132 Glenside St · Welaka, FL 32139

$140,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured public records · 2 Days on market

Built 2004 0.46 ac lot

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Why this score? — see what drove the D 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 +10.8/30.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +3.3/10.0
• DSCR +3.1/10.0
• Schools +3.0/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Fully Furnished Country Retreat on Nearly an Acre! Welcome to this well-maintained 3-bedroom, 2-bath doublewide with 3 car detached workshop, situated on three combined parcels totaling approximately 0.92 acres. Tucked away among mature trees and just a short distance from the water, this property offers the perfect blend of privacy, space, and peaceful Old Florida charm. Step inside to find a spacious and inviting floor plan featuring a large living area, generously sized bedrooms, and a bright kitchen with abundant cabinetry and counter space. Best of all, all furnishings are included, making this a truly move-in-ready opportunity—ideal as a primary residence, seasonal getaway, or i

Key facts

• Covered front porch
• Nearly an acre
• Room for boats

Tags

• NEARLY AN ACRE
• MATURE TREES
• DETACHED GARAGE
• COVERED FRONT PORCH
• ROOM FOR RVS
• ROOM FOR BOATS

Property features AI

Finance

• Other: Property zoned R-2; Approximately 0.92 acre lot (about 300 x 135) with 3 lots; Road surface: dirt, limerock, other; Furnished; Has additional parcels

Exterior

• Parking: Carport with 2 spaces
• Utilities: Well water; Septic tank; Electricity connected
• Home design: Residential manufactured home; Double-wide; Single-story; Faces southwest; Model: Homes of Merit
• Construction: Metal siding; Metal roof; Slab and other foundation; Built as a manufactured home
• Exterior features: Covered patio/porch areas; Front porch; Side porch; Awnings; Exterior lighting; Rain gutters; Storage; Shed(s); Workshop; Cleared, oversized lot

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Cathedral ceilings; Ceiling fans; Eat-in kitchen; Open floorplan; Walk-in closets; Window treatments
• Laundry & utility: Washer; Dryer; Inside laundry in a laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $-65 ($-783/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (8.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (17.1% below list).
• Recommended offer: $116k (17.1% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 1.7% in Welaka — 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 55/100 on livability (#878 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: health & safety C-, schools F, amenities F.
• Putnam (town): math 34% / reading 39% proficiency, ranked #66 of 73 in FL (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 226 active listings in the ZIP; 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($968 loan paydown + $7k appreciation (5.1% local appreciation)).
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.1% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $25k; list at $140k implies a 460% 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 $116,028 (17.1% below list)

Questions for the listing agent

1. 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?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
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: 0.83% ✗
• Cap rate: 5.73%
• Cash-on-cash: -2.00%
• DSCR: 0.91
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $342,144
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
104 Ferncreek Dr	0.41mi	3/2.0	1,134 (-12%)	3mo	$299,900	$264	58
132 Whispering Pines Rd	0.57mi	2/2.0 (-1)	1,152 (-11%)	14mo	$114,000	$99	38

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

Projected returns pro-forma

5.11% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.5%
• Equity multiple: 1.74×
• Total profit: $29,008
• Equity at exit: $80,260

10-year hold

• IRR: 12.6%
• Equity multiple: 3.32×
• Total profit: $90,959
• Equity at exit: $139,287

Cash invested: $39,200 (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 32139

• Home prices YoY: 1.8%
• Active inventory: 226
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,160 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$189 /mo · $2,272/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $-65

Break-even live

Break-even rent $1,243

Max offer price $128,476

Occupancy floor —

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-18
   days on market $140,000 Active 2 DOM
2. 2026-06-16
   remarks 693-char remark
3. 2026-06-16
   listed $140,000 Active 1 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: $2,272 · $189/mo
• Projected year-2 tax: $2,272 · $189/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 21 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,923
• − Mortgage interest: −$7,842
• − Property taxes: −$2,272
• − Insurance: −$700
• − Repairs & maintenance: −$1,114
• − Management: −$1,114
• − Depreciation: −$4,073
• Taxable loss: −$3,191
• Est. tax savings @ 24.0%: +$766
• After-tax cash flow: $-17/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: Putnam
• NCES district ID: 1201620
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 39% ▼ -4.00%
• Median HH income: $33,350
• Composite: 29.99/100
• National rank: #6361
• State rank: #66 of 73 in FL

Livability — Welaka

• Score: 55/100
• State rank: #878
• US rank: #23339

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 1,200
• Population (ZIP): 897

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 65,299 people
• By 2030: 61,255 · -6.2%
• By 2040: 52,930 · -18.9%
• By 2050: 45,051 · -31.0%
• By 2075: 28,720 · -56.0%
• By 2100: 15,852 · -75.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Iranian 3% Serbian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 6%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+47.8) · D 25.8% · R 73.6%
• 2008→2024 swing: -28.5pp toward R · 2008: -19.3pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+41.2 2016: R+36.6 2012: R+24.5 2008: R+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.11%
• Current HPI: 291.5006
• 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

+460.0% since first listed

2 events — show timeline

• 2026-06-16 Listed $140,000 Stellar MLS as Distributed by MLS Grid
• 2010-11-24 Sold (Public Records) $25,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $2,272 · +5.9% YoY. Source: county tax records.