693 Eldron Blvd SE #12 · Palm Bay, FL 32909

$388,995

4 bd · 3.0 ba · 2,094 sqft · SingleFamily · 155 Days on market

Built 2026 10,019 sqft lot ↓ 4% since listing

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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 +5.5/30.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +1.1/10.0
• DSCR +0.0/10.0

Listing remarks

Brand new with IN-LAW SUITE! We are building this Passionflower just for you- featuring our Extra Suite Plus which offers a private living area, bedroom, bathroom, and its own private entrance! This spacious open floor plan is upgraded to include vaulted ceilings, designer curated Loft Looks, 42'' cabinets, plank tile throughout (NO CARPET!) quartz island in the kitchen and quartz baths and tiled shower walls. Impact windows, huge trussed roof porches. Enjoy no maintenance with new construction on CITY WATER. BUILDER INCENTIVES!

Key facts

• In-law suite
• Private entrance
• Vaulted ceilings

Tags

• IN-LAW SUITE
• PRIVATE LIVING AREA
• PRIVATE ENTRANCE
• VAULTED CEILINGS
• 42 CABINETS
• PLANK TILE

Property features AI

Exterior

• Parking: Attached garage with automatic opener; 2-car garage
• Security: Carbon monoxide detector(s)
• Utilities: Aerobic septic system; Cable available; Electricity connected; Sewer connected; Water connected; Energy-efficient windows
• Home design: Single family residence; One-story; Faces west; New construction
• Construction: Block, concrete, and stucco construction; Shingle roof; Pets allowed
• Exterior features: Impact windows; Covered rear porch; Cleared lot; City street frontage; Asphalt road surface

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Refrigerator; Plumbed for ice maker
• Bedrooms: 4 bedrooms
• Flooring: Tile flooring
• Bathrooms: 3 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Breakfast bar; Eat-in kitchen; Guest suite / in-law floorplan; Kitchen island; Open floorplan; Pantry; Primary bathroom with tub and separate shower; Smart home features; Split bedroom layout; Vaulted ceilings; Walk-in closets
• Laundry & utility: In-unit laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $389k.

Deal economics

• At list price, monthly cash flow is $-826 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $269k (30.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (39.4% below list).
• Recommended offer: $236k (39.4% 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: John F. Turner Senior Elementary School (math 38% / reading 43%, grade F, #1,471 of 2,144 statewide, top 69%, 543 students, 69% 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 schools average 59% FRL vs 43% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 38% at this address vs 55% district-wide (-17 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; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 35% 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 $42k of equity ($3k loan paydown + $39k 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 ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($342k) is reasonable based on typical stale-listing flexibility.

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 $235,736 (39.4% 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 155 days. Have you received any prior offers? Is the seller open to a 39% 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: 0.61% ✗
• Cap rate: 3.75%
• Cash-on-cash: -9.10%
• DSCR: 0.60
• GRM: 13.8

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: 18.0%
• Equity multiple: 2.48×
• Total profit: $160,888
• Equity at exit: $350,438

10-year hold

• IRR: 17.0%
• Equity multiple: 5.76×
• Total profit: $518,563
• Equity at exit: $755,732

Cash invested: $108,919 (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: 13.8×

Monthly cashflow live

• Estimated rent: $2,357 high
• Mortgage (P&I): −$2,040
• Tax est. 1.5%: −$486 /mo · $5,835/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$495
• Net cashflow: $-826

Break-even live

Break-even rent $3,403

Max offer price $269,480

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: $97,249
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
309 Cactus St SE Palm Bay, FL	4.0	2.0	1846	$2,195	$1.19	14d	1	0.31mi
490 Hatcher St SE Palm Bay, FL	4.0	2.0	1833	$2,150	$1.17	21d	1	0.62mi
272 Aquarius Ave SE Palm Bay, FL	4.0	2.0	1650	$1,995	$1.21	23d	1	0.74mi
1129 Colonial Ave SE Palm Bay, FL	4.0	3.0	2008	$2,500	$1.25	18d	1	0.89mi
647 Airoso Rd SE Palm Bay, FL	4.0	3.0	2365	$2,900	$1.23	13d	1	0.89mi
907 Algardi St SE Palm Bay, FL	4.0	2.0	1943	$2,330	$1.20	23d	1	0.93mi
726 Scotten Ave SW Palm Bay, FL	3.0	2.0	1443	$1,970	$1.37	13d	1	0.96mi
1224 Buffing Cir SE Palm Bay, FL	4.0	2.0	2233	$2,395	$1.07	14d	1	1.16mi
154 Anderson Ave NE Unit 154 Palm Bay, FL	3.0	2.0	1414	$1,800	$1.27	13d	1	1.25mi
1290 Sail Ct SE Palm Bay, FL	3.0	2.0	1509	$1,945	$1.29	23d	1	1.27mi
214 Eldron Blvd NE Palm Bay, FL	3.0	2.0	1646	$2,075	$1.26	23d	1	1.31mi
497 Schenley St SW Palm Bay, FL	4.0	2.0	1833	$1,995	$1.09	23d	1	1.43mi
487 Wiltshire Ave SW Palm Bay, FL	3.0	2.0	1462	$2,300	$1.57	23d	1	1.43mi
822 Seven Gables Cir SE Palm Bay, FL	3.0	2.0	1474	$1,835	$1.24	23d	1	1.47mi
818 Seven Gables Cir SE Palm Bay, FL	3.0	2.0	1490	$1,795	$1.20	23d	1	1.48mi

Listing history 7 events

1. 2026-05-03
   status Pending
2. 2026-04-22
   price $388,995
3. 2026-04-16
   price $394,995
4. 2026-03-19
   price $399,995
5. 2026-01-16
   price $404,995
6. 2025-12-11
   price $406,995
7. 2025-11-29
   listed $404,995 Active

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 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: $28,288
• − Mortgage interest: −$21,790
• − Property taxes: −$5,835
• − Insurance: −$1,945
• − Repairs & maintenance: −$2,263
• − Management: −$2,263
• − Depreciation: −$11,316
• Taxable loss: −$17,124
• Est. tax savings @ 24.0%: +$4,110
• After-tax cash flow: $-5,802/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

-4.0% since first listed

7 events — show timeline

• 2026-05-03 Pending — SCMLS
• 2026-04-22 Price Changed $388,995 SCMLS
• 2026-04-16 Price Changed $394,995 SCMLS
• 2026-03-19 Price Changed $399,995 SCMLS
• 2026-01-16 Price Changed $404,995 SCMLS
• 2025-12-11 Price Changed $406,995 SCMLS
• 2025-11-29 Listed $404,995 SCMLS