132 Lakeview Dr #132 · Memphis, FL 34221

$135,000

2 bd · 2.0 ba · 1,056 sqft · Manufactured · 52 Days on market

Built 1983 Good condition 4,064 sqft lot Est $117k · 15% over $212/mo HOA · 10% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.4/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +1.8/5.0
• ARV discount +0.7/15.0
• Appreciation +0.0/10.0

Listing remarks

LAKEFRONT LIVING AT AN INCREDIBLE VALUE! Wake up to peaceful water views and unwind year-round from your private enclosed lanai—featuring both screens and sliding windows—perfect for enjoying Florida breezes and watching wildlife in comfort. This well-maintained 1983 Palm Harbor home offers 2 bedrooms and 2 bathrooms, with a spacious, light-filled living room and a comfortable kitchen and dining area ideal for everyday living or entertaining guests. Major upgrade alert: a newly installed membrane roof with a transferable warranty provides peace of mind for years to come. Along the carport, you’ll find two interconnected storage sheds, including a fully equipped laundry ar

Key facts

• Lakefront living
• 4,064 sq ft lot
• 2 parking spots

Tags

• LAKEFRONT LIVING
• PRIVATE ENCLOSED LANAI
• NEWLY INSTALLED MEMBRANE ROOF
• INTERCONNECTED STORAGE SHEDS
• FULLY EQUIPPED LAUNDRY AREA

Property features AI

Finance

• Other: Furnished; Lease restrictions apply
• Financial info: Total monthly fees $212; Total annual fees $2,544
• HOA & community: Has HOA (monthly fee $212); Association amenities: Clubhouse, Fitness Center, Pool, Pickleball courts, Shuffleboard court, Recreation facilities; Association fee includes: Pool, Grounds maintenance, Recreational facilities, Sewer, Trash, Water; Buyer/association approval required; Senior community; Pets not allowed

Exterior

• Parking: Carport with 2 spaces
• Utilities: Public water; Public sewer; Electricity connected; Water and sewer connected/available
• Home design: Manufactured home (double wide); One story; Faces north
• Construction: Metal siding and frame construction; Membrane roof; Crawlspace foundation; Built as a double wide manufactured home
• Exterior features: Awnings; Private mailbox; Shed(s); Lakefront (25 ft frontage)

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Heat pump; Central air conditioning; Humidity control
• Interior features: Eat-in kitchen; Open living/dining room combo; Thermostat; Window treatments
• Laundry & utility: Washer; Dryer; Electric water heater; Laundry located outside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $135k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $608 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 4.5% in Memphis — 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 63/100 on livability (#745 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, schools F, amenities F.
• Manatee (suburban): math 54% / reading 50% proficiency, ranked #26 of 73 in FL (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-3.0%/yr); 1160 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).
• This rent runs 34% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $38k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $130,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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 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: 1.64% ✓
• Cap rate: 11.70%
• Cash-on-cash: 19.31%
• DSCR: 1.86
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $117,216
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
464 Kaiser Dr	0.16mi	2/2.0	1,072 (+2%)	8mo	$85,000	$79	84
354 Quiet Way	0.09mi	2/2.0	965 (-9%)	1mo	$98,000	$102	80
317 Peace Mnr	0.05mi	2/2.0	1,128 (+7%)	8mo	$125,000	$111	80
364 Quiet Way #364	0.05mi	2/2.0	960 (-9%)	7mo	$130,000	$135	77
78 Leisure Way	0.20mi	2/1.0	1,012 (-4%)	6mo	$60,000	$59	75
40 Shady Ln #40	0.24mi	2/2.0	1,164 (+10%)	1mo	$195,000	$168	71
478 Church Rd	0.16mi	2/1.0	972 (-8%)	10mo	$45,000	$46	67
334 Peace Mnr	0.05mi	2/1.0	932 (-12%)	10mo	$107,500	$115	65

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 7.4%
• Equity multiple: 1.28×
• Total profit: $10,528
• Equity at exit: $20,129

