3691 SE 138th Pl · Belleview, FL 34491

$149,900

3 bd · 2.0 ba · 1,296 sqft · Manufactured public records · 156 Days on market

Built 2001 10,140 sqft lot Est $191k · 21% under

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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 +28.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Manufactured home with 3 bedrooms and 2 baths. Auction properties are sold AS IS without any guarantee or warranty by seller. Property may be occupied.

Key facts

• Quick access to i-75
• Updated central hvac
• Brand-new carpet

Tags

• NEW ROOF
• UPDATED CENTRAL HVAC
• BRAND-NEW CARPET
• QUICK ACCESS TO HWY 484
• QUICK ACCESS TO I-75

Property features AI

Finance

• Other: Lot approximately 0.23 acres (78 x 130); Chain link fencing; Shed(s) on property; Zoned R1

Exterior

• Parking: Publicly maintained asphalt road access
• Utilities: Well water; Septic tank; Electricity connected; Water connected; Sewer connected; Cable available; Broadband/high-speed internet available
• Home design: Manufactured home (double wide), attached; One story; East-facing entry; Completed condition
• Construction: Vinyl siding; Shingle roof; Pillar/Post/Pier foundation; Built as a double wide manufactured home
• Exterior features: Exterior lighting; Paved lot

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heat; Central air conditioning
• Interior features: Thermostat; 5 total rooms
• Laundry & utility: Inside laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $485 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 4.5% in Belleview — 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 69/100 on livability (#458 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime F, amenities 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: 712 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).
• This rent runs 34% 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 $1k 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 $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $30k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $24k; list at $150k implies a 512% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 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. Crime grade is F 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: 1.25% ✓
• Cap rate: 10.17%
• Cash-on-cash: 13.86%
• DSCR: 1.62
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $190,512
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3282 SE 132nd Pl	0.70mi	3/2.0	1,344 (+4%)	8mo	$197,000	$147	54
3303 SE 134th Pl	0.55mi	3/2.0	1,104 (-15%)	2mo	$140,000	$127	48
3878 SE 145th St	0.72mi	3/2.0	1,456 (+12%)	9mo	$260,000	$179	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 4.1%
• Equity multiple: 1.16×
• Total profit: $6,597
• Equity at exit: $22,351

10-year hold

• IRR: 13.6%
• Equity multiple: 2.08×
• Total profit: $45,532
• Equity at exit: $12,961

Cash invested: $41,972 (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 34491

• Home prices YoY: -35.0%
• Active inventory: 712
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,878 high
• Mortgage (P&I): −$786
• Tax from tax record: −$150 /mo · $1,805/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $485

Break-even live

Break-even rent $1,265

Max offer price $149,900

Occupancy floor 69%

Sensitivity live

Price	-10% $570	-5% $527	+0% $485	+5% $442	+10% $400
Rent	-10% $336	-5% $411	+0% $485	+5% $559	+10% $633
Rate	-1.0pp $560	-0.5pp $523	base $485	+0.5pp $446	+1.0pp $407

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3820 SE 136th Pl Summerfield, FL	3.0	2.0	1265	$1,745	$1.38	22d	1	0.25mi
3384 SE 138th St Summerfield, FL	3.0	2.0	1265	$1,745	$1.38	22d	1	0.26mi
3780 SE 141st Ln Summerfield, FL	3.0	2.0	1066	$1,595	$1.50	22d	1	0.35mi
3780 SE 141st Ln Summerfield, FL	3.0	2.0	1066	$1,525	$1.43	14d	1	0.35mi
3934 SE 142nd St Summerfield, FL	3.0	2.0	1000	$1,499	$1.50	14d	1	0.47mi

Listing history 16 events

1. 2026-05-08
   status Pending
2. 2026-04-07
   price $149,900
3. 2026-03-11
   price $159,900
4. 2026-02-05
   price $161,800
5. 2026-01-22
   price $169,900
6. 2025-12-03
   listed $179,500 Active
7. 2017-05-05
   soldstatus $24,500 151-char remark

   Show marketing remark (151 chars)

   Manufactured home with 3 bedrooms and 2 baths. Auction properties are sold AS IS without any guarantee or warranty by seller. Property may be occupied.

8. 2017-02-28
   listed $32,076 151-char remark

   Show marketing remark (151 chars)

   Manufactured home with 3 bedrooms and 2 baths. Auction properties are sold AS IS without any guarantee or warranty by seller. Property may be occupied.

