1601 Delphi Way

Edgewater, FL 32168

$364,900F

3 bd · 2.0 ba · 1,710 sqft · Built 2022 · SingleFamily · Active · 164 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,668/mo
• Mortgage (P&I): −$1,914
• Tax + insurance: −$963
• HOA: −$255
• Vac / Maint / Mgmt: −$560
• Net cashflow: $-1,024/mo
• Annual: $-12,293/yr
• Cap rate: 4.33%
• Cash-on-cash: -7.02%
• DSCR: 0.69
• 1% rule: 0.73%
• Cash to close: $102,172

Investor read

• This is a 3-bed/2.0-bath single-family listed at $365k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $184k (49.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $267k (26.9% below list).
• It's been on market 164 days — a 12% lower offer ($321k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $184k (49.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#329 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D-, commute F.
• Volusia (suburban): math 44% / reading 49% proficiency, ranked #47 of 73 in FL (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Edgewater Public School (math 67% / reading 52%, grade B-, #690 of 2,144 statewide, top 34%, 504 students, 64% FRL); New Smyrna Beach Middle School (math 43% / reading 43%, grade D-, #331 of 571 statewide, top 59%, 1,037 students, 53% FRL); New Smyrna Beach High School (math 34% / reading 52%, grade F, #255 of 667 statewide, top 39%, 1,810 students, 41% FRL) — zoned schools at 53% FRL track the district average.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising fast (+5.6%/yr); 786 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 88d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 86% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,402 units permitted in Volusia County in 2024 (681 in 5+ unit buildings).
• Volusia County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 5y ago; this cycle's ask is 14496% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 42% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 164 days. Have you received any prior offers? Is the seller open to a 50% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.