298 Norgrove St SE · Palm Bay, FL 32909

$353,990

4 bd · 3.0 ba · 1,941 sqft · Land · 70 Days on market

Built 2026 10,454 sqft lot

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Why this score? — see what drove the D- 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.2/30.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +0.5/10.0

Listing remarks MLS

The elegant Cambria plan offers separate common areas from private living spaces. The kitchen features gorgeous cabinets, quartz countertops, and stainless-steel appliances (Including: range, microwave hood, and dishwasher). One bedroom on the main floor. All other bedrooms, including the laundry room, are on the 2nd floor. In addition, the primary suite has a private bath with dual vanity sinks and a walk-in closet. Highlights also include a game room. This desirable plan also comes complete with a 2-car garage.

Key facts

• Quartz countertops
• Private bath
• Walk-in closet

Tags

• GORGEOUS CABINETS
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• PRIVATE BATH
• DUAL VANITY SINKS
• WALK-IN CLOSET

Property features AI

Finance

• Other: Lot approximately 0.24 acres (about 971 m²); Asphalt road access; Zoned R1
• Financial info: No lease restrictions indicated
• HOA & community: Not part of an association; Pets allowed

Exterior

• Parking: Driveway; Attached garage with garage door opener; 2-car garage
• Security: Smoke detector(s)
• Utilities: Well water; Septic tank; Electricity connected; Water connected; Sewer connected
• Home design: Single family residence; New construction (under construction); Two levels; Faces west; Projected completion date August 24, 2026
• Construction: Block, stucco and vinyl siding construction; Shingle roof; Slab foundation; Built by Century Complete (Model: CAMBRIA-B6)
• Exterior features: Covered patio; Patio; Exterior lighting; Sidewalk; Sliding doors; Other exterior features

Interior

• Kitchen: Dishwasher; Microwave; Range; Electric water heater
• Bedrooms: 4 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating; Electric heat pump; Central air conditioning
• Interior features: Open floorplan; Stone counters; Thermostat; Walk-in closets; Insulated / thermal windows; Smoke detector(s)
• Laundry & utility: Inside laundry room with washer and electric dryer hookups

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath land listed at $354k.

Deal economics

• At list price, monthly cash flow is $-652 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (26.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (35.8% below list).
• Recommended offer: $227k (35.8% below list) — sets the bar for 1% rule.

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: schools C-, employment 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.
• Market conditions: Rents rising (+3.7%/yr); 1111 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• This rent runs 34% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $38k of equity ($2k loan paydown + $35k appreciation (10.0% local appreciation)).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$61k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($333k) 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.
• Current owner paid $28k; list at $354k implies a 1164% 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 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $227,104 (35.8% below list)

Questions for the listing agent

1. 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?
2. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.64% ✗
• Cap rate: 4.08%
• Cash-on-cash: -7.90%
• DSCR: 0.65
• GRM: 13.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.67% rent growth · sell at horizon

5-year hold

• IRR: 18.9%
• Equity multiple: 2.54×
• Total profit: $152,827
• Equity at exit: $318,902

10-year hold

• IRR: 17.6%
• Equity multiple: 5.90×
• Total profit: $486,001
• Equity at exit: $687,725

Cash invested: $99,117 (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 32909

• Home prices YoY: 6.0%
• Rents YoY: 3.7%
• Active inventory: 1111
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $2,271 high
• Mortgage (P&I): −$1,856
• Tax est. 1.5%: −$442 /mo · $5,310/yr
• Insurance: −$147
• HOA: −$0
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $-652

