5433 SE 113th St · Belleview, FL 34420

$465,000

2 bd · 1.0 ba · 672 sqft · MultiFamily public records · 684 Days on market

Built 1983 9,148 sqft lot $692/sqft · 427% above area Est $316k · 47% over

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Why this score? — see what drove the C+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

CASH COW !!! Come see this 7 unit MHP in Belleview today. Walking distance to al the restaurants and shopping.

Key facts

• 8 unit mhp
• 9,148 sq ft lot
• Built 1983

Tags

• 8 UNIT MHP

What this means for you Summary

Snapshot

• This is a 7 × 12-bed/7.0-bath units multifamily listed at $465k.

Deal economics

• At list price, monthly cash flow is $4k ($52k/yr) — positive. Per door: $614/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $465k).
• Recommended offer: $409k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.4% vs local median 4.5% in Belleview — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 69/100 on livability (#458 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime F, amenities F.
• 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.
• Market conditions: 357 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $3k of loan paydown is wiped out by about $14k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $130k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 684 days — a 12% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $60k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $220k; list at $465k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $409,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 684 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 1.98% ✓
• Cap rate: 17.38%
• Cash-on-cash: 39.61%
• DSCR: 2.76
• GRM: 4.2

CMA / ARV

• ARV (median comp): $316,197
• List price: $465,000
• Delta: 47.06%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 35.9%
• Equity multiple: 2.52×
• Total profit: $198,335
• Equity at exit: $69,333

10-year hold

• IRR: 42.6%
• Equity multiple: 5.03×
• Total profit: $525,070
• Equity at exit: $40,205

Cash invested: $130,200 (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 34420

• Home prices YoY: -32.8%
• Active inventory: 357
• Price-to-rent: 29.5×

Monthly cashflow live

• Estimated rent: $9,185 medium
• Mortgage (P&I): −$2,439
• Tax from tax record: −$327 /mo · $3,918/yr
• Insurance: −$194
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,929
• Net cashflow: $4,297

Break-even live

Break-even rent $3,745

Max offer price $465,000

Occupancy floor 48%

Sensitivity live

Price	-10% $4,561	-5% $4,429	+0% $4,297	+5% $4,166	+10% $4,034
Rent	-10% $3,572	-5% $3,935	+0% $4,297	+5% $4,660	+10% $5,023
Rate	-1.0pp $4,532	-0.5pp $4,416	base $4,297	+0.5pp $4,177	+1.0pp $4,054

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

Units	Beds	Baths	Est. rent
▸ 7× units	12	7	$9,184
Total (7 units)			$9,185

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: $116,250
• Closing costs: $13,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5836 SE Drew Rd Belleview, FL	1.0	1.0	525	$1,010	$1.92	22d	1	0.53mi
6407 SE 108th St Belleview, FL	2.0	1.0	672	$1,202	$1.79	14d	1	0.94mi

Listing history 26 events

1. 2026-06-18
   days on market $465,000 Active 684 DOM
2. 2026-06-17
   days on market $465,000 Active 683 DOM
3. 2026-06-16
   days on market $465,000 Active 682 DOM
4. 2026-06-15
   days on market $465,000 Active 681 DOM
5. 2026-06-14
   days on market $465,000 Active 679 DOM
6. 2026-06-13
   days on market $465,000 Active 678 DOM
7. 2026-06-10
   days on market $465,000 Active 676 DOM
8. 2026-06-09
   days on market $465,000 Active 675 DOM
9. 2026-06-08
   days on market $465,000 Active 674 DOM
10. 2026-06-07
    days on market $465,000 Active 673 DOM
11. 2026-06-03
    days on market $465,000 Active 669 DOM
12. 2026-06-02
    days on market $465,000 Active 668 DOM
13. 2026-05-31
    days on market $465,000 Active 666 DOM
14. 2026-05-30
    days on market $465,000 Active 665 DOM
15. 2026-05-01
    status Active 111-char remark

    Show marketing remark (111 chars)

    CASH COW !!! Come see this 7 unit MHP in Belleview today. Walking distance to al the restaurants and shopping.

