132 Tamarisk Way · Leesburg, FL 34748

$109,000

2 bd · 2.0 ba · 1,152 sqft · Condo public records · 18 Days on market

Built 1975 $397/mo HOA · 25% 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 +21.2/30.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 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

Welcome to this beautiful home located on desirable Tamarisk Way, a quiet private street that ends in a peaceful cul-de-sac. Nestled against a serene, wooded backdrop, this charming residence offers privacy, comfort, and picturesque natural views. Step inside and enjoy the bright and cheerful front Florida room, where large windows fill the space with natural light and provide lovely views of the surrounding landscape. The home’s inviting layout continues with a breezy screened-in porch, perfect for relaxing with your morning coffee or enjoying Florida’s beautiful weather year-round. The fully equipped kitchen features ample cabinetry and a convenient eating nook, creating a war

Key facts

• Wooded backdrop
• Screened-in porch
• Florida room

Tags

• CUL-DE-SAC
• WOODED BACKDROP
• FLORIDA ROOM
• SCREENED-IN PORCH
• FULLY EQUIPPED KITCHEN
• EATING NOOK

Property features AI

Finance

• Financial info: Total annual fees $4,764
• HOA & community: Has HOA (Hawthorne Residents Cooperative Association); Monthly HOA fee $397; HOA fee includes cable TV, pool, grounds maintenance, management, private road, recreational facilities, sewer, water; Community amenities: clubhouse, fitness center, pool, tennis courts, pickleball courts, shuffleboard, spa/hot tub, sauna, trails, recreation facilities, storage, gated, street lights, wheelchair access, handicap modified access, special community restrictions, golf carts OK; Senior community; Pets not allowed

Exterior

• Parking: Carport (1 space)
• Utilities: Private water; Private sewer; Broadband/High-speed internet available; Cable connected; Electricity connected; Phone available; Fire hydrant; Sewer connected; Underground utilities; Water connected
• Home design: Residential mobile home (double wide); One level; Faces north
• Construction: Metal frame and frame construction; Roof over; Crawlspace foundation; Built as a double wide mobile home
• Exterior features: Exterior lighting; Private mailbox; Storage

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Exhaust fan; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Built-in features; Ceiling fans; Eat-in kitchen; Living/Dining area; Thermostat; Window treatments
• Laundry & utility: Laundry room; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $109k.

Deal economics

• At list price, monthly cash flow is $158 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Recommended offer: $107k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 4.5% 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: schools D+, crime 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: Rents soft (-0.9%/yr); 783 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 $754 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 18 days — a 2% lower offer ($107k) is reasonable based on typical stale-listing flexibility.

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 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $107,365 (1.5% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.47% ✓
• Cap rate: 8.03%
• Cash-on-cash: 6.21%
• DSCR: 1.28
• 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: -11.3%
• Equity multiple: 0.61×
• Total profit: $-12,050
• Equity at exit: $16,252

10-year hold

• IRR: -9.6%
• Equity multiple: 0.52×
• Total profit: $-14,663
• Equity at exit: $9,424

Cash invested: $30,520 (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: 783
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,597 medium
• Mortgage (P&I): −$572
• Tax from tax record: −$90 /mo · $1,078/yr
• Insurance: −$45
• HOA: −$397
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $158

Break-even live

Break-even rent $1,397

Max offer price $109,000

Occupancy floor 85%

Sensitivity live

Price	-10% $220	-5% $189	+0% $158	+5% $127	+10% $96
Rent	-10% $32	-5% $95	+0% $158	+5% $221	+10% $284
Rate	-1.0pp $213	-0.5pp $186	base $158	+0.5pp $130	+1.0pp $101

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: $27,250
• Closing costs: $3,270
• 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	5d	1	1.42mi

HOA detail condo

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

Listing history 13 events

1. 2026-06-18
   days on market $109,000 Active 18 DOM
2. 2026-06-17
   days on market $109,000 Active 17 DOM
3. 2026-06-16
   days on market $109,000 Active 16 DOM
4. 2026-06-15
   days on market $109,000 Active 15 DOM
5. 2026-06-13
   days on market $109,000 Active 13 DOM
6. 2026-06-09
   days on market $109,000 Active 9 DOM
7. 2026-06-08
   days on market $109,000 Active 8 DOM
8. 2026-06-07
   days on market $109,000 Active 7 DOM
9. 2026-06-04
   days on market $109,000 Active 4 DOM
10. 2026-06-03
    days on market $109,000 Active 3 DOM
11. 2026-06-02
    days on market $109,000 Active 2 DOM
12. 2026-06-01
    remarks 687-char remark
13. 2026-06-01
    listed $109,000 Active 1 DOM

ⓘ 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: $1,078 · $90/mo
• Projected year-2 tax: $1,078 · $90/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 6 d/yr ≥108°F today · 17 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: −$6,106
• − Property taxes: −$1,078
• − Insurance: −$545
• − Repairs & maintenance: −$1,533
• − Management: −$1,533
• − HOA: −$4,764
• − Depreciation: −$3,171
• Taxable income: $435
• Est. tax owed @ 24.0%: −$104
• After-tax cash flow: $1,790/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

1 event — show timeline

• 2026-05-31 Listed $109,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+13.7%/yr

Latest (2025): $1,078 · +3.4% YoY. Source: county tax records.