2632 Lake Grassmere Cir #1854 · Zellwood, FL 32798

$235,000

3 bd · 2.0 ba · 1,851 sqft · Manufactured public records · 169 Days on market

Built 1998 6,193 sqft lot Est $224k · at est. $415/mo HOA · 16% of rent

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Why this score? — see what drove the C- 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 +18.4/30.0
• Appreciation +6.3/10.0
• 1% rule +5.8/10.0
• DSCR +5.8/10.0
• ARV discount +5.3/15.0
• Schools +4.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Stunning 3BR/2BA Triple-Wide with Versatile Bonus Room. $10,000 Credit at Closing for Buyer Upgrades. This bright and airy split-plan home features soaring ceilings and a flexible layout designed for modern living. The spacious bonus room—currently a formal dining room seating 10—can easily serve as a sun-drenched family room overlooking the private backyard. The large kitchen and casual dining area offer additional space for hosting. Highlights include 1 Year American Home Shield Home Warranty. Home features an expansive primary ensuite & double carport. Your Dream Home for this Next Chapter of Life Awaits You! Located in a premier, guard-gated 55+ community, residents

Key facts

• Private backyard
• Bonus room
• Casual dining area

Tags

• BONUS ROOM
• PRIVATE BACKYARD
• LARGE KITCHEN
• CASUAL DINING AREA
• EXPANSIVE PRIMARY ENSUITE
• DOUBLE CARPORT

Property features AI

Finance

• Other: Lease restrictions apply; Partially furnished; Senior community; Home warranty available
• Financial info: Total annual association fees reported as $4,980
• HOA & community: Homeowners association (monthly fee required); Monthly HOA fee $415; Association requires buyer approval; Association amenities include clubhouse, fitness center, pool, spa/hot tub, sauna, tennis courts, pickleball courts, shuffleboard, trails, golf and golf course access, recreation facilities, gated entry, community mailbox, vehicle restrictions, fence restrictions, optional additional fees, and management; Association fee covers 24-hour guard, cable TV, internet, common area taxes, pool, escrow reserves, fidelity bond, management, recreational facilities and trash

Exterior

• Parking: Carport with 2 spaces
• Security: Gated community; 24-hour guard included with association
• Utilities: Public sewer; Water available and connected; Electricity available and connected; Underground utilities; Cable available and connected; BB/HS internet available; Fiber optics
• Home design: Manufactured home (triple wide); Single-story; Faces north; Completed condition
• Construction: Vinyl siding; Shingle roof; Crawlspace foundation; Built in approximately modern era (completed)
• Exterior features: French doors; Asphalt road access; Private maintained road

Interior

• Kitchen: Range; Refrigerator; Disposal; Eat-in kitchen
• Bedrooms: 3 bedrooms (one-level)
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Built-in features; Cathedral ceilings; Ceiling fans; Coffered ceilings; Crown molding; Eat-in kitchen; High ceilings; Open floorplan; Split bedroom layout; Tray ceilings; Vaulted ceilings; Walk-in closets; Window treatments
• Laundry & utility: Inside laundry room; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $235k.

Deal economics

• At list price, monthly cash flow is $221 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 75/100 on livability (#248 in FL, #3,918 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute D-.
• 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: 104 active listings in the ZIP; 3 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).

Forward outlook

• In year one you build about $8k of equity ($2k loan paydown + $6k appreciation (2.5% local appreciation)).
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 169 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $206,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 169 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.08% ✓
• Cap rate: 7.42%
• Cash-on-cash: 4.03%
• DSCR: 1.18
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $223,971
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3955 Cohen Dr #737	0.64mi	2/2.0 (-1)	1,771 (-4%)	4mo	$215,000	$121	54
2057 Live Oak Ln #3	0.64mi	2/2.0 (-1)	1,956 (+6%)	13mo	$75,000	$38	45

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

Projected returns pro-forma

2.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.9%
• Equity multiple: 1.55×
• Total profit: $36,398
• Equity at exit: $99,148

10-year hold

• IRR: 12.6%
• Equity multiple: 2.79×
• Total profit: $117,850
• Equity at exit: $147,911

Cash invested: $65,800 (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 32798

• Home prices YoY: 1.0%
• Active inventory: 104
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,544 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$44 /mo · $526/yr
• Insurance: −$98
• HOA: −$415
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $221

Break-even live

Break-even rent $2,265

Max offer price $235,000

Occupancy floor 86%

Sensitivity live

Price	-10% $354	-5% $288	+0% $221	+5% $154	+10% $88
Rent	-10% $20	-5% $121	+0% $221	+5% $322	+10% $422
Rate	-1.0pp $339	-0.5pp $281	base $221	+0.5pp $160	+1.0pp $98

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3875 Denali Dr Apopka, FL	3.0	2.5	1734	$2,450	$1.41	22d	1	1.34mi
3941 Cuyahoga Valley Ct Apopka, FL	3.0	2.5	2138	$2,650	$1.24	22d	1	1.39mi
3979 Capital Reef Way Apopka, FL	3.0	2.5	2128	$2,545	$1.20	15d	1	1.43mi

HOA detail

• Monthly dues: $415 · $4,980/yr
• Likely covers: security

Listing history 16 events

1. 2026-06-21
   days on market $235,000 Active 169 DOM
2. 2026-06-18
   days on market $235,000 Active 166 DOM
3. 2026-06-17
   days on market $235,000 Active 165 DOM
4. 2026-06-16
   days on market $235,000 Active 164 DOM
5. 2026-06-15
   days on market $235,000 Active 163 DOM
6. 2026-06-13
   days on market $235,000 Active 161 DOM
7. 2026-06-13
   days on market $235,000 Active 160 DOM
8. 2026-06-09
   days on market $235,000 Active 157 DOM
9. 2026-06-08
   days on market $235,000 Active 156 DOM
10. 2026-06-07
    days on market $235,000 Active 155 DOM
11. 2026-06-04
    days on market $235,000 Active 152 DOM
12. 2026-06-03
    days on market $235,000 Active 151 DOM
13. 2026-06-02
    days on market $235,000 Active 150 DOM
14. 2026-06-02
    days on market $235,000 Active 149 DOM
15. 2026-05-31
    days on market $235,000 Active 148 DOM
16. 2026-01-03
    listed $235,000 Active

ⓘ 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: $526 · $44/mo
• Projected year-2 tax: $1,950 · $163/mo
• Expected delta: +$1,424/yr (+$119/mo · 270.8%)

ⓘ 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 5/10 Major
• 🌡 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,534
• − Mortgage interest: −$13,164
• − Property taxes: −$526
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,443
• − Management: −$2,443
• − HOA: −$4,980
• − Depreciation: −$6,836
• Taxable loss: −$1,033
• Est. tax savings @ 24.0%: +$248
• After-tax cash flow: $2,900/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 — Zellwood

• Score: 75/100
• State rank: #248
• US rank: #3918

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Zellwood, FL
• City population: 2,159
• Population (ZIP): 2,159

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 White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 10%
• Common ancestry: Iranian 5% Lithuanian 5% Romanian 2%
• Foreign-born: 5%
• Languages at home: 89% English-only · Spanish 9% German/W. Germanic 3%

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: ▲ 2.50%
• Current HPI: 254.7681
• 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

1 event — show timeline

• 2026-01-03 Listed $235,000 Stellar MLS as Distributed by MLS Grid

Property tax history

-2.2%/yr

Latest (2025): $526 · +5.6% YoY. Source: county tax records.