11428 Pheasant Trl · Lisbon, FL 34788

$199,000

3 bd · 2.0 ba · 2,108 sqft · Manufactured public records · 474 Days on market

Built 2004 0.29 ac lot $10/mo HOA

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Why this score? — see what drove the C 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 +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• 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 MLS

SPACE GALORE. .. .. .Front wood deck porch leads you to "move in ready" with over 2100 square feet of "open" living area features great room with trey ceiling. Over sized dining area. Kitchen with island & lots of cabinets, smooth top range, refrigerator, disposal, dishwasher & new built in microwave. Breakfast area that opens to family room with wood floor look laminate flooring, cathedral ceiling & wood burning fireplace. Inside laundry room & walk in pantry. Master bedroom features vaulted ceiling and with walk in closet. Master bath with double sinks, glass door 2 seats in shower and garden tub for "bubble bath" relaxation. Bedroom 2 & 3 with large closets. Guest bath with tub shower combo and glass door. Intercom system with radio with speakers thru out home. Five new ceiling fans and Chandeliers. New lifetime metal roof ( $6500 value). Newly tiled floor in foyer, master and guest baths. Well with new pump for lawn irrigation plus electric outside hookup in flower beds. Hooking up well to home is optional but must still pay subdivision water min 25 per month. Outside shower. Covered 12 x 24 lanai plus workshop for handyman and 2 car carport. 16 x 12 shed with electric and fenced backyard. Tinted windows. ROOM FOR EVERYBODY!

Key facts

• 0.29 acre lot
• 2 parking spots
• Built 2004

Property features AI

Finance

• Other: Homestead exempt; Lot roughly 0.29 acres (about 1/4 to less than 1/2 acre)
• HOA & community: Has HOA (association: JAMES BUSHNELL); Monthly HOA approximately $10 (quarterly fee shown: $30); Pets allowed

Exterior

• Parking: Carport with 2 spaces
• Utilities: Public water; Public sewer; Electricity connected; Cable available; Broadband/high-speed internet available; Water connected; Sewer connected
• Home design: Residential manufactured home (double wide); One story; Faces west; Entry on main level
• Construction: Vinyl siding; Metal roof; Pillar/post/pier foundation; Built as double wide
• Exterior features: Covered front porch; Exterior lighting; Sidewalk; Shed(s); Workshop; Asphalt road access; Public maintained road

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Laminate; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Space heater; Wall/window cooling units
• Interior features: Open floor plan; Vaulted ceilings; Living room fireplace
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $199k.

Deal economics

• At list price, monthly cash flow is $458 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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: amenities F, commute F, health & safety 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: Treadway Elementary School (math 53% / reading 48%, grade D+, #1,055 of 2,144 statewide, top 50%, 879 students, 66% FRL); Eustis High School (math 33% / reading 40%, grade F, #351 of 667 statewide, top 54%, 1,368 students, 45% FRL).
• Market conditions: 285 active listings in the ZIP; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• At $2,149/mo this rent would consume 48% 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 $6k 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 474 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 20y ago; this cycle's ask has dropped $50k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; list at $199k implies a 109% 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; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 474 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.08% ✓
• Cap rate: 9.05%
• Cash-on-cash: 9.85%
• DSCR: 1.44
• GRM: 7.7

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: -1.5%
• Equity multiple: 0.94×
• Total profit: $-3,153
• Equity at exit: $29,672

10-year hold

• IRR: 8.2%
• Equity multiple: 1.62×
• Total profit: $34,576
• Equity at exit: $17,206

Cash invested: $55,720 (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 34788

• Home prices YoY: -18.2%
• Active inventory: 285
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,149 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$104 /mo · $1,247/yr
• Insurance: −$83
• HOA: −$10
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $458

Break-even live

Break-even rent $1,570

Max offer price $199,000

Occupancy floor 74%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $10 · $120/yr
• Likely covers: waterelectric

