402 Bouchelle Dr #204 · New Smyrna Beach, FL 32169

$249,000

1 bd · 1.0 ba · 820 sqft · Condo public records · 78 Days on market

Built 1995 $686/mo HOA · 24% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +12.7/30.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +3.9/10.0
• DSCR +3.8/10.0
• Rent growth +3.8/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Stunning 1 bedroom 1 bath condo in the intracoastal front community of Bouchelle Island. This beautifully renovated residence features modern finishes throughout, an open and airy layout, and abundant natural light. Enjoy the best of waterfront living with serene daily views. The Bouchelle Island Community boasts a 3000 Ft. Riverfront Boardwalk great for walking and fishing, a Private Boat Ramp, and a 80-Slip Deep Water Marina with Electricity and Water. The Community also features a Clubhouse, Exercise Room, Tennis Courts, Two Pools, a Spa, Shuffleboard Courts, Barbecue Area, an 18 Hole Chip & Putt Course, and wet and dry boat storage. Bouchelle is a prime location within just a mile to the Beach, Canal street, and Flagler ave. The community's proximity to local shops, restaurants, and entertainment options ensures that everything you need is just a short drive or walk away. Buyer and Buyers agent to verify all information

Key facts

• Clubhouse
• Exercise room
• Waterfront living

Tags

• WATERFRONT LIVING
• 3000 FT RIVERFRONT BOARDWALK
• PRIVATE BOAT RAMP
• 80-SLIP DEEP WATER MARINA
• CLUBHOUSE
• EXERCISE ROOM

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $249k.

Deal economics

• At list price, monthly cash flow is $-93 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $233k (6.6% below list).
• Meets the 1% rule at list price ($3k rent vs $249k).
• Recommended offer: $233k (6.6% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 69/100 on livability (#474 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B; Watch: amenities F, commute F, health & safety D-.
• Volusia (suburban): math 44% / reading 49% proficiency, ranked #47 of 73 in FL (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Coronado Beach Elementary School (math 67% / reading 77%, grade A-, #288 of 2,144 statewide, top 15%, 223 students, 36% FRL); New Smyrna Beach Middle School (math 43% / reading 43%, grade D-, #331 of 571 statewide, top 59%, 1,037 students, 53% FRL); New Smyrna Beach High School (math 34% / reading 52%, grade F, #255 of 667 statewide, top 39%, 1,810 students, 41% FRL).
• Market conditions: Rents rising fast (+5.2%/yr); 542 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).
• This rent runs 30% of the median local income ($111k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Volusia County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($234k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 26y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $175k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 24% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $232,623 (6.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 6.17%
• Cash-on-cash: -0.45%
• DSCR: 0.98
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.17% rent growth · sell at horizon

5-year hold

• IRR: -15.5%
• Equity multiple: 0.43×
• Total profit: $-39,551
• Equity at exit: $37,127

10-year hold

• IRR: -2.5%
• Equity multiple: 0.81×
• Total profit: $-13,384
• Equity at exit: $21,529

Cash invested: $69,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32169

• Rents YoY: 5.2%
• Active inventory: 542
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,820 high
• Mortgage (P&I): −$1,306
• Tax from tax record: −$159 /mo · $1,906/yr
• Insurance: −$104
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$686
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $-93

Break-even live

Break-even rent $2,938

Max offer price $232,623

Occupancy floor 98%

Sensitivity live

Price	-10% $48	-5% $-22	+0% $-93	+5% $-163	+10% $-234
Rent	-10% $-316	-5% $-204	+0% $-93	+5% $19	+10% $130
Rate	-1.0pp $33	-0.5pp $-29	base $-93	+0.5pp $-157	+1.0pp $-223

