1615 N Wardell St · Mount Dora, FL 32757

$224,000

3 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 33 Days on market

Built 1985 0.56 ac lot Est $290k · 23% under

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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 +17.0/30.0
• ARV discount +15.0/15.0
• DSCR +5.3/10.0
• 1% rule +4.6/10.0
• Schools +4.2/10.0
• Livability +3.8/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Under contract-accepting backup offers. This well-located 4-bedroom, 2-bath home offers the perfect blend of convenience, lifestyle, and Florida charm. Situated just steps from the Frank Brown Sports Center, it’s an ideal setting for active living and community enjoyment. The property is minutes from the heart of downtown Mount Dora, known for its vibrant atmosphere, boutique shopping, renowned dining, and year-round festivals. Everyday essentials are close at hand with easy access to shopping, dining, and medical facilities. Outdoor enthusiasts will appreciate being just minutes from the highly sought-after Chain of Lakes, offering endless opportunities for boating, fishing, and wate

Key facts

• Close to dining
• Close to shopping
• 0.56 acre lot

Tags

• CLOSE TO SHOPPING
• CLOSE TO DINING
• CLOSE TO MEDICAL FACILITIES
• MINUTES FROM CHAIN OF LAKES
• OPPORTUNITIES FOR BOATING
• OPPORTUNITIES FOR FISHING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $224k.

Deal economics

• At list price, monthly cash flow is $153 ($2k/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 $214k (4.3% below list).
• Recommended offer: $214k (4.3% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 3.3% in Mount Dora — 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 75/100 on livability (#244 in FL, #3,860 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime A, housing 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: Triangle Elementary School (math 41% / reading 33%, grade F, #1,609 of 2,144 statewide, top 77%, 783 students, 64% FRL); Mt. Dora High School (math 32% / reading 46%, grade F, #312 of 667 statewide, top 48%, 1,334 students, 38% FRL) — zoned schools at 51% FRL track the district average.
• Market conditions: Rents flat; 643 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• This rent runs 33% of the median local income ($77k/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 33 days — a 3% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $89k; list at $224k implies a 152% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $214,390 (4.3% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.96% ✗
• Cap rate: 7.11%
• Cash-on-cash: 2.93%
• DSCR: 1.13
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $290,304
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1004 E 9th Ave	0.56mi	3/1.0	1,304 (+13%)	10mo	$224,000	$172	44
1925 Highland Park Blvd	0.58mi	3/1.0	1,012 (-12%)	23mo	$255,000	$252	33
630 E 8th Ave	0.75mi	2/2.0 (-1)	1,294 (+12%)	15mo	$455,000	$352	24

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 · 0.55% rent growth · sell at horizon

5-year hold

• IRR: -14.4%
• Equity multiple: 0.50×
• Total profit: $-31,672
• Equity at exit: $33,399

10-year hold

• IRR: -10.3%
• Equity multiple: 0.44×
• Total profit: $-35,058
• Equity at exit: $19,367

Cash invested: $62,720 (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 32757

• Home prices YoY: -34.5%
• Rents YoY: 0.6%
• Active inventory: 643
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,144 high
• Mortgage (P&I): −$1,175
• Tax from tax record: −$272 /mo · $3,270/yr
• Insurance: −$93
• HOA: −$0
• Vacancy / Maint / Mgmt: −$450
• Net cashflow: $153

Break-even live

Break-even rent $1,950

Max offer price $224,000

Occupancy floor 88%

Sensitivity live

Price	-10% $280	-5% $217	+0% $153	+5% $90	+10% $26
Rent	-10% $-16	-5% $69	+0% $153	+5% $238	+10% $323
Rate	-1.0pp $266	-0.5pp $210	base $153	+0.5pp $95	+1.0pp $36

