638 Floyd St SE · Palm Bay, FL 32909

$327,990

4 bd · 2.0 ba · 1,806 sqft · Land · 437 Days on market

Built 2025 0.26 ac 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).

• Cash flow +11.7/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• DSCR +3.4/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0

Listing remarks MLS

Great lot! Great Street in a most desirable area of SE Palm Bay. Close to San Filippo Drive but far away for peace and tranquility! Make this lot your dream home or for investment.

Key facts

• Great room
• Walk around island
• Owner's suite

Tags

• WALK AROUND ISLAND
• GREAT ROOM
• OWNER'S SUITE

Property features AI

Exterior

• Parking: Attached garage; 3 garage spaces (configured as a two-car garage plus a third car garage space)
• Security: Smoke detectors
• Utilities: Aerobic septic system; Electricity connected; Cable available; Water-smart landscaping; Programmable thermostat
• Home design: Single-family residence; One level (single-story); Faces northwest; New construction
• Construction: Block, concrete and stucco construction; Shingle roof
• Exterior features: Cleared lot; Asphalt road access; Smoke detector(s)

Interior

• Kitchen: Dishwasher; Electric range; Electric water heater
• Bedrooms: 4 bedrooms (all on the first floor); Owners suite on the first floor; Bedroom sizes include: Bedroom 2 ~11.5 x 11.2, Bedroom 3 ~11.5 x 11, Bedroom 4 ~10.11 x 11.1
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Open floorplan; Kitchen island; Pantry; Split bedroom layout; Primary bedroom on the main floor; Primary bathroom with shower (no tub); Walk-in closet(s)
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $328k.

Deal economics

• At list price, monthly cash flow is $-98 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $311k (5.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (30.0% below list).
• Recommended offer: $230k (30.0% 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: 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: Westside Elementary School (math 51% / reading 58%, grade C, #892 of 2,144 statewide, top 44%, 798 students, 52% FRL); Southwest Middle School (math 40% / reading 39%, grade F, #373 of 571 statewide, top 66%, 920 students, 58% FRL); Bayside High School (math 27% / reading 40%, grade F, #400 of 667 statewide, top 61%, 1,854 students, 51% FRL).
• Zoned-school proficiency averages 42% at this address vs 55% district-wide (-12 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.7%/yr); 1111 active listings in the ZIP; 27 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).
• 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 $35k of equity ($2k loan paydown + $33k 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 ~$56k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 437 days — a 12% lower offer ($289k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y ago 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 $25k; list at $328k implies a 1212% 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $229,596 (30.0% 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 437 days. Have you received any prior offers? Is the seller open to a 30% 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: 0.70% ✗
• Cap rate: 5.94%
• Cash-on-cash: -1.28%
• DSCR: 0.94
• GRM: 11.9

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: 23.5%
• Equity multiple: 2.89×
• Total profit: $173,785
• Equity at exit: $295,479

10-year hold

• IRR: 21.1%
• Equity multiple: 6.66×
• Total profit: $519,546
• Equity at exit: $637,212

Cash invested: $91,837 (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: 11.9×

Monthly cashflow live

• Estimated rent: $2,296 high
• Mortgage (P&I): −$1,720
• Tax from tax record: −$55 /mo · $658/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $-98

