104 Admiral Ln

DeBary, FL 32713

$240,000D

2 bd · 2.0 ba · 1,264 sqft · Built 1993 · Manufactured · Pending · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,053/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$222
• HOA: −$110
• Vac / Maint / Mgmt: −$431
• Net cashflow: $31/mo
• Annual: $375/yr
• Cap rate: 6.45%
• Cash-on-cash: 0.56%
• DSCR: 1.02
• 1% rule: 0.86%
• Cash to close: $67,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $240k.
• At list price, monthly cash flow is $31 ($375/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (14.5% below list).
• It's been on market 74 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $205k (14.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#312 in FL) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety 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: Debary Elementary School (math 62% / reading 65%, grade B, #564 of 2,144 statewide, top 27%, 915 students, 38% FRL); River Springs Middle School (math 45% / reading 46%, grade D+, #305 of 571 statewide, top 54%, 1,249 students, 50% FRL); University High School (math 28% / reading 46%, grade F, #340 of 667 statewide, top 52%, 2,901 students, 49% FRL).
• Market conditions: Rents rising (+1.9%/yr); 276 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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 17y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $161k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.4% vs local median 3.7% in DeBary — 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.

Questions for listing agent

• It's been on market 74 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.