184 River Front Way

Edgewater, FL 32141

$269,999F

3 bd · 2.5 ba · 1,553 sqft · Built 2025 · Land · Pending · 131 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,307/mo
• Mortgage (P&I): −$1,416
• Tax + insurance: −$450
• HOA: −$307
• Vac / Maint / Mgmt: −$484
• Net cashflow: $-351/mo
• Annual: $-4,208/yr
• Cap rate: 4.73%
• Cash-on-cash: -5.57%
• DSCR: 0.75
• 1% rule: 0.85%
• Cash to close: $75,600

Investor read

• This is a 3-bed/2.5-bath land listed at $270k.
• At list price, monthly cash flow is $-351 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (18.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (14.6% below list).
• It's been on market 131 days — a 12% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $219k (18.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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: Indian River Elementary School (math 57% / reading 55%, grade C+, #832 of 2,144 statewide, top 40%, 613 students, 61% 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 52% FRL track the district average.
• Market conditions: 307 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• This rent runs 43% of the median local income ($64k/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 131 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• 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.
• 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.