Break-even live

Break-even rent $2,420

Max offer price $310,735

Occupancy floor 99%

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: $81,998
• Closing costs: $9,840
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
543 Reading St SE Palm Bay, FL	4.0	2.0	1833	$2,010	$1.10	21d	1	0.20mi
555 Gagnon St SE Palm Bay, FL	4.0	3.0	2373	$2,400	$1.01	23d	1	0.31mi
486 Dadeville St SE Palm Bay, FL	4.0	2.0	1833	$1,995	$1.09	14d	1	0.31mi
2691 Tepee Ave SE Palm Bay, FL	4.0	2.0	1833	$2,040	$1.11	21d	1	0.44mi
2749 Freehold Ave SE Palm Bay, FL	3.0	2.0	1386	$1,800	$1.30	23d	1	0.52mi
2785 Gabboys Ave SE Palm Bay, FL	3.0	2.0	1475	$1,849	$1.25	23d	1	0.53mi
1224 Dillard Dr SE Palm Bay, FL	3.0	2.0	1770	$2,336	$1.32	14d	1	0.60mi
496 Vanguard St SE Palm Bay, FL	3.0	2.0	1666	$2,150	$1.29	23d	1	0.60mi
590 Trymore Dr SE Palm Bay, FL	4.0	2.0	1873	$2,250	$1.20	14d	1	0.61mi
820 Tedder Rd SE Palm Bay, FL	3.0	2.0	1808	$2,000	$1.11	23d	1	0.68mi
830 Painesville St SE Palm Bay, FL	3.0	2.0	2029	$2,220	$1.09	14d	1	0.72mi
3247 Halblum Ave SE Palm Bay, FL	4.0	3.0	1820	$2,516	$1.38	13d	1	0.87mi
291 Foley St SE Palm Bay, FL	4.0	2.0	1833	$2,025	$1.10	13d	1	0.89mi
286 Silver Frost St SE Palm Bay, FL	4.0	2.0	1833	$1,925	$1.05	14d	1	0.96mi
160 Dailey St SE Palm Bay, FL	4.0	2.0	1795	$2,275	$1.27	23d	1	0.99mi
238 Silver Frost St SE Palm Bay, FL	3.0	2.0	1475	$1,849	$1.25	23d	1	1.00mi
1198 Venus St SE Palm Bay, FL	3.0	2.0	1535	$1,961	$1.28	21d	1	1.02mi
1213 Waterford St SE Palm Bay, FL	4.0	2.0	1695	$2,000	$1.18	23d	1	1.20mi
2877 Palisades Dr SE Palm Bay, FL	3.0	2.0	1974	$2,150	$1.09	19d	1	1.28mi
1165 Rabbit St SE Palm Bay, FL	3.0	2.0	1994	$1,895	$0.95	19d	1	1.29mi
978 Remington Green Dr SE Palm Bay, FL	4.0	2.0	1830	$2,200	$1.20	23d	1	1.29mi
2250 Chinaberry Cir SE Palm Bay, FL	3.0	2.0	1669	$1,995	$1.20	23d	1	1.30mi
402 Breckenridge Cir SE Palm Bay, FL	3.0	2.0	1960	$2,200	$1.12	23d	1	1.30mi
2650 De Groodt Rd SW Palm Bay, FL	4.0	2.0	1874	$2,350	$1.25	14d	1	1.38mi
3004 Suntan Ct SE Palm Bay, FL	4.0	2.0	2388	$2,900	$1.21	23d	1	1.43mi
1046 Grantham Ln SE Palm Bay, FL	4.0	2.5	2405	$3,100	$1.29	23d	1	1.46mi
1063 Grantham Ln SE Palm Bay, FL	3.0	2.0	1515	$2,000	$1.32	23d	1	1.46mi

Listing history 33 events

1. 2026-06-18
   days on market $327,990 Active 437 DOM
2. 2026-06-17
   days on market $327,990 Active 436 DOM
3. 2026-06-16
   days on market $327,990 Active 435 DOM
4. 2026-06-15
   days on market $327,990 Active 434 DOM
5. 2026-06-14
   days on market $327,990 Active 432 DOM
6. 2026-06-10
   days on market $327,990 Active 429 DOM
7. 2026-06-08
   days on market $327,990 Active 427 DOM
8. 2026-06-07
   days on market $327,990 Active 426 DOM
9. 2026-06-05
   days on market $327,990 Active 423 DOM
10. 2026-06-03
    days on market $327,990 Active 422 DOM
11. 2026-06-02
    days on market $327,990 Active 421 DOM
12. 2026-06-01
    days on market $327,990 Active 420 DOM
13. 2026-05-31
    days on market $327,990 Active 419 DOM
14. 2026-05-31
    days on market $327,990 Active 418 DOM
15. 2026-05-08
    status Active
16. 2026-05-08
    price $327,990
17. 2026-03-13
    status Pending
18. 2026-01-30
    status Active
19. 2026-01-30
    price $334,990
20. 2025-12-28
    historical
21. 2025-05-06
    price $349,990
22. 2025-01-08
    price $344,990
23. 2025-01-08
    listed $338,990 Active
24. 2024-03-27
    soldstatus $25,000
25. 2023-12-31
    historical 180-char remark

