At $2/sqft for a waterfront unit in Cocoa Beach, you're looking at a price that's roughly 60–70% below the current median condo asking price ($375K–$412K), which signals either exceptional value or serious structural/inspection concerns typical of 1974 construction that warrant deep due diligence. The Wellington's no-HOA structure is rare and valuable in a condo market, but the unit's age, modest square footage, and position in a 50-year-old building mean reserve-fund contributions and major systems replacement costs could hit hard—especially since the median condo sale here has dropped 7.4% year-over-year as buyers are now pricing those exact liabilities in. This plays best as a cash buyer's renovation play or for a retiree willing to absorb surprise costs; financing will be difficult, and the waterfront location alone won't carry a flip in a market where buyer sentiment is cooling on older condos.

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