5535 Tangelo St · Leesburg, FL 34748

$270,000

2 bd · 2.0 ba · 2,040 sqft · SingleFamily public records · 111 Days on market

Built 1992 7,998 sqft lot Est $381k · 29% under $185/mo HOA · 8% of rent

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +12.7/30.0
• Schools +4.2/10.0
• DSCR +3.8/10.0
• 1% rule +3.5/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

#383 READY FOR IMMEDIATE OCCUPANCY!!! LIVING AND FAMILY ROOM.

Key facts

• Gated community
• Ample cabinetry
• Tile flooring

Tags

• GATED COMMUNITY
• RESORT STYLE COMMUNITY
• AMPLE CABINETRY
• GENEROUS COUNTER SPACE
• BREAKFAST BAR
• TILE FLOORING

Property features AI

Finance

• Other: Community features include sidewalks, deed restrictions, special community restrictions, golf and golf-cart friendly
• Financial info: Total monthly HOA $185 (total annual ~$2,220); Lease restrictions apply
• HOA & community: HOA required (monthly fee $185); Association amenities include pool, clubhouse, fitness center, spa/hot tub, sauna, tennis, pickleball, basketball and shuffleboard courts, trails, storage, gated access, guarded/24-hour security, recreation facilities and management; Association fee includes guard/24-hour, common area taxes, pool, management, private road, and security; Buyer approval required; Pets allowed (cats and dogs, number limit); Senior community

Exterior

• Parking: Attached 2-car garage (18 x 20)
• Security: Guarded gate community; Security gate; Community security included in HOA
• Utilities: Public water; Public sewer; Electricity connected; Cable available; Water and sewer available/connected
• Home design: Single-family residence; One story; North-facing
• Construction: Vinyl siding with frame construction; Shingle roof; Slab foundation; Built as residential single-family
• Exterior features: Rear porch; Rain gutters; Level lot; Asphalt road frontage; Irrigation equipment

Interior

• Kitchen: Dishwasher; Disposal; Ice maker; Microwave; Range; Refrigerator; Exhaust fan; Electric water heater
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; High ceilings; Living room/dining room combo; Walk-in closets; Window treatments
• Laundry & utility: Washer and dryer (inside laundry)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $-32 ($-380/yr) — negative.
• To cash-flow at today's rent, offer at most $264k (2.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (15.3% below list).
• Recommended offer: $229k (15.3% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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.

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: Leesburg Elementary School (math 31% / reading 32%, grade F, #1,841 of 2,144 statewide, top 86%, 822 students, 71% FRL); Oak Park Middle School (math 32% / reading 36%, grade F, #426 of 571 statewide, top 75%, 575 students, 70% FRL); Leesburg High School (math 24% / reading 32%, grade F, #464 of 667 statewide, top 70%, 1,641 students, 58% FRL) — zoned schools average 66% FRL vs 49% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 31% at this address vs 50% district-wide (-18 pts) — the specific schools serving this property underperform the Lake average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.9%/yr); 798 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• At $2,288/mo this rent would consume 47% 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 $2k of loan paydown is wiped out by about $8k 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 111 days — a 9% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y 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 $125k; list at $270k implies a 116% 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; moderate wildfire risk; extreme-heat days projected 6→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $228,790 (15.3% 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 111 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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 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: 0.85% ✗
• Cap rate: 6.15%
• Cash-on-cash: -0.50%
• DSCR: 0.98
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $381,480
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24821 Pine Hl	0.23mi	2/2.0	1,994 (-2%)	4mo	$257,100	$129	82
4830 Sawgrass Lake Cir	0.69mi	3/2.0 (+1)	1,907 (-6%)	17mo	$356,000	$187	38

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -20.5%
• Equity multiple: 0.31×
• Total profit: $-52,453
• Equity at exit: $40,258

10-year hold

• IRR: -22.1%
• Equity multiple: 0.02×
• Total profit: $-74,107
• Equity at exit: $23,345

Cash invested: $75,600 (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 34748

• Home prices YoY: -25.3%
• Rents YoY: -0.9%
• Active inventory: 798
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,288 high
• Mortgage (P&I): −$1,416
• Tax from tax record: −$126 /mo · $1,508/yr
• Insurance: −$112
• HOA: −$185
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $-32