Listing history 37 events

1. 2026-06-18
   days on market $199,000 Active 474 DOM
2. 2026-06-17
   days on market $199,000 Active 473 DOM
3. 2026-06-16
   days on market $199,000 Active 472 DOM
4. 2026-06-15
   days on market $199,000 Active 471 DOM
5. 2026-06-13
   days on market $199,000 Active 469 DOM
6. 2026-06-09
   days on market $199,000 Active 465 DOM
7. 2026-06-08
   days on market $199,000 Active 464 DOM
8. 2026-06-07
   days on market $199,000 Active 463 DOM
9. 2026-06-04
   days on market $199,000 Active 460 DOM
10. 2026-06-03
    days on market $199,000 Active 459 DOM
11. 2026-06-02
    days on market $199,000 Active 458 DOM
12. 2026-06-02
    days on market $199,000 Active 457 DOM
13. 2026-05-31
    days on market $199,000 Active 456 DOM
14. 2026-02-28
    status Active
15. 2026-02-27
    historical
16. 2025-05-20
    price $199,000
17. 2025-02-28
    listed $249,000 Active
18. 2016-03-29
    soldstatus $94,990
19. 2016-03-23
    historical 1308-char remark

    Show marketing remark (1308 chars)

    SPACE GALORE. .. .. .Front wood deck porch leads you to "move in ready" with over 2100 square feet of "open" living area features great room with trey ceiling. Over sized dining area. Kitchen with island & lots of cabinets, smooth top range, refrigerator, disposal, dishwasher & new built in microwave. Breakfast area that opens to family room with wood floor look laminate flooring, cathedral ceiling & wood burning fireplace. Inside laundry room & walk in pantry. Master bedroom features vaulted ceiling and with walk in closet. Master bath with double sinks, glass door 2 seats in shower and garden tub for "bubble bath" relaxation. Bedroom 2 & 3 with large closets. Guest bath with tub shower combo and glass door. Intercom system with radio with speakers thru out home. Five new ceiling fans and Chandeliers. New lifetime metal roof ( $6500 value). Newly tiled floor in foyer, master and guest baths. Well with new pump for lawn irrigation plus electric outside hookup in flower beds. Hooking up well to home is optional but must still pay subdivision water min 25 per month. Outside shower. Covered 12 x 24 lanai plus workshop for handyman and 2 car carport. 16 x 12 shed with electric and fenced backyard. Tinted windows. ROOM FOR EVERYBODY!

20. 2016-03-23
    soldstatus $94,990 Sold 1308-char remark

    Show marketing remark (1308 chars)

    SPACE GALORE. .. .. .Front wood deck porch leads you to "move in ready" with over 2100 square feet of "open" living area features great room with trey ceiling. Over sized dining area. Kitchen with island & lots of cabinets, smooth top range, refrigerator, disposal, dishwasher & new built in microwave. Breakfast area that opens to family room with wood floor look laminate flooring, cathedral ceiling & wood burning fireplace. Inside laundry room & walk in pantry. Master bedroom features vaulted ceiling and with walk in closet. Master bath with double sinks, glass door 2 seats in shower and garden tub for "bubble bath" relaxation. Bedroom 2 & 3 with large closets. Guest bath with tub shower combo and glass door. Intercom system with radio with speakers thru out home. Five new ceiling fans and Chandeliers. New lifetime metal roof ( $6500 value). Newly tiled floor in foyer, master and guest baths. Well with new pump for lawn irrigation plus electric outside hookup in flower beds. Hooking up well to home is optional but must still pay subdivision water min 25 per month. Outside shower. Covered 12 x 24 lanai plus workshop for handyman and 2 car carport. 16 x 12 shed with electric and fenced backyard. Tinted windows. ROOM FOR EVERYBODY!

