171 Paradise N · Leesburg, FL 34788

$65,000

3 bd · 2.0 ba · 1,344 sqft · Condo public records · 37 Days on market

Built 1973 $235/mo HOA · 11% of rent

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

Listing remarks

Opportunity meets location in this spacious home nestled in an established Leesburg community full of charm and potential. With solid square footage, a functional layout, and a great neighborhood feel, this property is perfect for buyers looking to customize a home to their own style or investors searching for their next project. Conveniently located near shopping, dining, parks, and major roadways, the value here is truly in the location, lot, and possibilities. Bring your vision and unlock the potential this home has to offer.

Key facts

• Near dining
• Near shopping
• Leesburg community

Tags

• LEESBURG COMMUNITY
• NEAR SHOPPING
• NEAR DINING
• NEAR PARKS
• NEAR MAJOR ROADWAYS

Property features AI

Finance

• Other: Unfurnished; Directions available
• Financial info: Total annual association fees $2,820; Lease restrictions apply
• HOA & community: HOA present (monthly fee $235) — fee includes cable TV, internet, pool, maintenance of grounds, recreational facilities, sewer; Association approval required; Seniority community; Pets not allowed; Community clubhouse, pool, sidewalks, community mailbox, deed restrictions

Exterior

• Parking: Carport (1 space)
• Utilities: Public water; Public sewer; Electricity connected; Water connected
• Home design: Residential mobile home (double wide); One story; Faces north; Entry on one level
• Construction: Metal frame and wood frame construction with vinyl siding; Metal roof; Crawlspace foundation; Built on double wide mobile home structure
• Exterior features: Awning(s); French doors; Exterior lighting; Exterior storage; Corner lot; Asphalt road access

Interior

• Kitchen: Cooktop; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air; Wall/window unit(s)
• Interior features: Ceiling fans; Split-bedroom layout; Wood-burning fireplace
• Laundry & utility: Laundry room; Irrigation equipment

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $65k.

Deal economics

• At list price, monthly cash flow is $914 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.2% 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: 285 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• At $2,045/mo this rent would consume 45% 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 $449 of loan paydown is wiped out by about $2k 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 $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y ago 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.

Risks & watch-outs

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

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 3.15% ✓
• Cap rate: 23.17%
• Cash-on-cash: 60.26%
• DSCR: 3.68
• GRM: 2.6

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: 59.1%
• Equity multiple: 3.63×
• Total profit: $47,867
• Equity at exit: $9,692

10-year hold

• IRR: 63.9%
• Equity multiple: 7.45×
• Total profit: $117,396
• Equity at exit: $5,620

Cash invested: $18,200 (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: 2.6×

Monthly cashflow live

• Estimated rent: $2,045 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$99 /mo · $1,184/yr
• Insurance: −$27
• HOA: −$235
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $914

Break-even live

Break-even rent $888

Max offer price $65,000

Occupancy floor 50%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32818 Lake Square Ct #10 Leesburg, FL	2.0	1.0	912	$1,200	$1.32	24d	1	0.73mi
32635 Vista Ave Leesburg, FL	3.0	2.0	1159	$1,950	$1.68	24d	1	0.81mi
32629 Vista Ave Leesburg, FL	3.0	2.0	1700	$1,950	$1.15	15d	1	0.81mi
32629 Vista Ave Leesburg, FL	3.0	2.0	1500	$1,850	$1.23	18d	1	0.81mi

HOA detail condo

• Monthly dues: $235 · $2,820/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-18
   days on market $65,000 Active 37 DOM
2. 2026-06-17
   days on market $65,000 Active 36 DOM
3. 2026-06-16
   days on market $65,000 Active 35 DOM
4. 2026-06-15
   days on market $65,000 Active 34 DOM
5. 2026-06-13
   days on market $65,000 Active 32 DOM
6. 2026-06-09
   days on market $65,000 Active 28 DOM
7. 2026-06-08
   days on market $65,000 Active 27 DOM
8. 2026-06-07
   days on market $65,000 Active 26 DOM
9. 2026-06-04
   days on market $65,000 Active 23 DOM
10. 2026-06-03
    days on market $65,000 Active 22 DOM
11. 2026-06-02
    days on market $65,000 Active 21 DOM
12. 2026-06-01
    days on market $65,000 Active 20 DOM
13. 2026-05-31
    days on market $65,000 Active 19 DOM
14. 2026-05-12
    listed $65,000 Active
15. 2025-06-03
    historical
16. 2025-04-05
    price $67,500
17. 2025-03-18
    price $75,000
18. 2025-02-21
    price $85,000
19. 2025-01-13
    listed $96,000 Active
20. 2024-12-20
    historical
21. 2024-08-28
    listed $95,000 Active
22. 2021-06-23
    soldstatus $65,000 Closed
23. 2021-04-20
    status Pending
24. 2021-04-01
    status Active
25. 2021-03-24
    status Pending
26. 2021-03-01
    price $65,000
27. 2021-02-11
    listed $75,000 Active
28. 2007-02-28
    soldstatus $63,500
29. 2006-12-11
    listed $64,900

ⓘ 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: $1,184 · $99/mo
• Projected year-2 tax: $1,184 · $99/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 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 21 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: $24,541
• − Mortgage interest: −$3,641
• − Property taxes: −$1,184
• − Insurance: −$325
• − Repairs & maintenance: −$1,963
• − Management: −$1,963
• − HOA: −$2,820
• − Depreciation: −$1,891
• Taxable income: $10,754
• Est. tax owed @ 24.0%: −$2,581
• After-tax cash flow: $8,387/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): 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

+0.2% since first listed

16 events — show timeline

• 2026-05-12 Listed $65,000 Stellar MLS as Distributed by MLS Grid
• 2025-06-03 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-04-05 Price Changed $67,500 Stellar MLS as Distributed by MLS Grid
• 2025-03-18 Price Changed $75,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-21 Price Changed $85,000 Stellar MLS as Distributed by MLS Grid
• 2025-01-13 Listed $96,000 Stellar MLS as Distributed by MLS Grid
• 2024-12-20 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-08-28 Listed $95,000 Stellar MLS as Distributed by MLS Grid
• 2021-06-23 Sold (MLS) $65,000 Stellar MLS as Distributed by MLS Grid
• 2021-04-20 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-04-01 Relisted — Stellar MLS as Distributed by MLS Grid
• 2021-03-24 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-03-01 Price Changed $65,000 Stellar MLS as Distributed by MLS Grid
• 2021-02-11 Listed $75,000 Stellar MLS as Distributed by MLS Grid
• 2007-02-28 Sold (MLS) $63,500 Stellar MLS as Distributed by MLS Grid
• 2006-12-11 Listed $64,900 Stellar MLS as Distributed by MLS Grid

Property tax history

+15.7%/yr

Latest (2025): $1,184 · +2.8% YoY. Source: county tax records.