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
468 Bouchelle Dr New Smyrna Beach, FL	2.0	2.0	1072	$2,400	$2.24	25d	1	0.10mi
458 Bouchelle Dr #101 New Smyrna Beach, FL	2.0	2.0	1068	$3,600	$3.37	25d	1	0.12mi
448 Bouchelle Dr New Smyrna Beach, FL	2.0	2.0	1068	$4,200	$3.93	25d	1	0.20mi
446 Bouchelle Dr #203 New Smyrna Beach, FL	2.0	2.0	1100	$3,200	$2.91	25d	1	0.23mi
444 Bouchelle Dr #201 New Smyrna Beach, FL	2.0	2.0	1068	$2,800	$2.62	25d	1	0.25mi
315 N Causeway New Smyrna Beach, FL	2.0	2.0	1073	$2,300	$2.14	25d	2	0.67mi
411 S Pine St New Smyrna Beach, FL	2.0	1.5	1100	$3,800	$3.45	16d	1	0.72mi
800 Ocean Ave New Smyrna Beach, FL	2.0	1.0	900	$2,495	$2.77	16d	1	0.83mi
159 Breezeway Ct #159 New Smyrna Beach, FL	2.0	2.0	967	$2,900	$3.00	25d	1	0.83mi
421 S Atlantic Ave #806 New Smyrna Beach, FL	2.0	2.0	890	$7,000	$7.87	25d	1	0.99mi
201 Palmetto St New Smyrna Beach, FL	1.0	1.0	900	$1,650	$1.83	13d	1	1.00mi
110 Rush St New Smyrna Beach, FL	1.0	1.0	700	$1,300	$1.86	16d	1	1.01mi
1305 S Atlantic Ave New Smyrna Beach, FL	1.0	1.0	684	$2,700	$3.95	25d	1	1.02mi
1571 S Atlantic Ave New Smyrna Beach, FL	1.0–3.0	1.0–2.0	1050	$2,850	$2.71	25d	14	1.10mi
814 E 10th Ave New Smyrna Beach, FL	2.0	1.0	970	$2,600	$2.68	25d	1	1.12mi
324 N Orange St Unit 1 New Smyrna Beach, FL	1.0	1.0	697	$1,300	$1.87	25d	1	1.19mi
906 11th Ave New Smyrna Beach, FL	2.0	2.0	1000	$3,500	$3.50	25d	1	1.29mi

HOA detail condo

• Monthly dues: $686 · $8,232/yr
• Likely covers: waterelectricpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-22
   days on market $249,000 Active 78 DOM
2. 2026-06-18
   days on market $249,000 Active 75 DOM
3. 2026-06-17
   days on market $249,000 Active 74 DOM
4. 2026-06-16
   days on market $249,000 Active 73 DOM
5. 2026-06-15
   days on market $249,000 Active 72 DOM
6. 2026-06-14
   days on market $249,000 Active 70 DOM
7. 2026-06-10
   days on market $249,000 Active 67 DOM
8. 2026-06-09
   days on market $249,000 Active 66 DOM
9. 2026-06-08
   days on market $249,000 Active 65 DOM
10. 2026-06-07
    days on market $249,000 Active 64 DOM
11. 2026-06-05
    days on market $249,000 Active 61 DOM
12. 2026-06-03
    days on market $249,000 Active 60 DOM
13. 2026-06-03
    days on market $249,000 Active 59 DOM
14. 2026-06-01
    days on market $249,000 Active 58 DOM
15. 2026-05-31
    days on market $249,000 Active 57 DOM
16. 2026-05-31
    days on market $249,000 Active 56 DOM
17. 2026-05-06
    price $249,000 943-char remark

    Show marketing remark (943 chars)

    Stunning 1 bedroom 1 bath condo in the intracoastal front community of Bouchelle Island. This beautifully renovated residence features modern finishes throughout, an open and airy layout, and abundant natural light. Enjoy the best of waterfront living with serene daily views. The Bouchelle Island Community boasts a 3000 Ft. Riverfront Boardwalk great for walking and fishing, a Private Boat Ramp, and a 80-Slip Deep Water Marina with Electricity and Water. The Community also features a Clubhouse, Exercise Room, Tennis Courts, Two Pools, a Spa, Shuffleboard Courts, Barbecue Area, an 18 Hole Chip & Putt Course, and wet and dry boat storage. Bouchelle is a prime location within just a mile to the Beach, Canal street, and Flagler ave. The community's proximity to local shops, restaurants, and entertainment options ensures that everything you need is just a short drive or walk away. Buyer and Buyers agent to verify all information

18. 2026-04-04
    listed $259,000 Active 943-char remark

    Show marketing remark (943 chars)

    Stunning 1 bedroom 1 bath condo in the intracoastal front community of Bouchelle Island. This beautifully renovated residence features modern finishes throughout, an open and airy layout, and abundant natural light. Enjoy the best of waterfront living with serene daily views. The Bouchelle Island Community boasts a 3000 Ft. Riverfront Boardwalk great for walking and fishing, a Private Boat Ramp, and a 80-Slip Deep Water Marina with Electricity and Water. The Community also features a Clubhouse, Exercise Room, Tennis Courts, Two Pools, a Spa, Shuffleboard Courts, Barbecue Area, an 18 Hole Chip & Putt Course, and wet and dry boat storage. Bouchelle is a prime location within just a mile to the Beach, Canal street, and Flagler ave. The community's proximity to local shops, restaurants, and entertainment options ensures that everything you need is just a short drive or walk away. Buyer and Buyers agent to verify all information

19. 2005-05-30
    soldstatus $175,000
20. 2005-05-20
    soldstatus $175,000 229-char remark

