Property Report :

385 Mockingbird Ln, Merritt Island, FL 32953

Real Estate Analysis

Created on: Apr 15, 2025

Author: יובל ירחי

385 Mockingbird Ln, Merritt Island, FL 32953

Singlefamily: 4 bedrooms , 3 bathrooms

Year built: 1992, Size: 3091 SF

Investment strategy: Rental Property

Purchase Price$ 80,000

Rent$ 3,612/mo

Monthly Cash Flow$ 2,337

Cash on Cash Return35.06 %

Financial Analysis

Cash on Cash Return	35.06 %
Internal Rate of Return (IRR)	25.63 %
Capitalization Rate	3.79 %
Gross Rent Multiplier (GRM)	17.06
Debt-coverage Ratio (DCR)	0.00
Operating Expense Ratio (OER)	31.89 %
After Repair Value	$ 739,367
Profit/Equity From Rehab	$ 659,366

Financial Breakdown

Purchase Price	$ 80,000
Purchase Costs	$ 0
Repair/Construction Costs	$ 1
Total Capital Needed Total Capital Needed Includes all projects costs (except selling costs). Total Capital Needed Includes all projects costs (except selling costs).	$ 80,001
Financing	$ 0
Total Cash Needed Cash out of Pocket Shows rehabber's cash outlay. Cash out of Pocket Shows rehabber's cash outlay.	$ 80,001
Cash at Closing Cash at Closing This number includes down payment and loan points. Cash at Closing This number includes down payment and loan points.	$ 0
Cash During Rehab Cash During Rehab Shows the cash amount remaining to fund the purchase and rehab/construction. Cash During Rehab Shows the cash amount remaining to fund the purchase and rehab/construction.	$ 80,001

Operating Analysis

Rent	$ 3,612/mo
Gross Operating Income (GOI)	$ 41,177
Total Expenses	$ 13,130
Net Operating Income (NOI)	$ 28,047
Annual Debt Service	$ 0
Cash Flow Before Taxes (CFBT)	$ 28,047
Income Tax Liability	$ 6,430
Cash Flow After Taxes (CFAT)	$ 21,617

Estate sale home in the heart of Merritt Island Florida. home features 4 bedrooms 3 baths car garage with a garage workshop in the rear of the house. The house boast 2 extra-large master bedrooms split plan with full baths and Walkin closets. A third bedroom has its own bath attached and a spare bedroom down the hall. The master bedroom is 20x23. As you enter the home there is a sunkin living room with fireplace and a bar area with high ceilings. The dining room is large and is beside the extra large kitchen. There is a wrap around porch in the rear of the home for sitting and all master bedrooms have french doors leading to it. This home is on .64 of an acre and has room for a future pool if desired. Home is in need of carpet and flooring and is left as is so the new owner can decide what they would like.

Purchase Price	$ 80,000
Address	385 Mockingbird Ln , Merritt Island, 32953, FL
MLS^® #	1028434
Listing Agent	C Glansen, Broker
Year Built	1992
Type	Singlefamily
Size	3091 SF
Bedrooms	4
Bathrooms	3

Property History

Date	Price	Change	Event
10/30/2024	699000		Listed

385 Mockingbird Ln Merritt Island, FL 32953

$ 739,367

Property ARV
Singlefamily

Bldg type
3,091

SqFt
$ 239

per SqFt
4

Beds
3

Baths

#	Property address	Distance	Beds	Baths	SqFt	Bldg type	Date sold	Sale price	$/SqFt
1	3680 Starlight Ave	1.0mi	4	2.5	2,797	single_family	12/22/2024	$ 590,000	$ 211
2	365 Loymer Cir	1.6mi	4	3	2,435	single_family	12/10/2024	$ 650,000	$ 267
3	429 Coastal Breeze Way	0.1mi	4	3	2,430	single_family	9/10/2024	$ 600,000	$ 247
4	380 E Hall Rd	0.9mi	4	3	3,026	single_family	8/5/2024	$ 625,000	$ 207
5	455 Mohawk Trl	0.5mi	4	3	2,609	single_family	7/4/2024	$ 690,000	$ 264
Average:								$ 631,000	$ 239

385 Mockingbird Ln Merritt Island, FL 32953

$ 3,612

Rent
Singlefamily

Bldg type
3,091

SqFt
4

Beds
3

Baths

Your rent may be too high.

