1120 Webster St · Leesburg, FL 34748

$425,000

4 bd · 4.0 ba · 3,382 sqft · MultiFamily public records · 150 Days on market

Built 1924 0.55 ac lot

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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This super clean, solid MONEY MAKER is close to downtown Leesburg and the historic district. This historic home and carriage house was converted into 6 apartments, All separately metered. Also includes 2 covered parking spaces and 2 secured storage rooms. Very large rooms, lots of windows, High ceilings, central or window a/c, some with hardwood floors, well maintained with modern appliances make these apartments very attractive to renters. Big dividends await the investor who will maintain the charm of this little gold mine!! The 4 existing leases reflect the low rent from previous management. New property manager knows the units will go for $700/month easily.

Key facts

• Income generating
• Central a/c
• Separately metered

Tags

• INCOME GENERATING
• LOCKING STORAGE AREAS
• SEPARATELY METERED
• CENTRAL A/C
• ROOF REPLACED

Property features AI

Finance

• Other: Property type: Residential income; subtype: Multi-Family 5+; Six 1-bedroom units (each about 563 heated square feet); Total number of units: 6; Total number of buildings: 2
• Financial info: Multi-family income property with annual net income reported; Annual net income listed as $36,282; Pro forma rent per 1-bedroom unit listed as $900
• HOA & community: No association

Exterior

• Parking:
• Security:
• Utilities: Public water; Public sewer; Cable available
• Home design: Residential income property (multi-family 5+); Two buildings on the property; Zoned R-1; Total lot about 0.55 acre; Asphalt road access
• Construction: Frame construction; Shingle roof; Slab foundation; Built area approx. 3,382 total square feet
• Exterior features: Exterior lighting; On-site storage

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Six total bedrooms (six 1-bedroom units)
• Flooring: Wood flooring
• Bathrooms: One bathroom per unit
• Heating & cooling: Central heating (electric); Central air; Wall/window air conditioning units
• Interior features: Ceiling fans; High ceilings; Crawl space basement
• Laundry & utility: No laundry on-site (none listed)

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1.0-bath units multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $386/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $425k).
• Recommended offer: $374k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.8% 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; 1 comparable units currently listed for rent nearby; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• At $6,637/mo this rent would consume 137% 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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 + 0.0% rent growth), your $119k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($374k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 19y ago; this cycle's ask has dropped $35k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $340k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $374,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
10. 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.
11. 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: 1.56% ✓
• Cap rate: 12.83%
• Cash-on-cash: 23.36%
• DSCR: 2.04
• GRM: 5.3

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: 13.0%
• Equity multiple: 1.50×
• Total profit: $59,327
• Equity at exit: $63,369

10-year hold

• IRR: 19.4%
• Equity multiple: 2.40×
• Total profit: $166,870
• Equity at exit: $36,746

Cash invested: $119,000 (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: 32.0×

Monthly cashflow live

• Estimated rent: $6,637 high
• Mortgage (P&I): −$2,229
• Tax from tax record: −$521 /mo · $6,248/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,394
• Net cashflow: $2,317

Break-even live

Break-even rent $3,704

Max offer price $425,000

Occupancy floor 60%

Sensitivity live

Price	-10% $2,557	-5% $2,437	+0% $2,317	+5% $2,196	+10% $2,076
Rent	-10% $1,792	-5% $2,055	+0% $2,317	+5% $2,579	+10% $2,841
Rate	-1.0pp $2,531	-0.5pp $2,425	base $2,317	+0.5pp $2,207	+1.0pp $2,095

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$6,636
Total (6 units)			$6,637

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
832 Palm Harbor Ct Leesburg, FL	3.0	3.0	2428	$2,900	$1.19	24d	1	1.13mi

Listing history 41 events

1. 2026-06-09
   status $425,000 Pending 150 DOM
2. 2026-06-08
   days on market $425,000 Active 150 DOM
3. 2026-06-07
   days on market $425,000 Active 149 DOM
4. 2026-06-04
   days on market $425,000 Active 146 DOM
5. 2026-06-03
   days on market $425,000 Active 145 DOM
6. 2026-06-02
   days on market $425,000 Active 144 DOM
7. 2026-06-02
   days on market $425,000 Active 143 DOM
8. 2026-05-31
   days on market $425,000 Active 142 DOM
9. 2026-04-21
   status Active
10. 2026-04-21
    price $425,000
11. 2026-02-25
    status Pending
12. 2026-01-19
    status Active
13. 2025-12-30
    status Pending
14. 2025-12-08
    price $449,900
15. 2025-11-17
    status Active
16. 2025-11-17
    status Pending
17. 2025-10-27
    status Active
18. 2025-10-22
    status Pending
19. 2025-10-21
    listed $459,900 Active
20. 2024-08-09
    historical $795
21. 2024-08-09
    listed $795
22. 2023-04-21
    historical
23. 2023-02-14
    price $539,000
24. 2022-11-04
    listed $559,000 Active
25. 2018-10-22
    soldstatus $340,000 Sold 669-char remark

    Show marketing remark (669 chars)

    This super clean, solid MONEY MAKER is close to downtown Leesburg and the historic district. This historic home and carriage house was converted into 6 apartments, All separately metered. Also includes 2 covered parking spaces and 2 secured storage rooms. Very large rooms, lots of windows, High ceilings, central or window a/c, some with hardwood floors, well maintained with modern appliances make these apartments very attractive to renters. Big dividends await the investor who will maintain the charm of this little gold mine!! The 4 existing leases reflect the low rent from previous management. New property manager knows the units will go for $700/month easily.

