26815 White Plains Way

Leesburg, FL 34748

$319,000D+

2 bd · 2.0 ba · 1,824 sqft · Built 2008 · SingleFamily · Pending · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,961/mo
• Mortgage (P&I): −$1,673
• Tax + insurance: −$600
• HOA: −$124
• Vac / Maint / Mgmt: −$622
• Net cashflow: $-58/mo
• Annual: $-697/yr
• Cap rate: 6.07%
• Cash-on-cash: -0.78%
• DSCR: 0.97
• 1% rule: 0.93%
• Cash to close: $89,320

Investor read

• This is a 2-bed/2.0-bath single-family listed at $319k.
• At list price, monthly cash flow is $-58 ($-697/yr) — negative.
• To cash-flow at today's rent, offer at most $309k (3.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $296k (7.2% below list).
• It's been on market 67 days — a 6% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $296k (7.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• 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); 797 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $190k; list at $319k implies a 68% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 6.1% vs local median 4.4% 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.
• At $2,961/mo this rent would consume 61% of the median local household income ($58k/yr) (locally 1745% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 67 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?