Average

$ 2,476

Median

$ 2,525

25th %

$ 2,231

75th %

$ 2,721

#	Property address	Similarity	Distance	Beds	Baths	SqFt	Date Listed	Bldg type	Rent
1	3301 Biscayne Dr	87%	2.5mi	4	3	2,548	12/16/2024	Single Family	$ 3,300
2	6252 Andromeda Ave	87%	5.2mi	4	3	3,130	12/10/2024	Single Family	$ 3,600
3	3788 Galway Ct	92%	1.4mi	4	3	2,961	11/18/2024	Single Family	$ 3,200
4	434 Loymer Cir	87%	2.5mi	4	4	3,048	10/16/2024	Single Family	$ 3,500

You can edit, sort, drag and reorder suggested comps below. Select the comps you want to include in the report. You can also add comps manually.

Property address	Similarity	Distance	Beds	Baths	SqFt	Date Listed	Bldg type	Rent
3301 Biscayne Dr	87%	2.5mi	4	3	2,548	12/16/2024	Single Family	$ 3,300
6252 Andromeda Ave	87%	5.2mi	4	3	3,130	12/10/2024	Single Family	$ 3,600
3062 Nina Ct	83%	2.9mi	4	3	2,096	12/10/2024	Single Family	$ 3,000
195 Northgrove Dr	91%	0.5mi	4	3	2,644	12/3/2024	Single Family	$ 3,700
3788 Galway Ct	92%	1.4mi	4	3	2,961	11/18/2024	Single Family	$ 3,200
6215 Moonrise Dr	83%	5.2mi	4	3	2,437	11/17/2024	Single Family	$ 3,500
434 Loymer Cir	87%	2.5mi	4	4	3,048	10/16/2024	Single Family	$ 3,500
4790 Yuma Trl	92%	0.8mi	4	3	3,377	10/3/2024	Single Family	$ 5,700
3180 Savannahs Trl	85%	4.1mi	4	3.5	2,891	8/1/2024	Single Family	$ 4,200
830 E Hall Rd	88%	3.0mi	4	3	2,796	6/27/2024	Single Family	$ 4,000

Comps selected: 4

Annual Property Operating Data

Incomes		% of GOI
Gross Scheduled Income Gross Scheduled Income (GSI) Represents the total of monthly rents for the particular property, including the potential rents from vacant units and uncollectable rents. Gross Scheduled Income (GSI) Represents the total of monthly rents for the particular property, including the potential rents from vacant units and uncollectable rents.	$ 43,344
Total Gross Income	$ 43,344
Vacancy loss Vacancy and Credit Loss Part of the potential rental income that is lost because of unoccupied units or uncollectable rent from tenants. Vacancy and Credit Loss Part of the potential rental income that is lost because of unoccupied units or uncollectable rent from tenants.	$ 2,167
Gross Operating Income Gross Operating Income (GOI) An actual income which is expected to be collected in the property. Gross Operating Income (GOI) An actual income which is expected to be collected in the property.	$ 41,177	100.00 %
Expenses Operating Expenses Expenses necessary for maintaining the property and ensuring its continued ability to produce income (doesn't include mortgage payments or depreciation). Operating Expenses Expenses necessary for maintaining the property and ensuring its continued ability to produce income (doesn't include mortgage payments or depreciation).
Property manager	$ 4,118	10.00 %
Insurance	$ 2,520	6.12 %
Repairs	$ 2,059	5.00 %
Property tax	$ 4,433	10.77 %
Total Expenses	$ 13,130	31.89 %
Net Operating Income Net Operating Income (NOI) Important measurement calculated as gross operating income minus operating expenses. Net Operating Income (NOI) Important measurement calculated as gross operating income minus operating expenses.	$ 28,047	68.11 %

Cash Flow (Year 1)

Net Operating Income	$ 28,047	68.11 %
Annual Debt Service	$ 0	0.00 %
Cash Flow Before Taxes (CFBT) Cash Flow All the inflows and outflows of cash for a certain property (including mortgage payments). We can calculate cash flow before taxes (CFBT) or cash flow after taxes (CFAT) which is CFBT minus any tax liability arising from the operation of the property. Cash Flow All the inflows and outflows of cash for a certain property (including mortgage payments). We can calculate cash flow before taxes (CFBT) or cash flow after taxes (CFAT) which is CFBT minus any tax liability arising from the operation of the property.	$ 28,047	68.11 %
Income Tax Liability	$ 6,430	15.62 %
Cash Flow After Taxes (CFAT) Cash Flow All the inflows and outflows of cash (including mortgage payments). We can calculate cash flow before taxes (CFBT) or cash flow after taxes (CFAT) which is CFBT minus any tax liability arising from the operation of the property. Cash Flow All the inflows and outflows of cash (including mortgage payments). We can calculate cash flow before taxes (CFBT) or cash flow after taxes (CFAT) which is CFBT minus any tax liability arising from the operation of the property.	$ 21,617	52.50 %