    Show marketing remark (229 chars)

    ready to move into 2nd floor unit with vaulted ceilings light and bright all ammenities available to new owner, 2pools, boat dock, tennis, fishing pier, boardwalk well landscaped community. BEST PRICE ON BOUCHELLE - ; Water: City

21. 2005-05-20
    soldstatus $175,000

    Show marketing remark (229 chars)

    ready to move into 2nd floor unit with vaulted ceilings light and bright all ammenities available to new owner, 2pools, boat dock, tennis, fishing pier, boardwalk well landscaped community. BEST PRICE ON BOUCHELLE - ; Water: City

22. 2005-03-21
    listed $180,000 229-char remark

    Show marketing remark (229 chars)

    ready to move into 2nd floor unit with vaulted ceilings light and bright all ammenities available to new owner, 2pools, boat dock, tennis, fishing pier, boardwalk well landscaped community. BEST PRICE ON BOUCHELLE - ; Water: City

23. 2005-03-21
    listed $180,000

    Show marketing remark (229 chars)

    ready to move into 2nd floor unit with vaulted ceilings light and bright all ammenities available to new owner, 2pools, boat dock, tennis, fishing pier, boardwalk well landscaped community. BEST PRICE ON BOUCHELLE - ; Water: City

24. 2000-06-06
    soldstatus $64,900
25. 2000-05-31
    soldstatus $64,900
26. 2000-05-31
    soldstatus $64,900
27. 2000-03-31
    listed $64,900
28. 2000-03-31
    listed $64,900
29. 1996-11-03
    soldstatus $69,400

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,906 · $159/mo
• Projected year-2 tax: $2,067 · $172/mo
• Expected delta: +$161/yr (+$13/mo · 8.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,844
• − Mortgage interest: −$13,948
• − Property taxes: −$1,906
• − Insurance: −$2,042
• − Repairs & maintenance: −$2,708
• − Management: −$2,708
• − HOA: −$8,232
• − Depreciation: −$7,244
• Taxable loss: −$4,942
• Est. tax savings @ 24.0%: +$1,186
• After-tax cash flow: $74/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Volusia
• NCES district ID: 1201920
• Math proficiency: 44% ▼ -9.00%
• Reading proficiency: 49% ▼ -3.00%
• Median HH income: $42,946
• Composite: 39.2/100
• National rank: #4019
• State rank: #47 of 73 in FL

Livability — New Smyrna Beach

• Score: 69/100
• State rank: #474
• US rank: #8577

Category grades

Amenities F Commute F Cost of living C+ Crime A+ Employment B Housing A+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Smyrna Beach, FL
• County: Volusia County · 556,871 people
• City population: 42,039
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• Population (ZIP): 10,192
• Household income: $110,968
• Rent vs Own: 11.8% rent · 88.2% own
• Severe rent burden: 145.0

Population outlook (Volusia County) Hauer SSP2

• Today (2025): 572,749 people
• By 2030: 598,695 · +4.5%
• By 2040: 644,880 · +12.6%
• By 2050: 681,451 · +19.0%
• By 2075: 759,957 · +32.7%
• By 2100: 778,902 · +36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 5% Asian 1%
• Common ancestry: Romanian 4% Lithuanian 4% Italian 3%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Volusia

• 2024 margin: Strong R (+21.8) · D 38.7% · R 60.5%
• 2008→2024 swing: -27.4pp toward R · 2008: 5.7pp · 2024: -21.8pp
• All cycles: 2024: R+21.8 2020: R+14.1 2016: R+13.1 2012: R+1.2 2008: D+5.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -297.06%
• Current HPI: 345.3555
• Rent YoY: ▲ 5.17%
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+258.8% since first listed

13 events — show timeline

• 2026-05-06 Price Changed $249,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-04 Listed $259,000 Stellar MLS as Distributed by MLS Grid
• 2005-05-30 Sold (Public Records) $175,000 Public Records
• 2005-05-20 Sold (MLS) $175,000 NSBMLS
• 2005-05-20 Sold (MLS) $175,000 Stellar MLS as Distributed by MLS Grid
• 2005-03-21 Listed $180,000 NSBMLS
• 2005-03-21 Listed $180,000 Stellar MLS as Distributed by MLS Grid
• 2000-06-06 Sold (Public Records) $64,900 Public Records
• 2000-05-31 Sold (MLS) $64,900 Stellar MLS as Distributed by MLS Grid
• 2000-05-31 Sold (MLS) $64,900 NSBMLS
• 2000-03-31 Listed $64,900 Stellar MLS as Distributed by MLS Grid
• 2000-03-31 Listed $64,900 NSBMLS
• 1996-11-03 Sold (Public Records) $69,400 Public Records

Property tax history

+0.2%/yr

Latest (2025): $1,906 · +2.0% YoY. Source: county tax records.