180 Minna Ln #310 · Merritt Island, FL 32953

$85,000

2 bd · 1.0 ba · 775 sqft · Condo public records · 31 Days on market

Built 1964 $290/mo HOA · 19% of rent ↓ 3% 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 +3.5/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

One or more photo(s) has been virtually staged. Exceptional investment opportunity in the heart of Merritt Island. This low-maintenance condominium is ideally positioned for both rental income and long-term appreciation. Conveniently located just 1.5 miles from Merritt Square Mall, 2.5 miles from Cocoa Village, and within 5–7 miles of Port Canaveral and the area’s beaches, the property also offers quick access to SR 528 for an easy commute to Orlando and surrounding employment centers. Located in the high-demand Space Coast market—driven by ongoing expansion in the aerospace and technology sectors—this asset presents a compelling option for investors seeking stable o

Key facts

• $290 HOA
• Community pool
• Built 1964

Tags

• LOW MAINTENANCE CONDOMINIUM
• QUICK ACCESS TO SR 528
• HIGH DEMAND SPACE COAST MARKET

Property features AI

Finance

• Other: No CDD; Condo land not included; Unfurnished
• HOA & community: Monthly HOA fee $290 (includes pool, structure maintenance, grounds maintenance, pest control, sewer, trash, water); Association: Showcase Property Management; Pets allowed (cats and dogs)

Exterior

• Security: Closed circuit camera(s); Fire alarm
• Utilities: Public water; Public sewer; Electricity available and connected; Water connected; Sewer connected
• Home design: Condominium; Single-story; Facing northwest; Floor 1
• Construction: Block construction; Shingle roof; Slab foundation; Built as part of Colonial Arms
• Exterior features: Sliding doors; In-ground pool; Asphalt road access

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; Closed circuit camera(s); Fire alarm
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $85k.

Deal economics

• At list price, monthly cash flow is $336 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $82k (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; 14 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 $588 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.
• At projected returns (-3.0% appreciation + 2.1% rent growth), your $24k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $25k; list at $85k implies a 240% gain — meaningful room to come down on a strong offer.

Recommended offer $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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 1964 — 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. 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: 1.81% ✓
• Cap rate: 11.03%
• Cash-on-cash: 16.93%
• DSCR: 1.75
• 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: 7.0%
• Equity multiple: 1.27×
• Total profit: $6,468
• Equity at exit: $12,674

10-year hold

• IRR: 15.5%
• Equity multiple: 2.20×
• Total profit: $28,552
• Equity at exit: $7,349

Cash invested: $23,800 (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: $1,540 high
• Mortgage (P&I): −$446
• Tax from tax record: −$109 /mo · $1,312/yr
• Insurance: −$35
• HOA: −$290
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $336

Break-even live

Break-even rent $1,115

Max offer price $85,000

Occupancy floor 73%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
140 Minna Ln Merritt Island, FL	2.0	1.0	775	$1,250	$1.61	14d	1	0.08mi
630 Kurek Ct Merritt Island, FL	1.0	1.0	475	$1,199	$2.52	23d	1	0.15mi
50 Needle Blvd #28 Merritt Island, FL	2.0	1.5	900	$1,550	$1.72	23d	1	0.32mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,545	$1.72	14d	2	0.34mi
55 Needle Blvd Merritt Island, FL	2.0	1.5	900	$1,525	$1.69	23d	2	0.34mi
225 Ligustrum Ln Merritt Island, FL	1.0–2.0	1.0	640	$1,275	$1.99	19d	1	0.52mi
388 Hibiscus Ave Merritt Island, FL	2.0	1.0	720	$1,650	$2.29	23d	1	0.52mi
1155 N Courtenay Pkwy Merritt Island, FL	2.0	1.0	750	$1,434	$1.91	23d	1	0.63mi
205 Palmetto Ave Merritt Island, FL	2.0	2.0	1033	$1,625	$1.57	23d	2	0.79mi
442 Magnolia Ave Unit 31 Merritt Island, FL	1.0	1.0	760	$1,350	$1.78	23d	1	0.82mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	14d	4	0.99mi
225 S Tropical Trl Merritt Island, FL	1.0–2.0	1.0–2.0	779	$2,800	$3.59	23d	4	0.99mi
360 Schoolhouse Ln Merritt Island, FL	3.0	2.0	953	$1,500	$1.57	23d	1	1.27mi
480 Nancie Ave Merritt Island, FL	3.0	2.0	888	$2,100	$2.36	23d	1	1.42mi

HOA detail condo

• Monthly dues: $290 · $3,480/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-01
   days on market $85,000 Active 31 DOM
2. 2026-05-31
   days on market $85,000 Active 30 DOM
3. 2026-05-31
   days on market $85,000 Active 29 DOM
4. 2026-05-01
   listed $85,000 Active
5. 2012-05-23
   soldstatus $25,000
6. 2005-10-05
   soldstatus $416,000
7. 2000-05-31
   soldstatus $87,500

ⓘ 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: $1,312 · $109/mo
• Projected year-2 tax: $1,312 · $109/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,475
• − Mortgage interest: −$4,761
• − Property taxes: −$1,312
• − Insurance: −$425
• − Repairs & maintenance: −$1,478
• − Management: −$1,478
• − HOA: −$3,480
• − Depreciation: −$2,473
• Taxable income: $3,069
• Est. tax owed @ 24.0%: −$736
• After-tax cash flow: $3,294/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

-2.9% since first listed

4 events — show timeline

• 2026-05-01 Listed $85,000 Stellar MLS as Distributed by MLS Grid
• 2012-05-23 Sold (Public Records) $25,000 Public Records
• 2005-10-05 Sold (Public Records) $416,000 Public Records
• 2000-05-31 Sold (Public Records) $87,500 Public Records

Property tax history

+8.3%/yr

Latest (2025): $1,312 · +15.4% YoY. Source: county tax records.