104 Dogwood Trl

Leesburg, FL 34748

$129,900D

2 bd · 2.0 ba · 1,152 sqft · Built 1974 · Condo · Active · 120 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,492/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$129
• HOA: −$397
• Vac / Maint / Mgmt: −$313
• Net cashflow: $-28/mo
• Annual: $-340/yr
• Cap rate: 6.03%
• Cash-on-cash: -0.94%
• DSCR: 0.96
• 1% rule: 1.15%
• Cash to close: $36,372

Investor read

• This is a 2-bed/2.0-bath condo listed at $130k.
• At list price, monthly cash flow is $-28 ($-340/yr) — negative.
• To cash-flow at today's rent, offer at most $125k (3.9% below list).
• Meets the 1% rule at list price ($1k rent vs $130k).
• It's been on market 120 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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.
• Watch-outs: HOA is 27% of rent.
• Market conditions: Rents soft (-0.9%/yr); 783 active listings in the ZIP; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• 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.
• Cap rate 6.0% 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.
• This rent runs 31% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?