3602 N Citrus Cir #1529 · Zellwood, FL 32798

$129,900

2 bd · 2.0 ba · 1,392 sqft · Manufactured public records · 72 Days on market

Built 1977 6,025 sqft lot Est $155k · 16% under $260/mo HOA · 20% of rent

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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).

• ARV discount +14.7/15.0
• Cash flow +14.2/30.0
• Appreciation +6.3/10.0
• 1% rule +5.1/10.0
• DSCR +4.3/10.0
• Schools +4.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

PRICED TO SELL! 2-Bedroom 2 Bath home in Zellwood Station has large outside storage area, laundry and golf cart garage. This house has been replumbed, insulated windows, and Membrane roof installed in 2022. Large living room has beautiful windows that allow tons of natural light. There is a Florida room off the main living room that can be used as an office or extra living space. Some TLC will make this house something special! Zellwood Station is a Resident Owned 55+ Golfing Community located between Apopka and Mt Dora. We have a 72 Par golf course, 4 pools, pickleball and tennis courts; water exercise and line dancing classes and our own Whistle Stop Restaurant and Lounge with banquet f

Key facts

• Replumbed
• Membrane roof
• Insulated windows

Tags

• LARGE OUTSIDE STORAGE AREA
• LAUNDRY AND GOLF CART GARAGE
• REPLUMBED
• INSULATED WINDOWS
• MEMBRANE ROOF
• FLORIDA ROOM

Property features AI

Finance

• Other: Senior community; Buyer approval required; Lease restrictions apply
• Financial info: Total monthly fees $260; total annual fees $3,120
• HOA & community: Has HOA; monthly fee $260 (includes guard - 24 hour, cable TV, pool, management, security, trash); Association amenities: clubhouse, fitness center, golf course, golf carts allowed, pickleball, tennis courts, shuffleboard, spa/hot tub, recreation facilities; Association approval required; On-site property manager; Deed restrictions and special community restrictions; No pets allowed; No truck/RV/motorcycle parking; vehicle restrictions

Exterior

• Parking: Covered parking; Driveway; Golf cart garage; Tandem parking; 2-car carport
• Security: Gated community; Security gate
• Utilities: Public water; Public sewer; Cable connected; BB/HS internet available; Electricity connected; Water connected; Sewer connected; Irrigation equipment
• Home design: Manufactured home (double wide); Single-story; Faces north
• Construction: Block, vinyl siding and frame construction; Membrane roof; Crawlspace foundation; Built in public records
• Exterior features: Covered, enclosed patio/porch (Florida room); Storage shed(s); Storage; Mature landscaping; Near golf course; Cleared, landscaped, private lot

Interior

• Kitchen: Dishwasher; Disposal; Range; Range hood; Refrigerator; Ice maker
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Built-in features; Ceiling fans; Eat-in kitchen; Living room / dining room combo; Window treatments
• Laundry & utility: Washer; Dryer; Electric water heater; Laundry located outside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $22 ($263/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $122k (6.0% 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: 103 active listings in the ZIP; 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 ($898 loan paydown + $3k 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 $36k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $95k; 37% 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; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — 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. 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?
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 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: 1.01% ✓
• Cap rate: 6.50%
• Cash-on-cash: 0.72%
• DSCR: 1.03
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $154,512
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3366 Evergreen Rd #1701	0.23mi	2/2.0	1,248 (-10%)	3mo	$124,000	$99	69
3768 Diamond Oak Way #626	0.31mi	2/2.0	1,312 (-6%)	9mo	$145,200	$111	68
3644 Parway Rd #1149	0.46mi	2/2.0	1,538 (+10%)	1mo	$235,000	$153	60

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: 6.8%
• Equity multiple: 1.38×
• Total profit: $13,753
• Equity at exit: $54,805

10-year hold

• IRR: 9.9%
• Equity multiple: 2.41×
• Total profit: $51,451
• Equity at exit: $81,760

Cash invested: $36,372 (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: 103
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,318 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$24 /mo · $286/yr
• Insurance: −$54
• HOA: −$260
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $22

Break-even live

Break-even rent $1,290

Max offer price $129,900

Occupancy floor 93%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $260 · $3,120/yr
• Likely covers: waterpool

Listing history 17 events

1. 2026-06-18
   days on market $129,900 Active 72 DOM
2. 2026-06-17
   days on market $129,900 Active 71 DOM
3. 2026-06-16
   days on market $129,900 Active 70 DOM
4. 2026-06-15
   days on market $129,900 Active 69 DOM
5. 2026-06-13
   days on market $129,900 Active 67 DOM
6. 2026-06-13
   days on market $129,900 Active 66 DOM
7. 2026-06-09
   days on market $129,900 Active 63 DOM
8. 2026-06-08
   days on market $129,900 Active 62 DOM
9. 2026-06-07
   days on market $129,900 Active 61 DOM
10. 2026-06-04
    days on market $129,900 Active 58 DOM
11. 2026-06-03
    days on market $129,900 Active 57 DOM
12. 2026-06-02
    days on market $129,900 Active 56 DOM
13. 2026-06-02
    days on market $129,900 Active 55 DOM
14. 2026-05-31
    days on market $129,900 Active 54 DOM
15. 2026-05-21
    price $129,900
16. 2026-04-07
    listed $139,900 Active
17. 2005-07-08
    soldstatus $94,900

ⓘ 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: $286 · $24/mo
• Projected year-2 tax: $1,078 · $90/mo
• Expected delta: +$792/yr (+$66/mo · 276.9%)

ⓘ 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 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: $15,814
• − Mortgage interest: −$7,276
• − Property taxes: −$286
• − Insurance: −$650
• − Repairs & maintenance: −$1,265
• − Management: −$1,265
• − HOA: −$3,120
• − Depreciation: −$3,779
• Taxable loss: −$1,827
• Est. tax savings @ 24.0%: +$438
• After-tax cash flow: $702/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

+36.9% since first listed

3 events — show timeline

• 2026-05-21 Price Changed $129,900 Stellar MLS as Distributed by MLS Grid
• 2026-04-07 Listed $139,900 Stellar MLS as Distributed by MLS Grid
• 2005-07-08 Sold (Public Records) $94,900 Public Records

Property tax history

-2.6%/yr

Latest (2025): $286 · +5.9% YoY. Source: county tax records.