148 Rio Grande · Edgewater, FL 32141

$128,000

2 bd · 2.0 ba · 1,344 sqft · Manufactured · 185 Days on market

Manufactured home Built 1989 Good condition $95/sqft · 33% below area Est $190k · 33% under

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Why this score? — see what drove the B- 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 +24.6/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +6.4/10.0
• Schools +4.7/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Manufactured-home adj. -5.7

Listing remarks

Fully furnished and turnkey!! Welcome to Edgewater living in the sought-after Hacienda Del Rio community! This well-maintained manufactured home is situated on leased land and offers an affordable opportunity to enjoy the Florida lifestyle just minutes from the Intracoastal Waterway, shopping, dining, and nearby beaches. Featuring a spacious layout, covered parking, and community amenities, this home is perfect as a primary residence, seasonal getaway, or retirement retreat. Conveniently located near New Smyrna Beach and easy access to I-95. Buyer subject to community approval. Monthly lot rent applies.

Key facts

• Parking
• Built 1989
• Listed 184 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $128k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $128k).
• Recommended offer: $113k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 4.5% in Edgewater — 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 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 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 52% FRL track the district average.
• Market conditions: 499 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 133d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 73% of comp listings sitting > 30 days — soft ceiling on asking rent; 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $885 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Volusia County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 185 days — a 12% lower offer ($113k) is reasonable based on typical stale-listing flexibility.

Recommended offer $112,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 185 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.14% ✓
• Cap rate: 8.78%
• Cash-on-cash: 8.90%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

• ARV (median comp): $189,900
• List price: $128,000
• Delta: -32.60%
• Verdict: UNDERPRICED
• Comps: 9 within 2.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3326 Kumquat Dr	1.34mi	3/2.0 (+1)	1,324 (-2%)	3mo	$335,000	$253	55
106 Ash St	1.26mi	3/2.0 (+1)	1,296 (-4%)	2mo	$189,900	$147	52
4385 Maple Ave	1.22mi	2/2.0	1,197 (-11%)	0mo	$169,900	$142	47
113 Arbor Ln	0.87mi	2/2.0	1,604 (+19%)	2mo	$315,000	$196	38
604 Topside Cir	1.46mi	2/2.0	1,100 (-18%)	2mo	$225,000	$205	38
3989 Willowbrook Dr	1.25mi	3/2.0 (+1)	1,540 (+15%)	3mo	$324,900	$211	33

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

Projected returns pro-forma

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

5-year hold

• IRR: -2.8%
• Equity multiple: 0.89×
• Total profit: $-3,793
• Equity at exit: $19,085

10-year hold

• IRR: 6.9%
• Equity multiple: 1.52×
• Total profit: $18,582
• Equity at exit: $11,067

Cash invested: $35,840 (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 →

Active competition Active MLS

• For sale now: 9 active
• Median asking: $155,995 ($118/sqft)
• Median days on market: 30 d
• This list price: 33% of active listings are priced below it
• ARV vs active asking: +19.4% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 32141

• Home prices YoY: -19.2%
• Active inventory: 499
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,456 high
• Mortgage (P&I): −$671
• Tax est. 1.5%: −$160 /mo · $1,920/yr
• Insurance: −$53
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $266

Break-even live

Break-even rent $1,120

Max offer price $128,000

Occupancy floor 77%

Sensitivity live

Price	-10% $354	-5% $310	+0% $266	+5% $222	+10% $177
Rent	-10% $151	-5% $208	+0% $266	+5% $323	+10% $381
Rate	-1.0pp $330	-0.5pp $298	base $266	+0.5pp $233	+1.0pp $199

