4122 Greenbluff Rd #821 · Zellwood, FL 32798

$179,000

2 bd · 2.0 ba · 1,466 sqft · Manufactured public records · 57 Days on market

Built 1991 6,040 sqft lot Est $163k · 10% over $415/mo HOA · 17% of rent

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Why this score? — see what drove the C+ 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 +24.7/30.0
• 1% rule +8.7/10.0
• DSCR +8.0/10.0
• Appreciation +6.3/10.0
• Schools +4.1/10.0
• Livability +3.8/5.0
• ARV discount +3.0/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

ZELLWOOD STATION 2 BEDROOM 2 BATH HOME in the PET AREA. This well maintained 1991 home features an open concept floorplan with ample living, dining and kitchen space. The Primary Suite has walk-in closet and plenty of room for larger furniture. The lanai off the living room is a peaceful space to relax and enjoy your morning coffer or evening night cap! Membrane Roof 2018 and a/c 2018. 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 Lounge with banquet facilities. There is always something to do here. Close to the 429 for easy access to airports and attractions, we are close to shopping, restaurants, medical facilities and churches. Come and see what we have to offer!

Key facts

• Membrane roof
• 72 par golf course
• 4 pools

Tags

• OPEN CONCEPT FLOORPLAN
• WALK IN CLOSET
• COMPLETELY RENOVATED BATH
• MEMBRANE ROOF
• 72 PAR GOLF COURSE
• 4 POOLS

Property features AI

Finance

• Other: Lease restrictions apply
• Financial info: Total annual association fees approximately $4,980; Monthly HOA amount $415
• HOA & community: HOA required with monthly fee of $415; Association provides 24-hour guard, cable TV, internet, pool, management, private road, recreational facilities, security, and trash; Community amenities include clubhouse, fitness center, golf, tennis, pickleball, shuffleboard, pool, spa/hot tub, and recreation facilities; Buyer approval required; association approval required; On-site property manager; Deed restrictions and special community restrictions; Senior community; Dogs allowed; Vehicle restrictions and no truck/RV/motorcycle parking

Exterior

• Parking: Covered parking; Driveway; 2-space carport
• Security: Gated community with security gate
• Utilities: Public water; Public sewer; Cable connected; BB/HS internet available; Electricity connected; Water connected; Sewer connected; Irrigation equipment
• Home design: Manufactured double-wide home; One-story; Crawlspace foundation; Faces north; Completed condition; Make: Palm Harbor; Body type: Double Wide
• Construction: Brick, vinyl siding and frame construction; Membrane roof; Built as a manufactured home
• Exterior features: Covered, enclosed, screened rear porch; Shed(s) and storage; Mature landscaping; Cleared and landscaped lot; Near golf course; Paved and asphalt road; Private maintained road; Catch-and-release fishing on nearby lakes

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Range hood; Refrigerator; Eat-in kitchen
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Built-in features; Ceiling fans; Eat-in kitchen; High ceilings; Open floorplan; Walk-in closet(s); Window treatments; Double pane windows
• Laundry & utility: Inside laundry room; Washer; Dryer; Electric water heater; Inside utility

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $179k.

Deal economics

• At list price, monthly cash flow is $372 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $174k (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 $6k 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 $50k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, 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 57 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

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 $173,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 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: 1.37% ✓
• Cap rate: 8.79%
• Cash-on-cash: 8.91%
• DSCR: 1.40
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $162,726
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3644 Parway Rd #1149	0.65mi	2/2.0	1,538 (+5%)	1mo	$235,000	$153	61
3768 Diamond Oak Way #626	0.66mi	2/2.0	1,312 (-10%)	9mo	$145,200	$111	44
3749 Cohen Dr #720	0.73mi	2/2.0	1,602 (+9%)	13mo	$147,000	$92	40

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: 14.7%
• Equity multiple: 1.81×
• Total profit: $40,841
• Equity at exit: $75,521

10-year hold

• IRR: 16.9%
• Equity multiple: 3.36×
• Total profit: $118,442
• Equity at exit: $112,664

Cash invested: $50,120 (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: 6.1×

Monthly cashflow live

• Estimated rent: $2,450 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$135 /mo · $1,620/yr
• Insurance: −$75
• HOA: −$415
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $372

Break-even live

Break-even rent $1,979

Max offer price $179,000

Occupancy floor 80%

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: $44,750
• Closing costs: $5,370
• 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	1.13mi

HOA detail

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

Listing history 22 events

1. 2026-06-18
   days on market $179,000 Active 57 DOM
2. 2026-06-17
   days on market $179,000 Active 56 DOM
3. 2026-06-16
   days on market $179,000 Active 55 DOM
4. 2026-06-15
   days on market $179,000 Active 54 DOM
5. 2026-06-13
   days on market $179,000 Active 52 DOM
6. 2026-06-13
   days on market $179,000 Active 51 DOM
7. 2026-06-09
   days on market $179,000 Active 48 DOM
8. 2026-06-08
   days on market $179,000 Active 47 DOM
9. 2026-06-07
   days on market $179,000 Active 46 DOM
10. 2026-06-04
    days on market $179,000 Active 43 DOM
11. 2026-06-03
    days on market $179,000 Active 42 DOM
12. 2026-06-02
    days on market $179,000 Active 41 DOM
13. 2026-06-02
    days on market $179,000 Active 40 DOM
14. 2026-05-31
    days on market $179,000 Active 39 DOM
15. 2026-04-22
    listed $185,000 Active
16. 2024-03-25
    soldstatus $167,300
17. 2024-03-08
    soldstatus $167,250 Closed 872-char remark

    Show marketing remark (872 chars)

    ZELLWOOD STATION 2 BEDROOM 2 BATH HOME in the PET AREA. This well maintained 1991 home features an open concept floorplan with ample living, dining and kitchen space. The Primary Suite has walk-in closet and plenty of room for larger furniture. The lanai off the living room is a peaceful space to relax and enjoy your morning coffer or evening night cap! Membrane Roof 2018 and a/c 2018. 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 Lounge with banquet facilities. There is always something to do here. Close to the 429 for easy access to airports and attractions, we are close to shopping, restaurants, medical facilities and churches. Come and see what we have to offer!

