3230 SW 189th Ave · Rainbow Lakes Estates, FL 34432

$290,000

3 bd · 2.0 ba · 1,344 sqft · MultiFamily public records · 283 Days on market

Built 1995 $216/sqft · 47% above area Est $380k · 24% under

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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 +22.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• 1% rule +5.9/10.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Rarely available 2.24 acres with two income-producing homes! Properties like this don't come on the market often. The land offers privacy, space, and endless possibilities — whether you're looking for a peaceful retreat, room for horses, or space to expand. Each home includes 3 bedrooms and 2 bathrooms, making them ideal for tenants, guests, or extended family. Front home: 1,344 sq ft, manufactured in 1999 with roof replaced three years ago. Back home: 1,248 sq ft, manufactured in 1995. With developed sheds, ample storage, and over two acres of usable land, this property is perfect for those seeking both lifestyle and investment potential. Don't miss this unique opportunity acreage with homes is hard to find in Florida.

Key facts

• Ample storage space
• Developed sheds
• Lush forest

Tags

• 2.24 ACRES
• LUSH FOREST
• DEVELOPED SHEDS
• AMPLE STORAGE SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $436 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $290k).
• Recommended offer: $255k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 4.5% in Rainbow Lakes Estates — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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: 550 active listings in the ZIP; 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 283 days — a 12% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 21y ago; this cycle's ask has dropped $35k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $290k implies a 222% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $255,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 283 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 8.37%
• Cash-on-cash: 7.43%
• DSCR: 1.33
• GRM: 7.7

CMA / ARV

• ARV (median comp): $379,900
• List price: $290,000
• Delta: -23.66%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -6.4%
• Equity multiple: 0.76×
• Total profit: $-19,143
• Equity at exit: $43,240

10-year hold

• IRR: 3.3%
• Equity multiple: 1.24×
• Total profit: $19,414
• Equity at exit: $25,074

Cash invested: $81,200 (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 34432

• Home prices YoY: -21.5%
• Active inventory: 550
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $3,156 medium
• Mortgage (P&I): −$1,521
• Tax from tax record: −$349 /mo · $4,190/yr
• Insurance: −$121
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$663
• Net cashflow: $436

Break-even live

Break-even rent $2,604

Max offer price $290,000

Occupancy floor 81%

Sensitivity live

Price	-10% $600	-5% $518	+0% $436	+5% $354	+10% $272
Rent	-10% $187	-5% $311	+0% $436	+5% $561	+10% $685
Rate	-1.0pp $582	-0.5pp $510	base $436	+0.5pp $361	+1.0pp $284

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,156
Total (2 units)			$3,156

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: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Listing history 38 events

1. 2026-06-18
   days on market $290,000 Active 283 DOM
2. 2026-06-17
   days on market $290,000 Active 282 DOM
3. 2026-06-16
   days on market $290,000 Active 281 DOM
4. 2026-06-15
   price $290,000 Active 280 DOM
5. 2026-06-15
   days on market $305,000 Active 280 DOM
6. 2026-06-14
   days on market $305,000 Active 278 DOM
7. 2026-06-13
   days on market $305,000 Active 277 DOM
8. 2026-06-10
   days on market $305,000 Active 275 DOM
9. 2026-06-09
   days on market $305,000 Active 274 DOM
10. 2026-06-08
    days on market $305,000 Active 273 DOM
11. 2026-06-07
    days on market $305,000 Active 272 DOM
12. 2026-06-03
    days on market $305,000 Active 268 DOM
13. 2026-06-02
    days on market $305,000 Active 267 DOM
14. 2026-05-31
    days on market $305,000 Active 265 DOM
15. 2026-05-30
    days on market $305,000 Active 264 DOM
16. 2026-01-13
    price $305,000 737-char remark

    Show marketing remark (737 chars)

    Rarely available 2.24 acres with two income-producing homes! Properties like this don't come on the market often. The land offers privacy, space, and endless possibilities — whether you're looking for a peaceful retreat, room for horses, or space to expand. Each home includes 3 bedrooms and 2 bathrooms, making them ideal for tenants, guests, or extended family. Front home: 1,344 sq ft, manufactured in 1999 with roof replaced three years ago. Back home: 1,248 sq ft, manufactured in 1995. With developed sheds, ample storage, and over two acres of usable land, this property is perfect for those seeking both lifestyle and investment potential. Don't miss this unique opportunity acreage with homes is hard to find in Florida.

17. 2026-01-12
    price $305,000 1256-char remark

    Show marketing remark (1256 chars)

    Impresive Price Reduction. DRASTICALLY REDUCED, GO, SEE IT AND MAKE AN OFFER. Rarely available 2.24 acres with two income-producing homes! Properties like this don't come on the market often. The land offers privacy, space, and endless possibilities — whether you're looking for a peaceful retreat, room for horses, or space to expand. ONE mobile homes is currently rented, providing immediate income for the new owner. Each home includes 3 bedrooms and 2 bathrooms, making them ideal for tenants, guests, or extended family. Front home: 1,344 sq ft, manufactured in 1999 with roof replaced three years ago. Back home: 1,248 sq ft, manufactured in 1995. With developed sheds, ample storage, and over two acres of usable land, this property is perfect for those seeking both lifestyle and investment potential. Don't miss this unique opportunity, acreage with homes is hard to find in Florida. The front mobile home was manufactured in 1999, and its roof was replaced three years ago. The back unit was manufactured in 1995. The A/C in the front unit is 2 years old, the A/C in the back unit was installed just a year ago. The septic tank was serviced in February 2024. Don't miss out on this unique opportunity to own a piece of paradise in Florida.

