3902 Parway Rd #1339 · Zellwood, FL 32798

$164,000

2 bd · 2.0 ba · 1,559 sqft · Manufactured public records · 86 Days on market

Built 1988 6,020 sqft lot Est $189k · 13% under $415/mo HOA · 16% of rent

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Why this score? — see what drove the A- 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
• ARV discount +13.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.3/10.0
• Schools +4.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

PRICE REDUCTION. Gorgeous 2/2 On 18th Green/Fairway. SPECTACULAR VIEWS from 27x18 Living Room and 12x17 Florida Room. Spacious floorplan ready for your personal touches. 2016 Membrane roof on Main Home plus 2021 Carport/Porch re-roof, 2014 A/C well-maintained. Newer windows in Living/Dining Area and vinyl all-season windows in the Florida Room. Desirable Double Carport and Golf Cart Garage/Storage. Tons of cabinet space in the Kitchen and Inside Laundry. Located in Prestigious 55 Plus Zellwood Station Golfing Community. More amenities and activities than you can fit into your busy lifestyle. Close to shopping, restaurants, airports, beaches, places of worship, theme parks. 4 Pools, Pickleba

Key facts

• Golf cart garage
• Double carport
• Florida room

Tags

• GOLF CART GARAGE
• DOUBLE CARPORT
• FLORIDA ROOM
• NEWER WINDOWS
• INSIDE LAUNDRY
• 18 HOLE GOLF COURSE

Property features AI

Finance

• Other: Third-party listing; Living area and building area reported from public records
• Financial info: Total monthly fees $415 (total annual fees $4,980); Lease restrictions apply
• HOA & community: Has HOA (monthly fee $415); Association approval required; Association includes 24-hour guard, cable TV, common area taxes, pool, electricity, escrow reserves, internet, management, recreational facilities, security, trash; Community features: clubhouse, community mailbox, deed restrictions, fitness center, golf, pool, tennis courts, pickleball, shuffleboard, spa/hot tub, trails, gated, vehicle restrictions, buyer approval required, special community restrictions; Senior community; Pets not allowed; Association name: Peggy Pinkerton

Exterior

• Parking: Carport with 2 spaces
• Security: Gated community
• Utilities: Public sewer; Water: none specified; High-speed internet / broadband available; Cable available and connected; Electricity available and connected; Fiber optics available; Sewer available and connected; Water available and connected; Underground utilities
• Home design: Manufactured home (Double wide); Palm Harbor make; One story; Faces northeast; Completed condition; Pillar/post/pier foundation
• Construction: Vinyl siding; Membrane roof; Built on pillar/post/pier foundation; Year built information not provided
• Exterior features: Covered, enclosed side porch; Sliding doors; Storage; Workshop; On golf course; Paved lot; Asphalt road

Interior

• Kitchen: Cooktop; Dishwasher; Disposal; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Built-in features; Cathedral ceilings; Ceiling fans; Eat-in kitchen; High ceilings; Living room/dining room combo; Thermostat; Vaulted ceilings; Walk-in closets; Window treatments; Blinds
• Laundry & utility: Laundry room; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $164k.

Deal economics

• At list price, monthly cash flow is $631 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $164k).
• Recommended offer: $154k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 75/100 on livability (#248 in FL, #3,918 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute D-.
• Orange (suburban): math 46% / reading 51% proficiency, ranked #43 of 73 in FL (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 103 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.5% local appreciation)).
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $21k; list at $164k implies a 688% 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; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $154,160 (6.0% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.55% ✓
• Cap rate: 10.91%
• Cash-on-cash: 16.50%
• DSCR: 1.73
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $188,639
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3644 Parway Rd #1149	0.24mi	2/2.0	1,538 (-1%)	1mo	$235,000	$153	86
3749 Cohen Dr #720	0.44mi	2/2.0	1,602 (+3%)	13mo	$147,000	$92	64
3500 Blossom Cir #1497	0.70mi	2/2.0	1,656 (+6%)	1mo	$112,500	$68	56
3955 Cohen Dr #737	0.46mi	2/2.0	1,771 (+14%)	4mo	$215,000	$121	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.0%
• Equity multiple: 2.22×
• Total profit: $55,885
• Equity at exit: $69,192

10-year hold

• IRR: 23.5%
• Equity multiple: 4.23×
• Total profit: $148,289
• Equity at exit: $103,223

