11921 Salina Way · Lisbon, FL 34788

$149,900

2 bd · 2.0 ba · 1,512 sqft · Condo public records · 422 Days on market

Built 2014 $162/mo HOA · 9% of rent

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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 +24.3/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• 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

Why go to the expense of buying a new home in a new neighborhood when you can purchase a beautiful home in an established community at a great price? PRICE REDUCED>The cheapest and one of the youngest homes in Lake Yale Estates. The home has been freshly decorated. It is vacant and ready to move into. This is an unique opportunity to purchase a 1512 square foot home which was built in 2014. It is currently a 2 bed 2 bath home but it can be turned into a 3 bed home if required. The home windows are double glazed. To build from scratch would cost tens of thousands more for the land and building. It is important to stress that you own the lot. There is a ramp to the main door which is perf

Key facts

• Screened in carport
• Ramp to main door
• Large shed

Tags

• DOUBLE GLAZED WINDOWS
• RAMP TO MAIN DOOR
• SCREENED IN CARPORT
• LARGE SHED
• HEATED SWIMMING POOL
• DOCK ONTO LAKE YALE

Property features AI

Finance

• Other: Lease restrictions apply
• HOA & community: Has HOA (monthly fee required); Monthly HOA fee $162; Association approval required; Community is a senior community; Cats and dogs allowed (max pet weight about 100 lbs)

Exterior

• Parking: Carport with 3 spaces
• Utilities: Public water; Public sewer; Electricity connected; Water connected; Sewer connected
• Home design: Manufactured double-wide home; One story; Faces south
• Construction: Vinyl siding; Shingle roof; Crawlspace with pillar/post/pier foundation; Built as a manufactured home (double wide)
• Exterior features: Storage shed(s); Storage; Cleared lot; Paved and private lot; Street lights in community; Lake Yale nearby

Interior

• Kitchen: Built-in oven
• Bedrooms: 2 bedrooms
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Cathedral ceilings; Ceiling fans; Living room/dining room combo; Double-pane windows; Built-in oven
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $302 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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: schools 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.
• Market conditions: 285 active listings in the ZIP; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• This rent runs 40% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 422 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $29k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $150k implies a 584% 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 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 422 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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.
8. 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.
9. 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: 1.19% ✓
• Cap rate: 8.71%
• Cash-on-cash: 8.63%
• DSCR: 1.38
• GRM: 7.0

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: -3.2%
• Equity multiple: 0.88×
• Total profit: $-4,998
• Equity at exit: $22,351

10-year hold

• IRR: 6.6%
• Equity multiple: 1.49×
• Total profit: $20,687
• Equity at exit: $12,961

Cash invested: $41,972 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,785 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$98 /mo · $1,173/yr
• Insurance: −$62
• HOA: −$162
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $302

Break-even live

Break-even rent $1,403

Max offer price $149,900

Occupancy floor 78%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $162 · $1,944/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-18
   days on market $149,900 Active 422 DOM
2. 2026-06-17
   days on market $149,900 Active 421 DOM
3. 2026-06-16
   days on market $149,900 Active 420 DOM
4. 2026-06-15
   days on market $149,900 Active 419 DOM
5. 2026-06-13
   days on market $149,900 Active 417 DOM
6. 2026-06-09
   days on market $149,900 Active 413 DOM
7. 2026-06-08
   days on market $149,900 Active 412 DOM
8. 2026-06-07
   days on market $149,900 Active 411 DOM
9. 2026-06-04
   days on market $149,900 Active 408 DOM
10. 2026-06-03
    days on market $149,900 Active 407 DOM
11. 2026-06-02
    days on market $149,900 Active 406 DOM
12. 2026-06-02
    days on market $149,900 Active 405 DOM
13. 2026-05-31
    days on market $149,900 Active 404 DOM
14. 2026-03-18
    price $149,900
15. 2026-01-07
    price $164,900
16. 2025-09-22
    price $179,000
17. 2025-05-13
    price $164,900
18. 2025-04-22
    listed $179,000 Active
19. 2024-08-23
    historical
20. 2024-05-24
    status Active
21. 2024-05-17
    historical
22. 2024-02-18
    price $187,000
23. 2023-09-18
    price $195,000
24. 2023-09-06
    price $210,000
25. 2023-08-25
    listed $225,000 Active
26. 2020-05-22
    historical
27. 2020-03-13
    price $125,000
28. 2020-01-16
    listed $140,000 Active
29. 2005-10-05
    soldstatus $21,900

ⓘ 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: $1,173 · $98/mo
• Projected year-2 tax: $1,244 · $104/mo
• Expected delta: +$71/yr (+$6/mo · 6.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 21 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: $21,419
• − Mortgage interest: −$8,397
• − Property taxes: −$1,173
• − Insurance: −$750
• − Repairs & maintenance: −$1,714
• − Management: −$1,714
• − HOA: −$1,944
• − Depreciation: −$4,361
• Taxable income: $1,368
• Est. tax owed @ 24.0%: −$328
• After-tax cash flow: $3,293/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

+584.5% since first listed

16 events — show timeline

• 2026-03-18 Price Changed $149,900 Stellar MLS as Distributed by MLS Grid
• 2026-01-07 Price Changed $164,900 Stellar MLS as Distributed by MLS Grid
• 2025-09-22 Price Changed $179,000 Stellar MLS as Distributed by MLS Grid
• 2025-05-13 Price Changed $164,900 Stellar MLS as Distributed by MLS Grid
• 2025-04-22 Listed $179,000 Stellar MLS as Distributed by MLS Grid
• 2024-08-23 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-05-24 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-05-17 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-02-18 Price Changed $187,000 Stellar MLS as Distributed by MLS Grid
• 2023-09-18 Price Changed $195,000 Stellar MLS as Distributed by MLS Grid
• 2023-09-06 Price Changed $210,000 Stellar MLS as Distributed by MLS Grid
• 2023-08-25 Listed $225,000 Stellar MLS as Distributed by MLS Grid
• 2020-05-22 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2020-03-13 Price Changed $125,000 Stellar MLS as Distributed by MLS Grid
• 2020-01-16 Listed $140,000 Stellar MLS as Distributed by MLS Grid
• 2005-10-05 Sold (Public Records) $21,900 Public Records

Property tax history

+21.1%/yr

Latest (2025): $1,173 · +2.8% YoY. Source: county tax records.