2673 Cayman Cir Unit R-38 · Zellwood, FL 32798

$139,900

2 bd · 2.0 ba · 1,818 sqft · Manufactured · 481 Days on market

Built 1986 6,020 sqft lot Est $167k · 16% under $415/mo HOA · 16% of rent

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +14.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.3/10.0
• Schools +4.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

55+ gated, golf course community. A very rare combination for one lucky buyer. This is a triple wide with over 1,800 sq. ft with a great golf course lot and in the PET SECTION. These homes are hard to come by. Double carport with over sized workshop. Center Island Kitchen, HUGE Great room, split bedroom plan, inside laundry room. His and her sinks in master, whirlpool tub, plus shower. This home has it all. Zellwood Station is located approximately 25 miles north of Orlando. Just 2 1/2 miles is the 429 western expressway, which allows for easy access to downtown Orlando, the international airport and all the area attractions. There is grocery, medical facilities and many churches nearby. Free from the traffic of Orlando, but easily accessible to everything big city has to offer. Our "resort" is over 800 acres of the prettiest rolling terrain in Florida. Zellwood Station is a secure, gated community. It prides itself on large, manicured lawns, spacious green-belt areas, lush landscaping and towering oaks, not to mention our 2 lakes, stocked full of large mouth bass. There's always something to do and someone friendly to do it with. Golfers will love the challenging 72 par golf course. Everyone can enjoy the friendly atmosphere and great food at the "Whistle Stop" restaurant and lounge. There's swimming, bingo, tennis, shuffleboard, arts and crafts, billiards, cards, and much more.

Key facts

• Gated community
• Pet friendly section
• Split bedroom layout

Tags

• GOLF COURSE VIEWS
• GATED COMMUNITY
• PET FRIENDLY SECTION
• RESORT STYLE AMENITIES
• SPLIT BEDROOM LAYOUT
• CENTER ISLAND KITCHEN

Property features AI

Finance

• Other: Home warranty included
• Financial info: Total monthly HOA $415 (total annual fees $4,980); Lease restrictions apply
• HOA & community: Has HOA — monthly fee $415; Association requires approval; Association amenities include clubhouse, fitness center, pool, spa/hot tub, tennis and shuffleboard courts, golf course access, park, recreation facilities, storage, gated security, and management; Association fee covers 24-hour guard, common area taxes, pool, escrow reserves, private road maintenance, recreational facilities, security, and trash; Senior community; Pets allowed; Buyer approval required; Deed restrictions

Exterior

• Parking: Driveway; Off-street parking; Golf cart parking; Oversized parking; Carport with 2 spaces; Ground-level parking
• Security: Gated community; Smoke detector(s)
• Utilities: Public water; Public sewer; Electricity connected; Cable connected; Underground utilities; Water connected; Sewer connected
• Home design: Manufactured home (double wide); Model: Westwind; One story; Southwest facing; Entry on ground level
• Construction: Metal siding; Membrane roof; Crawlspace foundation; Completed condition
• Exterior features: Covered patio/porch/deck; Patio and porch; Outdoor lighting; Rain gutters; Storage; Shed(s), workshop; Private lot; Mature landscaping with trees; On golf course; Fishing pier (water access)

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Range hood; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; High ceilings; Open floor plan; Split bedroom layout; Walk-in closet(s); Skylight(s); Window blinds and treatments
• Laundry & utility: Washer and dryer (inside); Inside utility; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $627 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $123k (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 $4k of equity ($967 loan paydown + $4k 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 $39k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, 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 481 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y ago; this cycle's ask has dropped $110k (44%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; list at $140k implies a 87% 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; 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 $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 481 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: 1.82% ✓
• Cap rate: 11.67%
• Cash-on-cash: 19.21%
• DSCR: 1.85
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $167,256
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3955 Cohen Dr #737	0.41mi	2/2.0	1,771 (-3%)	4mo	$215,000	$121	73
3500 Blossom Cir #1497	0.69mi	2/2.0	1,656 (-9%)	2mo	$112,500	$68	52
3749 Cohen Dr #720	0.41mi	2/2.0	1,602 (-12%)	13mo	$147,000	$92	50
2057 Live Oak Ln #3	0.62mi	2/2.0	1,956 (+8%)	13mo	$75,000	$38	48

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: 24.6%
• Equity multiple: 2.36×
• Total profit: $53,442
• Equity at exit: $59,024

10-year hold

• IRR: 26.0%
• Equity multiple: 4.56×
• Total profit: $139,323
• Equity at exit: $88,054

Cash invested: $39,172 (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: 4.6×

Monthly cashflow live

• Estimated rent: $2,543 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$415
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $627

Break-even live

Break-even rent $1,749

Max offer price $139,900

Occupancy floor 70%

Sensitivity live

Price	-10% $724	-5% $675	+0% $627	+5% $579	+10% $530
Rent	-10% $426	-5% $527	+0% $627	+5% $728	+10% $828
Rate	-1.0pp $698	-0.5pp $663	base $627	+0.5pp $591	+1.0pp $554

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: $34,975
• Closing costs: $4,197
• 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	23d	1	1.23mi
3941 Cuyahoga Valley Ct Apopka, FL	3.0	2.5	2138	$2,650	$1.24	23d	1	1.28mi
3979 Capital Reef Way Apopka, FL	3.0	2.5	2128	$2,545	$1.20	16d	1	1.35mi