Operating Ratios

Operating Expense Ratio Operating Expense Ratio Ratio of the operating expenses to the gross operating income (GOI). Operating Expense Ratio Ratio of the operating expenses to the gross operating income (GOI).	31.89 %
Break-Even Ratio Break-Even Ratio (BER) Another benchmark used by mortgage lenders, estimating how vulnerable is a certain property to defaulting on its mortgage if part of the rental income is declined. Most of the lenders are looking for BER of 85% or less. Break-Even Ratio (BER) Another benchmark used by mortgage lenders, estimating how vulnerable is a certain property to defaulting on its mortgage if part of the rental income is declined. Most of the lenders are looking for BER of 85% or less.	31.89 %

Financial Measures

Net Present Value Net Present Value (NPV) Probably the best measure of any investment thanks to its complexity; taking into account all future cash flows including the selling price, and it converts all these amounts to their present values using discount rate required by the investor. More information and an example on the blog. Net Present Value (NPV) Probably the best measure of any investment thanks to its complexity; taking into account all future cash flows including the selling price, and it converts all these amounts to their present values using discount rate required by the investor. More information and an example on the blog.	$ 100,939
Internal Rate of Return Internal Rate of Return (IRR) Rate which an investment will return over the estimated period of ownership. It is in fact the discount rate that produces NPV of zero. Internal Rate of Return (IRR) Rate which an investment will return over the estimated period of ownership. It is in fact the discount rate that produces NPV of zero.	25.63 %
Profitability Index Profitability Index Similar to NPV, also calculates with the present values of future cash flows and discount rate. It shows whether the present value of the cash flows is worth the initial investment. Good investment should be above 1.0 Profitability Index Similar to NPV, also calculates with the present values of future cash flows and discount rate. It shows whether the present value of the cash flows is worth the initial investment. Good investment should be above 1.0	2.26
Annual Depreciation	$ 2,327

Holding period of 10 years and discount rate of 5.00% were used for calculation of NPV and IRR. The rest of the financial measures are for the 1st year only and therefore don't provide such an exact information.

Investment Return Ratios

Cash on Cash Return Cash on Cash Return Ratio between annual cash flow before taxes and the total initial investment, expressed as a percentage. It does not take in account the future value of money. Cash on Cash Return Ratio between annual cash flow before taxes and the total initial investment, expressed as a percentage. It does not take in account the future value of money.	35.06 %
Return on Investment Return on Investment Very similar to Cash on Cash Return, but also takes in account appreciation of the property in the first year. Return on Investment Very similar to Cash on Cash Return, but also takes in account appreciation of the property in the first year.	38.06 %
Capitalization Rate Capitalization Rate Calculated as ratio of the net operating income and the value of the property. Capitalization Rate Calculated as ratio of the net operating income and the value of the property.	3.79 %
Gross Rental Yield Gross Rental Yield Used for a particular property or also as a market indicator when using median values of rent and house prices - counted from gross scheduled rent and initial investment. Gross Rental Yield Used for a particular property or also as a market indicator when using median values of rent and house prices - counted from gross scheduled rent and initial investment.	54.18 %
Gross Rent Multiplier Gross Rent Multiplier (GRM) Counted as a ratio of market value of the property and gross scheduled income. Gross Rent Multiplier (GRM) Counted as a ratio of market value of the property and gross scheduled income.	17.06

There is no financing selected in this deal.

This chart shows the process of accumulation of investor's equity. There is some equity created right at the beginning with the rehab/construction and later investor's equity is rising by paying off the principal of the loan and also by appreciation over the years. All the green parts is the cummulative equity belonging to the investor and the red part belongs to the lender.

