $-3,005
• Equity at exit: $19,383

10-year hold

• IRR: 3.8%
• Equity multiple: 1.24×
• Total profit: $8,711
• Equity at exit: $11,240

Cash invested: $36,400 (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: 32 active
• Median asking: $112,448 ($77/sqft)
• Median days on market: 1 d
• This list price: 62% of active listings are priced below it
• ARV vs active asking: +38.6% above current asking $/sqft

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

ZIP-level market 32904

• Rents YoY: -0.3%
• Active inventory: 491
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,588 high
• Mortgage (P&I): −$682
• Tax est. 1.5%: −$162 /mo · $1,950/yr
• Insurance: −$54
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $356

Break-even live

Break-even rent $1,137

Max offer price $130,000

Occupancy floor 73%

Sensitivity live

Price	-10% $446	-5% $401	+0% $356	+5% $311	+10% $266
Rent	-10% $231	-5% $294	+0% $356	+5% $419	+10% $482
Rate	-1.0pp $422	-0.5pp $389	base $356	+0.5pp $323	+1.0pp $288

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: $32,500
• Closing costs: $3,900
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2362 Glasbern Cir Melbourne, FL	3.0	2.0	1692	$2,150	$1.27	62d	1	0.20mi
1152 Bainbury Ln Melbourne, FL	3.0	2.0	1297	$2,000	$1.54	119d	1	0.27mi
4152 Merrillville Dr West Melbourne, FL	1.0–3.0	1.0–3.0	1106	$1,764	$1.59	119d	1	0.50mi
118 Discovery DR West Melbourne, FL	1.0–3.0	1.0–2.0	994	$1,991	$2.00	6d	53	0.62mi
1361 Tamango Dr Melbourne, FL	3.0	2.0	1815	$2,350	$1.29	119d	1	0.77mi
3184 Burdock Ave Melbourne, FL	3.0	2.0	1874	$2,200	$1.17	110d	1	0.91mi
3254 Burdock Ave West Melbourne, FL	3.0	2.0	1497	$2,250	$1.50	5d	1	0.97mi
4550 Explorer Dr West Melbourne, FL	1.0–3.0	1.0–2.0	1047	$1,774	$1.69	0d	86	1.05mi
731 Samuel Chase Ln West Melbourne, FL	3.0	2.0	1244	$2,015	$1.62	4d	1	1.14mi
760 John Adams Ln Melbourne, FL	3.0	2.0	1288	$1,950	$1.51	119d	1	1.20mi
1445 Sportsman Ln NE Palm Bay, FL	3.0	1.0–2.0	859	$2,033	$2.37	4d	19	1.21mi
918 Aventine Dr West Melbourne, FL	1.0–2.0	1.0–2.0	907	$2,307	$2.54	0d	31	1.22mi
4535 Amore Ln Melbourne, FL	3.0	2.5	1463	$2,071	$1.42	0d	10	1.28mi
127 Memory Ln NE Palm Bay, FL	3.0	2.0	1756	$4,000	$2.28	119d	1	1.32mi
4714 Crosswind Ct Melbourne, FL	1.0–3.0	1.0–2.0	1071	$1,630	$1.52	0d	8	1.34mi
4850 Heritage Lakes BLVD West Melbourne, FL	1.0–3.0	1.0–2.5	1018	$2,070	$2.03	0d	69	1.35mi
2819 Ben Hogan Ct Melbourne, FL	3.0	2.0	1505	$2,200	$1.46	62d	1	1.37mi
1040 Venetian Dr #203 Melbourne, FL	3.0	2.0	1781	$1,700	$0.95	119d	1	1.38mi
1040 Venetian Dr #203 Melbourne, FL	3.0	2.0	1781	$2,100	$1.18	62d	1	1.38mi
5140 Trend Rd West Melbourne, FL	3.0	2.0	1248	$2,400	$1.92	0d	1	1.39mi
1200 Coosa Ave NE Palm Bay, FL	3.0	2.0	1747	$2,251	$1.29	3d	1	1.39mi
2740 Ben Hogan Ct West Melbourne, FL	3.0	2.0	1516	$2,099	$1.38	6d	1	1.40mi
1030 Venetian Dr Melbourne, FL	3.0	2.0	1438	$1,700	$1.18	6d	1	1.41mi
1015 Venetian Dr #104 Melbourne, FL	2.0	2.0	1438	$1,750	$1.22	119d	1	1.47mi
4110 Sage Brush Cir Melbourne, FL	3.0	2.0	1751	$2,600	$1.48	62d	1	1.47mi
4865 Revenna Ct #204 Melbourne, FL	3.0	2.0	1860	$2,100	$1.13	6d	1	1.48mi
1495 Malibu Cir NE #102 Palm Bay, FL	3.0	2.0	1180	$1,600	$1.36	110d	1	1.49mi

