17320 Palm Dr

Montverde, FL 34756

$216,500C+

2 bd · 2.0 ba · 960 sqft · Built 1977 · Manufactured · Active · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,546/mo
• Mortgage (P&I): −$1,135
• Tax + insurance: −$353
• HOA: −$0
• Vac / Maint / Mgmt: −$535
• Net cashflow: $523/mo
• Annual: $6,272/yr
• Cap rate: 9.56%
• Cash-on-cash: 11.66%
• DSCR: 1.52
• 1% rule: 1.18%
• Cash to close: $60,620

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $216k.
• At list price, monthly cash flow is $523 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $216k).
• It's been on market 77 days — a 6% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $204k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#598 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living 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: Grassy Lake Elementary School (math 58% / reading 63%, grade B-, #664 of 2,144 statewide, top 32%, 1,209 students, 29% FRL); Lake Minneola High School (math 44% / reading 57%, grade D+, #171 of 667 statewide, top 26%, 2,176 students, 28% FRL) — zoned schools average 29% FRL vs 49% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 199 active listings in the ZIP; solid renter incomes; 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.
• 2 sale attempts since 22y 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 $60k; list at $216k implies a 261% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.6% vs local median 2.2% in Montverde — 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.

Questions for listing agent

• It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?