1228 Palmetto Dr · Lady Lake, FL 32159

$225,000

2 bd · 2.0 ba · 1,469 sqft · Manufactured public records · 51 Days on market

Built 1989 6,331 sqft lot Est $214k · at est. $204/mo HOA · 10% of rent

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Why this score? — see what drove the D 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 +14.4/30.0
• ARV discount +5.3/15.0
• DSCR +4.4/10.0
• Schools +4.2/10.0
• 1% rule +3.8/10.0
• Rent growth +3.5/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well landscaped corner lot with a view of the golf course. Oversized carport plus Golf cart garage. Enclosed lanai, volume ceilings, laminate floors, and ceiling fans. Home is partly furnished including 2 TV's. Roof was redone in 2005. Appliances (cont)are recently upgraded. This is a very quiet part of The Villages with plenty of space between homes. There is a golf cart also available for $3,500.

Key facts

• Laminate flooring
• Covered carport
• Corner lot

Tags

• CORNER LOT
• PAINTED DOUBLE DRIVEWAY
• COVERED CARPORT
• LAMINATE FLOORING
• BREAKFAST BAR
• NEW STAINLESS-STEEL STOVE

Property features AI

Finance

• Other: Turnkey furnished; Homestead-exempt; No lease restrictions; Zoned MX-8
• Financial info: Total monthly community fees: $204 (total annual fees $2,448)
• HOA & community: Community pool; Deed-restricted community; Golf and golf cart–friendly; Community irrigation with reclaimed water; Community recreational facilities (basketball court, fitness center, pickleball, racquetball, shuffleboard, spa/hot tub)

Exterior

• Parking: Driveway; Carport with 2 spaces
• Utilities: Public water; Public sewer; Electricity available and connected; Phone available; Broadband/high-speed internet available; Water and sewer connected
• Home design: Manufactured double-wide home; Single-story (one level); Faces East
• Construction: Vinyl siding and frame construction; Shingle roof; Pillar/post/pier foundation; Built as a manufactured home
• Exterior features: Patio; Awnings; Rain gutters; Sliding doors; Trees and landscaped yard; Paved road access

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; Solid surface countertops; Vaulted ceilings; Walk-in closets; Window treatments (blinds, drapes)
• Laundry & utility: Washer; Dryer; Laundry room (outside)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $225k.

Deal economics

• At list price, monthly cash flow is $47 ($558/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (11.6% below list).
• Recommended offer: $199k (11.6% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.1% in Lady Lake — 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 69/100 on livability (#457 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: employment D, amenities F, commute 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.
• Zoned schools: The Villages Elementary of Lady Lake School (math 63% / reading 61%, grade B, #608 of 2,144 statewide, top 29%, 761 students, 61% FRL); Carver Middle School (math 41% / reading 41%, grade F, #353 of 571 statewide, top 63%, 837 students, 65% FRL); Leesburg High School (math 24% / reading 32%, grade F, #464 of 667 statewide, top 70%, 1,641 students, 58% FRL).
• Market conditions: Rents rising fast (+4.0%/yr); 586 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• This rent runs 41% of the median local income ($59k/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 $2k of loan paydown is wiped out by about $7k 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 51 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $161k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $198,800 (11.6% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.88% ✗
• Cap rate: 6.54%
• Cash-on-cash: 0.89%
• DSCR: 1.04
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $214,474
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
708 Tangerine Dr	0.38mi	2/2.0	1,446 (-2%)	8mo	$285,000	$197	73
1335 E Schwartz Blvd	0.19mi	2/2.0	1,342 (-9%)	6mo	$160,000	$119	71
705 Devon Dr	0.37mi	2/2.0	1,654 (+13%)	0mo	$242,000	$146	61
615 Tracy Dr	0.35mi	2/2.0	1,270 (-14%)	3mo	$197,500	$156	59
1613 Bay Meadows Ln	0.67mi	2/2.0	1,384 (-6%)	4mo	$225,000	$163	56
727 Turnberry Ln	0.52mi	2/2.0	1,576 (+7%)	12mo	$165,000	$105	54
1004 Ann Ave	0.42mi	2/2.0	1,248 (-15%)	6mo	$80,000	$64	51

