11925 Milan Way · Lisbon, FL 34788

$145,000

3 bd · 2.0 ba · 1,456 sqft · Condo public records · 14 Days on market

Built 2022

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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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

VERY MOTIVATED SELLER. .. .AMAZING PRICE WHERE YOU CAN Experience the ultimate lakeside lifestyle in this pristine community located just minutes from the vibrant dining and entertainment hubs of Eustis, Mt Dora, Tavares and Leesburg. Whether you prefer to canoe, fish, or take your pontoon boat out on Lake Yale, you'll have easy access to the finest water experiences or can simply relax on the community beach by a shared firepit. The home itself is a spacious three bedroom, two bath retreat featuring a thoughtful split bedroom floor plan for maximum privacy; the large primary suite is situated at one end of the residence, while two additional bedrooms and a second bathroom are located at th

Key facts

• Metal roof installed
• Central clubhouse
• Large inground pool

Tags

• SPLIT BEDROOM FLOOR PLAN
• LARGE SCREENED FRONT PORCH
• SPACIOUS SHOP MAN CAVE
• METAL ROOF INSTALLED
• LARGE INGROUND POOL
• CENTRAL CLUBHOUSE

Property features AI

Finance

• Other: Lot approximately 0.11 acre
• Financial info: Total annual fees approximately $1,980
• HOA & community: HOA required; monthly fee $165 (association managed by Sherrie Mgr); Senior community; Pets allowed with breed restrictions

Exterior

• Parking: Carport with 2 spaces
• Utilities: Private water; Private sewer; Public utilities available
• Home design: Manufactured double-wide home; Single-story; Faces west
• Construction: Vinyl siding with metal frame construction; Metal roof; Block foundation; Built as manufactured home
• Exterior features: Awnings; Rain gutters; Exterior storage; Private lake access with dock and pier; Private boat ramp, fishing pier and sailboat water access; Beach area with firepit

Interior

• Kitchen: Cooktop; Range; Range hood; Microwave; Dishwasher; Refrigerator; Exhaust fan; Electric water heater
• Bedrooms: 3 bedrooms
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Cathedral ceilings; Ceiling fans; Crown molding; Open floorplan; Solid surface counters; Split bedroom floorplan; Programmable thermostat; Walk-in closets; Window treatments; Non-wood-burning fireplace
• Laundry & utility: Washer; Dryer; Laundry room; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $145k.

Deal economics

• At list price, monthly cash flow is $757 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Cap rate 12.6% vs local median 5.5% in Lisbon — 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 65/100 on livability (#642 in FL) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: schools D, amenities F, commute 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: 285 active listings in the ZIP; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• At $2,106/mo this rent would consume 47% of the median local household income ($54k/yr) (locally 406% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 $41k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $23k; list at $145k implies a 533% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,000

Questions for the listing agent

1. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.45% ✓
• Cap rate: 12.56%
• Cash-on-cash: 22.37%
• DSCR: 2.00
• GRM: 5.7

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: 15.2%
• Equity multiple: 1.61×
• Total profit: $24,692
• Equity at exit: $21,620

10-year hold

• IRR: 23.8%
• Equity multiple: 3.06×
• Total profit: $83,476
• Equity at exit: $12,537

Cash invested: $40,600 (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 34788

• Home prices YoY: -18.2%
• Active inventory: 285
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,106 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$86 /mo · $1,029/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $757

Break-even live

Break-even rent $1,148

Max offer price $145,000

Occupancy floor 59%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   days on market $145,000 Active 14 DOM
2. 2026-06-17
   days on market $145,000 Active 13 DOM
3. 2026-06-16
   days on market $145,000 Active 12 DOM
4. 2026-06-15
   days on market $145,000 Active 11 DOM
5. 2026-06-13
   days on market $145,000 Active 9 DOM
6. 2026-06-09
   days on market $145,000 Active 5 DOM
7. 2026-06-08
   days on market $145,000 Active 4 DOM
8. 2026-06-07
   days on marketlisting id $145,000 Active 3 DOM
9. 2026-06-04
   pricedays on marketlisting id $145,000 Active 1 DOM
10. 2026-04-28
    price $159,900
11. 2026-03-26
    price $169,000
12. 2026-02-25
    price $177,500
13. 2026-02-02
    listed $187,500 Active
14. 2005-11-14
    soldstatus $22,900

ⓘ 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: $1,029 · $86/mo
• Projected year-2 tax: $1,204 · $100/mo
• Expected delta: +$175/yr (+$15/mo · 17.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 21 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,269
• − Mortgage interest: −$8,122
• − Property taxes: −$1,029
• − Insurance: −$725
• − Repairs & maintenance: −$2,022
• − Management: −$2,022
• − Depreciation: −$4,218
• Taxable income: $7,132
• Est. tax owed @ 24.0%: −$1,712
• After-tax cash flow: $7,373/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 — Lisbon

• Score: 65/100
• State rank: #642
• US rank: #12649

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lake County · 364,602 people
• City population: 21,867
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 22,137
• Household income: $54,147
• Rent vs Own: 16.2% rent · 83.8% own
• Severe rent burden: 406.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 12% Two or more races 7% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 9% German/W. Germanic 1% Tagalog/Filipino 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: ▼ -61.07%
• Current HPI: 273.6616
• Rent YoY: —
• Metro: Orlando-Kissimmee-Sanford, 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

+598.3% since first listed

5 events — show timeline

• 2026-04-28 Price Changed $159,900 Stellar MLS as Distributed by MLS Grid
• 2026-03-26 Price Changed $169,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-25 Price Changed $177,500 Stellar MLS as Distributed by MLS Grid
• 2026-02-02 Listed $187,500 Stellar MLS as Distributed by MLS Grid
• 2005-11-14 Sold (Public Records) $22,900 Public Records

Property tax history

+8.7%/yr

Latest (2025): $1,029 · +4.0% YoY. Source: county tax records.