Palm Bay Florida Investment Property

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Palm Bay Florida Investment Property
Rental Income Protection for Investment Property


 Crown Ave NE, Palm Bay, 32907  [RSI]
8 Photos
Home for sale: Crown Ave NE, Palm Bay, FL
   
Purchase Price: $184,900 Rental Income: $1,500
Bedrooms: 3 Property Tax: $217
Bathrooms: 2 Insurance/HOA: $85
Size: (sq ft) 1,657  Property Mgmt: $105
Price/Sq foot:  $112 Cash Flow: (Raw) $1,093
Year Built: 2017 Cap Rate: 7.1%
Parking: 2 Att Rent/Value Ratio: 0.8%
Neighborhood: A– DealGrader™: 7.3
New Construction!  Palm Bay close to Orlando giving access to bigger city amenities but also staying away from the bustle, it also home to 3000 Florida Institute of Technology Students.

**1st tenant placed and 1 year builder warranty**
 Cavern Ave SE, Palm Bay, 32907  [RSI]
8 Photos
Home for sale: Cavern Ave SE, Palm Bay, FL
   
Purchase Price: $184,900 Rental Income: $1,450
Bedrooms: 3 Property Tax: $217
Bathrooms: 2 Insurance/HOA: $85
Size: (sq ft) 1,657  Property Mgmt: $102
Price/Sq foot:  $112 Cash Flow: (Raw) $1,047
Year Built: 2017 Cap Rate: 6.8%
Parking: 2 Att Rent/Value Ratio: 0.8%
Neighborhood: A– DealGrader™: 7.2
New Construction!  Palm Bay is close to Orlando giving access to bigger city amenities, but also staying away from the bustle.  It is also home to 3000 Florida Institute of Technology students.

**1st tenant placed, 1 year builder warranty**
 Commargo Rd NW, Palm Bay, 32907  [RSI]
8 Photos
Home for sale: Commargo Rd NW, Palm Bay, FL
   
Purchase Price: $184,900 Rental Income: $1,500
Bedrooms: 3 Property Tax: $217
Bathrooms: 2 Insurance/HOA: $85
Size: (sq ft) 1,657  Property Mgmt: $105
Price/Sq foot:  $112 Cash Flow: (Raw) $1,093
Year Built: 2017 Cap Rate: 7.1%
Parking: 2 Att Rent/Value Ratio: 0.8%
Neighborhood: A– DealGrader™: 7.3
New Construction!  Palm Bay is close to Orlando giving access to bigger city amenities but also staying away from the bustle, it is also home to 3000 Florida Institute of Technology Students.

** 1st tenant is place, 1 year builder warranty**
 Merrimac St NE, Palm Bay, 32907  [RSI]
8 Photos
Home for sale: Merrimac St NE, Palm Bay, FL
   
Purchase Price: $184,900 Rental Income: $1,500
Bedrooms: 3 Property Tax: $217
Bathrooms: 2 Insurance/HOA: $85
Size: (sq ft) 1,657  Property Mgmt: $105
Price/Sq foot:  $112 Cash Flow: (Raw) $1,093
Year Built: 2017 Cap Rate: 7.1%
Parking: 2 Att Rent/Value Ratio: 0.8%
Neighborhood: A– DealGrader™: 7.3
New Construction!  Palm Bay is close to Orlando giving access to bigger city amenities but also staying away from the bustle, it is also home to 3000 Florida Institute of Technology students.

**1st tenant placed, 1 year builder warranty**
 Buffing Cr SE, Palm Bay, 32907  [RSI]
8 Photos
Home for sale: Buffing Cr SE, Palm Bay, FL
   
Purchase Price: $184,900 Rental Income: $1,500
Bedrooms: 3 Property Tax: $217
Bathrooms: 2 Insurance/HOA: $85
Size: (sq ft) 1,657  Property Mgmt: $105
Price/Sq foot:  $112 Cash Flow: (Raw) $1,093
Year Built: 2017 Cap Rate: 7.1%
Parking: 2 Att Rent/Value Ratio: 0.8%
Neighborhood: A– DealGrader™: 7.3
New Construction!  Palm Bay is close to Orlando, giving access to bigger city amenities but also staying away from the bustle.  Palm Bay is also home to 3000 Florida Institute of Technology students.

