2679 Lake Grassmere Cir #903 · Zellwood, FL 32798

$165,000

2 bd · 2.0 ba · 1,638 sqft · Manufactured public records · 21 Days on market

Built 1990 6,913 sqft lot Est $198k · 17% 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 +29.0/30.0
• ARV discount +15.0/15.0
• 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+ golf course community. 1638SF 2 bedroom, 2 bath As-Is manufactured home in Zellwood Station. Gated community with 24 hr guard. Desirable section with pets allowed. As-is manufactured home with carport and workshop/storage. Inside laundry room. In addition to the golf course the community has tennis & pickle ball courts, fishing docks, a restaurant and much more. Association approval required.

Key facts

• Gated community
• Fishing pier
• Community park

Tags

• GOLF COURSE COMMUNITY
• GATED COMMUNITY
• INSIDE LAUNDRY ROOM
• COMMUNITY PARK
• FISHING PIER
• BOATING FACILITIES

Property features AI

Finance

• Other: Unfurnished
• Financial info: Total monthly fees $415; total annual fees $4,980; Lease restrictions apply
• HOA & community: Has HOA; monthly fee of $415; Association requires approval; Association amenities: clubhouse, gated community, pickleball courts, pool, recreation facilities, security, spa/hot tub, tennis courts; Association fee includes 24-hour guard, pool, grounds maintenance, recreational facilities, security, and trash; Buyer approval required; Deed restrictions; Golf and golf carts allowed; Street lights; Senior community; Pets allowed with number and size limits

Exterior

• Parking: Covered parking; Driveway; Off-street parking; 1-car carport
• Security: Gated community; Smoke detector(s)
• Utilities: Public water; Public sewer; Broadband/high-speed internet available; Cable available; Electricity connected; Water connected; Sewer connected
• Home design: Manufactured home (Palm Harbor double wide); Single-story; Faces northwest; Homestead
• Construction: Vinyl siding; Roof over; Crawlspace foundation; Built as double wide manufactured unit
• Exterior features: Covered, enclosed side porch; Awning(s); Sliding doors; Exterior storage; Paved lot; Asphalt road

Interior

• Kitchen: Built-in oven; Cooktop; Dishwasher; Disposal; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; Kitchen/family room combo; Open floorplan; Thermostat; Wet bar; Skylight(s)
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $165k.

Deal economics

• At list price, monthly cash flow is $563 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Recommended offer: $163k (1.5% 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: amenities F, commute D-, health & safety 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.
• Zoned schools: Zellwood Elementary (math 38% / reading 40%, grade F, #1,560 of 2,144 statewide, top 73%, 493 students, 55% FRL); Wolf Lake Middle (math 57% / reading 52%, grade B-, #183 of 571 statewide, top 34%, 1,194 students, 45% FRL); Apopka High (math 19% / reading 47%, grade F, #406 of 667 statewide, top 61%, 3,507 students, 42% FRL).
• Market conditions: 104 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $5k of equity ($1k 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 $46k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, 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 21 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $100k; list at $165k implies a 65% 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 $162,525 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.54% ✓
• Cap rate: 10.38%
• Cash-on-cash: 14.61%
• DSCR: 1.65
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $198,198
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3955 Cohen Dr #737	0.72mi	2/2.0	1,771 (+8%)	4mo	$215,000	$121	49

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: 20.2%
• Equity multiple: 2.12×
• Total profit: $51,626
• Equity at exit: $69,614

10-year hold

• IRR: 21.8%
• Equity multiple: 4.02×
• Total profit: $139,369
• Equity at exit: $103,853

Cash invested: $46,200 (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 32798

• Home prices YoY: 1.0%
• Active inventory: 104
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,540 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$95 /mo · $1,139/yr
• Insurance: −$69
• HOA: −$415
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $563

Break-even live

Break-even rent $1,828

Max offer price $165,000

Occupancy floor 73%

Sensitivity live

Price	-10% $656	-5% $609	+0% $563	+5% $516	+10% $469
Rent	-10% $362	-5% $462	+0% $563	+5% $663	+10% $763
Rate	-1.0pp $646	-0.5pp $604	base $563	+0.5pp $520	+1.0pp $476

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: $41,250
• Closing costs: $4,950
• 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	1.22mi
3941 Cuyahoga Valley Ct Apopka, FL	3.0	2.5	2138	$2,650	$1.24	23d	1	1.27mi
3979 Capital Reef Way Apopka, FL	3.0	2.5	2128	$2,545	$1.20	16d	1	1.30mi

HOA detail

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

Listing history 15 events

1. 2026-06-21
   days on market $165,000 Active 21 DOM
2. 2026-06-18
   days on market $165,000 Active 18 DOM
3. 2026-06-17
   days on market $165,000 Active 17 DOM
4. 2026-06-16
   days on market $165,000 Active 16 DOM
5. 2026-06-15
   days on market $165,000 Active 15 DOM
6. 2026-06-13
   days on market $165,000 Active 13 DOM
7. 2026-06-13
   days on market $165,000 Active 12 DOM
8. 2026-06-09
   days on market $165,000 Active 9 DOM
9. 2026-06-08
   days on market $165,000 Active 8 DOM
10. 2026-06-07
    days on market $165,000 Active 7 DOM
11. 2026-06-04
    days on market $165,000 Active 4 DOM
12. 2026-06-03
    days on market $165,000 Active 3 DOM
13. 2026-06-02
    days on market $165,000 Active 2 DOM
14. 2026-06-01
    remarks 699-char remark
15. 2026-06-01
    listed $165,000 Active 1 DOM

ⓘ 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: $1,139 · $95/mo
• Projected year-2 tax: $1,370 · $114/mo
• Expected delta: +$231/yr (+$19/mo · 20.2%)

ⓘ 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 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: $30,478
• − Mortgage interest: −$9,243
• − Property taxes: −$1,139
• − Insurance: −$825
• − Repairs & maintenance: −$2,438
• − Management: −$2,438
• − HOA: −$4,980
• − Depreciation: −$4,800
• Taxable income: $4,615
• Est. tax owed @ 24.0%: −$1,108
• After-tax cash flow: $5,643/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

+560.0% since first listed

12 events — show timeline

• 2026-05-31 Listed $165,000 Stellar MLS as Distributed by MLS Grid
• 2021-05-10 Sold (Public Records) $100,000 Public Records
• 2021-05-06 Sold (MLS) $100,000 Stellar MLS as Distributed by MLS Grid
• 2021-04-22 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-04-19 Relisted — Stellar MLS as Distributed by MLS Grid
• 2021-04-02 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-03-23 Relisted — Stellar MLS as Distributed by MLS Grid
• 2021-01-14 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2020-12-01 Price Changed $110,000 Stellar MLS as Distributed by MLS Grid
• 2020-11-01 Listed $120,000 Stellar MLS as Distributed by MLS Grid
• 2002-10-28 Sold (Public Records) $85,000 Public Records
• 1999-05-07 Sold (Public Records) $25,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $1,139 · +3.8% YoY. Source: county tax records.