Riviera II w/ Den Plan · Eustis, FL 32735

$64,900

2 bd · 2.0 ba · 1,372 sqft · Manufactured · 523 Days on market

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

Listing remarks

55+ age qualified community. Tentatively available 7/15/2026. This home is currently occupied and cannot be shown. Welcome to Grand Island Resort, a 55+ age-qualified active neighborhood to call home. This 2 bedroom 2 bath home with a versatile den has everything you need for comfortable living. Designed with convenience and style in mind this seamless layout connects the dining and kitchen area which features energy efficient appliances and bar area for extra seating or serving area. The spacious primary suite offers a private retreat complete with a large walk-in closet and en-suite. The second bedroom and bathroom provide ample space for family or guests. Additional features include wash

Key facts

• Listed 523 days

Property features AI

Finance

• Financial info: List price shown as $64,900 (plan/inventory pricing)

Exterior

• Home design: Single-family home (Riviera II w/ Den plan); Address: Grand Island, FL
• Construction: Built as part of the Riviera II w/ Den plan
• Exterior features: New construction plan home; Living area approximately 1,372

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Open plan with den (Riviera II with Den - 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 $65k.

Deal economics

• At list price, monthly cash flow is $782 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.7% 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; 8 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 $449 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 523 days — a 12% lower offer ($57k) 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 $57,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 523 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: 2.40% ✓
• Cap rate: 20.75%
• Cash-on-cash: 51.63%
• DSCR: 3.30
• GRM: 3.5

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: 49.5%
• Equity multiple: 3.16×
• Total profit: $39,305
• Equity at exit: $9,677

10-year hold

• IRR: 55.0%
• Equity multiple: 6.42×
• Total profit: $98,445
• Equity at exit: $5,611

Cash invested: $18,172 (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: 3.5×

Monthly cashflow live

• Estimated rent: $1,557 high
• Mortgage (P&I): −$340
• Tax est. 1.5%: −$81 /mo · $974/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $782

Break-even live

Break-even rent $568

Max offer price $64,900

Occupancy floor 45%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 8 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
37124 Scenic Ridge Dr Grand Island, FL	3.0	2.0	1584	$2,049	$1.29	23d	1	1.02mi
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 12 events

1. 2026-06-18
   days on market $64,900 Active 523 DOM
2. 2026-06-17
   days on market $64,900 Active 522 DOM
3. 2026-06-16
   days on market $64,900 Active 521 DOM
4. 2026-06-15
   days on market $64,900 Active 520 DOM
5. 2026-06-13
   days on market $64,900 Active 518 DOM
6. 2026-06-09
   remarks 699-char remark
7. 2026-06-09
   days on market $64,900 Active 514 DOM
8. 2026-06-04
   days on market $64,900 Active 512 DOM
9. 2026-06-03
   days on market $64,900 Active 511 DOM
10. 2026-06-02
    days on market $64,900 Active 510 DOM
11. 2026-06-02
    days on market $64,900 Active 509 DOM
12. 2026-05-31
    days on market $64,900 Active 508 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: $18,689
• − Mortgage interest: −$3,635
• − Property taxes: −$974
• − Insurance: −$324
• − Repairs & maintenance: −$1,495
• − Management: −$1,495
• − Depreciation: −$1,888
• Taxable income: $8,878
• Est. tax owed @ 24.0%: −$2,131
• After-tax cash flow: $7,252/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: 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