1838 Annapolis Ave · University, FL 32826

$100,000

3 bd · 2.0 ba · 3,150 sqft · Manufactured · 110 Days on market

Built 1972 5,217 sqft lot $900/mo HOA · 33% of rent ↓ 23% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Schools +4.1/10.0
• Condition / age +2.5/5.0
• Rent growth +1.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Convenience meets comfort in this beautifully updated 3-bedroom, 2-bath manufactured home located near UCF with quick access to major highways and everyday shopping. This home has been thoughtfully remodeled and is truly move-in ready. Step inside to enjoy a brand-new kitchen with new appliances, refreshed finishes, and a bright, modern feel. The primary suite features an exceptionally large walk-in closet, offering the space and storage you’ve been looking for. For added peace of mind, the home includes double-pane impact windows. One of the standout features is the enclosed garage, creating a flexible bonus area—perfect for a game room, second living space, home office, entry

Key facts

• Enclosed garage
• New appliances
• Updated kitchen

Tags

• UPDATED KITCHEN
• NEW APPLIANCES
• LARGE WALK-IN CLOSET
• DOUBLE-PANE IMPACT WINDOWS
• ENCLOSED GARAGE
• 10X12 STORAGE BUILDING

Property features AI

Finance

• Other: Total acreage between 0 and less than 1/4 acre (approx. 0.12 acres); Asphalt road access; Direction faces East; Living area and building area reported by owner
• Financial info: Monthly land lease amount $900; Total monthly fees $900; total annual fees $10,800; Lease restrictions apply
• HOA & community: Association: ALAFAYA PALMS; Monthly HOA fee of $900 (association approval required); Pets allowed

Exterior

• Parking: Parking details not specified
• Security: No security features specified
• Utilities: Public water; Public sewer; Electricity available and connected
• Home design: Residential mobile home (double wide); One story; East-facing
• Construction: Metal siding; Membrane roof; Crawlspace foundation; Building area listed by owner
• Exterior features: Exterior lighting

Interior

• Kitchen: Cooktop; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Ceramic tile; Laminate; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Mini-split cooling units
• Interior features: No interior features specified
• Laundry & utility: Inside laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $100k.

Deal economics

• At list price, monthly cash flow is $556 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• Recommended offer: $91k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 3.9% in University — 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 85/100 on livability (#28 in FL, #603 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• 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: Rents falling (-4.0%/yr); 101 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• At $2,718/mo this rent would consume 50% of the median local household income ($65k/yr) (locally 1705% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $28k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $91,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.72% ✓
• Cap rate: 12.97%
• Cash-on-cash: 23.83%
• DSCR: 2.06
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.42×
• Total profit: $11,844
• Equity at exit: $14,910

10-year hold

• IRR: 15.8%
• Equity multiple: 1.98×
• Total profit: $27,553
• Equity at exit: $8,646

Cash invested: $28,000 (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 32826

• Home prices YoY: -17.0%
• Rents YoY: -4.0%
• Active inventory: 101
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $2,718 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• HOA: −$900
• Vacancy / Maint / Mgmt: −$571
• Net cashflow: $556

Break-even live

Break-even rent $2,014

Max offer price $100,000

Occupancy floor 75%

Sensitivity live

Price	-10% $625	-5% $591	+0% $556	+5% $522	+10% $487
Rent	-10% $341	-5% $449	+0% $556	+5% $663	+10% $771
Rate	-1.0pp $606	-0.5pp $582	base $556	+0.5pp $530	+1.0pp $504

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
862 Jade Forest Ave Orlando, FL	3.0	2.5	2410	$2,950	$1.22	8d	1	1.02mi
13521 Old Dock Rd Orlando, FL	4.0	3.0	2457	$2,799	$1.14	24d	1	1.14mi
13448 Old Dock Rd Orlando, FL	4.0	3.0	2444	$2,795	$1.14	24d	1	1.16mi

HOA detail

• Monthly dues: $900 · $10,800/yr

Listing history 10 events

1. 2026-06-03
   days on market $100,000 Active 110 DOM
2. 2026-06-02
   days on market $100,000 Active 109 DOM
3. 2026-06-02
   days on market $100,000 Active 108 DOM
4. 2026-05-31
   days on market $100,000 Active 107 DOM
5. 2026-04-29
   price $100,000
6. 2026-02-13
   listed $110,000 Active
7. 2026-02-03
   historical
8. 2025-11-18
   price $90,000
9. 2025-08-08
   price $110,000
10. 2025-07-07
    listed $130,000 Active

ⓘ 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 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 23 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,616
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$500
• − Repairs & maintenance: −$2,609
• − Management: −$2,609
• − HOA: −$10,800
• − Depreciation: −$2,909
• Taxable income: $6,086
• Est. tax owed @ 24.0%: −$1,461
• After-tax cash flow: $5,213/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 — University

• Score: 85/100
• State rank: #28
• US rank: #603

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: University, FL
• County: Orange County · 1,471,359 people
• City population: 41,570
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 29,006
• Household income: $64,755
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1705.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 48% Hispanic / Latino 34% Two or more races 19% Black 9% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 16% Cuban 6% Dominican 1%
• Common ancestry: Romanian 2% Slovak 1% Serbian 1%
• Foreign-born: 15% · Canada
• Languages at home: 70% English-only · Spanish 22% Other Indo-European 3% Other Asian/Pacific 1%

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: ▼ -65.30%
• Current HPI: 318.563
• Rent YoY: ▼ -4.05%
• Metro: Orlando-Kissimmee-Sanford, 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

-23.1% since first listed

6 events — show timeline

• 2026-04-29 Price Changed $100,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-13 Listed $110,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-03 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-11-18 Price Changed $90,000 Stellar MLS as Distributed by MLS Grid
• 2025-08-08 Price Changed $110,000 Stellar MLS as Distributed by MLS Grid
• 2025-07-07 Listed $130,000 Stellar MLS as Distributed by MLS Grid