Property features AI

Finance

• Financial info: List price $130,000

Exterior

• Home design: Spec inventory, Plan name: The HeronActive status
• Exterior features: Living area of 1,344 (for reference)

Interior

• Bedrooms: 2 bedrooms
• Heating & cooling: Forced air heating
• Interior features: 2 total bathrooms

Listing history 26 events

1. 2026-07-05
   days on market $130,000 Active 124 DOM
2. 2026-07-04
   days on market $130,000 Active 123 DOM
3. 2026-07-03
   days on market $130,000 Active 122 DOM
4. 2026-07-02
   days on market $130,000 Active 121 DOM
5. 2026-07-01
   days on market $130,000 Active 120 DOM
6. 2026-06-30
   days on market $130,000 Active 119 DOM
7. 2026-06-29
   days on market $130,000 Active 118 DOM
8. 2026-06-28
   days on market $130,000 Active 117 DOM
9. 2026-06-28
   days on market $130,000 Active 116 DOM
10. 2026-06-27
    days on market $130,000 Active 115 DOM
11. 2026-06-25
    days on market $130,000 Active 113 DOM
12. 2026-06-22
    days on market $130,000 Active 110 DOM
13. 2026-06-18
    days on market $130,000 Active 107 DOM
14. 2026-06-17
    remarks 699-char remark
15. 2026-06-17
    days on market $130,000 Active 106 DOM
16. 2026-06-16
    days on market $130,000 Active 105 DOM
17. 2026-06-15
    days on market $130,000 Active 104 DOM
18. 2026-06-14
    days on market $130,000 Active 102 DOM
19. 2026-06-10
    days on market $130,000 Active 99 DOM
20. 2026-06-08
    days on market $130,000 Active 97 DOM
21. 2026-06-07
    days on market $130,000 Active 96 DOM
22. 2026-06-05
    days on market $130,000 Active 93 DOM
23. 2026-06-03
    days on market $130,000 Active 92 DOM
24. 2026-06-02
    days on market $130,000 Active 91 DOM
25. 2026-06-01
    days on market $130,000 Active 90 DOM
26. 2026-05-31
    days on market $130,000 Active 89 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 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: $19,058
• − Mortgage interest: −$7,282
• − Property taxes: −$1,950
• − Insurance: −$650
• − Repairs & maintenance: −$1,525
• − Management: −$1,525
• − Depreciation: −$3,782
• Taxable income: $2,345
• Est. tax owed @ 24.0%: −$563
• After-tax cash flow: $3,712/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 · 13 photos

Excellent 95/100 None rehab

This brand-new manufactured home is move-in ready with excellent condition and modern finishes. It offers a great blend of comfort and style, perfect for low-maintenance living.

Value-add opportunities

• Both Landscaping and irrigation system — Enhances curb appeal and low-maintenance living ↑
• Both Add smart home features — Improves convenience and marketability ↑

F Composite school gradezoned avg 45/100

Zoned Schools

Elementary Riviera Elementary School C- FL #990/2,144 Nat'l #11,263/41,679 Middle Stone Magnet Middle School F FL #426/571 Nat'l #7,813/14,009 High Melbourne Senior High School D+ FL #175/667 Nat'l #5,448/17,239

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 — Melbourne

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

Census & demographics

• County: Brevard County · 623,254 people
• City population: 178,420
• 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: 18% 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 (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%

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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: ▼ -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

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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 $130,000

Exterior

• Home design: Spec inventory, Plan name: The HeronActive status
• Exterior features: Living area of 1,344 (for reference)

Interior

• Bedrooms: 2 bedrooms
• Heating & cooling: Forced air heating
• Interior features: 2 total bathrooms