18. 2024-02-17
    status Pending 872-char remark

    Show marketing remark (872 chars)

    ZELLWOOD STATION 2 BEDROOM 2 BATH HOME in the PET AREA. This well maintained 1991 home features an open concept floorplan with ample living, dining and kitchen space. The Primary Suite has walk-in closet and plenty of room for larger furniture. The lanai off the living room is a peaceful space to relax and enjoy your morning coffer or evening night cap! Membrane Roof 2018 and a/c 2018. 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 Lounge with banquet facilities. There is always something to do here. Close to the 429 for easy access to airports and attractions, we are close to shopping, restaurants, medical facilities and churches. Come and see what we have to offer!

19. 2024-01-28
    listed $189,500 Active 872-char remark

    Show marketing remark (872 chars)

    ZELLWOOD STATION 2 BEDROOM 2 BATH HOME in the PET AREA. This well maintained 1991 home features an open concept floorplan with ample living, dining and kitchen space. The Primary Suite has walk-in closet and plenty of room for larger furniture. The lanai off the living room is a peaceful space to relax and enjoy your morning coffer or evening night cap! Membrane Roof 2018 and a/c 2018. 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 Lounge with banquet facilities. There is always something to do here. Close to the 429 for easy access to airports and attractions, we are close to shopping, restaurants, medical facilities and churches. Come and see what we have to offer!

20. 2011-04-21
    soldstatus $30,000 988-char remark

    Show marketing remark (988 chars)

    55+ gated, golf community. BARGAIN PRICED FOR QUICK SALE! TLC will make this home special. PET SECTION! Double driveway. Open plan, berber carpet, inside laundry, huge closet in master. Screen lanai with vinyl windows, plus open patio. Zellwood Station is located approximately 25 miles north of Orlando. Just 2 1/2 miles is the 429 western expressway, which allows for easy access to downtown Orlando, the international airport and all the area attractions. There is grocery, medical facilities and many churches nearby. Free from the traffic of Orlando, but easily accessible to everything a big city has to offer. Our "resort" is over 800 acres of the prettiest rolling terrain in Florida. Zellwood Station is a secure, gated community. It prides itself on large, manicured lawns, spacious green-belt areas, lush landscaping and towering oaks, not to mention our 2 lakes, stocked full of large mouth bass. There's always something to do and someone friendly to do it with.

21. 2010-11-29
    listed $39,900 988-char remark

    Show marketing remark (988 chars)

    55+ gated, golf community. BARGAIN PRICED FOR QUICK SALE! TLC will make this home special. PET SECTION! Double driveway. Open plan, berber carpet, inside laundry, huge closet in master. Screen lanai with vinyl windows, plus open patio. Zellwood Station is located approximately 25 miles north of Orlando. Just 2 1/2 miles is the 429 western expressway, which allows for easy access to downtown Orlando, the international airport and all the area attractions. There is grocery, medical facilities and many churches nearby. Free from the traffic of Orlando, but easily accessible to everything a big city has to offer. Our "resort" is over 800 acres of the prettiest rolling terrain in Florida. Zellwood Station is a secure, gated community. It prides itself on large, manicured lawns, spacious green-belt areas, lush landscaping and towering oaks, not to mention our 2 lakes, stocked full of large mouth bass. There's always something to do and someone friendly to do it with.

22. 1994-02-16
    soldstatus $21,800

ⓘ 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: $1,620 · $135/mo
• Projected year-2 tax: $1,620 · $135/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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: −$10,027
• − Property taxes: −$1,620
• − Insurance: −$895
• − Repairs & maintenance: −$2,352
• − Management: −$2,352
• − HOA: −$4,980
• − Depreciation: −$5,207
• Taxable income: $1,967
• Est. tax owed @ 24.0%: −$472
• After-tax cash flow: $3,995/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

+748.6% since first listed

8 events — show timeline

• 2026-04-22 Listed $185,000 Stellar MLS as Distributed by MLS Grid
• 2024-03-25 Sold (Public Records) $167,300 Public Records
• 2024-03-08 Sold (MLS) $167,250 Stellar MLS as Distributed by MLS Grid
• 2024-02-17 Pending — Stellar MLS as Distributed by MLS Grid
• 2024-01-28 Listed $189,500 Stellar MLS as Distributed by MLS Grid
• 2011-04-21 Sold (MLS) $30,000 Stellar MLS as Distributed by MLS Grid
• 2010-11-29 Listed $39,900 Stellar MLS as Distributed by MLS Grid
• 1994-02-16 Sold (Public Records) $21,800 Public Records

Property tax history

+4.6%/yr

Latest (2025): $1,620 · -1.6% YoY. Source: county tax records.