865 SE 178th Ter · Silver Springs Shores East, FL 34488

$135,000

3 bd · 2.0 ba · 1,188 sqft · Manufactured public records · 11 Days on market

Built 1999 0.33 ac lot Est $182k · 26% under

---

Why this score? — see what drove the B- 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 +24.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +6.2/10.0
• 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

Listing remarks MLS

Looking for privacy in Silver Springs? This 3 bedroom 2 bath home situated on a double lot containing 0.56 acres is perfectly set back from the road with beautiful vegetation and more! Walk up onto your HUGE front porch & enjoy the quiet afternoons, pull the shades down for extra privacy as well! The home features a full kitchen & all appliances remain including the washer & dryer. A split floor plan is a great feature with a large owners suite & oversized ensuite. The backyard is fenced up to the vegetation where no one can build behind you or to the left of you! A fun patio with near the well house is perfect for entertaining, or sit on your back wooden deck! The large yard is ready for recreation, family gatherings, or just a place to relax in the quiet & enjoy nature. Make your appt today to view!

Key facts

• Full kitchen
• Split floor plan
• Double lot

Tags

• DOUBLE LOT
• FULL KITCHEN
• ALL APPLIANCES REMAIN
• SPLIT FLOOR PLAN
• LARGE OWNERS SUITE
• OVERSIZED ENSUITE

Property features AI

Finance

• Other: Zoning: R4; Number of wells: 1; Number of septics: 1; Total acreage: between 1/2 and less than 1 acre; Number of lots: 2

Exterior

• Parking: Driveway
• Utilities: Well water; Septic tank; Electricity connected; Water connected; Sewer connected
• Home design: Manufactured double-wide home; One level; Faces southeast; Homestead property
• Construction: Stone construction; Shingle roof; Stilt / on piling foundation; Built as a manufactured home (double wide)
• Exterior features: Front porch; Rear porch; Outdoor lighting; Private mailbox; Storage shed(s); Wooded vegetation; Level, unpaved lot; Dirt road access; Two lots (property contains additional parcel[s])

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Ductless heating; Wall/window air conditioning units
• Interior features: Ceiling fans; Eat-in kitchen; Split bedroom floorplan; Walk-in closets; Window treatments (blinds)
• Laundry & utility: Dedicated laundry room; Inside utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $135k.

Deal economics

• At list price, monthly cash flow is $292 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Cap rate 8.9% vs local median 5.2% in Silver Springs Shores East — 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 B — 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: 201 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 $933 of loan paydown is wiped out by about $4k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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 $99k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.12% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.26%
• DSCR: 1.41
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $181,764
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1821 SE 177th Ave	0.68mi	2/2.0 (-1)	1,045 (-12%)	18mo	$160,000	$153	28

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

Projected returns pro-forma

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

5-year hold

• IRR: -2.3%
• Equity multiple: 0.91×
• Total profit: $-3,303
• Equity at exit: $20,129

10-year hold

• IRR: 7.4%
• Equity multiple: 1.56×
• Total profit: $21,046
• Equity at exit: $11,672

Cash invested: $37,800 (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 34488

• Home prices YoY: -26.1%
• Active inventory: 201
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,509 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$136 /mo · $1,633/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $292

Break-even live

Break-even rent $1,140

Max offer price $135,000

Occupancy floor 76%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-05
   status Pending
2. 2026-04-23
   listed $135,000 Active
3. 2022-10-04
   soldstatus $99,000
4. 2022-09-30
   soldstatus $99,000 Closed 842-char remark

   Show marketing remark (842 chars)

   Looking for privacy in Silver Springs? This 3 bedroom 2 bath home situated on a double lot containing 0.56 acres is perfectly set back from the road with beautiful vegetation and more! Walk up onto your HUGE front porch & enjoy the quiet afternoons, pull the shades down for extra privacy as well! The home features a full kitchen & all appliances remain including the washer & dryer. A split floor plan is a great feature with a large owners suite & oversized ensuite. The backyard is fenced up to the vegetation where no one can build behind you or to the left of you! A fun patio with near the well house is perfect for entertaining, or sit on your back wooden deck! The large yard is ready for recreation, family gatherings, or just a place to relax in the quiet & enjoy nature. Make your appt today to view!

5. 2022-09-13
   status Pending 842-char remark

   Show marketing remark (842 chars)

   Looking for privacy in Silver Springs? This 3 bedroom 2 bath home situated on a double lot containing 0.56 acres is perfectly set back from the road with beautiful vegetation and more! Walk up onto your HUGE front porch & enjoy the quiet afternoons, pull the shades down for extra privacy as well! The home features a full kitchen & all appliances remain including the washer & dryer. A split floor plan is a great feature with a large owners suite & oversized ensuite. The backyard is fenced up to the vegetation where no one can build behind you or to the left of you! A fun patio with near the well house is perfect for entertaining, or sit on your back wooden deck! The large yard is ready for recreation, family gatherings, or just a place to relax in the quiet & enjoy nature. Make your appt today to view!

6. 2022-09-11
   listed $99,000 Active 842-char remark

   Show marketing remark (842 chars)

   Looking for privacy in Silver Springs? This 3 bedroom 2 bath home situated on a double lot containing 0.56 acres is perfectly set back from the road with beautiful vegetation and more! Walk up onto your HUGE front porch & enjoy the quiet afternoons, pull the shades down for extra privacy as well! The home features a full kitchen & all appliances remain including the washer & dryer. A split floor plan is a great feature with a large owners suite & oversized ensuite. The backyard is fenced up to the vegetation where no one can build behind you or to the left of you! A fun patio with near the well house is perfect for entertaining, or sit on your back wooden deck! The large yard is ready for recreation, family gatherings, or just a place to relax in the quiet & enjoy nature. Make your appt today to view!

ⓘ 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: $1,633 · $136/mo
• Projected year-2 tax: $1,633 · $136/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 8/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,105
• − Mortgage interest: −$7,562
• − Property taxes: −$1,633
• − Insurance: −$675
• − Repairs & maintenance: −$1,448
• − Management: −$1,448
• − Depreciation: −$3,927
• Taxable income: $1,410
• Est. tax owed @ 24.0%: −$338
• After-tax cash flow: $3,160/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 — Silver Springs Shores East

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

Census & demographics

• Population (ZIP): 11,525

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 9% Two or more races 8% Black 8%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Serbian 2% Romanian 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 90% English-only · Spanish 7% Other Indo-European 2%

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: ▼ -80.45%
• Current HPI: 227.3763
• 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

+36.4% since first listed

6 events — show timeline

• 2026-05-05 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-23 Listed $135,000 Stellar MLS as Distributed by MLS Grid
• 2022-10-04 Sold (Public Records) $99,000 Public Records
• 2022-09-30 Sold (MLS) $99,000 Stellar MLS as Distributed by MLS Grid
• 2022-09-13 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-09-11 Listed $99,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+7.1%/yr

Latest (2025): $1,633 · +7.5% YoY. Source: county tax records.