408 Hawthorne Blvd · Leesburg, FL 34748

$109,900

2 bd · 2.0 ba · 1,152 sqft · Condo public records · 501 Days on market

Built 1974 $397/mo HOA · 25% of rent ↓ 13% since listing

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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 +16.5/30.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• Schools +4.2/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

A beautiful 2 Bedroom / 2 Bathroom double-wide home which has a great layout. This home comes with a Florida room that can be used in many ways. The carport has an enclosed 15x12 Florida-style room with a 6x7 laundry room attached. There is a door that leads to an open 21x13 concrete slab for a potential outdoor patio, screened-in room, or enclosed workshop. Some of the updates include windows (2009), a solar tube (2020) for natural light in the kitchen, and a re-roof of the Florida room and manufactured home roof with TPO single-ply membrane (2017). There is uniform laminate flooring throughout the kitchen, dinette, and hallways. Both bedrooms have uniform gray laminate flooring. The Master bedroom has a large walk-in closet. This home is clean and appealing. The yard is nicely landscaped. The home comes unfurnished but is negotiable. The HOA fee includes; basic cable, trash pickup, water, sewer, and lawn mowing and trimming. This is a 55+ community that offers many activities and events. Here are a few of the amenities that come with your monthly fee; a courtesy bus for weekly trips to stores, banks, and the mall; fitness room, library on-site, Wi-Fi in the club house, garden plots available to grow vegetables and flowers, storage area for boats, recreational vehicles and trailers, outdoor geo-thermally heated swimming pool and enclosed therapeutic pools, men’s and women’s sauna, lighted shuffleboard courts, tennis courts (2 lighted), pickleball courts, bocce courts, softball field, card rooms in the main recreation hall, croquet, billiard room, and arts and crafts. This community also has a marina. They even have private emergency services dedicated solely to the community with EMTs that are on duty 24 hours a day, 7 days a week, 365 days of the year, including holidays. A fire truck is on-site. The gatehouse is staffed at the main entrance 24 hours a day, seven days a week. This community has access to the Chain of Lakes through Lake Harris. You are about an hour and a half or less to all major tourist destinations such as Disney World, SeaWorld, and Universal Studios. This is an AS-IS and the floor dimensions are an estimate. Community This community does not allow pets. Have a Blessed Day!!!

Key facts

• New stove
• New carpet
• Updated faucets

Tags

• NEW CARPET
• NEW STOVE
• UPDATED FAUCETS
• REINFORCED FLOORS
• ADA COMPLIANT TOILET
• GOLF CART INCLUDED

Property features AI

Finance

• Other: Located with water access to Lake - Chain of Lakes and marina
• Financial info: Total annual fees listed as $4,764; Monthly HOA amount $397
• HOA & community: Has HOA (monthly fee $397); HOA includes cable TV, sewer and water; Community amenities: clubhouse, fitness center, pool, tennis courts, golf carts allowed, laundry, pickleball, sauna, spa/hot tub, shuffleboard, storage; Senior community; Pets not allowed

Exterior

• Parking: Carport with 1 space
• Security: Located in a gated community
• Utilities: Private water; Private sewer; Cable available and connected; Electricity available and connected; Water and sewer available and connected
• Home design: Residential mobile home; Double wide; One story; Faces southeast; Entry on one level
• Construction: Vinyl siding with frame construction; Metal roof; Crawlspace foundation; Built as a double-wide mobile home
• Exterior features: Awning(s); Rain gutters; Paved road access; Public lot 0.13 acres (approximately)

Interior

• Kitchen: Convection oven; Dishwasher; Microwave; Refrigerator; Eat-in kitchen
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Walk-in closet(s); Skylight(s)
• 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 condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $65 ($776/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 4.4% in Leesburg — 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 62/100 on livability (#751 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime 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.
• Zoned schools: Leesburg Elementary School (math 31% / reading 32%, grade F, #1,841 of 2,144 statewide, top 86%, 822 students, 71% FRL); Oak Park Middle School (math 32% / reading 36%, grade F, #426 of 571 statewide, top 75%, 575 students, 70% FRL); Leesburg High School (math 24% / reading 32%, grade F, #464 of 667 statewide, top 70%, 1,641 students, 58% FRL) — zoned schools average 66% FRL vs 49% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 31% at this address vs 50% district-wide (-18 pts) — the specific schools serving this property underperform the Lake average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.9%/yr); 798 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• This rent runs 33% of the median local income ($58k/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 $760 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 501 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $19k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 501 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is D 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?
9. 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.
10. 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.
11. 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: 7.00%
• Cash-on-cash: 2.52%
• DSCR: 1.11
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -17.4%
• Equity multiple: 0.41×
• Total profit: $-18,075
• Equity at exit: $16,386

10-year hold

• IRR: -22.1%
• Equity multiple: 0.11×
• Total profit: $-27,331
• Equity at exit: $9,502

Cash invested: $30,772 (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 34748

• Home prices YoY: -25.3%
• Rents YoY: -0.9%
• Active inventory: 798
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,597 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$178 /mo · $2,135/yr
• Insurance: −$46
• HOA: −$397
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $65

