11910 Salina Way · Lisbon, FL 34788

$159,000

3 bd · 2.0 ba · 1,463 sqft · Condo public records · 158 Days on market

Built 1980 $165/mo HOA · 8% of rent

---

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 +28.4/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover comfortable, easy living in this charming 2-bedroom, 2-bathroom manufactured home located in a vibrant 55+ community. Designed for simplicity and convenience, this single-level home offers no-step living throughout, making it ideal for accessibility and peace of mind. Inside, the inviting floor plan is filled with natural light and provides the perfect space for relaxing or entertaining. Both bedrooms are generously sized, and the two bathrooms offer comfort and privacy for residents and guests alike. Residents enjoy a variety of community amenities, including a swimming pool, relaxing hot tub, and a clubhouse for social gatherings and activities. A pier and dock provide the perfec

Key facts

• Hot tub
• Clubhouse
• Lake views

Tags

• COMMUNITY AMENITIES
• SWIMMING POOL
• HOT TUB
• CLUBHOUSE
• PIER AND DOCK
• LAKE VIEWS

Property features AI

Finance

• Other: Living area about 1,463 (public records); Lot about 0.11 acres (0 to less than 1/4 acre)
• Financial info: Lease restrictions apply; Total monthly association fees: $165; Total annual association fees: $1,980
• HOA & community: HOA required (Association named Sherry) — $165 monthly; Association amenities: Clubhouse, Pool, Spa/Hot Tub; Association approval required; Community features: Buyer approval required, Clubhouse, Golf carts allowed, Pool; Senior community; Pets allowed with restrictions (breed, number, size limits)

Exterior

• Parking: Carport with 2 spaces; Private maintained road access
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected
• Home design: Residential modular home; One story; North facing; Homesteaded
• Construction: Vinyl siding; Shingle roof; Pillar/post/pier foundation; Built in approximately (see public records for year)
• Exterior features: Storage; Paved lot; Lake access to Lake Yale

Interior

• Kitchen: Built-in oven; Cooktop; Dishwasher; Disposal; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Florida room
• Laundry & utility: Washer; Dryer; Laundry room inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $159k.

Deal economics

• At list price, monthly cash flow is $516 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $140k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 5.5% in Lisbon — 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 65/100 on livability (#642 in FL) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: schools 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.
• Market conditions: 285 active listings in the ZIP; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• At $2,101/mo this rent would consume 47% 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 $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 158 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $73k; list at $159k implies a 118% 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $139,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 158 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. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 1.32% ✓
• Cap rate: 10.19%
• Cash-on-cash: 13.92%
• DSCR: 1.62
• GRM: 6.3

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: 4.2%
• Equity multiple: 1.16×
• Total profit: $7,179
• Equity at exit: $23,707

10-year hold

• IRR: 13.7%
• Equity multiple: 2.10×
• Total profit: $48,837
• Equity at exit: $13,747

Cash invested: $44,520 (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: 6.3×

Monthly cashflow live

• Estimated rent: $2,101 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$79 /mo · $944/yr
• Insurance: −$66
• HOA: −$165
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $516

Break-even live

Break-even rent $1,448

Max offer price $159,000

Occupancy floor 70%

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $165 · $1,980/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $159,000 Active 158 DOM
2. 2026-06-17
   days on market $159,000 Active 157 DOM
3. 2026-06-16
   days on market $159,000 Active 156 DOM
4. 2026-06-15
   days on market $159,000 Active 155 DOM
5. 2026-06-13
   days on market $159,000 Active 153 DOM
6. 2026-06-09
   days on market $159,000 Active 149 DOM
7. 2026-06-08
   days on market $159,000 Active 148 DOM
8. 2026-06-07
   days on market $159,000 Active 147 DOM
9. 2026-06-04
   days on market $159,000 Active 144 DOM
10. 2026-06-03
    days on market $159,000 Active 143 DOM
11. 2026-06-02
    days on market $159,000 Active 142 DOM
12. 2026-06-02
    days on market $159,000 Active 141 DOM
13. 2026-05-31
    days on market $159,000 Active 140 DOM
14. 2026-03-12
    price $159,000
15. 2026-01-11
    listed $169,000 Active
16. 2025-12-29
    historical
17. 2025-04-18
    listed $179,000 Active
18. 2003-06-17
    soldstatus $73,000

ⓘ 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: $944 · $79/mo
• Projected year-2 tax: $1,320 · $110/mo
• Expected delta: +$376/yr (+$31/mo · 39.8%)

ⓘ 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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,216
• − Mortgage interest: −$8,906
• − Property taxes: −$944
• − Insurance: −$795
• − Repairs & maintenance: −$2,017
• − Management: −$2,017
• − HOA: −$1,980
• − Depreciation: −$4,625
• Taxable income: $3,930
• Est. tax owed @ 24.0%: −$943
• After-tax cash flow: $5,253/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 — Lisbon

• Score: 65/100
• State rank: #642
• US rank: #12649

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lake County · 364,602 people
• City population: 21,867
• 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

+117.8% since first listed

5 events — show timeline

• 2026-03-12 Price Changed $159,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-11 Listed $169,000 Stellar MLS as Distributed by MLS Grid
• 2025-12-29 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-04-18 Listed $179,000 Stellar MLS as Distributed by MLS Grid
• 2003-06-17 Sold (Public Records) $73,000 Public Records

Property tax history

+11.0%/yr

Latest (2025): $944 · +4.1% YoY. Source: county tax records.