164 Iron Gate Cir

Port Orange, FL 32129

$139,000D-

2 bd · 1.5 ba · 720 sqft · Built 1973 · Manufactured · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,172/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$211
• HOA: −$0
• Vac / Maint / Mgmt: −$246
• Net cashflow: $-14/mo
• Annual: $-172/yr
• Cap rate: 6.17%
• Cash-on-cash: -0.44%
• DSCR: 0.98
• 1% rule: 0.84%
• Cash to close: $38,920

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $139k.
• At list price, monthly cash flow is $-14 ($-172/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (15.7% below list).
• It's been on market 111 days — a 9% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (15.7% below list) — sets the bar for 1% rule.
• 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.
• Location reads 80/100 on livability (#131 in FL, #1,957 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities D+, commute D+.
• Volusia (suburban): math 44% / reading 49% proficiency, ranked #47 of 73 in FL (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sugar Mill Elementary School (math 59% / reading 58%, grade B-, #735 of 2,144 statewide, top 35%, 623 students, 64% FRL); Silver Sands Middle School (math 50% / reading 52%, grade C, #237 of 571 statewide, top 43%, 1,165 students, 54% FRL); Atlantic High School (math 24% / reading 46%, grade F, #379 of 667 statewide, top 58%, 1,266 students, 52% FRL).
• Market conditions: Rents soft (-2.7%/yr); 251 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).
• Volusia County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 21y 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 $65k; list at $139k implies a 113% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 111 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.