3188 Ricks Way #BMelbourne BeachFL32951
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeThe headline number at 3188 Ricks Way #B, Melbourne Beach, FL, 32951 in Melbourne Beach is the 1.54 coverage ratio: rent of $3,538/mo versus a $2,293/mo debt payment on a $510,000 property. Rental yield 8.32%. That margin is what gives Ziffy Mortgage's DSCR loan the coverage it needs for a clean, fast approval, no W-2s, no U.S. residency. Appreciation at 5%/yr projects $140,904 by year five, with $4,697/yr in equity from paydown. Total projected cumulative return: $183,827.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 8.3% | 6.5% |
| Monthly Cash Flow | $(188) | $1,500 |
City averages based on Melbourne Beach market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $3,538 |
| Total Monthly Debt Service | $3,523 |
| DSCR Ratio | 1.00x |
Ziffy Mortgage: Your DSCR most likely meets our 1.0+ requirement, so you'll most probably qualify for our standard DSCR investment loan program. To pre-qualify, book time with your loan officer →
Estimates assume 6.0% rate / 30-yr fixed, 30% down, 1% tax, 0.5% insurance. Not a commitment to lend.
Townhouse
Built in 2006
1,306 sqft lot
$N/A/sqft
$277 monthly HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 32951, Melbourne Beach, FL area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 7,201 (100%) |
| Owner Occupied HU | 5,115 (71.0%) |
| Renter Occupied HU | 559 ( 7.8%) |
| Vacant Housing Units | 1,527 (21.2%) |
| Median Home Value | $609,081 |
| Average Home Value | $720,236 |
Housing Distribution
Address Breakdown
Residential
6,285
Single Family
5,166
Multi-Family
1,119
Businesses
282
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
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
Townhouse
Built in 2006
1,306 sqft lot
$N/A/sqft
$277 monthly HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 32951, Melbourne Beach, FL area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 7,201 (100%) |
| Owner Occupied HU | 5,115 (71.0%) |
| Renter Occupied HU | 559 ( 7.8%) |
| Vacant Housing Units | 1,527 (21.2%) |
| Median Home Value | $609,081 |
| Average Home Value | $720,236 |
Housing Distribution
Address Breakdown
Residential
6,285
Single Family
5,166
Multi-Family
1,119
Businesses
282
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Sarah Munkacsy • Ohana East Coast Realty
Mls Name: Space Coast AOR
Mls ID: #1055134
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.