Real Estate Investing in Melbourne, Florida (32904)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 32904 (Melbourne, FL)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 9.3% vacancy may signal weakening demand.
What’s happening in Melbourne, FL (32904)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 32904 Melbourne
The 32904 ZIP covers a section of Melbourne that demands careful diligence. Prices near $379K look accessible, but the work to make a deal cash flow is real.
Distressed markets are won on execution, not on spreadsheets. ZIP 32904 shows the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
The gap between 32904 and stronger Melbourne ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Turning to rents, 36,885 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Distressed ZIPs reward experience. healthy returns are possible in 32904, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Melbourne:
Property Strategy for 32904
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $205,970 | $2,080 | 7.3% | +6.0% | $102,985 |
| 3BR | $350,141 | $2,840 | 5.8% | +6.4% | $116,714 |
| 4BR | $435,739 | $3,220 | 5.3% | +6.6% | $108,935 |
| 5BR | $544,412 | — | — | +7.3% | $108,882 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 32904 Compare?
| Metric | 32904 | Melbourne | Palm Bay-Melbourne-Titusville, FL | Florida |
|---|---|---|---|---|
| Home Value | $379,453 | $381,624 | N/A | $374,697 |
| 5-Year CAGR | 3.7% | 4.1% | N/A | 7.4% |
| Avg Rent | $1,920 | $1,810 | N/A | - |
| Cap Rate | 4.0% | 3.9% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 32904 (Melbourne, FL). Anonymous, moderated, never written by AI.
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Property managers serving Brevard County
Manage rentals here? List your business →Solutions Property Management LLC offers residential, multi-family, commercial, and community association property management services in Melbourne, including marketing, tenant screening, rent collect summary from their website
Aamerican Property Management provides services for renters, including rental FAQs, online applications, online payments, and maintenance requests. summary from their website
All Brevard Property Management is a property management company. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $379,453 |
| Monthly Rent | $1,920 |
| Price-to-Rent | 16.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.1% |
| Cap Rate | 4.0% |
| 5-Year IRR | 7.6% |
📈 Home Appreciation
| 1-Year | +0.9% ▲ |
| 3-Year CAGR | -1.3% ▼ |
| 5-Year CAGR | +3.7% ▲ |
| 10-Year CAGR | +6.3% ▲ |
🏠 Rent Trends
| 1-Year | -1.3% ▼ |
| 3-Year CAGR | -0.3% ▼ |
| 5-Year CAGR | +3.5% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.0%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 32904
Population: 36,885
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 32904
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 4,610 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Are renters plentiful in Melbourne, FL?
Melbourne, FL draws a consistent base of working renters. Demand at the $1,920/mo rent level is reasonable for standard single-family and small multi rentals.
How strong is Melbourne, FL for real estate investors?
Melbourne, FL rates 3.0/5 for investability. With median values at $379K and rents near $1,920/mo, the market offers reasonable fundamentals for rental investors.
How do home values compare in Melbourne, FL?
In Melbourne, FL the median home value sits at $379K. Against the broader FL market, that reads as reasonable for most investors.
Is Melbourne, FL landlord-friendly?
FL law landlord-friendly for landlords, and Melbourne inherits those rules. Investors should still review local ordinances for rental licensing.
What monthly rent should investors expect in Melbourne, FL?
Rental rates in Melbourne, FL average $1,920/mo. Tenant demand and $379K home values make the yield look reasonable by investor standards.
You know 32904 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 32904 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 32904 ranks in Palm Bay-Melbourne-Titusville, FL
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Community Ratings
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