HOA detail

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

Listing history 30 events

1. 2026-06-21
   statusdays on market $139,900 Pending 481 DOM
2. 2026-06-18
   days on market $139,900 Active 480 DOM
3. 2026-06-17
   days on market $139,900 Active 479 DOM
4. 2026-06-16
   days on market $139,900 Active 478 DOM
5. 2026-06-15
   days on market $139,900 Active 477 DOM
6. 2026-06-13
   days on market $139,900 Active 475 DOM
7. 2026-06-13
   days on market $139,900 Active 474 DOM
8. 2026-06-09
   days on market $139,900 Active 471 DOM
9. 2026-06-08
   days on market $139,900 Active 470 DOM
10. 2026-06-07
    days on market $139,900 Active 469 DOM
11. 2026-06-04
    days on market $139,900 Active 466 DOM
12. 2026-06-03
    days on market $139,900 Active 465 DOM
13. 2026-06-02
    days on market $139,900 Active 464 DOM
14. 2026-06-02
    days on market $139,900 Active 463 DOM
15. 2026-05-31
    days on market $139,900 Active 462 DOM
16. 2026-05-12
    price $139,900
17. 2026-04-28
    price $145,000
18. 2026-04-06
    price $150,000
19. 2026-02-08
    status Active
20. 2026-02-05
    historical
21. 2025-10-30
    price $179,900
22. 2025-09-25
    price $189,900
23. 2025-09-08
    price $190,000
24. 2025-08-05
    status Active
25. 2025-07-31
    historical
26. 2025-05-29
    price $199,900
27. 2025-04-09
    price $225,000
28. 2025-02-15
    listed $250,000 Active
29. 2012-02-23
    soldstatus $75,000 1423-char remark

    Show marketing remark (1423 chars)

    55+ gated, golf course community. A very rare combination for one lucky buyer. This is a triple wide with over 1,800 sq. ft with a great golf course lot and in the PET SECTION. These homes are hard to come by. Double carport with over sized workshop. Center Island Kitchen, HUGE Great room, split bedroom plan, inside laundry room. His and her sinks in master, whirlpool tub, plus shower. This home has it all. Zellwood Station is located approximately 25 miles north of Orlando. Just 2 1/2 miles is the 429 western expressway, which allows for easy access to downtown Orlando, the international airport and all the area attractions. There is grocery, medical facilities and many churches nearby. Free from the traffic of Orlando, but easily accessible to everything big city has to offer. Our "resort" is over 800 acres of the prettiest rolling terrain in Florida. Zellwood Station is a secure, gated community. It prides itself on large, manicured lawns, spacious green-belt areas, lush landscaping and towering oaks, not to mention our 2 lakes, stocked full of large mouth bass. There's always something to do and someone friendly to do it with. Golfers will love the challenging 72 par golf course. Everyone can enjoy the friendly atmosphere and great food at the "Whistle Stop" restaurant and lounge. There's swimming, bingo, tennis, shuffleboard, arts and crafts, billiards, cards, and much more.

30. 2012-01-01
    listed $79,900 1423-char remark

    Show marketing remark (1423 chars)

    55+ gated, golf course community. A very rare combination for one lucky buyer. This is a triple wide with over 1,800 sq. ft with a great golf course lot and in the PET SECTION. These homes are hard to come by. Double carport with over sized workshop. Center Island Kitchen, HUGE Great room, split bedroom plan, inside laundry room. His and her sinks in master, whirlpool tub, plus shower. This home has it all. Zellwood Station is located approximately 25 miles north of Orlando. Just 2 1/2 miles is the 429 western expressway, which allows for easy access to downtown Orlando, the international airport and all the area attractions. There is grocery, medical facilities and many churches nearby. Free from the traffic of Orlando, but easily accessible to everything big city has to offer. Our "resort" is over 800 acres of the prettiest rolling terrain in Florida. Zellwood Station is a secure, gated community. It prides itself on large, manicured lawns, spacious green-belt areas, lush landscaping and towering oaks, not to mention our 2 lakes, stocked full of large mouth bass. There's always something to do and someone friendly to do it with. Golfers will love the challenging 72 par golf course. Everyone can enjoy the friendly atmosphere and great food at the "Whistle Stop" restaurant and lounge. There's swimming, bingo, tennis, shuffleboard, arts and crafts, billiards, cards, and much more.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $30,516
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$2,441
• − Management: −$2,441
• − HOA: −$4,980
• − Depreciation: −$4,070
• Taxable income: $5,949
• Est. tax owed @ 24.0%: −$1,428
• After-tax cash flow: $6,098/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

+75.1% since first listed

15 events — show timeline

• 2026-05-12 Price Changed $139,900 Stellar MLS as Distributed by MLS Grid
• 2026-04-28 Price Changed $145,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-06 Price Changed $150,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-08 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-02-05 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-10-30 Price Changed $179,900 Stellar MLS as Distributed by MLS Grid
• 2025-09-25 Price Changed $189,900 Stellar MLS as Distributed by MLS Grid
• 2025-09-08 Price Changed $190,000 Stellar MLS as Distributed by MLS Grid
• 2025-08-05 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-07-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-05-29 Price Changed $199,900 Stellar MLS as Distributed by MLS Grid
• 2025-04-09 Price Changed $225,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-15 Listed $250,000 Stellar MLS as Distributed by MLS Grid
• 2012-02-23 Sold (MLS) $75,000 Stellar MLS as Distributed by MLS Grid
• 2012-01-01 Listed $79,900 Stellar MLS as Distributed by MLS Grid