645 Corsica Ave NE #12 · Lake Placid, FL 33852

$105,000

3 bd · 2.0 ba · 1,900 sqft · SingleFamily · 5 Days on market

Built 2006 Poor condition 10,000 sqft 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).

• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Cash flow +3.4/30.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Condition / age +1.0/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Don’t miss this rare chance to finish and customize, one of four identical partially completed homes with huge upside potentials. These 3-bedrooms, 2-bathrooms homes offer approx. 1,900 sq. ft. of living space with a desirable split floor plan and open concept design. Structural construction is already completed, giving you a strong head start towards completing a beautifully finished product. Homes still need roofing, framing, electrical, and drywall, making them perfect for investors looking to flip or buyers wanting to customize their dream home from the ground up. Conveniently located just 3 miles from local schools , 1 mile from beautiful lake June and only 3 miles from the pictu

Key facts

• Outdoor recreation
• Nearby dining
• Conveniently located

Tags

• CONVENIENTLY LOCATED
• NEARBY DINING
• OUTDOOR RECREATION
• HIGH POTENTIAL PROPERTIES

Property features AI

Finance

• Other: Under construction status noted
• HOA & community: Located in Placid Lakes subdivision

Exterior

• Parking: 2-car garage
• Utilities: Public water; Septic tank sewer
• Home design: Single-family residence; One level; Entry on level 1; Under construction
• Construction: Block, concrete, and stucco construction; Other roof
• Exterior features: Rear porch; Paved road access; Frontage approximately 80 feet; R1 zoning

Interior

• Flooring: Other
• Bathrooms: 2 full bathrooms
• Heating & cooling: No heating; No cooling
• Interior features: Unfurnished; Other flooring

🏗️ New construction. The $105,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $357,200.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $105k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Cap rate 2.6% vs local median 3.8% in Lake Placid — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 68/100 on livability (#525 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Highlands (other): math 45% / reading 43% proficiency, ranked #54 of 73 in FL (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lake Placid Elementary School (math 32% / reading 29%, grade F, #1,862 of 2,144 statewide, top 88%, 594 students, 80% FRL); Lake Placid Middle School (math 42% / reading 33%, grade F, #395 of 571 statewide, top 70%, 621 students, 75% FRL); Lake Placid High School (math 36% / reading 35%, grade F, #367 of 667 statewide, top 57%, 868 students, 66% FRL).
• Market conditions: Rents flat; 1493 active listings in the ZIP; 980 units permitted in Highlands County in 2024 (80 in 5+ unit buildings).
• This rent runs 38% 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 $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 5.1% of price.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
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 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: 0.48% ✗
• Cap rate: 2.59%
• Cash-on-cash: -13.22%
• DSCR: 0.41
• GRM: 17.2

CMA / ARV

• ARV (on-the-fly): $357,200
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
134 Bimini St NE	0.22mi	3/2.0	1,822 (-4%)	10mo	$343,000	$188	74
216 Grenada St NE	0.15mi	3/2.0	1,646 (-13%)	1mo	$315,000	$191	70
189 Liberty Dr NE	0.22mi	3/2.0	1,662 (-12%)	2mo	$324,900	$195	68
6493 Placid Lakes Blvd	0.59mi	3/2.0	2,031 (+7%)	2mo	$285,000	$140	60
201 Anna Maria Way NE	0.63mi	3/2.0	1,845 (-3%)	10mo	$350,000	$190	58
9003 Placid Blvd	0.31mi	4/2.0 (+1)	2,119 (+12%)	7mo	$390,000	$184	55
110 Imbros Ave NE	0.58mi	3/2.0	1,686 (-11%)	3mo	$279,000	$165	51
428 Killdeer Ave	0.59mi	3/2.0	1,646 (-13%)	16mo	$309,000	$188	37
344 Boeing St NW	0.70mi	3/1.5	1,646 (-13%)	10mo	$214,000	$130	34
100 Captiva Ct NE	0.64mi	3/2.5	2,163 (+14%)	23mo	$389,900	$180	26

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 · 0.82% rent growth · sell at horizon

5-year hold

• IRR: -43.4%
• Equity multiple: -0.32×
• Total profit: $-131,768
• Equity at exit: $53,260

10-year hold

• IRR: -91.2%
• Equity multiple: -1.20×
• Total profit: $-219,613
• Equity at exit: $30,884

Cash invested: $100,016 (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 33852

• Rents YoY: 0.8%
• Active inventory: 1493
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,730 medium
• Mortgage (P&I): −$1,873
• Tax est. 1.5%: −$446 /mo · $5,358/yr
• Insurance: −$149
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $-1,102

