Merritt Island CBS Pool Home in Flood Zone X

This Merritt Island CBS pool home has 2 beds, 2 baths, 1,282 sq. ft., a 7,405 sq. ft. lot, city water/sewer, no HOA, driveway parking, and an in-ground screened pool. Flood zone is X. The home has a 2019 roof and needs a full rehab. HVAC is not functioning, the pool needs cleanup and equipment/cosmetic ugrading, plumbing includes cast iron, the water heater is near end of service life, and the exterior needs stucco/crack repair, paint, soffit work, rear window replacement, and screen/enclosure repair. Interior work includes cleanout, kitchen, baths, flooring, paint, trim, fixtures, appliance replacement, pest treatment, and master-suite access verification.  County has the property as a 3 bedroom, so it was a 3 bedroom at some point.  If possible, I would put back to a 3 bedroom for highest value return.

Comparable Sales

1. 275 Bahama Dr, Merritt Island, FL 32952 | 3/2 | 1,431 SF | Closed May 6, 2026 | $369,000 | $258/SF | 0.27 mi – Updated pool home with carport, metal roof, and larger living area. Strong high-side support.
2. 525 Orange Ave, Merritt Island, FL 32952 | 3/2 | 1,092 SF | Closed Apr 24, 2026 | $360,000 | $330/SF | 0.36 mi – Smaller pool home with carport and larger lot. Strong price-per-foot support.
3. 140 Barbados Dr, Merritt Island, FL 32952 | 3/2 | 1,400 SF | Closed Mar 4, 2026 | $350,000 | $250/SF | 0.35 mi – Pool home with 2-car garage and larger size. Useful support, but garage and size are stronger than the subject.
4. 476 Nancie Ave, Merritt Island, FL 32952 | 3/2 | 1,233 SF | Closed Jan 22, 2026 | $310,000 | $251/SF | 0.07 mi – Very close pool sale with similar size and no garage. Good conservative support.
5. 489 Kennwood Ave, Merritt Island, FL 32952 | 4/2 | 1,230 SF | Closed Feb 12, 2026 | $290,000 | $236/SF | 0.15 mi – Close sale with extra bedroom count, but not clean pool-home ARV support.
6. 512 Orange Ave, Merritt Island, FL 32952 | 3/2 | 1,604 SF | Closed Apr 1, 2026 | $191,098 | $119/SF | 0.28 mi – Discard for ARV. Full rehab/trash-out sale and not comparable to a finished exit.
7. 20 Ocean St, Merritt Island, FL 32952 | 3/2 | 1,456 SF | Active at $349,900 | $240/SF | 0.02 mi – Active context only. Renovated pool home next door and useful as a live pricing ceiling.

ARV & Rental Analysis

Estimated fully rehabbed ARV: $315,000 to $325,000 +/-

Estimated rent after renovation: $2,500 to $2,800/month +/-