12799 SE 37th Ct · Belleview, FL 34420

$128,900

4 bd · 3.0 ba · 1,847 sqft · MultiFamily public records · 162 Days on market

Built 1974 2.53 ac lot $70/sqft · 25% below area Est $196k · 34% under

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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 +22.8/30.0
• ARV discount +15.0/15.0
• 1% rule +8.5/10.0
• DSCR +7.3/10.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Property located in Belleview! Selling for the value of the land, tear down needed. The property includes multiple existing structures, that will need removal. This is a true investor special, ideal for buyers looking to redevelop, or repurpose the property. Sold as-is. Bring your vision. A member/manager of the owning LLC is a licensed real estate agent.

Key facts

• 2.53 acre lot
• Built 1974
• Listed 162 days

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $129k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Recommended offer: $113k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 4.5% in Belleview — 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 69/100 on livability (#458 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime F, amenities F.
• Marion (rural): math 42% / reading 43% proficiency, ranked #61 of 73 in FL (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 357 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $891 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 162 days — a 12% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $51k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $74k; list at $129k implies a 74% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,432 (12.0% below list)

Questions for the listing agent

1. It's been on market 162 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.35% ✓
• Cap rate: 8.38%
• Cash-on-cash: 7.47%
• DSCR: 1.33
• GRM: 6.2

CMA / ARV

• ARV (median comp): $196,352
• List price: $128,900
• Delta: -34.35%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -4.7%
• Equity multiple: 0.82×
• Total profit: $-6,387
• Equity at exit: $19,219

10-year hold

• IRR: 5.1%
• Equity multiple: 1.38×
• Total profit: $13,631
• Equity at exit: $11,145

Cash invested: $36,092 (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 34420

• Home prices YoY: -32.8%
• Active inventory: 357
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,745 medium
• Mortgage (P&I): −$676
• Tax from tax record: −$424 /mo · $5,090/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $225

Break-even live

Break-even rent $1,461

Max offer price $128,900

Occupancy floor 82%

Sensitivity live

Price	-10% $298	-5% $261	+0% $225	+5% $188	+10% $152
Rent	-10% $87	-5% $156	+0% $225	+5% $294	+10% $363
Rate	-1.0pp $290	-0.5pp $257	base $225	+0.5pp $191	+1.0pp $157

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: $32,225
• Closing costs: $3,867
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3820 SE 136th Pl Summerfield, FL	3.0	2.0	1265	$1,745	$1.38	22d	1	0.83mi
3384 SE 138th St Summerfield, FL	3.0	2.0	1265	$1,745	$1.38	22d	1	1.08mi

Listing history 33 events

1. 2026-06-18
   days on market $128,900 Active 162 DOM
2. 2026-06-17
   days on market $128,900 Active 161 DOM
3. 2026-06-16
   days on market $128,900 Active 160 DOM
4. 2026-06-15
   days on market $128,900 Active 159 DOM
5. 2026-06-14
   days on market $128,900 Active 157 DOM
6. 2026-06-13
   days on market $128,900 Active 156 DOM
7. 2026-06-10
   days on market $128,900 Active 154 DOM
8. 2026-06-09
   days on market $128,900 Active 153 DOM
9. 2026-06-08
   days on market $128,900 Active 152 DOM
10. 2026-06-07
    days on market $128,900 Active 151 DOM
11. 2026-06-03
    days on market $128,900 Active 147 DOM
12. 2026-06-02
    days on market $128,900 Active 146 DOM
13. 2026-05-31
    days on market $128,900 Active 144 DOM
14. 2026-05-30
    days on market $128,900 Active 143 DOM
15. 2026-02-13
    price $128,900 357-char remark

    Show marketing remark (357 chars)

    Property located in Belleview! Selling for the value of the land, tear down needed. The property includes multiple existing structures, that will need removal. This is a true investor special, ideal for buyers looking to redevelop, or repurpose the property. Sold as-is. Bring your vision. A member/manager of the owning LLC is a licensed real estate agent.

16. 2026-01-27
    price $133,000 357-char remark

    Show marketing remark (357 chars)

    Property located in Belleview! Selling for the value of the land, tear down needed. The property includes multiple existing structures, that will need removal. This is a true investor special, ideal for buyers looking to redevelop, or repurpose the property. Sold as-is. Bring your vision. A member/manager of the owning LLC is a licensed real estate agent.

17. 2026-01-27
    status Active 357-char remark

    Show marketing remark (357 chars)

    Property located in Belleview! Selling for the value of the land, tear down needed. The property includes multiple existing structures, that will need removal. This is a true investor special, ideal for buyers looking to redevelop, or repurpose the property. Sold as-is. Bring your vision. A member/manager of the owning LLC is a licensed real estate agent.