21. 2016-02-09
    status Pending 1308-char remark

    Show marketing remark (1308 chars)

    SPACE GALORE. .. .. .Front wood deck porch leads you to "move in ready" with over 2100 square feet of "open" living area features great room with trey ceiling. Over sized dining area. Kitchen with island & lots of cabinets, smooth top range, refrigerator, disposal, dishwasher & new built in microwave. Breakfast area that opens to family room with wood floor look laminate flooring, cathedral ceiling & wood burning fireplace. Inside laundry room & walk in pantry. Master bedroom features vaulted ceiling and with walk in closet. Master bath with double sinks, glass door 2 seats in shower and garden tub for "bubble bath" relaxation. Bedroom 2 & 3 with large closets. Guest bath with tub shower combo and glass door. Intercom system with radio with speakers thru out home. Five new ceiling fans and Chandeliers. New lifetime metal roof ( $6500 value). Newly tiled floor in foyer, master and guest baths. Well with new pump for lawn irrigation plus electric outside hookup in flower beds. Hooking up well to home is optional but must still pay subdivision water min 25 per month. Outside shower. Covered 12 x 24 lanai plus workshop for handyman and 2 car carport. 16 x 12 shed with electric and fenced backyard. Tinted windows. ROOM FOR EVERYBODY!

22. 2016-02-02
    status Active 1308-char remark

    Show marketing remark (1308 chars)

    SPACE GALORE. .. .. .Front wood deck porch leads you to "move in ready" with over 2100 square feet of "open" living area features great room with trey ceiling. Over sized dining area. Kitchen with island & lots of cabinets, smooth top range, refrigerator, disposal, dishwasher & new built in microwave. Breakfast area that opens to family room with wood floor look laminate flooring, cathedral ceiling & wood burning fireplace. Inside laundry room & walk in pantry. Master bedroom features vaulted ceiling and with walk in closet. Master bath with double sinks, glass door 2 seats in shower and garden tub for "bubble bath" relaxation. Bedroom 2 & 3 with large closets. Guest bath with tub shower combo and glass door. Intercom system with radio with speakers thru out home. Five new ceiling fans and Chandeliers. New lifetime metal roof ( $6500 value). Newly tiled floor in foyer, master and guest baths. Well with new pump for lawn irrigation plus electric outside hookup in flower beds. Hooking up well to home is optional but must still pay subdivision water min 25 per month. Outside shower. Covered 12 x 24 lanai plus workshop for handyman and 2 car carport. 16 x 12 shed with electric and fenced backyard. Tinted windows. ROOM FOR EVERYBODY!

23. 2016-02-02
    historical 1308-char remark

    Show marketing remark (1308 chars)

    SPACE GALORE. .. .. .Front wood deck porch leads you to "move in ready" with over 2100 square feet of "open" living area features great room with trey ceiling. Over sized dining area. Kitchen with island & lots of cabinets, smooth top range, refrigerator, disposal, dishwasher & new built in microwave. Breakfast area that opens to family room with wood floor look laminate flooring, cathedral ceiling & wood burning fireplace. Inside laundry room & walk in pantry. Master bedroom features vaulted ceiling and with walk in closet. Master bath with double sinks, glass door 2 seats in shower and garden tub for "bubble bath" relaxation. Bedroom 2 & 3 with large closets. Guest bath with tub shower combo and glass door. Intercom system with radio with speakers thru out home. Five new ceiling fans and Chandeliers. New lifetime metal roof ( $6500 value). Newly tiled floor in foyer, master and guest baths. Well with new pump for lawn irrigation plus electric outside hookup in flower beds. Hooking up well to home is optional but must still pay subdivision water min 25 per month. Outside shower. Covered 12 x 24 lanai plus workshop for handyman and 2 car carport. 16 x 12 shed with electric and fenced backyard. Tinted windows. ROOM FOR EVERYBODY!

