2437 Pulaski #189 · Pine Hills, FL 32818

$39,900

2 bd · 2.0 ba · 960 sqft · Manufactured · 497 Days on market

Built 2024

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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
• Schools +4.1/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Key facts

• Picnic area
• Swimming pool
• Billiards room

Tags

• SENIOR COMMUNITY
• PICNIC AREA
• BILLIARDS ROOM
• SWIMMING POOL

Property features AI

Finance

• Financial info: List price $39,400

Exterior

• Home design: Spec construction (plan 85651); Active listing
• Exterior features: Living area reported as 960

Interior

• Bedrooms: 2 bedrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: 2 total bathrooms

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $1k ($12k/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: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 36.7% vs local median 4.9% in Pine Hills — 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 (#317 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, employment D, amenities F.
• 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: Rents soft (-2.7%/yr); 180 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• This rent runs 31% 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 $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% 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 497 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.

Recommended offer $35,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 497 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 4.08% ✓
• Cap rate: 36.72%
• Cash-on-cash: 108.69%
• DSCR: 5.84
• GRM: 2.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 5.76×
• Total profit: $53,228
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 10.93×
• Total profit: $110,975
• 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 32818

• Home prices YoY: -22.5%
• Rents YoY: -2.7%
• Active inventory: 180
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,630 high
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $1,012

Break-even live

Break-even rent $349

Max offer price $39,900

Occupancy floor 33%

Sensitivity live

Price	-10% $1,039	-5% $1,026	+0% $1,012	+5% $998	+10% $984
Rent	-10% $883	-5% $947	+0% $1,012	+5% $1,076	+10% $1,141
Rate	-1.0pp $1,032	-0.5pp $1,022	base $1,012	+0.5pp $1,002	+1.0pp $991

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 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2603 Silkwood Cir Orlando, FL	2.0–3.0	2.0	1114	$1,632	$1.46	4d	18	0.26mi
6872 Alta Westgate Dr Orlando, FL	2.0–3.0	2.0	1190	$1,466	$1.23	8d	1	0.28mi
3024 N Powers Dr Orlando, FL	1.0–2.0	1.0–2.0	915	$1,470	$1.61	17d	80	0.62mi
6508 Spring Glade Ct Orlando, FL	3.0	2.0	1032	$1,325	$1.28	23d	1	0.77mi
6408 Sunshine St Orlando, FL	3.0	1.5	1000	$1,900	$1.90	5d	1	0.84mi
7097 Balboa Dr #7097 Orlando, FL	2.0	1.0	1042	$1,500	$1.44	25d	1	1.09mi
7320 Balboa Dr #7320 Orlando, FL	2.0	1.0	1000	$1,600	$1.60	25d	1	1.21mi
7364 Balboa Dr #7364 Orlando, FL	2.0	1.0	971	$1,500	$1.54	25d	1	1.23mi
7376 Balboa Dr #7376 Orlando, FL	2.0	1.0	971	$1,500	$1.54	25d	1	1.24mi
1537 Ridge Pointe Dr Orlando, FL	3.0	2.0	1108	$2,200	$1.99	25d	1	1.25mi
1529 Ridge Pointe Dr Orlando, FL	3.0	2.0	1108	$1,995	$1.80	8d	1	1.25mi
5600 Silver Star Rd Orlando, FL	1.0–3.0	1.0–2.0	850	$1,310	$1.54	15d	6	1.26mi
5402 Pine Chase Dr Orlando, FL	2.0–3.0	2.0	1133	$1,449	$1.28	2d	4	1.29mi
2203 Silver Pines Pl #601 Orlando, FL	2.0	1.0	962	$1,500	$1.56	25d	1	1.40mi
1109 Woodman Way Orlando, FL	3.0	2.0	1124	$1,750	$1.56	23d	1	1.47mi
1275 Woodman Way Orlando, FL	2.0	2.0	891	$1,450	$1.63	8d	1	1.48mi

Listing history 15 events

1. 2026-06-21
   days on market $39,900 Active 497 DOM
2. 2026-06-18
   days on market $39,900 Active 494 DOM
3. 2026-06-17
   days on market $39,900 Active 493 DOM
4. 2026-06-16
   days on market $39,900 Active 492 DOM
5. 2026-06-15
   days on market $39,900 Active 491 DOM
6. 2026-06-13
   days on market $39,900 Active 489 DOM
7. 2026-06-13
   days on market $39,900 Active 488 DOM
8. 2026-06-09
   days on market $39,900 Active 485 DOM
9. 2026-06-08
   days on market $39,900 Active 484 DOM
10. 2026-06-07
    days on market $39,900 Active 483 DOM
11. 2026-06-04
    days on market $39,900 Active 480 DOM
12. 2026-06-03
    days on market $39,900 Active 479 DOM
13. 2026-06-02
    days on market $39,900 Active 478 DOM
14. 2026-06-02
    pricedays on market $39,900 Active 477 DOM
15. 2026-05-31
    days on market $39,400 Active 476 DOM

ⓘ 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: $19,558
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$1,565
• − Management: −$1,565
• − Depreciation: −$1,161
• Taxable income: $12,235
• Est. tax owed @ 24.0%: −$2,936
• After-tax cash flow: $9,206/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 — Pine Hills

• Score: 73/100
• State rank: #317
• US rank: #5362

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pine Hills, FL
• County: Orange County · 1,471,359 people
• City population: 60,203
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 59,114
• Household income: $63,061
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 2059.0

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 Black (69%)
• Race & ethnicity: Black 69% Hispanic / Latino 14% White 10% Two or more races 6% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Cuban 1%
• Common ancestry: Hispanic 21% Estonian 1% Romanian 1%
• Foreign-born: 40% · Canada, Vietnam, China
• Languages at home: 59% English-only · French/Haitian/Cajun 25% Spanish 11% Vietnamese 2%

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: ▼ -93.40%
• Current HPI: 321.5821
• Rent YoY: ▼ -2.66%
• 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