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: $56,000
• Closing costs: $6,720
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1127 E 11th Ave Mount Dora, FL	3.0	2.0	1226	$2,600	$2.12	25d	1	0.39mi
1006 E 11th Ave Mount Dora, FL	2.0	2.0	1390	$2,500	$1.80	16d	1	0.48mi
2280 Waterfall Ct Unit 4-302 Mt Dora, FL	2.0	2.0	1305	$1,795	$1.38	19d	1	0.55mi
502 N Simpson St Mount Dora, FL	2.0	2.0	1106	$1,785	$1.61	23d	1	0.74mi
501 N Simpson St Mount Dora, FL	2.0	2.0	960	$1,700	$1.77	25d	1	0.75mi
1422 N Tremain St Unit 1422 Mt Dora, FL	2.0	1.5	750	$2,000	$2.67	25d	1	0.77mi
949 N Grandview St Mount Dora, FL	3.0	1.0	1172	$2,100	$1.79	5d	1	0.78mi
1423 N Tremain St Mount Dora, FL	3.0	2.0	1096	$1,745	$1.59	25d	1	0.80mi
2507 Koji ST Mt Dora, FL	1.0–3.0	1.0–2.0	961	$2,759	$2.87	3d	9	0.83mi
401 E 9th Ave Mount Dora, FL	2.0	1.5	984	$2,800	$2.85	25d	1	0.84mi
316 N Simpson St Unit 318 Mt Dora, FL	2.0	2.0	1015	$1,495	$1.47	25d	1	0.84mi
1019 N Tremain St Unit 1017 Mt Dora, FL	2.0	2.0	1344	$1,499	$1.12	25d	1	0.87mi
1017 E 1st Ave Mt Dora, FL	2.0	1.0	757	$1,750	$2.31	25d	1	1.00mi
155 Veranda Way Mount Dora, FL	1.0–2.0	1.0–2.0	785	$1,748	$2.23	3d	12	1.00mi
229 E 6th Ave Mount Dora, FL	2.0	1.0	1168	$4,200	$3.60	25d	1	1.02mi
31850 Sailor LOOP Mt Dora, FL	2.0	1.0	877	$1,474	$1.68	6d	4	1.06mi
101 N Grandview St #203 Mount Dora, FL	2.0	2.0	1163	$1,700	$1.46	25d	1	1.15mi
225 E 3rd Ave Mt Dora, FL	2.0	1.5	1066	$1,800	$1.69	25d	1	1.16mi
511 S Simpson St Mount Dora, FL	4.0	2.0	1456	$2,075	$1.43	6d	1	1.28mi

Listing history 5 events

1. 2026-02-23
   status Pending
2. 2026-01-21
   listed $224,000 Active
3. 2012-04-04
   soldstatus $89,000
4. 1998-02-27
   soldstatus $22,000
5. 1997-09-25
   soldstatus $15,000

ⓘ 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: $3,270 · $272/mo
• Projected year-2 tax: $3,270 · $272/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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 22 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: $25,727
• − Mortgage interest: −$12,547
• − Property taxes: −$3,270
• − Insurance: −$1,120
• − Repairs & maintenance: −$2,058
• − Management: −$2,058
• − Depreciation: −$6,516
• Taxable loss: −$1,843
• Est. tax savings @ 24.0%: +$442
• After-tax cash flow: $2,281/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 — Mount Dora

• Score: 75/100
• State rank: #244
• US rank: #3860

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Dora, FL
• County: Lake County · 364,602 people
• City population: 34,121
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 34,121
• Household income: $77,216
• Rent vs Own: 26.5% rent · 73.5% own
• Severe rent burden: 998.0

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% Hispanic / Latino 20% Black 12% Two or more races 11% Pacific Islander 1% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 7% Dominican 1%
• Common ancestry: Romanian 3% Slovak 3% Lithuanian 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 14% 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: ▼ -154.69%
• Current HPI: 293.4759
• Rent YoY: ▲ 0.55%
• 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

+1393.3% since first listed

5 events — show timeline

• 2026-02-23 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-01-21 Listed $224,000 Stellar MLS as Distributed by MLS Grid
• 2012-04-04 Sold (Public Records) $89,000 Public Records
• 1998-02-27 Sold (Public Records) $22,000 Public Records
• 1997-09-25 Sold (Public Records) $15,000 Public Records

Property tax history

+10.6%/yr

Latest (2025): $3,270 · +10.3% YoY. Source: county tax records.