149 Royal Palm Dr · Leesburg, FL 34748

$139,000

2 bd · 2.0 ba · 1,440 sqft · Condo public records · 470 Days on market

Built 1978 $397/mo HOA · 20% of rent ↓ 7% since listing

---

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 +24.1/30.0
• 1% rule +9.2/10.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 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

One or more photo(s) has been virtually staged. This stunning, newly updated home offers both modern comfort and structural peace of mind. Recently upgraded with top-tier anchoring, including galvanized anchors, straps, beam clamps, and stabilizer plates, this home stands securely at standard height. Lateral and longitudinal wind stabilizing devices (LSDs) and tie-downs have been expertly installed to enhance stability, while all piers have been corrected, tightened, and reinforced with any damaged blocks replaced—bringing the home fully up to code for insurance compliance. For added efficiency and safety, a brand-new main electrical panel has been installed outside by the electric me

Key facts

• Walk-in closets
• Built-in cabinets
• Newly updated home

Tags

• NEWLY UPDATED HOME
• NEW MAIN ELECTRICAL PANEL
• NEW VINYL FLOORING
• WALK-IN CLOSETS
• LARGE LAUNDRY ROOM
• BUILT-IN CABINETS

Property features AI

Finance

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

Exterior

• Parking: Carport with 1 space; Detached/onsite parking (carport)
• Utilities: Private water; Private sewer; Electricity connected
• Home design: Manufactured double-wide home; Single-story; East-facing
• Construction: Vinyl siding over frame construction; Membrane roof; Built on crawlspace
• Exterior features: Awnings; Rain gutters; Asphalt road access

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Crawlspace foundation
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Walk-in closet(s); Window treatments
• Laundry & utility: Outdoor laundry area

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $139k.

Deal economics

• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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); 797 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• This rent runs 41% 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 $961 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.

Negotiation context

• It's been on market 470 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 470 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 1978 — 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: 1.42% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.44%
• DSCR: 1.38
• GRM: 5.9

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: -7.7%
• Equity multiple: 0.73×
• Total profit: $-10,640
• Equity at exit: $20,725

10-year hold

• IRR: -3.8%
• Equity multiple: 0.79×
• Total profit: $-8,194
• Equity at exit: $12,018

Cash invested: $38,920 (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: 797
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,968 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$97 /mo · $1,165/yr
• Insurance: −$58
• HOA: −$397
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $274

Break-even live

Break-even rent $1,621

Max offer price $139,000

Occupancy floor 81%

Sensitivity live

Price	-10% $352	-5% $313	+0% $274	+5% $234	+10% $195
Rent	-10% $118	-5% $196	+0% $274	+5% $351	+10% $429
Rate	-1.0pp $344	-0.5pp $309	base $274	+0.5pp $238	+1.0pp $201

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6015 Nightjar Ct Okahumpka, FL	3.0	2.0	1725	$2,495	$1.45	12d	1	0.47mi
5440 Rosewall Cir Leesburg, FL	2.0	2.0	1200	$1,950	$1.62	5d	1	1.30mi

HOA detail condo

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

Listing history 18 events

1. 2026-06-21
   days on market $139,000 Active 470 DOM
2. 2026-06-18
   days on market $139,000 Active 467 DOM
3. 2026-06-17
   days on market $139,000 Active 466 DOM
4. 2026-06-16
   days on market $139,000 Active 465 DOM
5. 2026-06-15
   days on market $139,000 Active 464 DOM
6. 2026-06-13
   days on market $139,000 Active 462 DOM
7. 2026-06-09
   days on market $139,000 Active 458 DOM
8. 2026-06-08
   days on market $139,000 Active 457 DOM
9. 2026-06-07
   days on market $139,000 Active 456 DOM
10. 2026-06-04
    days on market $139,000 Active 453 DOM
11. 2026-06-03
    days on market $139,000 Active 452 DOM
12. 2026-06-02
    days on market $139,000 Active 451 DOM
13. 2026-06-02
    days on market $139,000 Active 450 DOM
14. 2026-05-31
    days on market $139,000 Active 449 DOM
15. 2025-09-03
    status Active
16. 2025-08-20
    status Pending
17. 2025-08-06
    price $139,000
18. 2025-02-22
    listed $149,000 Active

ⓘ 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: $1,165 · $97/mo
• Projected year-2 tax: $1,165 · $97/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 · 19 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: $23,613
• − Mortgage interest: −$7,786
• − Property taxes: −$1,165
• − Insurance: −$695
• − Repairs & maintenance: −$1,889
• − Management: −$1,889
• − HOA: −$4,764
• − Depreciation: −$4,044
• Taxable income: $1,381
• Est. tax owed @ 24.0%: −$331
• After-tax cash flow: $2,951/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

-6.7% since first listed

4 events — show timeline

• 2025-09-03 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-08-20 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-08-06 Price Changed $139,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-22 Listed $149,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+12.8%/yr

Latest (2025): $1,165 · +3.1% YoY. Source: county tax records.