Break-even live

Break-even rent $3,125

Max offer price $197,710

Occupancy floor —

Sensitivity live

Price	-10% $-855	-5% $-979	+0% $-1,102	+5% $-1,226	+10% $-1,349
Rent	-10% $-1,239	-5% $-1,171	+0% $-1,102	+5% $-1,034	+10% $-966
Rate	-1.0pp $-922	-0.5pp $-1,011	base $-1,102	+0.5pp $-1,195	+1.0pp $-1,289

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: $89,300
• Closing costs: $10,716
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-02
   days on market $105,000 Active 5 DOM
2. 2026-06-01
   days on market $105,000 Active 4 DOM
3. 2026-05-31
   days on market $105,000 Active 3 DOM
4. 2026-05-30
   days on market $105,000 Active 2 DOM
5. 2026-05-27
   listed $105,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,754
• − Mortgage interest: −$20,009
• − Property taxes: −$5,358
• − Insurance: −$1,786
• − Repairs & maintenance: −$1,660
• − Management: −$1,660
• − Depreciation: −$10,391
• Taxable loss: −$20,110
• Est. tax savings @ 24.0%: +$4,826
• After-tax cash flow: $-8,400/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This property is in an extensive renovation stage, requiring roof, exterior, flooring, interior walls, bathrooms, kitchen, and systems work. It offers significant potential for investors looking to flip or customize their dream home.

Repairs flagged

• Major roof — No roof is visible
• Major exterior — Exposed concrete blocks
• Major flooring — No flooring is visible
• Major interior walls — Exposed concrete blocks
• Major bathrooms — Exposed concrete blocks
• Major kitchen — Exposed concrete blocks
• Major systems — No systems are visible

Value-add opportunities

• Both roof — Completing the roof is essential for both resale and rental value
• Both exterior — Finishing the exterior will enhance curb appeal and attract buyers
• Both flooring — Adding flooring will make the home move-in ready and attractive
• Both interior walls — Finishing the interior walls will improve the home's appearance and functionality
• Both bathrooms — Completing the bathrooms will make the home move-in ready and attractive
• Both kitchen — Finishing the kitchen will make the home move-in ready and attractive
• Both systems — Completing the systems will make the home move-in ready and functional

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · No roof is visible	Major	$15,000–50,000
exterior · Exposed concrete blocks	Major	$15,000–50,000
flooring · No flooring is visible	Major	$15,000–50,000
interior walls · Exposed concrete blocks	Major	$15,000–50,000
bathrooms · Exposed concrete blocks	Major	$15,000–50,000
kitchen · Exposed concrete blocks	Major	$15,000–50,000
systems · No systems are visible	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both roof — Completing the roof is essential for both resale and rental value ↑
• Both exterior — Finishing the exterior will enhance curb appeal and attract buyers ↑
• Both flooring — Adding flooring will make the home move-in ready and attractive ↑
• Both interior walls — Finishing the interior walls will improve the home's appearance and functionality ↑
• Both bathrooms — Completing the bathrooms will make the home move-in ready and attractive ↑
• Both kitchen — Finishing the kitchen will make the home move-in ready and attractive ↑
• Both systems — Completing the systems will make the home move-in ready and functional ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Highlands
• NCES district ID: 1200840
• Math proficiency: 45% ▼ -7.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $35,276
• Composite: 36.42/100
• National rank: #4672
• State rank: #54 of 73 in FL

Livability — Lake Placid

• Score: 68/100
• State rank: #525
• US rank: #9813

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment F Housing B- Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Highlands County · 98,898 people
• City population: 22,600
• Metro: Sebring-Avon Park, FL
• Population (ZIP): 22,600
• Household income: $54,284
• Rent vs Own: 18.6% rent · 81.4% own
• Severe rent burden: 439.0

Population outlook (Highlands County) Hauer SSP2

• Today (2025): 99,674 people
• By 2030: 99,615 · -0.1%
• By 2040: 99,342 · -0.3%
• By 2050: 98,242 · -1.4%
• By 2075: 93,291 · -6.4%
• By 2100: 79,894 · -19.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 22% Two or more races 11% Black 6% Asian 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 3% Cuban 3%
• Common ancestry: Lithuanian 2% Slovak 2% Iranian 1%
• Foreign-born: 14% · Canada, Dominican Republic
• Languages at home: 79% English-only · Spanish 19% Tagalog/Filipino 1%

Political lean MEDSL · Highlands

• 2024 margin: Solid R (+40.8) · D 29.3% · R 70.1%
• 2008→2024 swing: -22.7pp toward R · 2008: -18.1pp · 2024: -40.8pp
• All cycles: 2024: R+40.8 2020: R+34.4 2016: R+32.0 2012: R+23.0 2008: R+18.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.31%
• Current HPI: 224.8693
• Rent YoY: ▲ 0.82%
• Metro: Sebring-Avon Park, 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

1 event — show timeline

• 2026-05-27 Listed $105,000 HAOR as distributed by MLS GRID