141 N 141 Indian Riv

Edgewater, FL 32141

$165,000D

2 bd · 1.0 ba · 1,200 sqft · Built 1985 · Manufactured · Pending · 86 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,909/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$366
• HOA: −$330
• Vac / Maint / Mgmt: −$401
• Net cashflow: $-53/mo
• Annual: $-636/yr
• Cap rate: 6.39%
• Cash-on-cash: 0.35%
• DSCR: 1.02
• 1% rule: 1.16%
• Cash to close: $46,200

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $165k.
• At list price, monthly cash flow is $-53 ($-636/yr) — negative.
• To cash-flow at today's rent, offer at most $156k (5.7% below list).
• Meets the 1% rule at list price ($2k rent vs $165k).
• It's been on market 86 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $155k (6.0% 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 $5k 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: Indian River Elementary School (math 57% / reading 55%, grade C+, #832 of 2,144 statewide, top 40%, 613 students, 61% 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 51% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 304 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 7 sale attempts since 19y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; list at $165k implies a 146% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 36% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.