220 Spring Dr APT 2Merritt IslandFL32953
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Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Investment Highlights
Investment property for sale in Merritt Island at 220 Spring Dr APT 2, Merritt Island, FL, 32953 offers a 11.34% rental yield on a $185,900 purchase with $1,756/mo rent. Total monthly income registers $1,756/mo, and a $910/mo payment leaves $214/mo available for distribution. Annual cash flow reaches $2,564/yr on $61,626 to close, and return on cash invested stands at 24.07% in year one. Equity gained on principal adds $1,200/yr while 5% annual appreciation supports $51,361 over five years. Portfolio math shows five-year ROI at 127.93% and total cumulative return in cash at $78,837. Financing is available via Ziffy Mortgage’s DSCR loan, which evaluates $1,756/mo property income against a $910/mo payment rather than investor’s personal income documents like W2s, Salary slips, and Tax returns.
Condo
Built in 1988
3,484 sqft lot
$N/A/sqft
$265 monthly HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 32953, Merritt Island, FL area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 11,436 (100%) |
| Owner Occupied HU | 7,922 (69.3%) |
| Renter Occupied HU | 2,764 (24.2%) |
| Vacant Housing Units | 750 ( 6.6%) |
| Median Home Value | $483,378 |
| Average Home Value | $547,706 |
Housing Distribution
Address Breakdown
Residential
10,935
Single Family
9,935
Multi-Family
1,000
Businesses
793
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Listed by: Kelly Ann Bruno LLC • Florida Lifestyle Realty LLC
Mls Name: Space Coast AOR
Mls ID: #1060482
Disclaimer: IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.