275 Spring Dr APT 7Merritt 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 275 Spring Dr APT 7, Merritt Island, FL, 32953 uses $59,504 cash to close to unlock $2,944/yr annual cash flow and $245/mo monthly cash flow. Total monthly income runs $1,437/mo, and a $879/mo payment keeps the spread at $245/mo. Purchase price stands at $179,500, and rental yield measures 9.61% with $1,437/mo rent. Return on cash invested shows 24.86% in year one, and 5% annual appreciation builds toward $49,593 over five years. Five-year ROI reaches 130% and total cumulative return in cash records $77,356. Financing may use Ziffy Mortgage’s DSCR loan, which bases approval on $1,437/mo property income covering a $879/mo payment rather than investor’s personal income.
Condo
Built in 1988
3,484 sqft lot
$N/A/sqft
No 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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