221 Pinewood Dr · Eustis, FL 32726

$123,500

2 bd · 2.0 ba · 1,404 sqft · Condo public records · 114 Days on market

Built 1981 $243/mo HOA ↓ 4% since listing

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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 +27.8/30.0
• DSCR +9.8/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy relaxed Florida living in the 55+ community of Eustis Country Club Manor. This well-maintained 2-bedroom, 2-bath home offers a spacious open floorplan with both a large living room and an oversized family room, providing the perfect setting for entertaining, hobbies, or simply unwinding in comfort. The bright, airy layout allows for easy everyday living, while the carport adds convenience. Residents enjoy a low-maintenance lifestyle with a co-op fee of $243 per month, which includes water, trash, sewer, clubhouse access, and a variety of community amenities. Ideally located near shopping, dining, medical facilities, and parks, with easy access to Orlando and the 429 extension, ma

Key facts

• Clubhouse access
• Carport
• Large living room

Tags

• EUSTIS COUNTRY CLUB MANOR
• SPACIOUS OPEN FLOORPLAN
• LARGE LIVING ROOM
• OVERSIZED FAMILY ROOM
• CARPORT
• CLUBHOUSE ACCESS

Property features AI

Finance

• Other: Partially furnished; Private lake access with a private boat ramp (Trout Lake); Total acreage less than 1/4 acre (approx. 0.12 acre)
• Financial info: Lease restrictions apply
• HOA & community: HOA with monthly fee ($243) — Amy Waterberry association; Association amenities include clubhouse, pool and recreation facilities; Association fee covers pool, sewer, water, trash, management and reserves; Buyer approval required for association; Senior community; Deed restrictions and special community restrictions; Golf carts allowed; Community mailbox

Exterior

• Parking: Driveway; Golf cart parking; Guest parking; Workshop in garage; 2-car carport
• Utilities: Private and public water available; Private and public sewer available; Electricity connected; Cable connected; Broadband/high-speed internet available; Water connected; Sewer connected
• Home design: Manufactured double-wide home; Single-story; South-facing
• Construction: Metal siding and vinyl siding; Roof over (roof over structure); Crawlspace and slab foundation; Built as a double wide manufactured home
• Exterior features: Enclosed patio/porch; Porch with side entry; Exterior lighting; Rain gutters; Storage; Shed(s), storage and workshop structures; Near public transit; Paved roads

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Hardwood; Laminate; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Heat pump; Central air conditioning
• Interior features: Ceiling fans; Open floor plan; Walk-in closets; Window treatments; Blinds
• Laundry & utility: Washer; Dryer; Outdoor/other laundry area

🏢 Co-op / cooperative unit. The $123,500 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $124k.

Deal economics

• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $124k).
• Recommended offer: $112k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 4.5% in Eustis — 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 73/100 on livability (#309 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment C-, schools D+, amenities F.
• Lake (suburban): math 49% / reading 50% proficiency, ranked #37 of 73 in FL (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.2%/yr); 305 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• This rent runs 33% of the median local income ($63k/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 $854 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.2% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $112,385 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.39% ✓
• Cap rate: 9.94%
• Cash-on-cash: 13.04%
• DSCR: 1.58
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.2% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $4,363
• Equity at exit: $18,414

10-year hold

• IRR: 13.1%
• Equity multiple: 2.05×
• Total profit: $36,448
• Equity at exit: $10,678

Cash invested: $34,580 (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 32726

• Home prices YoY: -21.3%
• Rents YoY: 3.2%
• Active inventory: 305
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,713 high
• Mortgage (P&I): −$648
• Tax from tax record: −$36 /mo · $427/yr
• Insurance: −$51
• HOA: −$243
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $376