** 1st tenant placed, 1 year builder warranty**

More Properties Coming Soon!

POPULATION GROWTH

  • The Institute for Economic Competitiveness, in their June 2015 market report found that single-family home sales grew 16 percent in April (2015) from the previous year (2014).  Meanwhile the median sales price increased over $22,000 from the same period.
  • In the identified area, the current year population is 105.475.  In 2010, the Census count in the area was ID4JI8.The rate of change since 2010 was 0.40% annually.  The five-year projection for the population in the area is 107,953 representing a change of 0.47% annually from 2013 to 2018.

JOB GROWTH

  • Palm Bay Is home to many major employers, such as: The Boeing Company, DRS Technologies Inc., Florida Institute of Technology, Harris Corporation, Health First, Health Management Associates, Inc., Lockheed Martin, Northrop Grumman Corporation, Raytheon Company, Rockwell Collins and United Space Alliance.
  • A planned expansion by the Oakridge Global Energy Solutions, a Melbourne lithium battery manufacturer, proposes to invest $270 million in Palm Bay facilities and create 1,000 new jobs with average wages of $50,075.

ECONOMY

  • One of Palm Bay’s recent infrastructure expansions was the creation of the St Johns Heritage Parkway which will loop the north-west part of Palm Bay to the 95 opening up that area to new investment opportunities.  This parkway presents “A huge economic development impact” said Brevard District 5 Commissioner Andy Anderson, who has worked for years on the project.  Phase two of the parkway is now in the county's hands, running three miles north of Palm Bay to SR-1 92 and then another two miles to create a new 1-95 interchange at Ellis Road.  Another interstate exit is also planned for south of Palm Bay.  The parkway is expected to generate more business development in the area and more jobs.
  • The Palm Bay-Melbourne-Titusville was ranked 10th best city on the nation for STEM jobs (Science, Technology, Engineering and Mathematics).  The list put together by Forbes in a June 2015 article places it as one of the best places for growth in tech industry with average STEM salaries having a median of $82,700.
  • The Institute for Economic Competitiveness, based out of the University of Central Florida, published a report in June with an outlook summary of the Palm-bay-Melbourne-Titusville MSA. The report projects an average employment growth of 2.3 percent each year at current rates. Construction and Mining is expected to be the fastest growing sector which is anticipated to average an 8.0 growth rate. The Professional and Business Sectors will see the second highest growth rate at 5.6 percent.

TAXES / COST OF LIVING

  • No personal state income tax.
  • Maximum state and city sales tax of 7.00%.

MISCELLANEOUS

  • The 20I4 Gross Metro Product of Palm Bay was $19.6 Billion.  The Median Household Income was $46,081 with a Cost of Living 5.7% below the national average.  Forbes ranks Palm Bay as "America’s 15th Fastest-Growing City in 2014" and in 2010 was listed as "Most Innovative City" and "Best Bang for the Buck".
  • As a part of a 6 year economic development plan.  Palm Bay enacted it's Sustainable Market and Reinvestment Target (SMART) areas for Economic Development. Job Creation bonuses up to $2.500/new employee created for eligible businesses Loan guarantees for primary lenders up to 50% on all sites.

Palm Bay Profile

Palm Bay is a larger medium-sized coastal city (i.e. on the ocean, a bay, or inlet) located in the state of Florida. With a population of 107,888 people and 14 constituent neighborhoods, Palm Bay is the 19th largest community in Florida.

Unlike some cities, Palm Bay isn’t mainly white- or blue-collar. Instead, the most prevalent occupations for people in Palm Bay are a mix of both white- and blue-collar jobs. Overall, Palm Bay is a city of sales and office workers, service providers, and professionals. There are especially a lot of people living in Palm Bay who work in office and administrative support (14.08%), sales jobs (13.72%), and food service (7.06%).

Also of interest is that Palm Bay has more people living here who work in computers and math than 95% of the places in the US.

Palm Bay is also nautical, which means that parts of it are somewhat historic and touch the ocean or tidal bodies of water, such as inlets and bays. Such areas are often places that visitors and locals go for waterfront activities or taking in the scenery.