26. 2018-09-07
    status Pending 669-char remark

    Show marketing remark (669 chars)

    This super clean, solid MONEY MAKER is close to downtown Leesburg and the historic district. This historic home and carriage house was converted into 6 apartments, All separately metered. Also includes 2 covered parking spaces and 2 secured storage rooms. Very large rooms, lots of windows, High ceilings, central or window a/c, some with hardwood floors, well maintained with modern appliances make these apartments very attractive to renters. Big dividends await the investor who will maintain the charm of this little gold mine!! The 4 existing leases reflect the low rent from previous management. New property manager knows the units will go for $700/month easily.

27. 2018-08-29
    listed $349,000 Active 669-char remark

    Show marketing remark (669 chars)

    This super clean, solid MONEY MAKER is close to downtown Leesburg and the historic district. This historic home and carriage house was converted into 6 apartments, All separately metered. Also includes 2 covered parking spaces and 2 secured storage rooms. Very large rooms, lots of windows, High ceilings, central or window a/c, some with hardwood floors, well maintained with modern appliances make these apartments very attractive to renters. Big dividends await the investor who will maintain the charm of this little gold mine!! The 4 existing leases reflect the low rent from previous management. New property manager knows the units will go for $700/month easily.

28. 2018-06-04
    soldstatus $250,000
29. 2018-05-31
    soldstatus $250,000 Sold
30. 2018-05-10
    status Pending
31. 2018-04-17
    listed $289,000 Active
32. 2017-11-17
    historical
33. 2017-09-19
    price $268,000
34. 2017-04-25
    listed $269,000 Active
35. 2011-10-31
    historical
36. 2011-02-07
    listed $199,500
37. 2008-12-15
    historical
38. 2007-12-18
    listed $369,000
39. 2007-07-03
    soldstatus $172,000
40. 1993-06-22
    soldstatus $110,000
41. 1980-03-01
    soldstatus $41,300

ⓘ 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: $6,248 · $521/mo
• Projected year-2 tax: $6,248 · $521/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 20 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: $79,644
• − Mortgage interest: −$23,807
• − Property taxes: −$6,248
• − Insurance: −$2,125
• − Repairs & maintenance: −$6,372
• − Management: −$6,372
• − Depreciation: −$12,364
• Taxable income: $22,357
• Est. tax owed @ 24.0%: −$5,366
• After-tax cash flow: $22,435/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

• Census place: Leesburg, FL
• 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

+929.1% since first listed

33 events — show timeline

• 2026-04-21 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-04-21 Price Changed $425,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-25 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-01-19 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-12-30 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-12-08 Price Changed $449,900 Stellar MLS as Distributed by MLS Grid
• 2025-11-17 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-11-17 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-10-27 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-10-22 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-10-21 Listed $459,900 Stellar MLS as Distributed by MLS Grid
• 2024-08-09 Rental Removed $795 SHOWMOJO
• 2024-08-09 Listed for Rent $795 SHOWMOJO
• 2023-04-21 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2023-02-14 Price Changed $539,000 Stellar MLS as Distributed by MLS Grid
• 2022-11-04 Listed $559,000 Stellar MLS as Distributed by MLS Grid
• 2018-10-22 Sold (MLS) $340,000 Stellar MLS as Distributed by MLS Grid
• 2018-09-07 Pending — Stellar MLS as Distributed by MLS Grid
• 2018-08-29 Listed $349,000 Stellar MLS as Distributed by MLS Grid
• 2018-06-04 Sold (Public Records) $250,000 Public Records
• 2018-05-31 Sold (MLS) $250,000 Stellar MLS as Distributed by MLS Grid
• 2018-05-10 Pending — Stellar MLS as Distributed by MLS Grid
• 2018-04-17 Listed $289,000 Stellar MLS as Distributed by MLS Grid
• 2017-11-17 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2017-09-19 Price Changed $268,000 Stellar MLS as Distributed by MLS Grid
• 2017-04-25 Listed $269,000 Stellar MLS as Distributed by MLS Grid
• 2011-10-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2011-02-07 Listed $199,500 Stellar MLS as Distributed by MLS Grid
• 2008-12-15 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2007-12-18 Listed $369,000 Stellar MLS as Distributed by MLS Grid
• 2007-07-03 Sold (Public Records) $172,000 Public Records
• 1993-06-22 Sold (Public Records) $110,000 Public Records
• 1980-03-01 Sold (Public Records) $41,300 Public Records

Property tax history

+8.9%/yr

Latest (2025): $6,248 · +3.1% YoY. Source: county tax records.