32443 Memory Ln · Leesburg, FL 34788

$295,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 61 Days on market

Built 2005 1.49 ac lot

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Why this score? — see what drove the F 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 +7.9/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

OVER 1 ACRE OF LAND. JUST AROUND THE CORNER FROM THE MALL. OLDER SINGLE WIDE IN BACK OF THE PROPERTY COULD BE USED FOR STORAGE, WORKSHOP, OR POSSIBLE IN-LAW QUARTERS. POSSIBLE COMMERCIAL ZONING. A 22X22 ADDITION WAS ADDED TO ORIGINAL DOUBLE WIDE.

Key facts

• Private lot
• Mature oak trees
• Lifetime metal roof

Tags

• LIFETIME METAL ROOF
• PRIVATE LOT
• MATURE OAK TREES
• WORKSHOP
• CARPORT BREEZEWAY
• HIGH CEILINGS

Property features AI

Finance

• Other: Property is homesteaded; Lot approximately 1.49 acres (277 x 200), dirt road access; Living area reported as 2,432 sq ft (builder source); total building area reported as 4,294 sq ft (public records)
• HOA & community: No HOA/association

Exterior

• Utilities: Well water; Septic tank; Electricity connected
• Home design: Residential manufactured home; Double wide; One level; Faces south
• Construction: Metal frame and wood frame construction with vinyl siding; Metal roof; Built on foundation (manufactured home)
• Exterior features: Other exterior features

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bedrooms: 4 bedrooms
• Flooring: Linoleum; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; High ceilings
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $295k.

Deal economics

• At list price, monthly cash flow is $-312 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $240k (18.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $213k (27.9% below list).
• Recommended offer: $213k (27.9% below list) — sets the bar for 1% rule.

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: crime 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: Treadway Elementary School (math 53% / reading 48%, grade D+, #1,055 of 2,144 statewide, top 50%, 879 students, 66% FRL); Tavares Middle School (math 43% / reading 40%, grade F, #348 of 571 statewide, top 62%, 1,070 students, 58% FRL); Tavares High School (math 32% / reading 40%, grade F, #359 of 667 statewide, top 55%, 1,507 students, 45% FRL).
• Market conditions: 288 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• At $2,127/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 $2k of loan paydown is wiped out by about $9k 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 61 days — a 6% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y ago; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $108k; list at $295k implies a 174% 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; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $212,712 (27.9% below list)

Questions for the listing agent

1. 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?
2. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
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. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.72% ✗
• Cap rate: 5.02%
• Cash-on-cash: -4.53%
• DSCR: 0.80
• GRM: 11.6

CMA / ARV

• ARV (on-the-fly): $91,392
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
261 Kelou Ct	0.59mi	2/2.0 (-1)	1,368 (+2%)	5mo	$127,500	$93	60
244 Kelou Ct	0.63mi	2/2.0 (-1)	1,320 (-2%)	9mo	$90,000	$68	56
238 Kelou Ct	0.62mi	2/2.0 (-1)	1,266 (-6%)	5mo	$65,000	$51	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -24.0%
• Equity multiple: 0.18×
• Total profit: $-67,680
• Equity at exit: $43,985

10-year hold

• IRR: -19.1%
• Equity multiple: -0.02×
• Total profit: $-84,519
• Equity at exit: $25,506

Cash invested: $82,600 (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: 288
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $2,127 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$323 /mo · $3,872/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$447
• Net cashflow: $-312

Break-even live

Break-even rent $2,522

Max offer price $239,857

Occupancy floor —

Sensitivity live

Price	-10% $-145	-5% $-229	+0% $-312	+5% $-396	+10% $-479
Rent	-10% $-480	-5% $-396	+0% $-312	+5% $-228	+10% $-144
Rate	-1.0pp $-164	-0.5pp $-237	base $-312	+0.5pp $-389	+1.0pp $-466

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32629 Vista Ave Leesburg, FL	3.0	2.0	1700	$1,950	$1.15	16d	1	0.84mi
32629 Vista Ave Leesburg, FL	3.0	2.0	1500	$1,850	$1.23	19d	1	0.84mi
32635 Vista Ave Leesburg, FL	3.0	2.0	1159	$1,950	$1.68	25d	1	0.84mi
32818 Lake Square Ct #10 Leesburg, FL	2.0	1.0	912	$1,200	$1.32	25d	1	0.89mi
4659 Treasure Cay Rd Tavares, FL	4.0	2.0	1751	$2,125	$1.21	6d	1	1.41mi
4721 Treasure Cay Rd Tavares, FL	3.0	2.0	1372	$1,900	$1.38	0d	1	1.43mi
4567 Barbuda Dr Tavares, FL	3.0	2.0	1362	$2,150	$1.58	25d	1	1.43mi
4950 Marsh Harbor Dr Tavares, FL	3.0	2.0	1227	$1,900	$1.55	0d	1	1.45mi

Listing history 6 events

1. 2026-05-05
   status Pending
2. 2026-04-08
   price $295,000
3. 2026-03-05
   listed $325,000 Active
4. 2005-11-15
   soldstatus $107,500
5. 2005-11-14
   soldstatus $107,500 246-char remark

   Show marketing remark (246 chars)

   OVER 1 ACRE OF LAND. JUST AROUND THE CORNER FROM THE MALL. OLDER SINGLE WIDE IN BACK OF THE PROPERTY COULD BE USED FOR STORAGE, WORKSHOP, OR POSSIBLE IN-LAW QUARTERS. POSSIBLE COMMERCIAL ZONING. A 22X22 ADDITION WAS ADDED TO ORIGINAL DOUBLE WIDE.

6. 2005-09-06
   listed $120,000 246-char remark

   Show marketing remark (246 chars)

   OVER 1 ACRE OF LAND. JUST AROUND THE CORNER FROM THE MALL. OLDER SINGLE WIDE IN BACK OF THE PROPERTY COULD BE USED FOR STORAGE, WORKSHOP, OR POSSIBLE IN-LAW QUARTERS. POSSIBLE COMMERCIAL ZONING. A 22X22 ADDITION WAS ADDED TO ORIGINAL DOUBLE WIDE.

ⓘ 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: $3,872 · $323/mo
• Projected year-2 tax: $3,872 · $323/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 · 22 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: $25,525
• − Mortgage interest: −$16,525
• − Property taxes: −$3,872
• − Insurance: −$1,475
• − Repairs & maintenance: −$2,042
• − Management: −$2,042
• − Depreciation: −$8,582
• Taxable loss: −$9,012
• Est. tax savings @ 24.0%: +$2,163
• After-tax cash flow: $-1,583/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

• County: Lake County · 364,602 people
• 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

+145.8% since first listed

6 events — show timeline

• 2026-05-05 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-08 Price Changed $295,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-05 Listed $325,000 Stellar MLS as Distributed by MLS Grid
• 2005-11-15 Sold (Public Records) $107,500 Public Records
• 2005-11-14 Sold (MLS) $107,500 Stellar MLS as Distributed by MLS Grid
• 2005-09-06 Listed $120,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+6.6%/yr

Latest (2025): $3,872 · +2.7% YoY. Source: county tax records.