6965 NE 137th Pl · Silver Springs, FL 32113

$649,000

3 bd · 2.0 ba · 1,344 sqft · MultiFamily public records · 72 Days on market

Built 2006 8.00 ac lot

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Why this score? — see what drove the F 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 +9.9/30.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great investment opportunity. This property has four units on 8 acres zoned for agriculture. The main residence is a 4-bedroom, 2 bath mobile home built in 2007. It offers an open/split bedroom floor plan with a fireplace. The second property is a 3-bedroom, 2 bath mobile home with a covered lanai. It includes an inground pool and a well for each residence. The third building is an uncompleted two-story guest house. The garage is a total of 1008sqft and is equipped with a full vehicle lift. Perfect for projects, hobbies, business ventures, or storage.

Key facts

• Serene water feature
• Screened-in pool
• Detached garage

Tags

• SCREENED-IN POOL
• DETACHED GARAGE
• ADDITIONAL OUTBUILDING
• SERENE WATER FEATURE
• TWO SEPARATE RESIDENCES
• PRIVATE OWNER'S RETREAT

Property features AI

Finance

• Other: Property sits on approximately 8 acres (264 x 1320); Private in-ground pool; Approximately 100 feet of pond frontage
• HOA & community: No association

Exterior

• Parking: Garage with 4 spaces
• Utilities: Well water; Septic tank; Cable connected; Electricity connected; Water connected
• Home design: Residential manufactured home (double wide); One story; Faces south; Crawlspace foundation
• Construction: Vinyl siding; Metal roof; Built as double wide manufactured home
• Exterior features: Fire pit; On waterfront (pond) with water access

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Disposal; Electric water heater
• Bedrooms: 7 bedrooms
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 4 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Crown molding; Eat-in kitchen; Solid surface counters; Split bedroom floor plan; Walk-in closets
• Laundry & utility: Inside laundry; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $649k.

Deal economics

• At list price, monthly cash flow is $-532 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $555k (14.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $451k (30.5% below list).
• Recommended offer: $451k (30.5% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 4.6% in Silver Springs — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Marion (rural): math 42% / reading 43% proficiency, ranked #61 of 73 in FL (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Fort Mccoy School (math 35% / reading 35%, grade F, #1,697 of 2,144 statewide, top 80%, 964 students, 73% FRL); North Marion High School (math 20% / reading 32%, grade F, #494 of 667 statewide, top 75%, 1,303 students, 66% FRL).
• Zoned-school proficiency averages 30% at this address vs 42% district-wide (-12 pts) — the specific schools serving this property underperform the Marion average; the district grade overstates school quality for this exact location.
• Market conditions: 144 active listings in the ZIP; 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($610k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $50k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $649k implies a 399% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $451,300 (30.5% 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 72 days. Have you received any prior offers? Is the seller open to a 30% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.70% ✗
• Cap rate: 5.54%
• Cash-on-cash: -2.68%
• DSCR: 0.88
• GRM: 12.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -22.2%
• Equity multiple: 0.23×
• Total profit: $-139,191
• Equity at exit: $96,768

10-year hold

• IRR: -16.4%
• Equity multiple: 0.09×
• Total profit: $-165,492
• Equity at exit: $56,114

Cash invested: $181,720 (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 32113

• Home prices YoY: -5.5%
• Active inventory: 144
• Price-to-rent: 44.9×

Monthly cashflow live

• Estimated rent: $4,513 medium
• Mortgage (P&I): −$3,403
• Tax from tax record: −$298 /mo · $3,573/yr
• Insurance: −$270
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$948
• Net cashflow: $-532

Break-even live

Break-even rent $5,186

Max offer price $555,099

Occupancy floor —

Sensitivity live

Price	-10% $-164	-5% $-348	+0% $-532	+5% $-715	+10% $-899
Rent	-10% $-888	-5% $-710	+0% $-532	+5% $-353	+10% $-175
Rate	-1.0pp $-205	-0.5pp $-366	base $-532	+0.5pp $-700	+1.0pp $-871

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	4	2	$1,205
1× unit	3	2	$1,181
▸ 2× units	2	1	$2,126
Total (4 units)			$4,513

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: $162,250
• Closing costs: $19,470
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-13
   status $649,000 Pending 72 DOM
2. 2026-06-10
   days on market $649,000 Active 72 DOM
3. 2026-06-09
   days on market $649,000 Active 71 DOM
4. 2026-06-08
   days on market $649,000 Active 70 DOM
5. 2026-06-07
   days on market $649,000 Active 69 DOM
6. 2026-06-03
   days on market $649,000 Active 65 DOM
7. 2026-06-02
   days on market $649,000 Active 64 DOM
8. 2026-06-01
   days on market $649,000 Active 63 DOM
9. 2026-05-31
   days on market $649,000 Active 62 DOM
10. 2026-05-30
    days on market $649,000 Active 61 DOM
11. 2026-05-20
    status Active
12. 2026-05-14
    status Pending
13. 2026-04-23
    price $649,000
14. 2026-03-24
    listed $699,000 Active
15. 2021-04-16
    soldstatus $130,000 Closed 557-char remark

    Show marketing remark (557 chars)

    Great investment opportunity. This property has four units on 8 acres zoned for agriculture. The main residence is a 4-bedroom, 2 bath mobile home built in 2007. It offers an open/split bedroom floor plan with a fireplace. The second property is a 3-bedroom, 2 bath mobile home with a covered lanai. It includes an inground pool and a well for each residence. The third building is an uncompleted two-story guest house. The garage is a total of 1008sqft and is equipped with a full vehicle lift. Perfect for projects, hobbies, business ventures, or storage.