24. 2016-01-29
    listed $94,990 Active 1308-char remark

    Show marketing remark (1308 chars)

    SPACE GALORE. .. .. .Front wood deck porch leads you to "move in ready" with over 2100 square feet of "open" living area features great room with trey ceiling. Over sized dining area. Kitchen with island & lots of cabinets, smooth top range, refrigerator, disposal, dishwasher & new built in microwave. Breakfast area that opens to family room with wood floor look laminate flooring, cathedral ceiling & wood burning fireplace. Inside laundry room & walk in pantry. Master bedroom features vaulted ceiling and with walk in closet. Master bath with double sinks, glass door 2 seats in shower and garden tub for "bubble bath" relaxation. Bedroom 2 & 3 with large closets. Guest bath with tub shower combo and glass door. Intercom system with radio with speakers thru out home. Five new ceiling fans and Chandeliers. New lifetime metal roof ( $6500 value). Newly tiled floor in foyer, master and guest baths. Well with new pump for lawn irrigation plus electric outside hookup in flower beds. Hooking up well to home is optional but must still pay subdivision water min 25 per month. Outside shower. Covered 12 x 24 lanai plus workshop for handyman and 2 car carport. 16 x 12 shed with electric and fenced backyard. Tinted windows. ROOM FOR EVERYBODY!

25. 2015-09-10
    soldstatus $65,000
26. 2008-11-19
    soldstatus $120,000
27. 2008-10-21
    soldstatus $120,000 20-char remark

    Show marketing remark (20 chars)

    Out of M/H Community

28. 2008-10-21
    listed $120,000 20-char remark

    Show marketing remark (20 chars)

    Out of M/H Community

29. 2008-08-28
    historical
30. 2008-04-25
    listed $124,900
31. 2007-05-30
    listed $169,500
32. 2006-12-04
    soldstatus $165,000
33. 2006-11-27
    soldstatus $168,000
34. 2006-10-12
    listed $173,900
35. 2006-10-09
    historical
36. 2006-05-19
    listed $174,900
37. 2003-11-26
    soldstatus $16,900

ⓘ 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: $1,247 · $104/mo
• Projected year-2 tax: $1,652 · $138/mo
• Expected delta: +$405/yr (+$34/mo · 32.5%)

ⓘ 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 6/10 Major
• 🌡 Heat 9/10 Extreme 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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,792
• − Mortgage interest: −$11,147
• − Property taxes: −$1,247
• − Insurance: −$995
• − Repairs & maintenance: −$2,063
• − Management: −$2,063
• − HOA: −$120
• − Depreciation: −$5,789
• Taxable income: $2,367
• Est. tax owed @ 24.0%: −$568
• After-tax cash flow: $4,923/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

+1077.5% since first listed

24 events — show timeline

• 2026-02-28 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-02-27 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-05-20 Price Changed $199,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-28 Listed $249,000 Stellar MLS as Distributed by MLS Grid
• 2016-03-29 Sold (Public Records) $94,990 Public Records
• 2016-03-23 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2016-03-23 Sold (MLS) $94,990 Stellar MLS as Distributed by MLS Grid
• 2016-02-09 Pending — Stellar MLS as Distributed by MLS Grid
• 2016-02-02 Relisted — Stellar MLS as Distributed by MLS Grid
• 2016-02-02 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2016-01-29 Listed $94,990 Stellar MLS as Distributed by MLS Grid
• 2015-09-10 Sold (Public Records) $65,000 Public Records
• 2008-11-19 Sold (Public Records) $120,000 Public Records
• 2008-10-21 Listed $120,000 Stellar MLS as Distributed by MLS Grid
• 2008-10-21 Sold (MLS) $120,000 Stellar MLS as Distributed by MLS Grid
• 2008-08-28 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2008-04-25 Listed $124,900 Stellar MLS as Distributed by MLS Grid
• 2007-05-30 Listed $169,500 Stellar MLS as Distributed by MLS Grid
• 2006-12-04 Sold (Public Records) $165,000 Public Records
• 2006-11-27 Sold (MLS) $168,000 Stellar MLS as Distributed by MLS Grid
• 2006-10-12 Listed $173,900 Stellar MLS as Distributed by MLS Grid
• 2006-10-09 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2006-05-19 Listed $174,900 Stellar MLS as Distributed by MLS Grid
• 2003-11-26 Sold (Public Records) $16,900 Public Records

Property tax history

+3.1%/yr

Latest (2025): $1,247 · +2.0% YoY. Source: county tax records.