2975 Indian River Dr NE · Palm Bay, FL 32905

$74,900

1 bd · 1.0 ba · 624 sqft · Condo public records · 47 Days on market

Built 1969 $200/mo HOA · 12% of rent ↓ 6% since listing

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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 +4.7/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +2.2/10.0

Listing remarks MLS

Upgraded 1 Bed 1 Bath in Palm Bay Estates, a 55 and over waterfront community. The upgrades from 2016 to present include an Electric amp increased to 125 amps with a new breaker panel. Newer windows, interior paint, custom wood window sills, air conditioner, light fixtures with fans, new patio door, and roof resealed. A shed in the carport adds extra storage. Gas stove, refrigerator, and microwave in 2023. This unit is perfect for getting away from the northern winters.

Key facts

• New patio door
• Upgraded electric
• Roof resealed

Tags

• WATERFRONT COMMUNITY
• UPGRADED ELECTRIC
• NEWER WINDOWS
• CUSTOM WOOD WINDOWSILLS
• NEW PATIO DOOR
• ROOF RESEALED

Property features AI

Finance

• Other: Lot size approximately 0.21 acres; Not a land lease; No private pool; Listed living area: 624
• HOA & community: Part of Palm Bay Estates association; Association fee $200 monthly; Association includes cable TV, internet, and grounds maintenance; Community amenities: barbecue, boat launch, clubhouse, dog park, pickleball, RV/boat storage, shuffleboard, management (part time)

Exterior

• Parking: Attached 1-car carport
• Utilities: Public sewer; Cable connected; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Single wide mobile home; Faces south; Used as residential single-family
• Construction: Frame construction
• Exterior features: Zero lot line

Interior

• Kitchen: Gas oven and gas range; Microwave; Refrigerator
• Bedrooms: 1 bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Furnished
• Laundry & utility: Washer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $75k.

Deal economics

• At list price, monthly cash flow is $637 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.

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: Stone Magnet Middle School (math 33% / reading 35%, grade F, #426 of 571 statewide, top 75%, 670 students, 69% FRL); Palm Bay Magnet Senior High School (math 25% / reading 37%, grade F, #429 of 667 statewide, top 65%, 1,486 students, 63% FRL) — zoned schools average 66% FRL vs 43% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 32% at this address vs 55% district-wide (-22 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.5%/yr); 321 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• This rent runs 36% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 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 + 0.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $72,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 2.26% ✓
• Cap rate: 16.50%
• Cash-on-cash: 36.45%
• DSCR: 2.62
• GRM: 3.7

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: 28.3%
• Equity multiple: 2.13×
• Total profit: $23,614
• Equity at exit: $11,168

10-year hold

• IRR: 33.7%
• Equity multiple: 3.58×
• Total profit: $54,190
• Equity at exit: $6,476

Cash invested: $20,972 (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 32905

• Home prices YoY: -1.8%
• Rents YoY: -0.5%
• Active inventory: 321
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,694 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$77 /mo · $923/yr
• Insurance: −$31
• HOA: −$200
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $637

Break-even live

Break-even rent $887

Max offer price $74,900

Occupancy floor 57%

Sensitivity live

Price	-10% $679	-5% $658	+0% $637	+5% $616	+10% $595
Rent	-10% $503	-5% $570	+0% $637	+5% $704	+10% $771
Rate	-1.0pp $675	-0.5pp $656	base $637	+0.5pp $618	+1.0pp $598

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2485 Port Malabar Blvd NE Palm Bay, FL	3.0	1.0–3.0	1181	$2,521	$2.13	15d	301	0.48mi
4714 Overlook Dr Palm Bay, FL	1.0	1.0	672	$1,475	$2.19	24d	1	1.31mi
4818 Overlook Dr NE #4 Palm Bay, FL	1.0	1.0	672	$1,250	$1.86	20d	1	1.31mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Likely covers: watergaselectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $74,900 Active 47 DOM
2. 2026-06-17
   days on market $74,900 Active 46 DOM
3. 2026-06-16
   days on market $74,900 Active 45 DOM
4. 2026-06-15
   days on market $74,900 Active 44 DOM
5. 2026-06-14
   days on market $74,900 Active 42 DOM
6. 2026-06-10
   days on market $74,900 Active 39 DOM
7. 2026-06-08
   days on market $74,900 Active 37 DOM
8. 2026-06-07
   days on market $74,900 Active 36 DOM
9. 2026-06-05
   days on market $74,900 Active 33 DOM
10. 2026-06-03
    days on market $74,900 Active 32 DOM
11. 2026-06-02
    days on market $74,900 Active 31 DOM
12. 2026-06-01
    days on market $74,900 Active 30 DOM
13. 2026-05-31
    days on market $74,900 Active 29 DOM
14. 2026-05-31
    days on market $74,900 Active 28 DOM
15. 2026-05-13
    status Active
16. 2026-04-29
    status Pending
17. 2026-04-19
    listed $74,900 Active
18. 2026-01-22
    historical 474-char remark

    Show marketing remark (474 chars)

    Upgraded 1 Bed 1 Bath in Palm Bay Estates, a 55 and over waterfront community. The upgrades from 2016 to present include an Electric amp increased to 125 amps with a new breaker panel. Newer windows, interior paint, custom wood window sills, air conditioner, light fixtures with fans, new patio door, and roof resealed. A shed in the carport adds extra storage. Gas stove, refrigerator, and microwave in 2023. This unit is perfect for getting away from the northern winters.

19. 2025-11-15
    listed $79,600 Active 474-char remark

    Show marketing remark (474 chars)

    Upgraded 1 Bed 1 Bath in Palm Bay Estates, a 55 and over waterfront community. The upgrades from 2016 to present include an Electric amp increased to 125 amps with a new breaker panel. Newer windows, interior paint, custom wood window sills, air conditioner, light fixtures with fans, new patio door, and roof resealed. A shed in the carport adds extra storage. Gas stove, refrigerator, and microwave in 2023. This unit is perfect for getting away from the northern winters.

ⓘ 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: $923 · $77/mo
• Projected year-2 tax: $923 · $77/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 4/10 Moderate FEMA zone X (unshaded) · 23% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 22 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: $20,323
• − Mortgage interest: −$4,196
• − Property taxes: −$923
• − Insurance: −$374
• − Repairs & maintenance: −$1,626
• − Management: −$1,626
• − HOA: −$2,400
• − Depreciation: −$2,179
• Taxable income: $7,000
• Est. tax owed @ 24.0%: −$1,680
• After-tax cash flow: $5,965/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): 24,792
• Household income: $56,411
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 1962.0

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 0.57)
• Race & ethnicity: White 61% Hispanic / Latino 16% Black 16% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4% Cuban 4%
• Common ancestry: Romanian 2% Hispanic 2% Slovak 2%
• Foreign-born: 13% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 12% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -5.59%
• Current HPI: 309.8748
• Rent YoY: ▼ -0.52%
• 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

-5.9% since first listed

5 events — show timeline

• 2026-05-13 Relisted — SCMLS
• 2026-04-29 Pending — SCMLS
• 2026-04-19 Listed $74,900 SCMLS
• 2026-01-22 Listing Removed — SCMLS
• 2025-11-15 Listed $79,600 SCMLS

Property tax history

+8.5%/yr

Latest (2025): $923 · +3.7% YoY. Source: county tax records.