678 Wellington Station Blvd #58 · Ormond Beach, FL 32174

$140,000

2 bd · 2.0 ba · 975 sqft · Condo public records · 28 Days on market

Built 1997 $526/mo HOA · 30% of rent

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Why this score? — see what drove the D- 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 +8.9/30.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Schools +3.9/10.0
• Rent growth +2.9/5.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Looking for a condo in Ormond Beach with great amenities and an unbeatable location? This 2 bedroom, 2 bath second-floor unit in Wellington Station offers a spacious, open layout with vaulted ceilings, abundant natural light that adds warmth and character to the living space. The kitchen features a convenient eat-in area, while the screened porch provides the perfect spot to enjoy your morning coffee or evening breeze. Wellington Station is one of Ormond Beach's most unique communities, featuring a swimming pool, tennis/pickleball courts, clubhouse, and its signature historic railcars that give the neighborhood distinctive charm. Ideally located just minutes from the beach, shopping, dining

Key facts

• Swimming pool
• Screened porch
• Cozy fireplace

Tags

• SPACIOUS OPEN LAYOUT
• VAULTED CEILINGS
• COZY FIREPLACE
• SCREENED PORCH
• SWIMMING POOL
• TENNIS PICKLEBALL COURTS

Property features AI

Finance

• Other: Publicly maintained asphalt city street access; Subdivision: Wellington Station Condo Residences
• HOA & community: Has homeowners association; Monthly association fee; Community clubhouse; Community pool; Tennis courts; Maintenance of grounds and structures included; Pest control included; Trash service included; Cable and internet included; Association fee amount disclosed

Exterior

• Parking: Additional parking; Assigned parking
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected; Water connected
• Home design: Residential condominium; One level with entry on level 2; Faces southwest
• Construction: Block, concrete and stucco construction; Slab foundation
• Exterior features: Tennis court(s); Has view

Interior

• Kitchen: Refrigerator; Microwave; Electric range; Dishwasher
• Bedrooms: 5 total rooms (includes bedrooms and living areas)
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Furnished negotiable; Balcony; Screened porch
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $-113 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (14.3% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $120k (14.3% below list) — sets the bar for cash-flow.
• Cap rate 5.3% vs local median 3.9% in Ormond Beach — 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 83/100 on livability (#55 in FL, #965 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: commute F.
• 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: Tomoka Elementary School (math 62% / reading 61%, grade B, #634 of 2,144 statewide, top 30%, 709 students, 50% FRL); David C. Hinson Sr. Middle School (math 52% / reading 49%, grade C, #246 of 571 statewide, top 44%, 950 students, 52% FRL); Mainland High School (math 30% / reading 37%, grade F, #400 of 667 statewide, top 61%, 1,855 students, 64% FRL) — zoned schools at 56% FRL track the district average.
• Market conditions: Rents rising (+1.6%/yr); 985 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Volusia County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y 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 $61k; list at $140k implies a 130% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $120,015 (14.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.25% ✓
• Cap rate: 5.32%
• Cash-on-cash: -3.46%
• DSCR: 0.85
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.64% rent growth · sell at horizon

5-year hold

• IRR: -24.2%
• Equity multiple: 0.19×
• Total profit: $-31,908
• Equity at exit: $20,874

10-year hold

• IRR: -26.1%
• Equity multiple: -0.15×
• Total profit: $-45,088
• Equity at exit: $12,105

Cash invested: $39,200 (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 32174

• Rents YoY: 1.6%
• Active inventory: 985
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,755 high
• Mortgage (P&I): −$734
• Tax from tax record: −$181 /mo · $2,175/yr
• Insurance: −$58
• HOA: −$526
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $-113

Break-even live

Break-even rent $1,898

Max offer price $120,015

Occupancy floor —

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1707 Evergreen St Ormond Beach, FL	2.0	1.0	868	$1,750	$2.02	23d	1	1.03mi
410 Sauls St Ormond Beach, FL	3.0	1.0	990	$1,500	$1.52	23d	1	1.11mi
1088 W Granada Blvd Ormond Beach, FL	1.0–2.0	1.0–2.0	950	$1,570	$1.65	11d	8	1.14mi
1615 Derbyshire Rd Daytona Beach, FL	3.0	1.5	1000	$1,950	$1.95	14d	1	1.24mi
500 Shadow Lakes Blvd Ormond Beach, FL	1.0–2.0	1.0–2.0	856	$1,645	$1.92	11d	15	1.46mi