16. 2026-04-30
    historical 111-char remark

    Show marketing remark (111 chars)

    CASH COW !!! Come see this 7 unit MHP in Belleview today. Walking distance to al the restaurants and shopping.

17. 2025-04-23
    price $465,000 111-char remark

    Show marketing remark (111 chars)

    CASH COW !!! Come see this 7 unit MHP in Belleview today. Walking distance to al the restaurants and shopping.

18. 2025-03-21
    price $489,990 111-char remark

    Show marketing remark (111 chars)

    CASH COW !!! Come see this 7 unit MHP in Belleview today. Walking distance to al the restaurants and shopping.

19. 2024-11-07
    price $499,990 111-char remark

    Show marketing remark (111 chars)

    CASH COW !!! Come see this 7 unit MHP in Belleview today. Walking distance to al the restaurants and shopping.

20. 2024-08-02
    status Active 111-char remark

    Show marketing remark (111 chars)

    CASH COW !!! Come see this 7 unit MHP in Belleview today. Walking distance to al the restaurants and shopping.

21. 2024-05-23
    status Pending 111-char remark

    Show marketing remark (111 chars)

    CASH COW !!! Come see this 7 unit MHP in Belleview today. Walking distance to al the restaurants and shopping.

22. 2024-05-23
    listed $525,000 Active 111-char remark

    Show marketing remark (111 chars)

    CASH COW !!! Come see this 7 unit MHP in Belleview today. Walking distance to al the restaurants and shopping.

23. 2017-04-03
    soldstatus $220,000
24. 2015-04-23
    soldstatus $55,000
25. 2001-09-28
    soldstatus $46,000
26. 1984-11-01
    soldstatus $30,000

ⓘ 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: $3,918 · $327/mo
• Projected year-2 tax: $3,918 · $327/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 6 d/yr ≥109°F today · 17 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $110,220
• − Mortgage interest: −$26,047
• − Property taxes: −$3,918
• − Insurance: −$2,325
• − Repairs & maintenance: −$8,818
• − Management: −$8,818
• − Depreciation: −$13,527
• Taxable income: $46,767
• Est. tax owed @ 24.0%: −$11,224
• After-tax cash flow: $40,344/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 — Belleview

• Score: 69/100
• State rank: #458
• US rank: #8314

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Belleview, FL
• City population: 19,167
• Population (ZIP): 19,167

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 12% Two or more races 10% Black 1%
• Hispanic origin (detail): Puerto Rican 7% Cuban 2%
• Common ancestry: Lithuanian 4% Iranian 2% Romanian 2%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 89% English-only · Spanish 7% Other Indo-European 2% German/W. Germanic 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: ▼ -120.90%
• Current HPI: 247.3176
• 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

+1450.0% since first listed

12 events — show timeline

• 2026-05-01 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-04-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-04-23 Price Changed $465,000 Stellar MLS as Distributed by MLS Grid
• 2025-03-21 Price Changed $489,990 Stellar MLS as Distributed by MLS Grid
• 2024-11-07 Price Changed $499,990 Stellar MLS as Distributed by MLS Grid
• 2024-08-02 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-05-23 Pending — Stellar MLS as Distributed by MLS Grid
• 2024-05-23 Listed $525,000 Stellar MLS as Distributed by MLS Grid
• 2017-04-03 Sold (Public Records) $220,000 Public Records
• 2015-04-23 Sold (Public Records) $55,000 Public Records
• 2001-09-28 Sold (Public Records) $46,000 Public Records
• 1984-11-01 Sold (Public Records) $30,000 Public Records

Property tax history

+10.5%/yr

Latest (2025): $3,918 · +16.0% YoY. Source: county tax records.