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.03% rent growth · sell at horizon

5-year hold

• IRR: -13.8%
• Equity multiple: 0.50×
• Total profit: $-31,403
• Equity at exit: $33,548

10-year hold

• IRR: -3.4%
• Equity multiple: 0.77×
• Total profit: $-14,763
• Equity at exit: $19,454

Cash invested: $63,000 (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 32159

• Home prices YoY: -16.0%
• Rents YoY: 4.0%
• Active inventory: 586
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,988 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$46 /mo · $556/yr
• Insurance: −$94
• HOA: −$204
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $47

Break-even live

Break-even rent $1,929

Max offer price $225,000

Occupancy floor 93%

Sensitivity live

Price	-10% $174	-5% $110	+0% $47	+5% $-17	+10% $-81
Rent	-10% $-111	-5% $-32	+0% $47	+5% $125	+10% $204
Rate	-1.0pp $160	-0.5pp $104	base $47	+0.5pp $-12	+1.0pp $-71

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1222 Palmetto Dr Lady Lake, FL	2.0	2.0	1248	$1,700	$1.36	25d	1	0.07mi
640 Rainbow Blvd Lady Lake, FL	2.0	2.0	1600	$1,900	$1.19	25d	1	0.25mi
602 Jason Dr Lady Lake, FL	3.0	2.0	1726	$1,650	$0.96	25d	1	0.30mi
703 Royal Palm Ave Lady Lake, FL	3.0	2.0	1730	$2,600	$1.50	23d	1	0.30mi
1214 Dustin Dr Lady Lake, FL	2.0	2.0	1040	$1,400	$1.35	25d	1	0.32mi
617 Webb Way Lady Lake, FL	2.0	2.0	1542	$3,000	$1.95	25d	1	0.37mi
508 Tarrson Blvd Unit 1525263P Lady Lake, FL	2.0	2.0	1011	$1,262	$1.25	14d	1	0.49mi
739 Heathrow Ave Lady Lake, FL	2.0	2.0	1040	$2,250	$2.16	4d	1	0.60mi
1540 Hillcrest Dr Lady Lake, FL	2.0	2.0	1200	$1,600	$1.33	25d	1	0.67mi
1824 Marion County Rd Weirsdale, FL	2.0	2.0	1064	$1,500	$1.41	25d	1	0.73mi
1715 Pebble Beach Ln Lady Lake, FL	2.0	2.0	1040	$3,500	$3.37	25d	1	0.84mi
1614 Kiley Ct Unit 1545709P Lady Lake, FL	2.0	2.0	1593	$3,452	$2.17	18d	1	1.04mi
710 Cortez Ave Lady Lake, FL	2.0	2.0	1564	$2,500	$1.60	25d	1	1.09mi
909 Orchid St Lady Lake, FL	2.0	1.0	936	$1,600	$1.71	25d	1	1.09mi
715 Hudson Ln Lady Lake, FL	3.0	2.0	1392	$2,700	$1.94	25d	1	1.11mi
1430 W Schwartz Blvd Lady Lake, FL	2.0	2.0	1377	$2,500	$1.82	25d	1	1.15mi
932 Chula Ct Lady Lake, FL	2.0	2.0	1346	$3,000	$2.23	5d	1	1.15mi
1401 W Schwartz Blvd Lady Lake, FL	2.0	2.0	1552	$1,999	$1.29	25d	1	1.24mi
1532 W Schwartz Blvd Lady Lake, FL	2.0	2.0	1092	$2,950	$2.70	25d	1	1.25mi
943 Mendoza Blvd Lady Lake, FL	2.0	2.0	1268	$5,800	$4.57	25d	1	1.25mi
1314 Corona Ave Lady Lake, FL	2.0	2.0	1656	$2,500	$1.51	23d	1	1.43mi
1304 Santa Rosa Ct Lady Lake, FL	2.0	2.0	1286	$4,500	$3.50	23d	1	1.46mi