18. 2025-09-08
    listed $325,000 Active 737-char remark

    Show marketing remark (1256 chars)

    Impresive Price Reduction. DRASTICALLY REDUCED, GO, SEE IT AND MAKE AN OFFER. Rarely available 2.24 acres with two income-producing homes! Properties like this don't come on the market often. The land offers privacy, space, and endless possibilities — whether you're looking for a peaceful retreat, room for horses, or space to expand. ONE mobile homes is currently rented, providing immediate income for the new owner. Each home includes 3 bedrooms and 2 bathrooms, making them ideal for tenants, guests, or extended family. Front home: 1,344 sq ft, manufactured in 1999 with roof replaced three years ago. Back home: 1,248 sq ft, manufactured in 1995. With developed sheds, ample storage, and over two acres of usable land, this property is perfect for those seeking both lifestyle and investment potential. Don't miss this unique opportunity, acreage with homes is hard to find in Florida. The front mobile home was manufactured in 1999, and its roof was replaced three years ago. The back unit was manufactured in 1995. The A/C in the front unit is 2 years old, the A/C in the back unit was installed just a year ago. The septic tank was serviced in February 2024. Don't miss out on this unique opportunity to own a piece of paradise in Florida.

19. 2025-09-08
    listed $325,000 Active 1256-char remark

    Show marketing remark (1256 chars)

    Impresive Price Reduction. DRASTICALLY REDUCED, GO, SEE IT AND MAKE AN OFFER. Rarely available 2.24 acres with two income-producing homes! Properties like this don't come on the market often. The land offers privacy, space, and endless possibilities — whether you're looking for a peaceful retreat, room for horses, or space to expand. ONE mobile homes is currently rented, providing immediate income for the new owner. Each home includes 3 bedrooms and 2 bathrooms, making them ideal for tenants, guests, or extended family. Front home: 1,344 sq ft, manufactured in 1999 with roof replaced three years ago. Back home: 1,248 sq ft, manufactured in 1995. With developed sheds, ample storage, and over two acres of usable land, this property is perfect for those seeking both lifestyle and investment potential. Don't miss this unique opportunity, acreage with homes is hard to find in Florida. The front mobile home was manufactured in 1999, and its roof was replaced three years ago. The back unit was manufactured in 1995. The A/C in the front unit is 2 years old, the A/C in the back unit was installed just a year ago. The septic tank was serviced in February 2024. Don't miss out on this unique opportunity to own a piece of paradise in Florida.

20. 2025-08-09
    historical
21. 2025-02-08
    historical
22. 2024-08-13
    status Active
23. 2024-08-13
    price $350,000
24. 2024-08-08
    listed $350,000 Active
25. 2024-08-06
    historical
26. 2024-08-05
    historical
27. 2024-04-16
    price $360,000
28. 2024-04-16
    price $360,000
29. 2024-02-29
    price $370,000
30. 2024-02-28
    listed $370,000 Active
31. 2024-02-28
    historical
32. 2024-02-07
    listed $380,000 Active
33. 2024-02-07
    listed $380,000 Active
34. 2005-09-08
    soldstatus $90,000
35. 2005-08-30
    soldstatus $122,000
36. 2005-05-10
    listed $124,900
37. 1994-05-27
    soldstatus $38,000
38. 1990-08-01
    soldstatus $40,000

ⓘ 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: $4,190 · $349/mo
• Projected year-2 tax: $4,190 · $349/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 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 6 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,872
• − Mortgage interest: −$16,245
• − Property taxes: −$4,190
• − Insurance: −$2,248
• − Repairs & maintenance: −$3,030
• − Management: −$3,030
• − Depreciation: −$8,436
• Taxable income: $694
• Est. tax owed @ 24.0%: −$167
• After-tax cash flow: $5,065/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 — Rainbow Lakes Estates

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 13,197

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 16% Two or more races 11% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 7% Cuban 2%
• Common ancestry: Romanian 4% Slovak 3% Lithuanian 3%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Spanish 9% Other Indo-European 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: ▼ -57.34%
• Current HPI: 209.595
• 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

+662.5% since first listed

23 events — show timeline

• 2026-01-13 Price Changed $305,000 Beaches MLS
• 2026-01-12 Price Changed $305,000 Stellar MLS as Distributed by MLS Grid
• 2025-09-08 Listed $325,000 Stellar MLS as Distributed by MLS Grid
• 2025-09-08 Listed $325,000 Beaches MLS
• 2025-08-09 Listing Removed — Beaches MLS
• 2025-02-08 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-08-13 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-08-13 Price Changed $350,000 Stellar MLS as Distributed by MLS Grid
• 2024-08-08 Listed $350,000 Beaches MLS
• 2024-08-06 Listing Removed — Beaches MLS
• 2024-08-05 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-04-16 Price Changed $360,000 Stellar MLS as Distributed by MLS Grid
• 2024-04-16 Price Changed $360,000 Beaches MLS
• 2024-02-29 Price Changed $370,000 Beaches MLS
• 2024-02-28 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-02-28 Listed $370,000 Stellar MLS as Distributed by MLS Grid
• 2024-02-07 Listed $380,000 Stellar MLS as Distributed by MLS Grid
• 2024-02-07 Listed $380,000 Beaches MLS
• 2005-09-08 Sold (Public Records) $90,000 Public Records
• 2005-08-30 Sold (MLS) $122,000 Stellar MLS as Distributed by MLS Grid
• 2005-05-10 Listed $124,900 Stellar MLS as Distributed by MLS Grid
• 1994-05-27 Sold (Public Records) $38,000 Public Records
• 1990-08-01 Sold (Public Records) $40,000 Public Records

Property tax history

+13.5%/yr

Latest (2025): $4,190 · +29.0% YoY. Source: county tax records.