Break-even live

Break-even rent $1,238

Max offer price $123,500

Occupancy floor 73%

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: $30,875
• Closing costs: $3,705
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1799 N County Road 19A Eustis, FL	1.0–3.0	1.0–2.0	950	$1,600	$1.68	2d	1	0.43mi
923 N Grove St Eustis, FL	3.0	2.0	1200	$1,920	$1.60	24d	1	0.71mi
993 Foote St Eustis, FL	2.0	1.0	1000	$1,400	$1.40	24d	1	0.73mi
2486 Hallow Garden Rd Eustis, FL	3.0	2.0	1429	$2,400	$1.68	4d	1	0.83mi
623 N Bay St Unit 4 Eustis, FL	1.0	1.0	900	$1,150	$1.28	11d	1	0.99mi
623 N Bay St Unit 11 Eustis, FL	2.0	2.0	1200	$1,300	$1.08	11d	1	0.99mi
612 Kensington St Eustis, FL	3.0	1.5	1400	$1,900	$1.36	24d	1	1.13mi
204 E Gottsche Ave Eustis, FL	2.0	2.0	1125	$1,525	$1.36	24d	3	1.17mi
100 N Dewey St Eustis, FL	1.0	1.5	997	$1,450	$1.45	24d	1	1.32mi
116 Dewitt Ct Eustis, FL	3.0	2.0	1299	$1,890	$1.45	24d	1	1.49mi
116 Dewitt Ct Unit 116 Eustis, FL	3.0	2.0	1296	$1,850	$1.43	18d	1	1.49mi
528 Citrus Ave Unit 1 Eustis, FL	3.0	2.0	1168	$1,700	$1.46	5d	1	1.49mi

HOA detail condo

• Monthly dues: $243 · $2,916/yr
• Likely covers: watersewertrash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-18
   days on market $123,500 Active 114 DOM
2. 2026-06-17
   days on market $123,500 Active 113 DOM
3. 2026-06-16
   days on market $123,500 Active 112 DOM
4. 2026-06-15
   days on market $123,500 Active 111 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $123,500 Active 109 DOM

ⓘ 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: $427 · $36/mo
• Projected year-2 tax: $1,025 · $85/mo
• Expected delta: +$598/yr (+$50/mo · 139.8%)

ⓘ 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 6/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,558
• − Mortgage interest: −$6,918
• − Property taxes: −$427
• − Insurance: −$618
• − Repairs & maintenance: −$1,645
• − Management: −$1,645
• − HOA: −$2,916
• − Depreciation: −$3,593
• Taxable income: $2,797
• Est. tax owed @ 24.0%: −$671
• After-tax cash flow: $3,837/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: Lake
• NCES district ID: 1201050
• Math proficiency: 49% ▼ -7.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $46,632
• Composite: 42.05/100
• National rank: #3327
• State rank: #37 of 73 in FL

Livability — Eustis

• Score: 73/100
• State rank: #309
• US rank: #5286

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eustis, FL
• County: Lake County · 364,602 people
• City population: 24,715
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 24,715
• Household income: $63,152
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 584.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 386,640 people
• By 2030: 417,107 · +7.9%
• By 2040: 476,676 · +23.3%
• By 2050: 531,296 · +37.4%
• By 2075: 648,303 · +67.7%
• By 2100: 698,530 · +80.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 59% Black 19% Hispanic / Latino 17% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 7% Dominican 4%
• Common ancestry: Hispanic 2% Romanian 2% Lithuanian 2%
• Foreign-born: 14% · Canada, Vietnam
• Languages at home: 84% English-only · Spanish 10% French/Haitian/Cajun 3% Other Indo-European 1%

Political lean MEDSL · Lake

• 2024 margin: Strong R (+24.7) · D 37.3% · R 62.0%
• 2008→2024 swing: -11.2pp toward R · 2008: -13.5pp · 2024: -24.7pp
• All cycles: 2024: R+24.7 2020: R+20.0 2016: R+23.1 2012: R+17.1 2008: R+13.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.12%
• Current HPI: 325.4692
• Rent YoY: ▲ 3.20%
• Metro: Orlando-Kissimmee-Sanford, 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

-3.9% since first listed

3 events — show timeline

• 2026-06-10 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-03-05 Price Changed $123,500 Stellar MLS as Distributed by MLS Grid
• 2026-01-02 Listed $128,500 Stellar MLS as Distributed by MLS Grid

Property tax history

+5.0%/yr

Latest (2025): $427 · +4.8% YoY. Source: county tax records.