    Show marketing remark (180 chars)

    Great lot! Great Street in a most desirable area of SE Palm Bay. Close to San Filippo Drive but far away for peace and tranquility! Make this lot your dream home or for investment.

26. 2023-11-29
    price $39,000 180-char remark

    Show marketing remark (180 chars)

    Great lot! Great Street in a most desirable area of SE Palm Bay. Close to San Filippo Drive but far away for peace and tranquility! Make this lot your dream home or for investment.

27. 2023-07-07
    status Active 180-char remark

    Show marketing remark (180 chars)

    Great lot! Great Street in a most desirable area of SE Palm Bay. Close to San Filippo Drive but far away for peace and tranquility! Make this lot your dream home or for investment.

28. 2023-06-01
    historical 180-char remark

    Show marketing remark (180 chars)

    Great lot! Great Street in a most desirable area of SE Palm Bay. Close to San Filippo Drive but far away for peace and tranquility! Make this lot your dream home or for investment.

29. 2022-10-28
    listed $45,000 Active 180-char remark

    Show marketing remark (180 chars)

    Great lot! Great Street in a most desirable area of SE Palm Bay. Close to San Filippo Drive but far away for peace and tranquility! Make this lot your dream home or for investment.

30. 2016-08-16
    historical
31. 2005-04-07
    soldstatus $36,000
32. 2004-05-13
    soldstatus $11,000
33. 2002-10-21
    listed $3,900

ⓘ 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: $658 · $55/mo
• Projected year-2 tax: $2,722 · $227/mo
• Expected delta: +$2,065/yr (+$172/mo · 313.9%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°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: $27,552
• − Mortgage interest: −$18,373
• − Property taxes: −$658
• − Insurance: −$1,640
• − Repairs & maintenance: −$2,204
• − Management: −$2,204
• − Depreciation: −$9,542
• Taxable loss: −$7,068
• Est. tax savings @ 24.0%: +$1,696
• After-tax cash flow: $524/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

+8310.0% since first listed

19 events — show timeline

• 2026-05-08 Relisted — SCMLS
• 2026-05-08 Price Changed $327,990 SCMLS
• 2026-03-13 Pending — SCMLS
• 2026-01-30 Relisted — SCMLS
• 2026-01-30 Price Changed $334,990 SCMLS
• 2025-12-28 Listing Removed — SCMLS
• 2025-05-06 Price Changed $349,990 SCMLS
• 2025-01-08 Price Changed $344,990 SCMLS
• 2025-01-08 Listed $338,990 SCMLS
• 2024-03-27 Sold (Public Records) $25,000 Public Records
• 2023-12-31 Listing Removed — SCMLS
• 2023-11-29 Price Changed $39,000 SCMLS
• 2023-07-07 Relisted — SCMLS
• 2023-06-01 Listing Removed — SCMLS
• 2022-10-28 Listed $45,000 SCMLS
• 2016-08-16 Listing Removed — SCMLS
• 2005-04-07 Sold (Public Records) $36,000 Public Records
• 2004-05-13 Sold (Public Records) $11,000 Public Records
• 2002-10-21 Listed $3,900 SCMLS

Property tax history

+20.4%/yr

Latest (2025): $658 · +132.7% YoY. Source: county tax records.