3746 Parway Rd #1349 · Zellwood, FL 32798

$170,000

2 bd · 2.0 ba · 1,458 sqft · Manufactured public records · 121 Days on market

Built 1988 6,022 sqft lot Est $144k · 18% over $415/mo HOA · 17% of rent ↓ 7% 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 +28.0/30.0
• DSCR +9.9/10.0
• 1% rule +9.4/10.0
• 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
• ARV discount +0.0/15.0

Listing remarks

Welcome to Zellwood Station! This 2-bedroom, 2-bath home boasts beautiful backyard views of the golf course in the prestigious 55+ resident-owned Zellwood Station Golf Community. The spacious 18x27 living and dining area is perfect for entertaining, with windows across the front and access to a screened side porch overlooking the course. The dining area features a built-in china cabinet, while the roomy 19x16 kitchen offers a built-in island for extra seating, a convenient desk, and a 4x4 pantry. Enjoy the indoor laundry room with washer and dryer. The primary suite measures 13x15 and includes a walk-in closet and ensuite with walk-in shower, while the guest bedroom is 10x13. A covered carp

Key facts

• Screened side porch
• Built-in island
• Indoor laundry room

Tags

• BACKYARD VIEWS
• GOLF COURSE
• SCREENED SIDE PORCH
• BUILT-IN CHINA CABINET
• BUILT-IN ISLAND
• INDOOR LAUNDRY ROOM

Property features AI

Finance

• Financial info: Lease restrictions apply; Total annual fees $4,980 (monthly $415)
• HOA & community: Has HOA (monthly fee $415); Association requires approval; Association includes 24-hour guard, cable TV, internet, electricity, pool, common area taxes, maintenance (grounds & structure), escrow reserves; Community amenities: clubhouse, fitness center, gated community, golf course, pickleball, tennis, shuffleboard, pool, trails, street lights; vehicle restrictions in place; Senior community; Pets not allowed

Exterior

• Parking: Tandem parking; Carport (1 space)
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Water connected
• Home design: Manufactured home (double wide); One story; Faces north
• Construction: Brick and vinyl siding construction; Shingle roof; Crawlspace foundation; Built as a double wide manufactured home
• Exterior features: Storage; Near golf course; Paved lot/drive

Interior

• Kitchen: Dishwasher; Range; Range hood; Refrigerator; Disposal; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; High ceilings; Living room and dining room combo
• Laundry & utility: Washer; Dryer; Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $170k.

Deal economics

• At list price, monthly cash flow is $463 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (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: 103 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $48k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; 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 $149,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.44% ✓
• Cap rate: 10.03%
• Cash-on-cash: 13.34%
• DSCR: 1.59
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $144,342
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3644 Parway Rd #1149	0.12mi	2/2.0	1,538 (+6%)	1mo	$235,000	$153	85
3768 Diamond Oak Way #626	0.20mi	2/2.0	1,312 (-10%)	9mo	$145,200	$111	66
3749 Cohen Dr #720	0.35mi	2/2.0	1,602 (+10%)	13mo	$147,000	$92	56
3500 Blossom Cir #1497	0.58mi	2/2.0	1,656 (+14%)	1mo	$112,500	$68	49
3366 Evergreen Rd #1701	0.59mi	2/2.0	1,248 (-14%)	3mo	$124,000	$99	46

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: 17.3%
• Equity multiple: 1.96×
• Total profit: $45,724
• Equity at exit: $71,724

10-year hold

• IRR: 19.2%
• Equity multiple: 3.68×
• Total profit: $127,444
• Equity at exit: $107,000

Cash invested: $47,600 (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: 5.8×

Monthly cashflow live

• Estimated rent: $2,450 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$29 /mo · $350/yr
• Insurance: −$71
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$415
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $463

Break-even live

Break-even rent $1,865

Max offer price $170,000

Occupancy floor 76%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3875 Denali Dr Apopka, FL	3.0	2.5	1734	$2,450	$1.41	21d	1	1.31mi

HOA detail

• Monthly dues: $415 · $4,980/yr

Listing history 16 events

1. 2026-06-18
   days on market $170,000 Active 121 DOM
2. 2026-06-17
   days on market $170,000 Active 120 DOM
3. 2026-06-16
   days on market $170,000 Active 119 DOM
4. 2026-06-15
   days on market $170,000 Active 118 DOM
5. 2026-06-13
   days on market $170,000 Active 116 DOM
6. 2026-06-13
   days on market $170,000 Active 115 DOM
7. 2026-06-09
   days on market $170,000 Active 112 DOM
8. 2026-06-08
   days on market $170,000 Active 111 DOM
9. 2026-06-07
   days on market $170,000 Active 110 DOM
10. 2026-06-04
    days on market $170,000 Active 107 DOM
11. 2026-06-03
    days on market $170,000 Active 106 DOM
12. 2026-06-02
    days on market $170,000 Active 105 DOM
13. 2026-06-02
    days on market $170,000 Active 104 DOM
14. 2026-05-31
    days on market $170,000 Active 103 DOM
15. 2026-04-28
    price $170,000
16. 2026-02-17
    listed $182,500 Active

ⓘ 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: $350 · $29/mo
• Projected year-2 tax: $1,411 · $118/mo
• Expected delta: +$1,061/yr (+$88/mo · 302.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% 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: $29,400
• − Mortgage interest: −$9,523
• − Property taxes: −$350
• − Insurance: −$1,648
• − Repairs & maintenance: −$2,352
• − Management: −$2,352
• − HOA: −$4,980
• − Depreciation: −$4,945
• Taxable income: $3,250
• Est. tax owed @ 24.0%: −$780
• After-tax cash flow: $4,770/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

-6.8% since first listed

2 events — show timeline

• 2026-04-28 Price Changed $170,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-17 Listed $182,500 Stellar MLS as Distributed by MLS Grid

Property tax history

+0.3%/yr

Latest (2025): $350 · +6.3% YoY. Source: county tax records.