HOA detail

• Monthly dues: $204 · $2,448/yr

Listing history 24 events

1. 2026-06-21
   days on market $225,000 Active 51 DOM
2. 2026-06-18
   days on market $225,000 Active 48 DOM
3. 2026-06-17
   days on market $225,000 Active 47 DOM
4. 2026-06-16
   days on market $225,000 Active 46 DOM
5. 2026-06-15
   days on market $225,000 Active 45 DOM
6. 2026-06-13
   days on market $225,000 Active 43 DOM
7. 2026-06-09
   days on market $225,000 Active 39 DOM
8. 2026-06-08
   days on market $225,000 Active 38 DOM
9. 2026-06-07
   days on market $225,000 Active 37 DOM
10. 2026-06-04
    days on market $225,000 Active 34 DOM
11. 2026-06-03
    days on market $225,000 Active 33 DOM
12. 2026-06-02
    days on market $225,000 Active 32 DOM
13. 2026-06-01
    days on market $225,000 Active 31 DOM
14. 2026-05-31
    days on market $225,000 Active 30 DOM
15. 2026-05-01
    listed $225,000 Active
16. 2007-02-22
    soldstatus $161,000 401-char remark

    Show marketing remark (401 chars)

    Well landscaped corner lot with a view of the golf course. Oversized carport plus Golf cart garage. Enclosed lanai, volume ceilings, laminate floors, and ceiling fans. Home is partly furnished including 2 TV's. Roof was redone in 2005. Appliances (cont)are recently upgraded. This is a very quiet part of The Villages with plenty of space between homes. There is a golf cart also available for $3,500.

17. 2006-12-13
    soldstatus $161,000
18. 2006-10-19
    listed $169,900 401-char remark

    Show marketing remark (401 chars)

    Well landscaped corner lot with a view of the golf course. Oversized carport plus Golf cart garage. Enclosed lanai, volume ceilings, laminate floors, and ceiling fans. Home is partly furnished including 2 TV's. Roof was redone in 2005. Appliances (cont)are recently upgraded. This is a very quiet part of The Villages with plenty of space between homes. There is a golf cart also available for $3,500.

19. 2005-06-28
    soldstatus $146,000
20. 2002-11-22
    soldstatus $119,900
21. 2002-05-08
    soldstatus $105,000
22. 2002-03-05
    soldstatus $103,000
23. 2000-06-16
    soldstatus $79,000
24. 1995-03-02
    soldstatus $62,000

ⓘ 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: $556 · $46/mo
• Projected year-2 tax: $1,868 · $156/mo
• Expected delta: +$1,312/yr (+$109/mo · 236.1%)

ⓘ 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 9/10 Extreme 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,856
• − Mortgage interest: −$12,603
• − Property taxes: −$556
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,908
• − Management: −$1,908
• − HOA: −$2,448
• − Depreciation: −$6,545
• Taxable loss: −$3,239
• Est. tax savings @ 24.0%: +$777
• After-tax cash flow: $1,336/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 — Lady Lake

• Score: 69/100
• State rank: #457
• US rank: #8302

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lady Lake, FL
• County: Lake County · 364,602 people
• City population: 32,107
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 32,107
• Household income: $58,518
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 1047.0

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 6% Two or more races 5% Black 4% Asian 1%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 3%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 4% German/W. Germanic 1% Other Indo-European 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: ▼ -45.24%
• Current HPI: 237.6208
• Rent YoY: ▲ 4.03%
• 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

+262.9% since first listed

10 events — show timeline

• 2026-05-01 Listed $225,000 Stellar MLS as Distributed by MLS Grid
• 2007-02-22 Sold (MLS) $161,000 Stellar MLS as Distributed by MLS Grid
• 2006-12-13 Sold (Public Records) $161,000 Public Records
• 2006-10-19 Listed $169,900 Stellar MLS as Distributed by MLS Grid
• 2005-06-28 Sold (Public Records) $146,000 Public Records
• 2002-11-22 Sold (Public Records) $119,900 Public Records
• 2002-05-08 Sold (Public Records) $105,000 Public Records
• 2002-03-05 Sold (Public Records) $103,000 Public Records
• 2000-06-16 Sold (Public Records) $79,000 Public Records
• 1995-03-02 Sold (Public Records) $62,000 Public Records

Property tax history

-7.5%/yr

Latest (2025): $556 · +79.8% YoY. Source: county tax records.