9. 2009-04-24
   soldstatus $87,000
10. 2008-11-26
    soldstatus $45,000 322-char remark

    Show marketing remark (322 chars)

    LOCATED IN BELLEVIEW HEIGHTS ESTATES THIS BANK OWNED HOME IS A 3/2 ON A PAVED STREET WITH . 23 ACRE LOT. WHAT A GREAT OPPORTUNITY TO GET A PLACE THAT NEEDS A LITTLE WORK AT A HUGE SAVINGS. IN AN AREA OF NEW SITE BUILT HOMES. SPLIT PLAN, INSIDE LAUNDRY. MASTER HAS A GARDEN TUB AND A SHOWER. HURRY THIHS ONE WONT LAST LONG.

11. 2008-09-25
    listed $54,900 322-char remark

    Show marketing remark (322 chars)

    LOCATED IN BELLEVIEW HEIGHTS ESTATES THIS BANK OWNED HOME IS A 3/2 ON A PAVED STREET WITH . 23 ACRE LOT. WHAT A GREAT OPPORTUNITY TO GET A PLACE THAT NEEDS A LITTLE WORK AT A HUGE SAVINGS. IN AN AREA OF NEW SITE BUILT HOMES. SPLIT PLAN, INSIDE LAUNDRY. MASTER HAS A GARDEN TUB AND A SHOWER. HURRY THIHS ONE WONT LAST LONG.

12. 2008-09-25
    historical

    Show marketing remark (322 chars)

    LOCATED IN BELLEVIEW HEIGHTS ESTATES THIS BANK OWNED HOME IS A 3/2 ON A PAVED STREET WITH . 23 ACRE LOT. WHAT A GREAT OPPORTUNITY TO GET A PLACE THAT NEEDS A LITTLE WORK AT A HUGE SAVINGS. IN AN AREA OF NEW SITE BUILT HOMES. SPLIT PLAN, INSIDE LAUNDRY. MASTER HAS A GARDEN TUB AND A SHOWER. HURRY THIHS ONE WONT LAST LONG.

13. 2008-03-14
    listed $54,900
14. 2008-03-03
    historical
15. 2007-12-03
    listed $78,750
16. 1983-11-01
    soldstatus $13,000

ⓘ 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: $1,805 · $150/mo
• Projected year-2 tax: $1,805 · $150/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 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,540
• − Mortgage interest: −$8,397
• − Property taxes: −$1,805
• − Insurance: −$750
• − Repairs & maintenance: −$1,803
• − Management: −$1,803
• − Depreciation: −$4,361
• Taxable income: $3,621
• Est. tax owed @ 24.0%: −$869
• After-tax cash flow: $4,949/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 — Belleview

• Score: 69/100
• State rank: #458
• US rank: #8314

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Marion County · 315,796 people
• City population: 19,167
• Metro: Ocala, FL
• Population (ZIP): 33,318
• Household income: $66,679
• Rent vs Own: 13.2% rent · 86.8% own
• Severe rent burden: 256.0

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 (77%)
• Race & ethnicity: White 77% Hispanic / Latino 14% Two or more races 9% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6% Cuban 1%
• Common ancestry: Lithuanian 3% Slovak 2% Romanian 2%
• Foreign-born: 8% · Canada, Vietnam, Jamaica
• Languages at home: 85% English-only · Spanish 11% Vietnamese 1% 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: ▼ -107.67%
• Current HPI: 200.0792
• Rent YoY: —
• Metro: Ocala, 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

+1053.1% since first listed

16 events — show timeline

• 2026-05-08 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-07 Price Changed $149,900 Stellar MLS as Distributed by MLS Grid
• 2026-03-11 Price Changed $159,900 Stellar MLS as Distributed by MLS Grid
• 2026-02-05 Price Changed $161,800 Stellar MLS as Distributed by MLS Grid
• 2026-01-22 Price Changed $169,900 Stellar MLS as Distributed by MLS Grid
• 2025-12-03 Listed $179,500 Stellar MLS as Distributed by MLS Grid
• 2017-05-05 Sold (MLS) $24,500 Stellar MLS as Distributed by MLS Grid
• 2017-02-28 Listed $32,076 Stellar MLS as Distributed by MLS Grid
• 2009-04-24 Sold (Public Records) $87,000 Public Records
• 2008-11-26 Sold (MLS) $45,000 Stellar MLS as Distributed by MLS Grid
• 2008-09-25 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2008-09-25 Listed $54,900 Stellar MLS as Distributed by MLS Grid
• 2008-03-14 Listed $54,900 Stellar MLS as Distributed by MLS Grid
• 2008-03-03 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2007-12-03 Listed $78,750 Stellar MLS as Distributed by MLS Grid
• 1983-11-01 Sold (Public Records) $13,000 Public Records

Property tax history

+13.2%/yr

Latest (2025): $1,805 · +12.7% YoY. Source: county tax records.