Break-even live

Break-even rent $2,328

Max offer price $264,413

Occupancy floor 96%

Sensitivity live

Price	-10% $121	-5% $45	+0% $-32	+5% $-108	+10% $-184
Rent	-10% $-212	-5% $-122	+0% $-32	+5% $59	+10% $149
Rate	-1.0pp $104	-0.5pp $37	base $-32	+0.5pp $-102	+1.0pp $-173

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25049 Navel Ave Leesburg, FL	2.0	2.0	1430	$2,800	$1.96	26d	1	0.07mi
5009 El Destino Dr Leesburg, FL	2.0	2.0	1428	$2,450	$1.72	26d	1	0.51mi
4728 Belle Grv Leesburg, FL	2.0	2.0	1480	$1,700	$1.15	26d	1	0.99mi
10140 Huntingnet Way Leesburg, FL	3.0	2.0	1589	$2,250	$1.42	26d	1	1.29mi
4501 River Ridge Dr Leesburg, FL	2.0	2.0	1467	$1,725	$1.18	7d	1	1.42mi

HOA detail

• Monthly dues: $185 · $2,220/yr

Listing history 22 events

1. 2026-06-21
   days on market $270,000 Active 111 DOM
2. 2026-06-18
   days on market $270,000 Active 108 DOM
3. 2026-06-17
   days on market $270,000 Active 107 DOM
4. 2026-06-16
   days on market $270,000 Active 106 DOM
5. 2026-06-15
   days on market $270,000 Active 105 DOM
6. 2026-06-13
   days on market $270,000 Active 103 DOM
7. 2026-06-09
   days on market $270,000 Active 99 DOM
8. 2026-06-08
   days on market $270,000 Active 98 DOM
9. 2026-06-07
   days on market $270,000 Active 97 DOM
10. 2026-06-04
    days on market $270,000 Active 94 DOM
11. 2026-06-03
    days on market $270,000 Active 93 DOM
12. 2026-06-02
    days on market $270,000 Active 92 DOM
13. 2026-06-01
    days on market $270,000 Active 91 DOM
14. 2026-05-31
    days on market $270,000 Active 90 DOM
15. 2026-04-29
    price $270,000
16. 2026-03-02
    listed $275,000 Active
17. 2014-10-15
    soldstatus $125,000
18. 2007-12-28
    soldstatus $135,000 63-char remark

    Show marketing remark (63 chars)

    #383 READY FOR IMMEDIATE OCCUPANCY!!! LIVING AND FAMILY ROOM.

19. 2007-12-28
    soldstatus $135,000

    Show marketing remark (63 chars)

    #383 READY FOR IMMEDIATE OCCUPANCY!!! LIVING AND FAMILY ROOM.

20. 2007-08-22
    listed $147,000 63-char remark

    Show marketing remark (63 chars)

    #383 READY FOR IMMEDIATE OCCUPANCY!!! LIVING AND FAMILY ROOM.

21. 1996-06-27
    soldstatus $115,900
22. 1992-11-01
    soldstatus $97,800

ⓘ 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: $1,508 · $126/mo
• Projected year-2 tax: $2,241 · $187/mo
• Expected delta: +$733/yr (+$61/mo · 48.6%)

ⓘ 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 5/10 Major
• 🌡 Heat 8/10 Severe 6 d/yr ≥108°F today · 18 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,455
• − Mortgage interest: −$15,124
• − Property taxes: −$1,508
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,196
• − Management: −$2,196
• − HOA: −$2,220
• − Depreciation: −$7,855
• Taxable loss: −$4,995
• Est. tax savings @ 24.0%: +$1,199
• After-tax cash flow: $819/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
• 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

+176.1% since first listed

8 events — show timeline

• 2026-04-29 Price Changed $270,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-02 Listed $275,000 Stellar MLS as Distributed by MLS Grid
• 2014-10-15 Sold (Public Records) $125,000 Public Records
• 2007-12-28 Sold (Public Records) $135,000 Public Records
• 2007-12-28 Sold (MLS) $135,000 Stellar MLS as Distributed by MLS Grid
• 2007-08-22 Listed $147,000 Stellar MLS as Distributed by MLS Grid
• 1996-06-27 Sold (Public Records) $115,900 Public Records
• 1992-11-01 Sold (Public Records) $97,800 Public Records

Property tax history

-0.1%/yr

Latest (2025): $1,508 · -18.9% YoY. Source: county tax records.