HOA detail condo

• Monthly dues: $526 · $6,312/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-18
   days on market $140,000 Active 28 DOM
2. 2026-06-17
   days on market $140,000 Active 27 DOM
3. 2026-06-16
   days on market $140,000 Active 26 DOM
4. 2026-06-15
   days on market $140,000 Active 25 DOM
5. 2026-06-14
   days on market $140,000 Active 23 DOM
6. 2026-06-10
   days on market $140,000 Active 20 DOM
7. 2026-06-09
   days on market $140,000 Active 19 DOM
8. 2026-06-08
   days on market $140,000 Active 18 DOM
9. 2026-06-07
   days on market $140,000 Active 17 DOM
10. 2026-06-05
    days on market $140,000 Active 14 DOM
11. 2026-06-03
    days on market $140,000 Active 13 DOM
12. 2026-06-03
    days on market $140,000 Active 12 DOM
13. 2026-06-01
    days on market $140,000 Active 11 DOM
14. 2026-05-31
    days on market $140,000 Active 10 DOM
15. 2026-05-31
    days on market $140,000 Active 9 DOM
16. 2026-05-21
    listed $140,000 Active
17. 2026-04-10
    historical
18. 2026-03-10
    price $140,000
19. 2025-08-26
    listed $160,000 Active
20. 2025-06-30
    historical
21. 2025-02-22
    price $179,000
22. 2024-07-03
    listed $189,000 Active
23. 2024-06-01
    historical
24. 2023-11-03
    listed $190,000 Active
25. 2023-11-01
    historical
26. 2023-05-12
    price $200,000
27. 2023-03-13
    listed $210,000 Active
28. 1997-10-13
    soldstatus $60,900

ⓘ 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: $2,175 · $181/mo
• Projected year-2 tax: $2,175 · $181/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 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,063
• − Mortgage interest: −$7,842
• − Property taxes: −$2,175
• − Insurance: −$700
• − Repairs & maintenance: −$1,685
• − Management: −$1,685
• − HOA: −$6,312
• − Depreciation: −$4,073
• Taxable loss: −$3,409
• Est. tax savings @ 24.0%: +$818
• After-tax cash flow: $-539/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: Volusia
• NCES district ID: 1201920
• Math proficiency: 44% ▼ -9.00%
• Reading proficiency: 49% ▼ -3.00%
• Median HH income: $42,946
• Composite: 39.2/100
• National rank: #4019
• State rank: #47 of 73 in FL

Livability — Ormond Beach

• Score: 83/100
• State rank: #55
• US rank: #965

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ormond Beach, FL
• County: Volusia County · 556,871 people
• City population: 69,624
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• Population (ZIP): 54,783
• Household income: $71,011
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 1158.0

Population outlook (Volusia County) Hauer SSP2

• Today (2025): 572,749 people
• By 2030: 598,695 · +4.5%
• By 2040: 644,880 · +12.6%
• By 2050: 681,451 · +19.0%
• By 2075: 759,957 · +32.7%
• By 2100: 778,902 · +36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 6% Hispanic / Latino 5% Two or more races 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Spanish 3% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Volusia

• 2024 margin: Strong R (+21.8) · D 38.7% · R 60.5%
• 2008→2024 swing: -27.4pp toward R · 2008: 5.7pp · 2024: -21.8pp
• All cycles: 2024: R+21.8 2020: R+14.1 2016: R+13.1 2012: R+1.2 2008: D+5.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -327.97%
• Current HPI: 271.92
• Rent YoY: ▲ 1.64%
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• 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

+129.9% since first listed

13 events — show timeline

• 2026-05-21 Listed $140,000 Daytona MLS
• 2026-04-10 Listing Removed — Daytona MLS
• 2026-03-10 Price Changed $140,000 Daytona MLS
• 2025-08-26 Listed $160,000 Daytona MLS
• 2025-06-30 Listing Removed — Daytona MLS
• 2025-02-22 Price Changed $179,000 Daytona MLS
• 2024-07-03 Listed $189,000 Daytona MLS
• 2024-06-01 Listing Removed — Daytona MLS
• 2023-11-03 Listed $190,000 Daytona MLS
• 2023-11-01 Listing Removed — Daytona MLS
• 2023-05-12 Price Changed $200,000 Daytona MLS
• 2023-03-13 Listed $210,000 Daytona MLS
• 1997-10-13 Sold (Public Records) $60,900 Public Records

Property tax history

+6.0%/yr

Latest (2025): $2,175 · -5.1% YoY. Source: county tax records.