Cedar Key Plan · Eustis, FL 32735

$154,700

2 bd · 2.0 ba · 1,216 sqft · Manufactured · 952 Days on market

Good condition

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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).

• Cash flow +18.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• 1% rule +5.0/10.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Appreciation +3.0/10.0
• Rent growth +2.5/5.0

Listing remarks

55+ age qualified community. Welcome to Grand Island Resort a 55+ age-qualified active and vibrant community, where you can find yourself in your dream home. We are located between Eustis and Leesburg off of state road 44 on beautiful Lake Eustis. This efficiently designed 2023 home has vinyl siding, energy efficient appliances, double-pane windows, whole home ventilations system all to help maintain lower electric bills. It has an open floor plan which opens up the large kitchen with abundant cabinet and countertop space, island kitchen that has room for 4 chairs or stools, and separate dining area so that you may enjoy the company of others while you prepare food or entertain your guests.

Key facts

• Listed 952 days

Property features AI

Finance

• Financial info: List price $154,700

Exterior

• Home design: Single-family plan (Cedar Key); Located at 13318 Sea Breeze Ln, Grand Island FL 32735
• Construction: New construction (plan inventory)
• Exterior features: Living area of 1216

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Plan named Cedar Key; Active new construction plan

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $155k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $149 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (0.3% below list).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 4.5% in Eustis — 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 73/100 on livability (#309 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment C-, schools D+, amenities F.
• Lake (suburban): math 49% / reading 50% proficiency, ranked #37 of 73 in FL (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 76 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 952 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,136 (12.0% below list)

Questions for the listing agent

1. It's been on market 952 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.00% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.13%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.8%
• Equity multiple: 0.64×
• Total profit: $-15,539
• Equity at exit: $23,066

10-year hold

• IRR: -0.4%
• Equity multiple: 0.97×
• Total profit: $-1,196
• Equity at exit: $13,376

Cash invested: $43,316 (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 32735

• Home prices YoY: -1.5%
• Active inventory: 76
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,542 high
• Mortgage (P&I): −$811
• Tax est. 1.5%: −$193 /mo · $2,320/yr
• Insurance: −$64
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $149

Break-even live

Break-even rent $1,353

Max offer price $154,700

Occupancy floor 85%

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: $38,675
• Closing costs: $4,641
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36126 Plum Ave Grand Island, FL	3.0	2.0	1393	$1,599	$1.15	14d	1	0.12mi
36116 Plum Ave Grand Island, FL	2.0	2.0	1372	$1,299	$0.95	12d	1	0.12mi
13228 Grand Terrace Dr Grand Island, FL	3.0	1.0	1296	$1,900	$1.47	14d	1	0.13mi
13124 Lemon Ave Grand Island, FL	2.0	2.0	1216	$1,399	$1.15	12d	1	0.18mi
13122 Grape Ave Grand Island, FL	3.0	2.0	1123	$1,299	$1.16	16d	1	0.22mi
35901 Joewood Ave Leesburg, FL	3.0	2.0	1483	$2,100	$1.42	17d	1	1.30mi
35689 Rose Moss Ave Leesburg, FL	3.0	2.0	1270	$1,800	$1.42	4d	1	1.44mi

Listing history 13 events

1. 2026-06-18
   days on market $154,700 Active 952 DOM
2. 2026-06-17
   days on market $154,700 Active 951 DOM
3. 2026-06-16
   days on market $154,700 Active 950 DOM
4. 2026-06-15
   days on market $154,700 Active 949 DOM
5. 2026-06-13
   days on market $154,700 Active 947 DOM
6. 2026-06-09
   days on market $154,700 Active 943 DOM
7. 2026-06-08
   days on market $154,700 Active 942 DOM
8. 2026-06-07
   pricedays on marketlisting id $154,700 Active 941 DOM
9. 2026-06-04
   days on market $139,900 Active 19 DOM
10. 2026-06-03
    days on market $139,900 Active 18 DOM
11. 2026-06-02
    days on market $139,900 Active 17 DOM
12. 2026-06-02
    days on market $139,900 Active 16 DOM
13. 2026-05-31
    days on market $139,900 Active 15 DOM

ⓘ 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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,507
• − Mortgage interest: −$8,666
• − Property taxes: −$2,320
• − Insurance: −$774
• − Repairs & maintenance: −$1,481
• − Management: −$1,481
• − Depreciation: −$4,500
• Taxable loss: −$714
• Est. tax savings @ 24.0%: +$171
• After-tax cash flow: $1,962/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.

Condition & rehab AI · 1 photo

Good 80/100 None rehab

This 2023 manufactured home in a 55+ age-qualified community is in excellent condition with no visible repairs needed. It offers a good ROI with updates focusing on curb appeal and modern amenities.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhances curb appeal and creates a more inviting environment.
• Both Upgrade appliances — Improves functionality and can attract more renters or buyers.
• Both Add smart home features — Enhances convenience and can attract more renters or buyers with modern amenities.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and creates a more inviting environment. ↑
• Both Upgrade appliances — Improves functionality and can attract more renters or buyers. ↑
• Both Add smart home features — Enhances convenience and can attract more renters or buyers with modern amenities. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lake
• NCES district ID: 1201050
• Math proficiency: 49% ▼ -7.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $46,632
• Composite: 42.05/100
• National rank: #3327
• State rank: #37 of 73 in FL

Livability — Eustis

• Score: 73/100
• State rank: #309
• US rank: #5286

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 24,715
• Population (ZIP): 5,346

Population outlook (Lake County) Hauer SSP2

• Today (2025): 386,640 people
• By 2030: 417,107 · +7.9%
• By 2040: 476,676 · +23.3%
• By 2050: 531,296 · +37.4%
• By 2075: 648,303 · +67.7%
• By 2100: 698,530 · +80.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 8% Black 7% Asian 4% Hispanic / Latino 3%
• Common ancestry: Slovak 3% Lithuanian 2% Danish 1%
• Foreign-born: 7% · Canada
• Languages at home: 96% English-only · Other Indo-European 3% Spanish 1%

Political lean MEDSL · Lake

• 2024 margin: Strong R (+24.7) · D 37.3% · R 62.0%
• 2008→2024 swing: -11.2pp toward R · 2008: -13.5pp · 2024: -24.7pp
• All cycles: 2024: R+24.7 2020: R+20.0 2016: R+23.1 2012: R+17.1 2008: R+13.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -4.00%
• Current HPI: 267.8376
• 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