The percentage of adults in Palm Bay who are college-educated is close to the national average for all communities of 21.84%: 17.88% of the adults in Palm Bay have a bachelor's degree or advanced degree.

The per capita income in Palm Bay in 2010 was $20,627, which is lower middle income relative to Florida and the nation. This equates to an annual income of $82,508 for a family of four. However, Palm Bay contains both very wealthy and poor people as well.

Palm Bay is an extremely ethnically-diverse city. The people who call Palm Bay home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Palm Bay residents report their race to be White, followed by Black or African-American. Palm Bay also has a sizeable Hispanic population (people of Hispanic origin can be of any race). People of Hispanic or Latino origin account for 14.85% of the city’s residents. Important ancestries of people in Palm Bay include Irish, English, Italian, and Jamaican.

The most common language spoken in Palm Bay is English. Other important languages spoken here include Spanish and French Creole.


Information by Department of Numbers, Bureau of Labor Statistics, U.S. Census Bureau and Locatoin Incorporated are deemed reliable but not guaranteed.

Median Price Trends — Palm Bay-Melbourne-Titusville, FL
Market Inventory Trends — Palm Bay-Melbourne-Titusville, FL
Average Days on Market — Palm Bay-Melbourne-Titusville, FL
Market Action Index — Palm Bay-Melbourne-Titusville, FL

Information by realestate.com and altosresearch.com are deemed reliable but not guaranteed.

Unemployment Rate Trends — Palm-Bay, FL
Unemployment Rate Trends - Palm-Bay, Florida
            Palm-Bay, Florida, National.   (Recessions shown as gray bars.)
Total Employment Trends — Palm-Bay, FL
Total Employment - Palm-Bay, Florida
            CPS - Current Population Survey,  CES - Current Employment Statistics.
Real Median Household Income Trends — Palm-Bay, FL
Real Median Household Income Trends - Palm-Bay, Florida
            Palm-Bay, Florida, National.

Information by Department of Numbers, Bureau of Labor Statistics, U.S. Census Bureau deemed reliable but not guaranteed.


Basic Purchase Information

Property Value  (est.) $
Purchase Price $
Down Payment  (%) $
Equity at Purchase $

Mortgage Calculation

Interest Rate (%)
Down Payment (%)
Loan Term (Fixed)
Loan Amount: $, Loan Term: yrs, Interest Rate: %
Loan Amount $
Annual Payment $
Monthly Payment $

Cash to Purchase

Down Payment  (%) $
Closing Costs  (%) $
Total Cash Required $
 
    Numbers in blue boxes can be modified.
    Calculations under all tabs update in real-time.
 
 

Calculation Assumptions

Rental Income (mo.) $
Property Taxes $
Insurance $
Homeowners Assoc. $
Management Fee (%)
Maintenance Reserve (%)
Appreciation Rate (%)
Vacancy Allowance (%)
Rental Income Increase (%)
Property Tax Increase (%)
Closing Costs (Buy) (%)
Closing Costs (Sell) (%)

Cash Flow and Equity Accumulation

CASH FLOW YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 10 YEAR 20 YEAR 30
Gross Scheduled Income
  less Vacancy Allowance
Total Operating Income
                 
Property Taxes
Insurance
Homeowners Association
Maintenance Reserve
Property Management
Total Operating Expenses
                 
Net Operating Income (NOI)
  less Mortgage Expense
ANNUAL CASH FLOW
MONTHLY CASH FLOW
                 
TAX BENEFITS YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 10 YEAR 20 YEAR 30
Depreciation
Mortgage Interest
                 
EQUITY ACCUMULATION YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 10 YEAR 20 YEAR 30
Property Value
  less Mortgage Balance
EQUITY (WEALTH)
                 
FINANCIAL PERFORMANCE YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 10 YEAR 20 YEAR 30
Capitalization (Cap) Rate
Cash on Cash Return (COC)
Return on Investment (ROI)
Internal Rate of Return (IRR)


Note: Google's Street View images may be as much as two years old.





Please contact us for neighborhood specific information and demographics.

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