Year	0	1	2	3	4	5	6	7	8	9	10
Operational Analysis
Gross Scheduled Income	0	43,344	44,211	45,095	45,997	46,917	47,855	48,812	49,789	50,784	51,800
Vacancy Loss	0	2,167	2,211	2,255	2,300	2,346	2,393	2,441	2,489	2,539	2,590
Gross Operating Income	0	41,177	42,000	42,840	43,697	44,571	45,463	46,372	47,299	48,245	49,210
Expenses	0	13,130	13,392	13,660	13,933	14,212	14,496	14,786	15,082	15,383	15,691
Net Operating Income	0	28,047	28,608	29,180	29,764	30,359	30,966	31,586	32,218	32,862	33,519
Cash Flow
Repairs/Construction	1	0	0	0	0	0	0	0	0	0	0
Cash Flow Before Taxes	-80,001	28,047	28,608	29,180	29,764	30,359	30,966	31,586	32,218	32,862	33,519
Depreciation	0	2,327	2,327	2,327	2,327	2,327	2,327	2,327	2,327	2,327	2,327
Taxes	0	6,430	6,570	6,713	6,859	7,008	7,160	7,315	7,473	7,634	7,798
Cash Flow After Taxes	-80,001	21,617	22,038	22,467	22,905	23,351	23,807	24,271	24,745	25,228	25,721

Note: All amounts in the table above are in $

Resale Price Evaluation Methods

The property is sold after 10 years. Below is the resale price calculated using different methods.

	$ 0
Appreciation (3.00%)	$ 993,647
Cap Rate (3.79%) & NOI	$ 884,409
Gross Rent Multiplier	$ 883,710

Sale Proceeds

Projected Selling Price	$ 0
Costs of Sale (7.00%)	$ 0
Net Sale Proceeds Before Tax	$ 0

In the resale analysis we do not include any calculation for taxes that might be owed on sale of the property. The tax laws for the resale are rather complex and subjected to frequent changes.

Net Assets and Yield

Net Assets
Sale Proceeds Before Tax	$ 0
Investor Cash Outlay	$ 80,001
Net Assets	$ -80,001
Average Yield
Annual Net Assets	$ -8,000
Average Cash Flow (After Taxes)	$ 21,043
Average Annual Gain (After Taxes)	$ 13,043
Average Annual Yield (After Taxes)	16.30 %

This charts shows Net Present Value (NPV) when property is sold in various years, i.e. when sold in 5th year, the NPV is calculated from 5 years of Cash Flow (including the selling price) and this NPV is displayed in year 5. Optimal holding period can be estimated, using this method - when NPV is the highest. Please note that appreciation growth can change these numbers greatly. It sometimes makes sense to sell the property even before the end of the mortgage term.

Property Report: 385 Mockingbird Ln, Merritt Island RENTAL

Property Report :

385 Mockingbird Ln, Merritt Island, FL 32953

Executive Summary

385 Mockingbird Ln, Merritt Island, FL 32953

Financial Analysis

Financial Breakdown

Total Capital Needed

Total Capital Needed

Cash out of Pocket

Cash out of Pocket

Cash at Closing

Cash at Closing

Cash During Rehab

Cash During Rehab

Operating Analysis

Property Description

Property History

Comparative Sales Analysis

$ 739,367

Property ARV

Singlefamily

Bldg type

3,091

SqFt

$ 239

per SqFt

4

Beds

3

Baths

Comparative Rental Analysis

$ 3,612

Rent

Singlefamily

Bldg type

3,091

SqFt

4

Beds

3

Baths

Rentometer®

Rentometer®

Operating Analysis

Annual Property Operating Data

Gross Scheduled Income (GSI)

Gross Scheduled Income (GSI)

Vacancy and Credit Loss

Vacancy and Credit Loss

Gross Operating Income (GOI)

Gross Operating Income (GOI)

Operating Expenses

Operating Expenses

Net Operating Income (NOI)

Net Operating Income (NOI)

Cash Flow (Year 1)

Cash Flow

Cash Flow

Cash Flow

Cash Flow

Operating Ratios

Operating Expense Ratio

Operating Expense Ratio

Break-Even Ratio (BER)

Break-Even Ratio (BER)

Financial Analysis

Financial Measures

Net Present Value (NPV)

Net Present Value (NPV)

Internal Rate of Return (IRR)

Internal Rate of Return (IRR)

Profitability Index

Profitability Index

Investment Return Ratios

Cash on Cash Return

Cash on Cash Return

Return on Investment

Return on Investment

Capitalization Rate

Rentometer^®

Rentometer^®