2691 Lake Grassmere Cir #904 · Zellwood, FL 32798

$149,900

2 bd · 2.0 ba · 1,358 sqft · Manufactured public records · 40 Days on market

Built 1990 7,080 sqft lot $415/mo HOA · 17% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

This 2-bedroom 2 bath home in Zellwood Station has good bones and a lot to offer. Replumbed, new a/c and roof in 2023. large rooms and high ceilings. It is move in ready. A little bit of love and updating will make this house amazing. There is an extra-large covered carport and storage room/golf cart garage, Flat surfaced! Nicely located in the PET FRIENDLY area of Rolling Hills community and greenspace behind the house makes the patio extra relaxing. Zellwood Station is a Resident Owned 55+ Golfing Community located between Apopka and Mt Dora. We have a 72 Par golf course, 4 pools, pickleball and tennis courts; water exercise and line dancing classes and our own Whistle Stop Restaurant and

Key facts

• Storage room
• Replumbed
• Golf cart garage

Tags

• REPLUMBED
• NEW A/C
• NEW ROOF
• EXTRA-LARGE COVERED CARPORT
• STORAGE ROOM
• GOLF CART GARAGE

Property features AI

Finance

• Other: Irrigation equipment; Community: golf carts OK, deed restrictions, special community restrictions
• Financial info: Monthly HOA: $415 (total annual fees $4,980); Lease restrictions apply
• HOA & community: HOA with monthly fee (includes guard - 24 hour, cable TV, internet, management, recreational facilities, security, trash); Association amenities: clubhouse, fitness center, pool, spa/hot tub, tennis courts, pickleball and shuffleboard courts, golf course access, gated community, recreation facilities; Buyer/association approval required; On-site property manager; Vehicle restrictions and fence restrictions; Senior community; Dogs allowed

Exterior

• Parking: Covered driveway; Oversized parking; 2-space carport
• Security: Gated community; Security gate
• Utilities: Public water; Public sewer; Cable connected; BB/HS internet available; Electricity connected; Water connected; Sewer connected
• Home design: Manufactured home (double wide); Single-story; Faces west; Completed condition
• Construction: Brick, vinyl siding and frame construction; Shingle roof; Crawlspace foundation; Built as double wide manufactured home
• Exterior features: Side porch; Awnings; Shed(s); Mature landscaping; Cleared and landscaped lot; Greenbelt; Level lot; Near golf course

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Ice maker; Exhaust fan
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Built-in features; Ceiling fans; Eat-in kitchen; High ceilings; Formal dining; Open floorplan; Walk-in closets; Window treatments
• Laundry & utility: Inside laundry room; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $645 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $145k (3.0% 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; 1 comparable units currently listed for rent nearby; 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 $42k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $120k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.63% ✓
• Cap rate: 11.46%
• Cash-on-cash: 18.44%
• DSCR: 1.82
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 23.8%
• Equity multiple: 2.32×
• Total profit: $55,425
• Equity at exit: $63,243

10-year hold

• IRR: 25.2%
• Equity multiple: 4.45×
• Total profit: $144,980
• Equity at exit: $94,348

Cash invested: $41,972 (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: 5.1×

Monthly cashflow live

• Estimated rent: $2,450 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$27 /mo · $323/yr
• Insurance: −$62
• HOA: −$415
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $645

Break-even live

Break-even rent $1,634

Max offer price $149,900

Occupancy floor 69%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	1.19mi

HOA detail

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

Listing history 16 events

1. 2026-06-18
   days on market $149,900 Active 40 DOM
2. 2026-06-17
   days on market $149,900 Active 39 DOM
3. 2026-06-16
   days on market $149,900 Active 38 DOM
4. 2026-06-15
   days on market $149,900 Active 37 DOM
5. 2026-06-13
   days on market $149,900 Active 35 DOM
6. 2026-06-13
   days on market $149,900 Active 34 DOM
7. 2026-06-09
   days on market $149,900 Active 31 DOM
8. 2026-06-08
   days on market $149,900 Active 30 DOM
9. 2026-06-07
   days on market $149,900 Active 29 DOM
10. 2026-06-04
    days on market $149,900 Active 26 DOM
11. 2026-06-03
    days on market $149,900 Active 25 DOM
12. 2026-06-02
    days on market $149,900 Active 24 DOM
13. 2026-06-01
    days on market $149,900 Active 23 DOM
14. 2026-05-31
    days on market $149,900 Active 22 DOM
15. 2026-05-09
    listed $149,900 Active
16. 2004-03-24
    soldstatus $119,900

ⓘ 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: $323 · $27/mo
• Projected year-2 tax: $1,244 · $104/mo
• Expected delta: +$921/yr (+$77/mo · 285.1%)

ⓘ 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: $29,400
• − Mortgage interest: −$8,397
• − Property taxes: −$323
• − Insurance: −$750
• − Repairs & maintenance: −$2,352
• − Management: −$2,352
• − HOA: −$4,980
• − Depreciation: −$4,361
• Taxable income: $5,886
• Est. tax owed @ 24.0%: −$1,413
• After-tax cash flow: $6,328/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

+25.0% since first listed

2 events — show timeline

• 2026-05-09 Listed $149,900 Stellar MLS as Distributed by MLS Grid
• 2004-03-24 Sold (Public Records) $119,900 Public Records

Property tax history

-1.7%/yr

Latest (2025): $323 · +3.0% YoY. Source: county tax records.