615 Vespers Way Unit VE615 · Orange City, FL 32763

$39,900

2 bd · 2.0 ba · 1,316 sqft · Manufactured · 61 Days on market

Built 2026 Fair condition

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.9/10.0
• Rent growth +3.8/5.0
• Livability +3.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * Country Village is an active and exciting 55+ Senior Community. Make your dream of home ownership a reality with this 2 bedroom, 2 bathroom double-wide home! With a spacious floor plan and a perfectly designed kitchen area, you will love entertaining guests and spending time with family here. In a community with amenities such as community events, a billiards room, and a clubhouse, there is something here for everyone to love. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Clubhouse
• Billiards room
• Community events

Tags

• BILLIARDS ROOM
• CLUBHOUSE
• COMMUNITY EVENTS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $40k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $38k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#406 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment D+, amenities 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.
• Market conditions: Rents rising fast (+5.2%/yr); 243 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).
• This rent runs 33% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k 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 + 5.2% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($38k) is reasonable based on typical stale-listing flexibility.

Recommended offer $37,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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?
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: 4.63% ✓
• Cap rate: 41.88%
• Cash-on-cash: 127.09%
• DSCR: 6.65
• GRM: 1.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.22% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.55×
• Total profit: $73,136
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 17.02×
• Total profit: $178,940
• Equity at exit: $3,450

Cash invested: $11,172 (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 32763

• Rents YoY: 5.2%
• Active inventory: 243
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,847 medium
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $1,183

Break-even live

Break-even rent $349

Max offer price $39,900

Occupancy floor 31%

Sensitivity live

Price	-10% $1,211	-5% $1,197	+0% $1,183	+5% $1,169	+10% $1,156
Rent	-10% $1,037	-5% $1,110	+0% $1,183	+5% $1,256	+10% $1,329
Rate	-1.0pp $1,203	-0.5pp $1,193	base $1,183	+0.5pp $1,173	+1.0pp $1,162

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1112 Integra Landings Dr Orange City, FL	1.0–3.0	1.0–2.0	1057	$1,765	$1.67	12d	45	0.40mi
2234 N Normandy Blvd Deltona, FL	3.0	2.0	1468	$2,150	$1.46	24d	1	1.01mi
2125 El Campo Ave Deltona, FL	2.0	2.0	1358	$1,989	$1.46	22d	1	1.36mi
345 E Ohio Ave #345 Orange City, FL	2.0	2.0	1006	$1,697	$1.69	24d	1	1.41mi

Listing history 13 events

1. 2026-06-15
   days on market $39,900 Active 61 DOM
2. 2026-06-14
   days on market $39,900 Active 59 DOM
3. 2026-06-10
   days on market $39,900 Active 56 DOM
4. 2026-06-09
   days on market $39,900 Active 55 DOM
5. 2026-06-08
   days on market $39,900 Active 54 DOM
6. 2026-06-07
   days on market $39,900 Active 53 DOM
7. 2026-06-05
   days on market $39,900 Active 50 DOM
8. 2026-06-03
   days on market $39,900 Active 49 DOM
9. 2026-06-03
   days on market $39,900 Active 48 DOM
10. 2026-06-01
    pricedays on market $39,900 Active 47 DOM
11. 2026-05-31
    days on market $39,400 Active 46 DOM
12. 2026-05-31
    days on market $39,400 Active 45 DOM
13. 2026-04-15
    listed $46,300 Active 607-char remark

    Show marketing remark (607 chars)

    * THIS IS A RESALE LISTING * Country Village is an active and exciting 55+ Senior Community. Make your dream of home ownership a reality with this 2 bedroom, 2 bathroom double-wide home! With a spacious floor plan and a perfectly designed kitchen area, you will love entertaining guests and spending time with family here. In a community with amenities such as community events, a billiards room, and a clubhouse, there is something here for everyone to love. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

ⓘ 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: $22,161
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$1,773
• − Management: −$1,773
• − Depreciation: −$1,161
• Taxable income: $14,421
• Est. tax owed @ 24.0%: −$3,461
• After-tax cash flow: $10,737/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 · 12 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate repairs and maintenance, with a focus on exterior and interior paint. Upgrades to the exterior and carpet would significantly enhance its resale and rental value.

Repairs flagged

• Moderate exterior siding — Weathered and discolored
• Minor interior paint — Some scuff marks

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both replace carpet — Fresh carpet improves comfort and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Weathered and discolored	Moderate	$3,000–15,000
interior paint · Some scuff marks	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both replace carpet — Fresh carpet improves comfort and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

Livability — Orange City

• Score: 71/100
• State rank: #406
• US rank: #7175

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Orange City, FL
• County: Volusia County · 556,871 people
• City population: 24,951
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• Population (ZIP): 24,951
• Household income: $66,716
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 1544.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 18% Two or more races 7% Black 7% Asian 1%
• Hispanic origin (detail): Puerto Rican 12%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 85% English-only · Spanish 12% Russian/Polish/Slavic 1%

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: ▼ -225.13%
• Current HPI: 335.8393
• Rent YoY: ▲ 5.22%
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• 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

1 event — show timeline

• 2026-04-15 Listed $46,300 Zillow