16. 2021-04-16
    soldstatus $130,000

    Show marketing remark (557 chars)

    Great investment opportunity. This property has four units on 8 acres zoned for agriculture. The main residence is a 4-bedroom, 2 bath mobile home built in 2007. It offers an open/split bedroom floor plan with a fireplace. The second property is a 3-bedroom, 2 bath mobile home with a covered lanai. It includes an inground pool and a well for each residence. The third building is an uncompleted two-story guest house. The garage is a total of 1008sqft and is equipped with a full vehicle lift. Perfect for projects, hobbies, business ventures, or storage.

17. 2021-04-03
    status Pending 557-char remark

    Show marketing remark (557 chars)

    Great investment opportunity. This property has four units on 8 acres zoned for agriculture. The main residence is a 4-bedroom, 2 bath mobile home built in 2007. It offers an open/split bedroom floor plan with a fireplace. The second property is a 3-bedroom, 2 bath mobile home with a covered lanai. It includes an inground pool and a well for each residence. The third building is an uncompleted two-story guest house. The garage is a total of 1008sqft and is equipped with a full vehicle lift. Perfect for projects, hobbies, business ventures, or storage.

18. 2021-03-23
    status Active 557-char remark

    Show marketing remark (557 chars)

    Great investment opportunity. This property has four units on 8 acres zoned for agriculture. The main residence is a 4-bedroom, 2 bath mobile home built in 2007. It offers an open/split bedroom floor plan with a fireplace. The second property is a 3-bedroom, 2 bath mobile home with a covered lanai. It includes an inground pool and a well for each residence. The third building is an uncompleted two-story guest house. The garage is a total of 1008sqft and is equipped with a full vehicle lift. Perfect for projects, hobbies, business ventures, or storage.

19. 2021-03-09
    status Pending 557-char remark

    Show marketing remark (557 chars)

    Great investment opportunity. This property has four units on 8 acres zoned for agriculture. The main residence is a 4-bedroom, 2 bath mobile home built in 2007. It offers an open/split bedroom floor plan with a fireplace. The second property is a 3-bedroom, 2 bath mobile home with a covered lanai. It includes an inground pool and a well for each residence. The third building is an uncompleted two-story guest house. The garage is a total of 1008sqft and is equipped with a full vehicle lift. Perfect for projects, hobbies, business ventures, or storage.

20. 2021-03-02
    listed $150,000 Active 557-char remark

    Show marketing remark (557 chars)

    Great investment opportunity. This property has four units on 8 acres zoned for agriculture. The main residence is a 4-bedroom, 2 bath mobile home built in 2007. It offers an open/split bedroom floor plan with a fireplace. The second property is a 3-bedroom, 2 bath mobile home with a covered lanai. It includes an inground pool and a well for each residence. The third building is an uncompleted two-story guest house. The garage is a total of 1008sqft and is equipped with a full vehicle lift. Perfect for projects, hobbies, business ventures, or storage.

21. 2019-09-09
    soldstatus $75,000
22. 2005-09-27
    soldstatus $175,000

ⓘ 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: $3,573 · $298/mo
• Projected year-2 tax: $5,387 · $449/mo
• Expected delta: +$1,813/yr (+$151/mo · 50.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone A · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,156
• − Mortgage interest: −$36,354
• − Property taxes: −$3,573
• − Insurance: −$4,748
• − Repairs & maintenance: −$4,332
• − Management: −$4,332
• − Depreciation: −$18,880
• Taxable loss: −$18,064
• Est. tax savings @ 24.0%: +$4,335
• After-tax cash flow: $-2,043/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: Marion
• NCES district ID: 1201260
• Math proficiency: 42% ▼ -7.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $40,015
• Composite: 35.61/100
• National rank: #4890
• State rank: #61 of 73 in FL

Livability — Silver Springs

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 5,382

Population outlook (Marion County) Hauer SSP2

• Today (2025): 365,905 people
• By 2030: 376,768 · +3.0%
• By 2040: 396,555 · +8.4%
• By 2050: 412,723 · +12.8%
• By 2075: 446,090 · +21.9%
• By 2100: 436,193 · +19.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 12% Two or more races 11% Hispanic / Latino 10%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Cuban 1%
• Common ancestry: Iranian 3% Serbian 2% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 6% Other Indo-European 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+31.6) · D 33.8% · R 65.5%
• 2008→2024 swing: -20.0pp toward R · 2008: -11.6pp · 2024: -31.6pp
• All cycles: 2024: R+31.6 2020: R+25.9 2016: R+26.2 2012: R+16.2 2008: R+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -16.68%
• Current HPI: 284.1669
• Rent YoY: —
• Metro: —
• 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

+270.9% since first listed

12 events — show timeline

• 2026-05-20 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-05-14 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-23 Price Changed $649,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-24 Listed $699,000 Stellar MLS as Distributed by MLS Grid
• 2021-04-16 Sold (Public Records) $130,000 Public Records
• 2021-04-16 Sold (MLS) $130,000 Stellar MLS as Distributed by MLS Grid
• 2021-04-03 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-03-23 Relisted — Stellar MLS as Distributed by MLS Grid
• 2021-03-09 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-03-02 Listed $150,000 Stellar MLS as Distributed by MLS Grid
• 2019-09-09 Sold (Public Records) $75,000 Public Records
• 2005-09-27 Sold (Public Records) $175,000 Public Records

Property tax history

+6.4%/yr

Latest (2025): $3,573 · +75.8% YoY. Source: county tax records.