15400 NE 236th Pl · Interlachen, FL 32134

$139,000

3 bd · 2.0 ba · 972 sqft · Manufactured public records · 363 Days on market

Built 2024 9,148 sqft lot $143/sqft · 69% above area

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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 +26.7/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Under Construction. Be the first to own this brand-new manufactured home, currently under construction and designed with modern living in mind! This home offers the perfect blend of comfort, space, and tranquility. Featuring a spacious open-concept layout, energy-efficient systems, and stylish finishes throughout. Enjoy a contemporary kitchen with new appliances, a generous primary suite with walk-in closet, and quality craftsmanship from top to bottom. A rare opportunity to own a new home in such a peaceful setting—don’t miss your chance to make it yours!

Key facts

• Contemporary kitchen
• Walk-in closet
• Primary suite

Tags

• OPEN-CONCEPT LAYOUT
• ENERGY-EFFICIENT SYSTEMS
• CONTEMPORARY KITCHEN
• NEW APPLIANCES
• PRIMARY SUITE
• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $139k.

Deal economics

• At list price, monthly cash flow is $375 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 5.1% in Interlachen — 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 67/100 on livability (#540 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Marion (rural): math 42% / reading 43% proficiency, ranked #61 of 73 in FL (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 299 active listings in the ZIP; 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 363 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y 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.
• Current owner paid $26k; list at $139k implies a 445% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 363 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. 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: 1.10% ✓
• Cap rate: 9.53%
• Cash-on-cash: 11.56%
• DSCR: 1.51
• GRM: 7.6

CMA / ARV

• ARV (median comp): $79,177
• List price: $139,000
• Delta: 75.56%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 0.9%
• Equity multiple: 1.03×
• Total profit: $1,305
• Equity at exit: $20,725

10-year hold

• IRR: 10.5%
• Equity multiple: 1.81×
• Total profit: $31,672
• Equity at exit: $12,018

Cash invested: $38,920 (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 →

ZIP-level market 32134

• Home prices YoY: -24.4%
• Active inventory: 299
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,533 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$49 /mo · $591/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $375

Break-even live

Break-even rent $1,058

Max offer price $139,000

Occupancy floor 71%

Sensitivity live

Price	-10% $454	-5% $414	+0% $375	+5% $336	+10% $296
Rent	-10% $254	-5% $314	+0% $375	+5% $436	+10% $496
Rate	-1.0pp $445	-0.5pp $410	base $375	+0.5pp $339	+1.0pp $302

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $139,000 Active 363 DOM
2. 2026-06-17
   days on market $139,000 Active 362 DOM
3. 2026-06-16
   days on market $139,000 Active 361 DOM
4. 2026-06-15
   days on market $139,000 Active 360 DOM
5. 2026-06-14
   days on market $139,000 Active 358 DOM
6. 2026-06-13
   days on market $139,000 Active 357 DOM
7. 2026-06-10
   days on market $139,000 Active 355 DOM
8. 2026-06-09
   days on market $139,000 Active 354 DOM
9. 2026-06-08
   days on market $139,000 Active 353 DOM
10. 2026-06-07
    days on market $139,000 Active 352 DOM
11. 2026-06-03
    days on market $139,000 Active 348 DOM
12. 2026-06-02
    days on market $139,000 Active 347 DOM
13. 2026-05-31
    days on market $139,000 Active 345 DOM
14. 2026-05-30
    days on market $139,000 Active 344 DOM
15. 2025-06-20
    listed $139,000 Active 574-char remark

    Show marketing remark (574 chars)

    Under Construction. Be the first to own this brand-new manufactured home, currently under construction and designed with modern living in mind! This home offers the perfect blend of comfort, space, and tranquility. Featuring a spacious open-concept layout, energy-efficient systems, and stylish finishes throughout. Enjoy a contemporary kitchen with new appliances, a generous primary suite with walk-in closet, and quality craftsmanship from top to bottom. A rare opportunity to own a new home in such a peaceful setting—don’t miss your chance to make it yours!

16. 2024-06-12
    historical
17. 2024-01-24
    status Active
18. 2024-01-09
    historical
19. 2023-06-29
    status Active
20. 2023-02-20
    status Pending
21. 2023-01-09
    listed $159,000 Active
22. 2023-01-04
    soldstatus $25,500
23. 2023-01-04
    soldstatus $25,500
24. 2020-06-24
    historical
25. 2020-02-20
    listed $13,000
26. 2002-02-28
    soldstatus $20,000

ⓘ 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: $591 · $49/mo
• Projected year-2 tax: $1,154 · $96/mo
• Expected delta: +$563/yr (+$47/mo · 95.3%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,396
• − Mortgage interest: −$7,786
• − Property taxes: −$591
• − Insurance: −$695
• − Repairs & maintenance: −$1,472
• − Management: −$1,472
• − Depreciation: −$4,044
• Taxable income: $2,337
• Est. tax owed @ 24.0%: −$561
• After-tax cash flow: $3,939/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: Marion
• NCES district ID: 1201260
• Math proficiency: 42% ▼ -7.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $40,015
• Composite: 35.61/100
• National rank: #4890
• State rank: #61 of 73 in FL

Livability — Interlachen

• Score: 67/100
• State rank: #540
• US rank: #10162

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 11,580
• Population (ZIP): 7,400

Population outlook (Marion County) Hauer SSP2

• Today (2025): 365,905 people
• By 2030: 376,768 · +3.0%
• By 2040: 396,555 · +8.4%
• By 2050: 412,723 · +12.8%
• By 2075: 446,090 · +21.9%
• By 2100: 436,193 · +19.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 5% Two or more races 4%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% French/Haitian/Cajun 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+31.6) · D 33.8% · R 65.5%
• 2008→2024 swing: -20.0pp toward R · 2008: -11.6pp · 2024: -31.6pp
• All cycles: 2024: R+31.6 2020: R+25.9 2016: R+26.2 2012: R+16.2 2008: R+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.45%
• Current HPI: 224.9549
• 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

+595.0% since first listed

12 events — show timeline

• 2025-06-20 Listed $139,000 Stellar MLS as Distributed by MLS Grid
• 2024-06-12 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-01-24 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-01-09 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2023-06-29 Relisted — Stellar MLS as Distributed by MLS Grid
• 2023-02-20 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-01-09 Listed $159,000 Stellar MLS as Distributed by MLS Grid
• 2023-01-04 Sold (Public Records) $25,500 Public Records
• 2023-01-04 Sold (Public Records) $25,500 Public Records
• 2020-06-24 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2020-02-20 Listed $13,000 Stellar MLS as Distributed by MLS Grid
• 2002-02-28 Sold (Public Records) $20,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $591 · +561.0% YoY. Source: county tax records.