10-year hold

• IRR: 13.5%
• Equity multiple: 1.92×
• Total profit: $34,588
• Equity at exit: $11,672

Cash invested: $37,800 (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 34221

• Rents YoY: -3.0%
• Active inventory: 1160
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $2,219 high
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$212
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $608

Break-even live

Break-even rent $1,449

Max offer price $135,000

Occupancy floor 68%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3222 6th Ave W Palmetto, FL	3.0	2.0	1414	$2,185	$1.55	23d	1	0.15mi
307 27th St E Palmetto, FL	2.0	2.0	980	$2,000	$2.04	23d	1	0.60mi
1809 5th Ave W Palmetto, FL	3.0	1.0	962	$1,895	$1.97	23d	1	0.61mi
2225 14th Ave W Palmetto, FL	2.0	2.0	1120	$1,895	$1.69	23d	1	0.72mi
2225 14th Ave W Unit 204 Palmetto, FL	2.0	2.0	1120	$1,795	$1.60	23d	1	0.72mi
2320 Terra Ceia Bay Blvd #211 Palmetto, FL	2.0	2.0	978	$2,500	$2.56	23d	1	0.72mi
3115 Live Oak Ln #30 Palmetto, FL	2.0	2.0	1253	$3,695	$2.95	23d	1	0.77mi
1514 Fairway Oaks Dr Palmetto, FL	3.0	2.0	1461	$1,540	$1.05	10d	1	0.85mi
719 23rd St E Palmetto, FL	3.0	2.0	1060	$1,800	$1.70	10d	1	0.95mi
2602 Edgewater Ct Palmetto, FL	2.0	2.0	1253	$4,000	$3.19	23d	1	0.97mi
2615 9th Avenue Dr E Palmetto, FL	3.0	2.0	1369	$2,200	$1.61	23d	1	0.98mi
1213 15th St W Palmetto, FL	2.0	1.0	1000	$1,800	$1.80	23d	1	0.98mi
2725 Terra Ceia Bay Blvd #201 Palmetto, FL	3.0	2.0	1486	$2,200	$1.48	3d	1	1.01mi
2725 Terra Ceia Bay Blvd #102 Palmetto, FL	2.0	2.0	1256	$2,200	$1.75	16d	1	1.01mi
2725 Terra Ceia Bay Blvd #203 Palmetto, FL	1.0	2.0	1106	$3,200	$2.89	23d	1	1.01mi
2625 Terra Ceia Bay Blvd #802 Palmetto, FL	2.0	2.0	1148	$2,395	$2.09	23d	1	1.02mi
2625 Terra Ceia Bay Blvd #401 Palmetto, FL	2.0	2.0	1349	$3,495	$2.59	23d	1	1.02mi
900 21st St E Palmetto, FL	2.0–3.0	1.0	800	$1,495	$1.87	23d	1	1.03mi
1229 11th Ave W Palmetto, FL	3.0	1.0	1072	$1,800	$1.68	2d	1	1.07mi
2211 11th Ave E Palmetto, FL	3.0	2.0	1285	$2,195	$1.71	16d	1	1.15mi
501 11th St W Palmetto, FL	2.0	1.0	850	$1,340	$1.58	2d	1	1.18mi
515 45th St E Palmetto, FL	2.0	2.0	900	$2,100	$2.33	23d	1	1.25mi
709 45th St E Palmetto, FL	2.0	2.0	1000	$1,550	$1.55	3d	1	1.28mi
4721 1st Ave E #4721 Palmetto, FL	3.0	2.0	1460	$2,000	$1.37	23d	1	1.29mi