Break-even live

Break-even rent $1,515

Max offer price $109,900

Occupancy floor 91%

Sensitivity live

Price	-10% $127	-5% $96	+0% $65	+5% $34	+10% $2
Rent	-10% $-61	-5% $2	+0% $65	+5% $128	+10% $191
Rate	-1.0pp $120	-0.5pp $93	base $65	+0.5pp $36	+1.0pp $7

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5440 Rosewall Cir Leesburg, FL	2.0	2.0	1200	$1,950	$1.62	6d	1	1.42mi

HOA detail condo

• Monthly dues: $397 · $4,764/yr
• Likely covers: watersewertrashinternetcablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $109,900 Active 501 DOM
2. 2026-06-18
   days on market $109,900 Active 498 DOM
3. 2026-06-17
   days on market $109,900 Active 497 DOM
4. 2026-06-16
   days on market $109,900 Active 496 DOM
5. 2026-06-15
   days on market $109,900 Active 495 DOM
6. 2026-06-13
   days on market $109,900 Active 493 DOM
7. 2026-06-09
   days on market $109,900 Active 489 DOM
8. 2026-06-08
   days on market $109,900 Active 488 DOM
9. 2026-06-07
   days on market $109,900 Active 487 DOM
10. 2026-06-04
    days on market $109,900 Active 484 DOM
11. 2026-06-03
    days on market $109,900 Active 483 DOM
12. 2026-06-02
    days on market $109,900 Active 482 DOM
13. 2026-06-02
    days on market $109,900 Active 481 DOM
14. 2026-05-31
    days on market $109,900 Active 480 DOM
15. 2026-01-23
    price $109,900
16. 2025-11-14
    price $112,900
17. 2025-06-26
    price $119,000
18. 2025-02-28
    price $124,900
19. 2025-02-05
    listed $129,000 Active
20. 2023-02-13
    soldstatus $116,750 Closed 2248-char remark

    Show marketing remark (2248 chars)

    A beautiful 2 Bedroom / 2 Bathroom double-wide home which has a great layout. This home comes with a Florida room that can be used in many ways. The carport has an enclosed 15x12 Florida-style room with a 6x7 laundry room attached. There is a door that leads to an open 21x13 concrete slab for a potential outdoor patio, screened-in room, or enclosed workshop. Some of the updates include windows (2009), a solar tube (2020) for natural light in the kitchen, and a re-roof of the Florida room and manufactured home roof with TPO single-ply membrane (2017). There is uniform laminate flooring throughout the kitchen, dinette, and hallways. Both bedrooms have uniform gray laminate flooring. The Master bedroom has a large walk-in closet. This home is clean and appealing. The yard is nicely landscaped. The home comes unfurnished but is negotiable. The HOA fee includes; basic cable, trash pickup, water, sewer, and lawn mowing and trimming. This is a 55+ community that offers many activities and events. Here are a few of the amenities that come with your monthly fee; a courtesy bus for weekly trips to stores, banks, and the mall; fitness room, library on-site, Wi-Fi in the club house, garden plots available to grow vegetables and flowers, storage area for boats, recreational vehicles and trailers, outdoor geo-thermally heated swimming pool and enclosed therapeutic pools, men’s and women’s sauna, lighted shuffleboard courts, tennis courts (2 lighted), pickleball courts, bocce courts, softball field, card rooms in the main recreation hall, croquet, billiard room, and arts and crafts. This community also has a marina. They even have private emergency services dedicated solely to the community with EMTs that are on duty 24 hours a day, 7 days a week, 365 days of the year, including holidays. A fire truck is on-site. The gatehouse is staffed at the main entrance 24 hours a day, seven days a week. This community has access to the Chain of Lakes through Lake Harris. You are about an hour and a half or less to all major tourist destinations such as Disney World, SeaWorld, and Universal Studios. This is an AS-IS and the floor dimensions are an estimate. Community This community does not allow pets. Have a Blessed Day!!!

21. 2023-01-13
    status Pending 2248-char remark

    Show marketing remark (2248 chars)