Cash invested: $45,920 (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 32798

• Home prices YoY: 1.0%
• Active inventory: 103
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,540 medium
• Mortgage (P&I): −$860
• Tax from tax record: −$32 /mo · $378/yr
• Insurance: −$68
• HOA: −$415
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $631

Break-even live

Break-even rent $1,740

Max offer price $164,000

Occupancy floor 70%

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: $41,000
• Closing costs: $4,920
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3875 Denali Dr Apopka, FL	3.0	2.5	1734	$2,450	$1.41	21d	1	1.23mi
3941 Cuyahoga Valley Ct Apopka, FL	3.0	2.5	2138	$2,650	$1.24	21d	1	1.29mi
3979 Capital Reef Way Apopka, FL	3.0	2.5	2128	$2,545	$1.20	14d	1	1.35mi

HOA detail

• Monthly dues: $415 · $4,980/yr
• Likely covers: pool

Listing history 17 events

1. 2026-06-18
   days on market $164,000 Active 86 DOM
2. 2026-06-17
   days on market $164,000 Active 85 DOM
3. 2026-06-16
   days on market $164,000 Active 84 DOM
4. 2026-06-15
   days on market $164,000 Active 83 DOM
5. 2026-06-13
   days on market $164,000 Active 81 DOM
6. 2026-06-13
   days on market $164,000 Active 80 DOM
7. 2026-06-09
   days on market $164,000 Active 77 DOM
8. 2026-06-08
   days on market $164,000 Active 76 DOM
9. 2026-06-07
   days on market $164,000 Active 75 DOM
10. 2026-06-04
    days on market $164,000 Active 72 DOM
11. 2026-06-03
    days on market $164,000 Active 71 DOM
12. 2026-06-02
    days on market $164,000 Active 70 DOM
13. 2026-06-02
    days on market $164,000 Active 69 DOM
14. 2026-05-31
    days on market $164,000 Active 68 DOM
15. 2026-05-06
    price $164,000
16. 2026-03-24
    listed $174,900 Active
17. 1993-11-10
    soldstatus $20,800

ⓘ 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: $378 · $32/mo
• Projected year-2 tax: $1,361 · $113/mo
• Expected delta: +$983/yr (+$82/mo · 259.9%)

ⓘ 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 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,476
• − Mortgage interest: −$9,187
• − Property taxes: −$378
• − Insurance: −$820
• − Repairs & maintenance: −$2,438
• − Management: −$2,438
• − HOA: −$4,980
• − Depreciation: −$4,771
• Taxable income: $5,464
• Est. tax owed @ 24.0%: −$1,311
• After-tax cash flow: $6,266/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: Orange
• NCES district ID: 1201440
• Math proficiency: 46% ▼ -9.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $49,350
• Composite: 41.47/100
• National rank: #3461
• State rank: #43 of 73 in FL

Livability — Zellwood

• Score: 75/100
• State rank: #248
• US rank: #3918

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Zellwood, FL
• City population: 2,159
• Population (ZIP): 2,159

Population outlook (Orange County) Hauer SSP2

• Today (2025): 1,618,226 people
• By 2030: 1,787,404 · +10.5%
• By 2040: 2,125,621 · +31.4%
• By 2050: 2,454,016 · +51.6%
• By 2075: 3,173,711 · +96.1%
• By 2100: 3,607,781 · +122.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 10%
• Common ancestry: Iranian 5% Lithuanian 5% Romanian 2%
• Foreign-born: 5%
• Languages at home: 89% English-only · Spanish 9% German/W. Germanic 3%

Political lean MEDSL · Orange

• 2024 margin: D (+13.6) · D 56.1% · R 42.5% · Other 1.3%
• 2008→2024 swing: -5.0pp toward R · 2008: 18.6pp · 2024: 13.6pp
• All cycles: 2024: D+13.6 2020: D+23.1 2016: D+24.6 2012: D+18.2 2008: D+18.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.50%
• Current HPI: 254.7681
• 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

+688.5% since first listed

3 events — show timeline

• 2026-05-06 Price Changed $164,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-24 Listed $174,900 Stellar MLS as Distributed by MLS Grid
• 1993-11-10 Sold (Public Records) $20,800 Public Records

Property tax history

-0.5%/yr

Latest (2025): $378 · +6.1% YoY. Source: county tax records.