HOA detail

• Monthly dues: $212 · $2,544/yr
• Likely covers: water

Listing history 15 events

1. 2026-06-18
   days on market $135,000 Active 52 DOM
2. 2026-06-17
   days on market $135,000 Active 51 DOM
3. 2026-06-16
   days on market $135,000 Active 50 DOM
4. 2026-06-15
   days on market $135,000 Active 49 DOM
5. 2026-06-13
   days on market $135,000 Active 47 DOM
6. 2026-06-13
   days on market $135,000 Active 46 DOM
7. 2026-06-10
   days on market $135,000 Active 44 DOM
8. 2026-06-09
   days on market $135,000 Active 43 DOM
9. 2026-06-08
   days on market $135,000 Active 42 DOM
10. 2026-06-08
    days on market $135,000 Active 41 DOM
11. 2026-06-03
    days on market $135,000 Active 37 DOM
12. 2026-06-02
    days on market $135,000 Active 36 DOM
13. 2026-06-01
    days on market $135,000 Active 35 DOM
14. 2026-05-31
    days on market $135,000 Active 34 DOM
15. 2026-04-27
    listed $135,000 Active

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 48% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,632
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$2,131
• − Management: −$2,131
• − HOA: −$2,544
• − Depreciation: −$3,927
• Taxable income: $5,638
• Est. tax owed @ 24.0%: −$1,353
• After-tax cash flow: $5,947/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 · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained 1983 Palm Harbor home offers 2 bedrooms and 2 bathrooms, with a spacious, light-filled living room and a comfortable kitchen and dining area ideal for everyday living or entertaining guests. The new membrane roof provides peace of mind for years to come.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom fixtures — dated and in need of replacement
• Moderate kitchen appliances — dated and in need of replacement

Value-add opportunities

• Both update kitchen cabinets and appliances — modernizing the kitchen would increase both resale and rental value
• Both update bathroom fixtures — modernizing the bathroom would increase both resale and rental value
• Both paint interior walls — updating the interior walls would increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of replacement	Moderate	$3,000–15,000
kitchen appliances · dated and in need of replacement	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both update kitchen cabinets and appliances — modernizing the kitchen would increase both resale and rental value ↑
• Both update bathroom fixtures — modernizing the bathroom would increase both resale and rental value ↑
• Both paint interior walls — updating the interior walls would increase both resale and rental value ↑

ⓘ 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: Manatee
• NCES district ID: 1201230
• Math proficiency: 54% ▼ -6.00%
• Reading proficiency: 50% ▼ -2.00%
• Median HH income: $49,607
• Composite: 44.43/100
• National rank: #2806
• State rank: #26 of 73 in FL

Livability — Memphis

• Score: 63/100
• State rank: #745
• US rank: #16072

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Memphis, FL
• County: Manatee County · 416,364 people
• Metro: North Port-Sarasota-Bradenton, FL
• Population (ZIP): 56,208
• Household income: $77,712
• Rent vs Own: 17.1% rent · 82.9% own
• Severe rent burden: 1193.0

Population outlook (Manatee County) Hauer SSP2

• Today (2025): 447,342 people
• By 2030: 488,911 · +9.3%
• By 2040: 567,934 · +27.0%
• By 2050: 637,995 · +42.6%
• By 2075: 781,970 · +74.8%
• By 2100: 848,272 · +89.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 59% Hispanic / Latino 22% Black 14% Two or more races 11%
• Hispanic origin (detail): Mexican 14% Puerto Rican 3%
• Common ancestry: Romanian 2% Lithuanian 2% Italian 2%
• Foreign-born: 10% · Canada, Dominican Republic, Jamaica
• Languages at home: 81% English-only · Spanish 16% Other Indo-European 1%

Political lean MEDSL · Manatee

• 2024 margin: Strong R (+23.5) · D 37.9% · R 61.4%
• 2008→2024 swing: -16.5pp toward R · 2008: -7.0pp · 2024: -23.5pp
• All cycles: 2024: R+23.5 2020: R+16.1 2016: R+17.1 2012: R+12.5 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -383.53%
• Current HPI: 302.1458
• Rent YoY: ▼ -2.98%
• Metro: North Port-Sarasota-Bradenton, FL
• 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

1 event — show timeline

• 2026-04-27 Listed $135,000 Stellar MLS as Distributed by MLS Grid