    A beautiful 2 Bedroom / 2 Bathroom double-wide home which has a great layout. This home comes with a Florida room that can be used in many ways. The carport has an enclosed 15x12 Florida-style room with a 6x7 laundry room attached. There is a door that leads to an open 21x13 concrete slab for a potential outdoor patio, screened-in room, or enclosed workshop. Some of the updates include windows (2009), a solar tube (2020) for natural light in the kitchen, and a re-roof of the Florida room and manufactured home roof with TPO single-ply membrane (2017). There is uniform laminate flooring throughout the kitchen, dinette, and hallways. Both bedrooms have uniform gray laminate flooring. The Master bedroom has a large walk-in closet. This home is clean and appealing. The yard is nicely landscaped. The home comes unfurnished but is negotiable. The HOA fee includes; basic cable, trash pickup, water, sewer, and lawn mowing and trimming. This is a 55+ community that offers many activities and events. Here are a few of the amenities that come with your monthly fee; a courtesy bus for weekly trips to stores, banks, and the mall; fitness room, library on-site, Wi-Fi in the club house, garden plots available to grow vegetables and flowers, storage area for boats, recreational vehicles and trailers, outdoor geo-thermally heated swimming pool and enclosed therapeutic pools, men’s and women’s sauna, lighted shuffleboard courts, tennis courts (2 lighted), pickleball courts, bocce courts, softball field, card rooms in the main recreation hall, croquet, billiard room, and arts and crafts. This community also has a marina. They even have private emergency services dedicated solely to the community with EMTs that are on duty 24 hours a day, 7 days a week, 365 days of the year, including holidays. A fire truck is on-site. The gatehouse is staffed at the main entrance 24 hours a day, seven days a week. This community has access to the Chain of Lakes through Lake Harris. You are about an hour and a half or less to all major tourist destinations such as Disney World, SeaWorld, and Universal Studios. This is an AS-IS and the floor dimensions are an estimate. Community This community does not allow pets. Have a Blessed Day!!!

22. 2023-01-06
    listed $126,750 Active 2248-char remark

    Show marketing remark (2248 chars)

    A beautiful 2 Bedroom / 2 Bathroom double-wide home which has a great layout. This home comes with a Florida room that can be used in many ways. The carport has an enclosed 15x12 Florida-style room with a 6x7 laundry room attached. There is a door that leads to an open 21x13 concrete slab for a potential outdoor patio, screened-in room, or enclosed workshop. Some of the updates include windows (2009), a solar tube (2020) for natural light in the kitchen, and a re-roof of the Florida room and manufactured home roof with TPO single-ply membrane (2017). There is uniform laminate flooring throughout the kitchen, dinette, and hallways. Both bedrooms have uniform gray laminate flooring. The Master bedroom has a large walk-in closet. This home is clean and appealing. The yard is nicely landscaped. The home comes unfurnished but is negotiable. The HOA fee includes; basic cable, trash pickup, water, sewer, and lawn mowing and trimming. This is a 55+ community that offers many activities and events. Here are a few of the amenities that come with your monthly fee; a courtesy bus for weekly trips to stores, banks, and the mall; fitness room, library on-site, Wi-Fi in the club house, garden plots available to grow vegetables and flowers, storage area for boats, recreational vehicles and trailers, outdoor geo-thermally heated swimming pool and enclosed therapeutic pools, men’s and women’s sauna, lighted shuffleboard courts, tennis courts (2 lighted), pickleball courts, bocce courts, softball field, card rooms in the main recreation hall, croquet, billiard room, and arts and crafts. This community also has a marina. They even have private emergency services dedicated solely to the community with EMTs that are on duty 24 hours a day, 7 days a week, 365 days of the year, including holidays. A fire truck is on-site. The gatehouse is staffed at the main entrance 24 hours a day, seven days a week. This community has access to the Chain of Lakes through Lake Harris. You are about an hour and a half or less to all major tourist destinations such as Disney World, SeaWorld, and Universal Studios. This is an AS-IS and the floor dimensions are an estimate. Community This community does not allow pets. Have a Blessed Day!!!

ⓘ 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: $2,135 · $178/mo
• Projected year-2 tax: $2,135 · $178/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 22 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: $19,165
• − Mortgage interest: −$6,156
• − Property taxes: −$2,135
• − Insurance: −$550
• − Repairs & maintenance: −$1,533
• − Management: −$1,533
• − HOA: −$4,764
• − Depreciation: −$3,197
• Taxable loss: −$703
• Est. tax savings @ 24.0%: +$169
• After-tax cash flow: $945/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 — Leesburg

• Score: 62/100
• State rank: #751
• US rank: #16429

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lake County · 364,602 people
• City population: 70,232
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 48,095
• Household income: $58,192
• Rent vs Own: 24.9% rent · 75.1% own
• Severe rent burden: 1745.0

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: Majority White (64%)
• Race & ethnicity: White 64% Black 16% Hispanic / Latino 15% Two or more races 9% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Cuban 3%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 9% · Canada, Vietnam, Jamaica
• Languages at home: 88% English-only · Spanish 10% French/Haitian/Cajun 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: ▼ -88.97%
• Current HPI: 262.1766
• Rent YoY: ▼ -0.95%
• 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

-13.3% since first listed

8 events — show timeline

• 2026-01-23 Price Changed $109,900 Stellar MLS as Distributed by MLS Grid
• 2025-11-14 Price Changed $112,900 Stellar MLS as Distributed by MLS Grid
• 2025-06-26 Price Changed $119,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-28 Price Changed $124,900 Stellar MLS as Distributed by MLS Grid
• 2025-02-05 Listed $129,000 Stellar MLS as Distributed by MLS Grid
• 2023-02-13 Sold (MLS) $116,750 Stellar MLS as Distributed by MLS Grid
• 2023-01-13 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-01-06 Listed $126,750 Stellar MLS as Distributed by MLS Grid

Property tax history

+18.3%/yr

Latest (2025): $2,135 · +1.0% YoY. Source: county tax records.