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: $32,000
• Closing costs: $3,840
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
287 Club Rio Dr Edgewater, FL	2.0	2.0	1248	$1,599	$1.28	0d	1	0.38mi
211 River Front Way Edgewater, FL	3.0	2.5	1497	$1,900	$1.27	25d	1	0.99mi
172 Riverfront Way Unit 172 Edgewater, FL	3.0	2.5	1373	$1,950	$1.42	133d	1	1.03mi
136 River Front Way Edgewater, FL	3.0	2.5	1707	$2,100	$1.23	46d	1	1.07mi
3413 Juniper Dr Edgewater, FL	2.0	1.0	1000	$1,500	$1.50	164d	1	1.21mi
20 River Park Blvd Edgewater, FL	2.0	1.0	1000	$1,700	$1.70	155d	1	1.27mi
3318 India Palm Dr Edgewater, FL	2.0	2.0	1200	$1,875	$1.56	164d	1	1.28mi
3921 Willowbrook Dr Edgewater, FL	3.0	2.0	1555	$2,250	$1.45	107d	1	1.37mi
3411 Needle Palm Dr Edgewater, FL	3.0	1.0	960	$2,000	$2.08	164d	1	1.38mi
140 Old Mill Pond Rd Edgewater, FL	2.0	2.0	1614	$1,900	$1.18	10d	1	1.38mi
3208 India Palm Dr Edgewater, FL	2.0	2.0	990	$1,550	$1.57	152d	1	1.42mi

Property features AI

Finance

• Other: Furnishing negotiable
• HOA & community: Senior communitySidewalks

Exterior

• Parking: CarportOff-street parking1 carport space
• Security: 24-hour securitySmoke detector(s)
• Utilities: Public sewerWater connectedSewer connectedCable not available
• Home design: Double wide manufactured homeOne level
• Construction: Aluminum sidingShingle roof
• Exterior features: PatioPorchScreened porch24-hour securitySmoke detector(s)City street frontageAsphalt road surfaceOther lot features

Interior

• Kitchen: DisposalElectric rangeMicrowaveRefrigerator
• Bedrooms: 2 bedrooms
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heatingCentral air
• Interior features: Breakfast barCeiling fan(s)Primary bathroom with shower (no tub)
• Laundry & utility: Electric water heater

Listing history 50 events

1. 2026-11-08
   days on market $128,000 Active 185 DOM
2. 2026-11-07
   days on market $128,000 Active 184 DOM
3. 2026-11-06
   days on market $128,000 Active 183 DOM
4. 2026-11-05
   days on market $128,000 Active 182 DOM
5. 2026-11-04
   remarks 610-char remark
6. 2026-11-04
   pricedays on market $128,000 Active 181 DOM
7. 2026-11-02
   days on market $114,000 Active 179 DOM
8. 2026-11-01
   days on market $114,000 Active 178 DOM
9. 2026-10-31
   days on market $114,000 Active 177 DOM
10. 2026-10-30
    days on market $114,000 Active 176 DOM
11. 2026-10-29
    days on market $114,000 Active 175 DOM
12. 2026-10-28
    days on market $114,000 Active 174 DOM
13. 2026-10-27
    days on market $114,000 Active 173 DOM
14. 2026-10-26
    days on market $114,000 Active 172 DOM
15. 2026-10-26
    days on market $114,000 Active 171 DOM
16. 2026-10-24
    days on market $114,000 Active 170 DOM
17. 2026-10-23
    days on market $114,000 Active 169 DOM
18. 2026-10-22
    days on market $114,000 Active 168 DOM
19. 2026-10-21
    days on market $114,000 Active 167 DOM
20. 2026-10-20
    days on market $114,000 Active 166 DOM
21. 2026-10-19
    days on market $114,000 Active 165 DOM
22. 2026-10-18
    days on market $114,000 Active 164 DOM
23. 2026-10-17
    days on market $114,000 Active 163 DOM
24. 2026-10-16
    days on market $114,000 Active 162 DOM
25. 2026-10-15
    days on market $114,000 Active 161 DOM
26. 2026-10-14
    days on market $114,000 Active 160 DOM
27. 2026-10-13
    days on market $114,000 Active 159 DOM
28. 2026-10-12
    days on market $114,000 Active 158 DOM
29. 2026-10-11
    days on market $114,000 Active 157 DOM
30. 2026-10-10
    days on market $114,000 Active 156 DOM
31. 2026-10-09
    days on market $114,000 Active 155 DOM
32. 2026-10-08
    days on market $114,000 Active 154 DOM
33. 2026-10-07
    days on market $114,000 Active 153 DOM
34. 2026-10-06
    days on market $114,000 Active 152 DOM
35. 2026-10-05
    days on market $114,000 Active 151 DOM
36. 2026-10-05
    days on market $114,000 Active 150 DOM
37. 2026-10-04
    days on market $114,000 Active 149 DOM
38. 2026-10-02
    days on market $114,000 Active 148 DOM
39. 2026-10-01
    days on market $114,000 Active 147 DOM
40. 2026-09-30
    days on market $114,000 Active 146 DOM
41. 2026-09-29
    days on market $114,000 Active 145 DOM
42. 2026-09-28
    days on market $114,000 Active 144 DOM
43. 2026-09-27
    days on market $114,000 Active 143 DOM
44. 2026-09-25
    days on market $114,000 Active 141 DOM
45. 2026-09-24
    days on market $114,000 Active 140 DOM
46. 2026-09-22
    days on market $114,000 Active 138 DOM
47. 2026-09-21
    days on market $114,000 Active 137 DOM
48. 2026-09-20
    days on market $114,000 Active 136 DOM
49. 2026-09-19
    days on market $114,000 Active 135 DOM
50. 2026-09-18
    days on market $114,000 Active 134 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $17,474
• − Mortgage interest: −$7,170
• − Property taxes: −$1,920
• − Insurance: −$640
• − Repairs & maintenance: −$1,398
• − Management: −$1,398
• − Depreciation: −$3,724
• Taxable income: $1,224
• Est. tax owed @ 24.0%: −$294
• After-tax cash flow: $2,895/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.

