467 Ibis Ln Unit 8-12

South Patrick Shores, FL 32937

$259,000D

2 bd · 2.0 ba · 1,158 sqft · Built 1979 · Condo · Pending · 179 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,701/mo
• Mortgage (P&I): −$1,358
• Tax + insurance: −$354
• HOA: −$447
• Vac / Maint / Mgmt: −$567
• Net cashflow: $-25/mo
• Annual: $-306/yr
• Cap rate: 6.48%
• Cash-on-cash: 0.68%
• DSCR: 1.03
• 1% rule: 1.04%
• Cash to close: $72,520

Investor read

• This is a 2-bed/2.0-bath condo listed at $259k.
• At list price, monthly cash flow is $-25 ($-306/yr) — negative.
• To cash-flow at today's rent, offer at most $254k (1.7% below list).
• Meets the 1% rule at list price ($3k rent vs $259k).
• It's been on market 179 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $228k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#665 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing 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.
• Zoned schools: Sea Park Elementary School (math 67% / reading 67%, grade B+, #450 of 2,144 statewide, top 22%, 335 students, 39% FRL); Delaura Middle School (math 74% / reading 70%, grade A, #52 of 571 statewide, top 10%, 843 students, 21% FRL); Satellite Senior High School (math 65% / reading 71%, grade B, #66 of 667 statewide, top 10%, 1,517 students, 20% FRL) — zoned schools average 27% FRL vs 43% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 69% at this address vs 55% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Brevard average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising (+1.6%/yr); 316 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 21y ago; this cycle's ask is 11673% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $192k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 32% of the median local income ($101k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 179 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.