Break-even live

Break-even rent $3,097

Max offer price $259,612

Occupancy floor —

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: $88,498
• Closing costs: $10,620
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
286 Silver Frost St SE Palm Bay, FL	4.0	2.0	1833	$1,925	$1.05	14d	1	0.07mi
238 Silver Frost St SE Palm Bay, FL	3.0	2.0	1475	$1,849	$1.25	23d	1	0.09mi
291 Foley St SE Palm Bay, FL	4.0	2.0	1833	$2,025	$1.10	13d	1	0.14mi
3247 Halblum Ave SE Palm Bay, FL	4.0	3.0	1820	$2,516	$1.38	13d	1	0.30mi
496 Vanguard St SE Palm Bay, FL	3.0	2.0	1666	$2,150	$1.29	23d	1	0.40mi
486 Dadeville St SE Palm Bay, FL	4.0	2.0	1833	$1,995	$1.09	14d	1	0.65mi
3270 Framingham Ave SW Palm Bay, FL	4.0	2.0	1856	$2,400	$1.29	23d	1	0.67mi
2785 Gabboys Ave SE Palm Bay, FL	3.0	2.0	1475	$1,849	$1.25	23d	1	0.76mi
2749 Freehold Ave SE Palm Bay, FL	3.0	2.0	1386	$1,800	$1.30	23d	1	0.86mi
543 Reading St SE Palm Bay, FL	4.0	2.0	1833	$2,010	$1.10	21d	1	0.94mi
160 Dailey St SE Palm Bay, FL	4.0	2.0	1795	$2,275	$1.27	23d	1	0.97mi
448 Saint Andre Blvd SW Palm Bay, FL	4.0	2.0	2088	$4,000	$1.92	23d	1	0.98mi
555 Gagnon St SE Palm Bay, FL	4.0	3.0	2373	$2,400	$1.01	23d	1	1.04mi
820 Tedder Rd SE Palm Bay, FL	3.0	2.0	1808	$2,000	$1.11	23d	1	1.08mi
2650 De Groodt Rd SW Palm Bay, FL	4.0	2.0	1874	$2,350	$1.25	14d	1	1.17mi
583 Halifax St SW Palm Bay, FL	4.0	2.0	1833	$2,075	$1.13	13d	1	1.24mi
2691 Tepee Ave SE Palm Bay, FL	4.0	2.0	1833	$2,040	$1.11	21d	1	1.32mi
590 Trymore Dr SE Palm Bay, FL	4.0	2.0	1873	$2,250	$1.20	14d	1	1.34mi
1224 Dillard Dr SE Palm Bay, FL	3.0	2.0	1770	$2,336	$1.32	14d	1	1.37mi

Listing history 18 events

1. 2026-06-18
   days on market $353,990 Active 70 DOM
2. 2026-06-17
   days on market $353,990 Active 69 DOM
3. 2026-06-16
   days on market $353,990 Active 68 DOM
4. 2026-06-15
   days on market $353,990 Active 67 DOM
5. 2026-06-14
   days on market $353,990 Active 65 DOM
6. 2026-06-10
   days on market $353,990 Active 62 DOM
7. 2026-06-08
   days on market $353,990 Active 60 DOM
8. 2026-06-07
   days on market $353,990 Active 59 DOM
9. 2026-06-05
   days on market $353,990 Active 56 DOM
10. 2026-06-03
    days on market $353,990 Active 55 DOM
11. 2026-06-02
    days on market $353,990 Active 54 DOM
12. 2026-06-01
    days on market $353,990 Active 53 DOM
13. 2026-05-31
    days on market $353,990 Active 52 DOM
14. 2026-05-31
    days on market $353,990 Active 51 DOM
15. 2026-04-13
    listed $352,990 Active 518-char remark

    Show marketing remark (518 chars)

    The elegant Cambria plan offers separate common areas from private living spaces. The kitchen features gorgeous cabinets, quartz countertops, and stainless-steel appliances (Including: range, microwave hood, and dishwasher). One bedroom on the main floor. All other bedrooms, including the laundry room, are on the 2nd floor. In addition, the primary suite has a private bath with dual vanity sinks and a walk-in closet. Highlights also include a game room. This desirable plan also comes complete with a 2-car garage.

16. 2026-04-10
    listed $352,990 Active 34-char remark

    Show marketing remark (34 chars)

    4 bed | 3 bath | 2-bay | 1941 sqft

17. 2026-04-09
    listed $352,990 Active
18. 2005-03-10
    soldstatus $28,000

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 20 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: $27,252
• − Mortgage interest: −$19,829
• − Property taxes: −$5,310
• − Insurance: −$1,770
• − Repairs & maintenance: −$2,180
• − Management: −$2,180
• − Depreciation: −$10,298
• Taxable loss: −$14,315
• Est. tax savings @ 24.0%: +$3,435
• After-tax cash flow: $-4,391/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): 41,804
• Household income: $79,977
• Rent vs Own: 17.3% rent · 82.7% own
• Severe rent burden: 697.0

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 0.70)
• Race & ethnicity: White 46% Black 21% Hispanic / Latino 20% Two or more races 16% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8% Cuban 5%
• Common ancestry: Hispanic 3% Slovak 2% Lithuanian 2%
• Foreign-born: 17% · Canada, China, Jamaica
• Languages at home: 84% English-only · Spanish 9% French/Haitian/Cajun 4% Chinese 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: ▲ 18.81%
• Current HPI: 330.8595
• Rent YoY: ▲ 3.67%
• 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

+1160.7% since first listed

4 events — show timeline

• 2026-04-13 Listed $352,990 SCMLS
• 2026-04-10 Listed $352,990 Zillow
• 2026-04-09 Listed $352,990 Stellar MLS as Distributed by MLS Grid
• 2005-03-10 Sold (Public Records) $28,000 Public Records

Property tax history

+19.2%/yr

Latest (2025): $585 · +107.0% YoY. Source: county tax records.