Condition & rehab AI · 30 photos

Good 80/100 Cosmetic rehab Est. rehab $6,720–$20,160 screening

This well-maintained manufactured home in Edgewater, Florida, offers a good condition with minimal repairs needed. It's perfect for a primary residence, seasonal getaway, or retirement retreat.

Value-add opportunities

• Resale Paint exterior siding — Fresh paint can enhance curb appeal and property value. ↑
• Rental Clean gutters — Clean gutters improve drainage and prevent water damage, which is important for renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 47/100

Zoned Schools

Elementary Indian River Elementary School C+ FL #832/2,144 Nat'l #9,382/41,679 Middle New Smyrna Beach Middle School D- FL #331/571 Nat'l #5,160/14,009 High New Smyrna Beach High School F FL #255/667 Nat'l #7,439/17,239

Schools (NCES district)

• District: Volusia
• NCES district ID: 1201920
• Math proficiency: 44% ▼ -9.00%
• Reading proficiency: 49% ▼ -3.00%
• Median HH income: $42,946
• Composite: 39.2/100
• National rank: #4019
• State rank: #47 of 73 in FL

B Composite livability gradescore 72/100

Livability — Edgewater

• Score: 72/100
• State rank: #329
• US rank: #5753

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edgewater, FL
• County: Volusia County · 572,749 people
• City population: 18,726
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• Population (ZIP): 18,726
• Household income: $63,936
• Rent vs Own: 6.2% rent · 93.8% own
• Severe rent burden: 26% of renters

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Population outlook (Volusia County) Hauer SSP2

• Today (2025): 572,749 people
• By 2030: 598,695 · +4.5%
• By 2040: 644,880 · +12.6%
• By 2050: 681,451 · +19.0%
• By 2075: 759,957 · +32.7%
• By 2100: 778,902 · +36.0%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 4% Two or more races 3% Black 2%
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 2% German/W. Germanic 1%

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Political lean MEDSL · Volusia

• 2024 margin: Strong R (+21.8) · D 38.7% · R 60.5%
• 2008→2024 swing: -27.4pp toward R · 2008: 5.7pp · 2024: -21.8pp
• All cycles: 2024: R+21.8 2020: R+14.1 2016: R+13.1 2012: R+1.2 2008: D+5.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.12%
• Current HPI: 337.8301
• Rent YoY: —
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

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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

Property features AI

Finance

• Other: Furnishing negotiable
• HOA & community: Senior communitySidewalks

Exterior

• Parking: CarportOff-street parking1 carport space
• Security: 24-hour securitySmoke detector(s)
• Utilities: Public sewerWater connectedSewer connectedCable not available
• Home design: Double wide manufactured homeOne level
• Construction: Aluminum sidingShingle roof
• Exterior features: PatioPorchScreened porch24-hour securitySmoke detector(s)City street frontageAsphalt road surfaceOther lot features

Interior

• Kitchen: DisposalElectric rangeMicrowaveRefrigerator
• Bedrooms: 2 bedrooms
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heatingCentral air
• Interior features: Breakfast barCeiling fan(s)Primary bathroom with shower (no tub)
• Laundry & utility: Electric water heater

Price history

1 event — show timeline

• 2026-05-07 Listed $114,000 realMLS