340 Palo Verde Dr · Leesburg, FL 34748

$124,000

2 bd · 2.0 ba · 1,152 sqft · Condo public records · 37 Days on market

Built 1975 $397/mo HOA · 27% of rent

---

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 +13.1/30.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Schools +4.2/10.0
• DSCR +3.9/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully furnished 2-bedroom, 2-bath home that is exceptionally clean and well maintained! This move-in ready property features a new roof in 2021 and a new A/C unit in 2024 with a 10-year warranty for added peace of mind. A generator transfer switch is integrated into the home’s electrical system, allowing for easy connection of a generator to power the home during outages. Both bedrooms feature built-in closets along with spacious walk-in closets. The updated kitchen includes newer countertops and a double pantry providing plenty of storage space. French doors lead into the bright and inviting Florida room, perfect for relaxing or entertaining. Outside, enjoy the large golf cart

Key facts

• Double pantry
• Florida room
• Updated kitchen

Tags

• NEW ROOF
• NEW A C UNIT
• UPDATED KITCHEN
• DOUBLE PANTRY
• FLORIDA ROOM
• LARGE GOLF CART DRIVEWAY

Property features AI

Finance

• Other: Irrigation equipment present; Directions available from HWY 27 (community has gated entrance)
• Financial info: Total annual HOA fees $4,764; Furnished
• HOA & community: Has HOA with a required monthly fee of $397; HOA amenities include clubhouse, fitness center, pool, pickleball, tennis, shuffleboard, sauna, recreation facilities, storage, laundry, cable TV, guarded 24-hour entry, maintenance of grounds, management, sewer and water, and wheelchair access; Community features include clubhouse, fitness center, pool, tennis courts, golf carts allowed, and wheelchair access; Senior community; pets not allowed

Exterior

• Parking: Has carport (1 space)
• Security: Gated community (community amenity)
• Utilities: Private water; Private sewer; Electricity available and connected; Water available and connected; Sewer available and connected; Cable available and connected; Phone available; Underground utilities
• Home design: Mobile home (double wide); One story; Faces east
• Construction: Vinyl siding and frame construction; Metal roof; Crawlspace foundation; Built on 0.1 acre lot
• Exterior features: Awning(s); French doors; Private mailbox; Rain gutters; Paved road access

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; Thermostat; Walk-in closet(s); Window treatments
• Laundry & utility: Washer; Dryer; Laundry located outside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $124k.

Deal economics

• At list price, monthly cash flow is $-4 ($-52/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (0.6% below list).
• Meets the 1% rule at list price ($1k rent vs $124k).
• Recommended offer: $120k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.3% 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: 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).
• This rent runs 31% of the median local income ($58k/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 $857 of loan paydown is wiped out by about $4k 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 37 days — a 3% lower offer ($120k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.
• 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.

Recommended offer $120,280 (3.0% below list)

Questions for the listing agent

1. 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?
2. 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?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.20% ✓
• Cap rate: 6.25%
• Cash-on-cash: -0.15%
• DSCR: 0.99
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.1%
• Equity multiple: 0.29×
• Total profit: $-24,516
• Equity at exit: $18,489

10-year hold

• IRR: -29.2%
• Equity multiple: -0.09×
• Total profit: $-37,689
• Equity at exit: $10,721

Cash invested: $34,720 (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 34748

• Home prices YoY: -25.3%
• Rents YoY: -0.9%
• Active inventory: 783
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,492 medium
• Mortgage (P&I): −$650
• Tax from tax record: −$84 /mo · $1,005/yr
• Insurance: −$52
• HOA: −$397
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $-4

Break-even live

Break-even rent $1,497

Max offer price $123,241

Occupancy floor 95%

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: $31,000
• Closing costs: $3,720
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $397 · $4,764/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   days on market $124,000 Active 37 DOM
2. 2026-06-17
   days on market $124,000 Active 36 DOM
3. 2026-06-16
   days on market $124,000 Active 35 DOM
4. 2026-06-15
   days on market $124,000 Active 34 DOM
5. 2026-06-13
   days on market $124,000 Active 32 DOM
6. 2026-06-09
   days on market $124,000 Active 28 DOM
7. 2026-06-08
   days on market $124,000 Active 27 DOM
8. 2026-06-07
   days on market $124,000 Active 26 DOM
9. 2026-06-04
   days on market $124,000 Active 23 DOM
10. 2026-06-03
    days on market $124,000 Active 22 DOM
11. 2026-06-02
    days on market $124,000 Active 21 DOM
12. 2026-06-01
    days on market $124,000 Active 20 DOM
13. 2026-05-31
    days on market $124,000 Active 19 DOM
14. 2026-05-12
    listed $124,000 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: $1,005 · $84/mo
• Projected year-2 tax: $1,029 · $86/mo
• Expected delta: +$24/yr (+$2/mo · 2.4%)

ⓘ 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 3/10 Moderate
• 🌡 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: $17,899
• − Mortgage interest: −$6,946
• − Property taxes: −$1,005
• − Insurance: −$620
• − Repairs & maintenance: −$1,432
• − Management: −$1,432
• − HOA: −$4,764
• − Depreciation: −$3,607
• Taxable loss: −$1,907
• Est. tax savings @ 24.0%: +$458
• After-tax cash flow: $406/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): 48,095
• Household income: $58,192
• Rent vs Own: 24.9% rent · 75.1% own
• Severe rent burden: 1745.0

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% Black 16% Hispanic / Latino 15% Two or more races 9% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Cuban 3%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 9% · Canada, Vietnam, Jamaica
• Languages at home: 88% English-only · Spanish 10% French/Haitian/Cajun 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: ▼ -88.97%
• Current HPI: 262.1766
• Rent YoY: ▼ -0.95%
• 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

1 event — show timeline

• 2026-05-12 Listed $124,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+16.5%/yr

Latest (2025): $1,005 · +3.7% YoY. Source: county tax records.