2910 Meleto Blvd

New Smyrna Beach, FL 32168

$319,990D

3 bd · 2.5 ba · 1,754 sqft · Built 2020 · SingleFamily · Active · 242 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,671/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$660
• HOA: −$178
• Vac / Maint / Mgmt: −$561
• Net cashflow: $-406/mo
• Annual: $-4,873/yr
• Cap rate: 5.24%
• Cash-on-cash: -3.76%
• DSCR: 0.83
• 1% rule: 0.83%
• Cash to close: $89,597

Investor read

• This is a 3-bed/2.5-bath single-family listed at $320k. Condition is rated good.
• At list price, monthly cash flow is $-406 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $248k (22.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $267k (16.5% below list).
• It's been on market 242 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $248k (22.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• 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: Chisholm Elementary School (math 72% / reading 63%, grade B+, #435 of 2,144 statewide, top 21%, 491 students, 47% 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) — zoned schools at 47% FRL track the district average.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: Rents rising fast (+5.6%/yr); 865 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 9 sale attempts since 4y ago; this cycle's ask is 28% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.2% vs local median 2.9% in New Smyrna Beach — 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.
• This rent runs 42% of the median local income ($77k/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 242 days. Have you received any prior offers? Is the seller open to a 22% 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.
• 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?
• 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?