18. 2026-01-26
    status Pending 357-char remark

    Show marketing remark (357 chars)

    Property located in Belleview! Selling for the value of the land, tear down needed. The property includes multiple existing structures, that will need removal. This is a true investor special, ideal for buyers looking to redevelop, or repurpose the property. Sold as-is. Bring your vision. A member/manager of the owning LLC is a licensed real estate agent.

19. 2026-01-20
    price $134,000 357-char remark

    Show marketing remark (357 chars)

    Property located in Belleview! Selling for the value of the land, tear down needed. The property includes multiple existing structures, that will need removal. This is a true investor special, ideal for buyers looking to redevelop, or repurpose the property. Sold as-is. Bring your vision. A member/manager of the owning LLC is a licensed real estate agent.

20. 2026-01-12
    price $139,000 357-char remark

    Show marketing remark (357 chars)

    Property located in Belleview! Selling for the value of the land, tear down needed. The property includes multiple existing structures, that will need removal. This is a true investor special, ideal for buyers looking to redevelop, or repurpose the property. Sold as-is. Bring your vision. A member/manager of the owning LLC is a licensed real estate agent.

21. 2026-01-06
    listed $180,000 Active 357-char remark

    Show marketing remark (357 chars)

    Property located in Belleview! Selling for the value of the land, tear down needed. The property includes multiple existing structures, that will need removal. This is a true investor special, ideal for buyers looking to redevelop, or repurpose the property. Sold as-is. Bring your vision. A member/manager of the owning LLC is a licensed real estate agent.

22. 2025-09-30
    historical
23. 2025-09-22
    price $190,000
24. 2025-06-16
    price $215,000
25. 2025-03-28
    price $220,000
26. 2025-03-04
    status Active
27. 2025-02-25
    status Pending
28. 2025-02-19
    listed $230,000 Active
29. 2022-09-14
    soldstatus $74,000 Closed
30. 2022-08-17
    status Pending
31. 2022-08-08
    listed $129,500 Active
32. 1989-03-01
    soldstatus $32,725
33. 1989-03-01
    soldstatus $30,000

ⓘ 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: $5,090 · $424/mo
• Projected year-2 tax: $5,090 · $424/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,940
• − Mortgage interest: −$7,220
• − Property taxes: −$5,090
• − Insurance: −$644
• − Repairs & maintenance: −$1,675
• − Management: −$1,675
• − Depreciation: −$3,750
• Taxable income: $885
• Est. tax owed @ 24.0%: −$212
• After-tax cash flow: $2,484/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: Marion
• NCES district ID: 1201260
• Math proficiency: 42% ▼ -7.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $40,015
• Composite: 35.61/100
• National rank: #4890
• State rank: #61 of 73 in FL

Livability — Belleview

• Score: 69/100
• State rank: #458
• US rank: #8314

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 19,167
• Population (ZIP): 19,167

Population outlook (Marion County) Hauer SSP2

• Today (2025): 365,905 people
• By 2030: 376,768 · +3.0%
• By 2040: 396,555 · +8.4%
• By 2050: 412,723 · +12.8%
• By 2075: 446,090 · +21.9%
• By 2100: 436,193 · +19.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 12% Two or more races 10% Black 1%
• Hispanic origin (detail): Puerto Rican 7% Cuban 2%
• Common ancestry: Lithuanian 4% Iranian 2% Romanian 2%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 89% English-only · Spanish 7% Other Indo-European 2% German/W. Germanic 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+31.6) · D 33.8% · R 65.5%
• 2008→2024 swing: -20.0pp toward R · 2008: -11.6pp · 2024: -31.6pp
• All cycles: 2024: R+31.6 2020: R+25.9 2016: R+26.2 2012: R+16.2 2008: R+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -120.90%
• Current HPI: 247.3176
• 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

+293.9% since first listed

19 events — show timeline

• 2026-02-13 Price Changed $128,900 Stellar MLS as Distributed by MLS Grid
• 2026-01-27 Price Changed $133,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-27 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-01-26 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-01-20 Price Changed $134,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-12 Price Changed $139,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-06 Listed $180,000 Stellar MLS as Distributed by MLS Grid
• 2025-09-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-09-22 Price Changed $190,000 Stellar MLS as Distributed by MLS Grid
• 2025-06-16 Price Changed $215,000 Stellar MLS as Distributed by MLS Grid
• 2025-03-28 Price Changed $220,000 Stellar MLS as Distributed by MLS Grid
• 2025-03-04 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-02-25 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-02-19 Listed $230,000 Stellar MLS as Distributed by MLS Grid
• 2022-09-14 Sold (MLS) $74,000 Stellar MLS as Distributed by MLS Grid
• 2022-08-17 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-08-08 Listed $129,500 Stellar MLS as Distributed by MLS Grid
• 1989-03-01 Sold (Public Records) $30,000 Public Records
• 1989-03-01 Sold (Public Records) $32,725 Public Records

Property tax history

+6.7%/yr

Latest (2025): $5,090 · +37.4% YoY. Source: county tax records.