1907 Madre St

Edgewater, FL 32168

$209,000B

3 bd · 2.0 ba · 1,560 sqft · Built 2003 · Manufactured · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,956/mo
• Mortgage (P&I): −$1,096
• Tax + insurance: −$348
• HOA: −$30
• Vac / Maint / Mgmt: −$621
• Net cashflow: $861/mo
• Annual: $10,332/yr
• Cap rate: 11.24%
• Cash-on-cash: 17.66%
• DSCR: 1.79
• 1% rule: 1.41%
• Cash to close: $58,520

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $209k. Condition is rated good.
• At list price, monthly cash flow is $861 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $209k).
• It's been on market 16 days — a 2% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $206k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#329 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D-, commute F.
• 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: Edgewater Public School (math 67% / reading 52%, grade B-, #690 of 2,144 statewide, top 34%, 504 students, 64% FRL); New Smyrna Beach High School (math 34% / reading 52%, grade F, #255 of 667 statewide, top 39%, 1,810 students, 41% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: Rents rising fast (+5.6%/yr); 601 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).
• Volusia County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 12 sale attempts since 23y 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 $135k; list at $209k implies a 55% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $59k cash investment doubles in ~6 years — after that, you're playing with house money.
• At $2,956/mo this rent would consume 46% of the median local household income ($77k/yr) (locally 1139% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.