2 Gary Ave · Lake Placid, FL 33852

$89,500

2 bd · 1.0 ba · 784 sqft · Condo public records · 24 Days on market

Built 1982

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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 +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

A Once-in-a-Lifetime Opportunity in a Premier 55+ Community! Don& apos; t miss your chance to own a piece of paradise in this highly sought-after, residential-owned 55+ community. Homes like this are rarely available for sale! The price includes a share of the park, meaning YOU and your fellow residents OWN the community. You & acirc; & euro; & trade; ll have a say in important decisions and can even vote for your own board of directors & acirc; & euro; & rdquo; all of whom live right here with you. Enjoy the benefits of a low monthly fee of just $150 that covers water, sewer, lawn care, lot rent, and trash services. The community also offers a pet-friendly envir

Key facts

• Remodeled cabinetry
• Modern kitchen
• Updated subfloors

Tags

• PET FRIENDLY ENVIRONMENT
• MODERN KITCHEN
• REMODELED CABINETRY
• NEW MOHAWK REV WOOD FLOORING
• UPDATED SUBFLOORS
• OPEN CONCEPT LIVING ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $90k.

Deal economics

• At list price, monthly cash flow is $511 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 3.7% in Lake Placid — 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 68/100 on livability (#525 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: schools D+, amenities F, commute F.
• Highlands (other): math 45% / reading 43% proficiency, ranked #54 of 73 in FL (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 1488 active listings in the ZIP; 980 units permitted in Highlands County in 2024 (80 in 5+ unit buildings).
• This rent runs 31% of the median local income ($54k/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 $619 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 6→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $88,157 (1.5% below list)

Questions for the listing agent

1. 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?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.56% ✓
• Cap rate: 13.14%
• Cash-on-cash: 24.46%
• DSCR: 2.09
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.82% rent growth · sell at horizon

5-year hold

• IRR: 15.3%
• Equity multiple: 1.60×
• Total profit: $15,029
• Equity at exit: $13,345

10-year hold

• IRR: 22.4%
• Equity multiple: 2.72×
• Total profit: $43,200
• Equity at exit: $7,738

Cash invested: $25,060 (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 33852

• Rents YoY: 0.8%
• Active inventory: 1488
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,399 medium
• Mortgage (P&I): −$469
• Tax from tax record: −$88 /mo · $1,057/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $511

Break-even live

Break-even rent $753

Max offer price $89,500

Occupancy floor 58%

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: $22,375
• Closing costs: $2,685
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watersewertrashlandscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-19
   days on market $89,500 Active 24 DOM
2. 2026-06-18
   days on market $89,500 Active 23 DOM
3. 2026-06-17
   days on market $89,500 Active 22 DOM
4. 2026-06-16
   days on market $89,500 Active 21 DOM
5. 2026-06-15
   days on market $89,500 Active 20 DOM
6. 2026-06-14
   days on market $89,500 Active 18 DOM
7. 2026-06-10
   days on market $89,500 Active 15 DOM
8. 2026-06-09
   days on market $89,500 Active 14 DOM
9. 2026-06-08
   days on market $89,500 Active 13 DOM
10. 2026-06-07
    days on market $89,500 Active 12 DOM
11. 2026-06-02
    days on market $89,500 Active 7 DOM
12. 2026-06-01
    days on market $89,500 Active 6 DOM
13. 2026-05-31
    days on market $89,500 Active 5 DOM
14. 2026-05-30
    days on market $89,500 Active 4 DOM
15. 2026-05-26
    listed $89,500 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: $1,057 · $88/mo
• Projected year-2 tax: $1,057 · $88/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 5/10 Major
• 🌡 Heat 8/10 Severe 6 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,791
• − Mortgage interest: −$5,013
• − Property taxes: −$1,057
• − Insurance: −$448
• − Repairs & maintenance: −$1,343
• − Management: −$1,343
• − Depreciation: −$2,604
• Taxable income: $4,984
• Est. tax owed @ 24.0%: −$1,196
• After-tax cash flow: $4,933/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: Highlands
• NCES district ID: 1200840
• Math proficiency: 45% ▼ -7.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $35,276
• Composite: 36.42/100
• National rank: #4672
• State rank: #54 of 73 in FL

Livability — Lake Placid

• Score: 68/100
• State rank: #525
• US rank: #9813

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Highlands County · 98,898 people
• City population: 22,600
• Metro: Sebring-Avon Park, FL
• Population (ZIP): 22,600
• Household income: $54,284
• Rent vs Own: 18.6% rent · 81.4% own
• Severe rent burden: 439.0

Population outlook (Highlands County) Hauer SSP2

• Today (2025): 99,674 people
• By 2030: 99,615 · -0.1%
• By 2040: 99,342 · -0.3%
• By 2050: 98,242 · -1.4%
• By 2075: 93,291 · -6.4%
• By 2100: 79,894 · -19.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 22% Two or more races 11% Black 6% Asian 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 3% Cuban 3%
• Common ancestry: Lithuanian 2% Slovak 2% Iranian 1%
• Foreign-born: 14% · Canada, Dominican Republic
• Languages at home: 79% English-only · Spanish 19% Tagalog/Filipino 1%

Political lean MEDSL · Highlands

• 2024 margin: Solid R (+40.8) · D 29.3% · R 70.1%
• 2008→2024 swing: -22.7pp toward R · 2008: -18.1pp · 2024: -40.8pp
• All cycles: 2024: R+40.8 2020: R+34.4 2016: R+32.0 2012: R+23.0 2008: R+18.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.31%
• Current HPI: 224.8693
• Rent YoY: ▲ 0.82%
• Metro: Sebring-Avon Park, 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

• 2026-05-26 Listed $89,500 FSBO.com

Property tax history

+22.6%/yr

Latest (2025): $1,057 · +318.7% YoY. Source: county tax records.