148 Rio Grande · Edgewater, FL 32141

$114,000

2 bd · 2.0 ba · 1,344 sqft · Manufactured · 140 Days on market

Manufactured home Built 1989 Good condition $85/sqft · 49% below area Est $225k · 49% 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 +29.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• 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. -6.4

Listing remarks

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 139 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $114k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $406 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $114k).
• Recommended offer: $100k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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: 441 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 107d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 70% 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 $788 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($100k) is reasonable based on typical stale-listing flexibility.

Recommended offer $100,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 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: 1.33% ✓
• Cap rate: 10.57%
• Cash-on-cash: 15.26%
• DSCR: 1.68
• GRM: 6.3

CMA / ARV

• ARV (median comp): $225,000
• List price: $114,000
• Delta: -49.33%
• Verdict: UNDERPRICED
• Comps: 7 within 2.0 mi

Show comp detail 5 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%)	1mo	$335,000	$253	57
106 Ash St	1.26mi	3/2.0 (+1)	1,296 (-4%)	1mo	$189,900	$147	53
113 Arbor Ln	0.87mi	2/2.0	1,604 (+19%)	1mo	$315,000	$196	39
604 Topside Cir	1.46mi	2/2.0	1,100 (-18%)	1mo	$225,000	$205	39
3989 Willowbrook Dr	1.25mi	3/2.0 (+1)	1,540 (+15%)	2mo	$324,900	$211	34

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: 6.0%
• Equity multiple: 1.23×
• Total profit: $7,411
• Equity at exit: $16,998

10-year hold

• IRR: 15.4%
• Equity multiple: 2.25×
• Total profit: $39,846
• Equity at exit: $9,857

Cash invested: $31,920 (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 →

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: +41.5% 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: 441
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,511 high
• Mortgage (P&I): −$598
• Tax est. 1.5%: −$142 /mo · $1,710/yr
• Insurance: −$48
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $406

Break-even live

Break-even rent $997

Max offer price $114,000

Occupancy floor 68%

Sensitivity live

Price	-10% $485	-5% $445	+0% $406	+5% $367	+10% $327
Rent	-10% $287	-5% $346	+0% $406	+5% $466	+10% $525
Rate	-1.0pp $463	-0.5pp $435	base $406	+0.5pp $377	+1.0pp $346

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: $28,500
• Closing costs: $3,420
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
211 River Front Way Edgewater, FL	3.0	2.5	1497	$2,000	$1.34	6d	1	0.99mi
172 Riverfront Way Unit 172 Edgewater, FL	3.0	2.5	1373	$1,950	$1.42	88d	1	1.03mi
136 River Front Way Edgewater, FL	3.0	2.5	1707	$2,100	$1.23	0d	1	1.07mi
3413 Juniper Dr Edgewater, FL	2.0	1.0	1000	$1,500	$1.50	119d	1	1.21mi
20 River Park Blvd Edgewater, FL	2.0	1.0	1000	$1,700	$1.70	110d	1	1.27mi
3318 India Palm Dr Edgewater, FL	2.0	2.0	1200	$1,875	$1.56	119d	1	1.28mi
3921 Willowbrook Dr Edgewater, FL	3.0	2.0	1555	$2,250	$1.45	62d	1	1.37mi
3411 Needle Palm Dr Edgewater, FL	3.0	1.0	960	$2,000	$2.08	119d	1	1.38mi
140 Old Mill Pond Rd Edgewater, FL	2.0	2.0	1614	$1,900	$1.18	6d	1	1.38mi
3208 India Palm Dr Edgewater, FL	2.0	2.0	990	$1,550	$1.57	107d	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. 2026-09-24
   days on market $114,000 Active 140 DOM
2. 2026-09-22
   days on market $114,000 Active 138 DOM
3. 2026-09-21
   days on market $114,000 Active 137 DOM
4. 2026-09-20
   days on market $114,000 Active 136 DOM
5. 2026-09-19
   days on market $114,000 Active 135 DOM
6. 2026-09-18
   days on market $114,000 Active 134 DOM
7. 2026-09-17
   days on market $114,000 Active 133 DOM
8. 2026-09-16
   days on market $114,000 Active 132 DOM
9. 2026-09-15
   days on market $114,000 Active 131 DOM
10. 2026-09-14
    days on market $114,000 Active 130 DOM
11. 2026-09-13
    days on market $114,000 Active 129 DOM
12. 2026-09-12
    days on market $114,000 Active 128 DOM
13. 2026-09-11
    days on market $114,000 Active 127 DOM
14. 2026-09-05
    days on market $114,000 Active 121 DOM
15. 2026-09-04
    days on market $114,000 Active 120 DOM
16. 2026-09-03
    days on market $114,000 Active 119 DOM
17. 2026-08-31
    days on market $114,000 Active 116 DOM
18. 2026-08-29
    days on market $114,000 Active 114 DOM
19. 2026-08-28
    days on market $114,000 Active 113 DOM
20. 2026-08-27
    days on market $114,000 Active 112 DOM
21. 2026-08-26
    days on market $114,000 Active 111 DOM
22. 2026-08-25
    days on market $114,000 Active 110 DOM
23. 2026-08-24
    days on market $114,000 Active 109 DOM
24. 2026-08-23
    days on market $114,000 Active 108 DOM
25. 2026-08-21
    days on market $114,000 Active 106 DOM
26. 2026-08-20
    days on market $114,000 Active 105 DOM
27. 2026-08-19
    days on market $114,000 Active 104 DOM
28. 2026-08-18
    days on market $114,000 Active 103 DOM
29. 2026-08-17
    days on market $114,000 Active 102 DOM
30. 2026-08-16
    days on market $114,000 Active 101 DOM
31. 2026-08-15
    days on market $114,000 Active 100 DOM
32. 2026-08-15
    days on market $114,000 Active 99 DOM
33. 2026-08-13
    days on market $114,000 Active 98 DOM
34. 2026-08-12
    days on market $114,000 Active 97 DOM
35. 2026-08-11
    days on market $114,000 Active 96 DOM
36. 2026-08-10
    days on market $114,000 Active 95 DOM
37. 2026-08-09
    days on market $114,000 Active 94 DOM
38. 2026-08-08
    days on market $114,000 Active 93 DOM
39. 2026-08-07
    days on market $114,000 Active 92 DOM
40. 2026-08-06
    days on market $114,000 Active 91 DOM
41. 2026-08-05
    days on market $114,000 Active 90 DOM
42. 2026-08-04
    days on market $114,000 Active 89 DOM
43. 2026-08-03
    days on market $114,000 Active 88 DOM
44. 2026-07-31
    days on market $114,000 Active 85 DOM
45. 2026-07-30
    days on market $114,000 Active 83 DOM
46. 2026-07-28
    days on market $114,000 Active 82 DOM
47. 2026-07-26
    days on market $114,000 Active 80 DOM
48. 2026-07-25
    days on market $114,000 Active 79 DOM
49. 2026-07-24
    days on market $114,000 Active 78 DOM
50. 2026-07-23
    days on market $114,000 Active 77 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: $18,135
• − Mortgage interest: −$6,386
• − Property taxes: −$1,710
• − Insurance: −$570
• − Repairs & maintenance: −$1,451
• − Management: −$1,451
• − Depreciation: −$3,316
• Taxable income: $3,251
• Est. tax owed @ 24.0%: −$780
• After-tax cash flow: $4,092/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%
• Common ancestry: Romanian 6% Lithuanian 2% Slovak 1%
• Foreign-born: 4% · Canada
• 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