510 Bonita Dr · Lady Lake, FL 32159

$180,000

2 bd · 2.0 ba · 1,040 sqft · Manufactured public records · 89 Days on market

Built 1989 5,760 sqft lot Est $150k · 20% over $204/mo HOA · 11% 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).

• Cash flow +18.0/30.0
• DSCR +5.6/10.0
• 1% rule +5.4/10.0
• Schools +4.2/10.0
• Rent growth +3.5/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy "The Villages" in this beautiful home located in the section of Orange Blossoms Gardens! This home is light and bright and move in ready!! There are laminate floors throughout,  large living room and dining areas,  spacious kitchen,  and cozy front sun room for your relaxation and enjoyment! Great location. .. just a golf cart ride away from The Spanish Springs downtown area that offers several restaurants,  Lots of shopping,  entertainment,  and so much more!!  Relax and listen to live music every evening from 5:00p. m. -9:00 p. m. on the Square!!  Golf cart is included in purchase of this home!!!

Key facts

• Spacious layout
• Golf recreation
• 5,760 sq ft lot

Tags

• PRIME LADY LAKE LOCATION
• PEACEFUL RESIDENTIAL SETTING
• DINING MEDICAL FACILITIES
• SPACIOUS LAYOUT
• WELL-ESTABLISHED AREA
• GOLF RECREATION

Property features AI

Finance

• Other: Lot size about 0.13 acres (0 to less than 1/4 acre); Living area reported as 1,040 sq ft; building area reported as 1,499 sq ft
• HOA & community: Has HOA (no association fee requirement); Senior community; Cats and dogs allowed

Exterior

• Parking: Has carport (1 space)
• Utilities: Public sewer; Electricity connected; Sewer connected; No water source listed
• Home design: Manufactured double-wide home; Residential property; Single-story; Faces north; Pillar/post/pier foundation
• Construction: Frame construction; Shingle roof; Built as a manufactured home
• Exterior features: Paved road access; Lot dimensions approximately 64 x 90

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: High ceilings; 3 total rooms
• Laundry & utility: Laundry room; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $153 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $169k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 4.1% in Lady Lake — 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 69/100 on livability (#457 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: employment 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: Rents rising fast (+4.0%/yr); 576 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• This rent runs 38% of the median local income ($59k/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 $5k 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 89 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y 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 $115k; list at $180k implies a 57% 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.04% ✓
• Cap rate: 7.32%
• Cash-on-cash: 3.65%
• DSCR: 1.16
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $149,760
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
524 Bonita Dr	0.08mi	2/2.0	1,144 (+10%)	3mo	$176,000	$154	77
713 Sharon Dr	0.34mi	2/2.0	1,008 (-3%)	5mo	$197,000	$195	75
1012 Parker Pl	0.28mi	2/2.0	1,144 (+10%)	9mo	$130,000	$114	62
1005 Matthew Ave	0.29mi	2/2.0	1,144 (+10%)	12mo	$165,000	$144	60
717 Truman Ave	0.36mi	2/2.0	1,152 (+11%)	10mo	$150,000	$130	57

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 · 4.03% rent growth · sell at horizon

5-year hold

• IRR: -9.3%
• Equity multiple: 0.66×
• Total profit: $-17,366
• Equity at exit: $26,839

10-year hold

• IRR: 1.6%
• Equity multiple: 1.12×
• Total profit: $5,979
• Equity at exit: $15,563

Cash invested: $50,400 (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 32159

• Home prices YoY: -16.0%
• Rents YoY: 4.0%
• Active inventory: 576
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,871 high
• Mortgage (P&I): −$944
• Tax from tax record: −$102 /mo · $1,225/yr
• Insurance: −$75
• HOA: −$204
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $153

Break-even live

Break-even rent $1,677

Max offer price $180,000

Occupancy floor 87%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1222 Palmetto Dr Lady Lake, FL	2.0	2.0	1248	$1,700	$1.36	23d	1	0.14mi
508 Tarrson Blvd Unit 1525263P Lady Lake, FL	2.0	2.0	1011	$1,262	$1.25	12d	1	0.30mi
1214 Dustin Dr Lady Lake, FL	2.0	2.0	1040	$1,400	$1.35	23d	1	0.37mi
739 Heathrow Ave Lady Lake, FL	2.0	2.0	1040	$2,250	$2.16	2d	1	0.74mi
1540 Hillcrest Dr Lady Lake, FL	2.0	2.0	1200	$1,600	$1.33	23d	1	0.84mi
1824 Marion County Rd Weirsdale, FL	2.0	2.0	1064	$1,500	$1.41	23d	1	0.86mi
715 Hudson Ln Lady Lake, FL	3.0	2.0	1392	$2,700	$1.94	23d	1	0.92mi
932 Chula Ct Lady Lake, FL	2.0	2.0	1346	$3,000	$2.23	3d	1	1.01mi
1715 Pebble Beach Ln Lady Lake, FL	2.0	2.0	1040	$3,500	$3.37	23d	1	1.02mi
943 Mendoza Blvd Lady Lake, FL	2.0	2.0	1268	$5,800	$4.57	23d	1	1.19mi
1430 W Schwartz Blvd Lady Lake, FL	2.0	2.0	1377	$2,500	$1.82	23d	1	1.23mi
909 Orchid St Lady Lake, FL	2.0	1.0	936	$1,600	$1.71	23d	1	1.27mi
1532 W Schwartz Blvd Lady Lake, FL	2.0	2.0	1092	$2,950	$2.70	23d	1	1.36mi
1304 Santa Rosa Ct Lady Lake, FL	2.0	2.0	1286	$4,500	$3.50	21d	1	1.40mi
216 Magnolia Dr Lady Lake, FL	2.0–3.0	2.0	1248	$1,499	$1.20	2d	1	1.43mi
716 Dominguez Dr Lady Lake, FL	2.0	2.0	1094	$2,450	$2.24	21d	1	1.45mi

HOA detail

• Monthly dues: $204 · $2,448/yr

Listing history 27 events

1. 2026-06-18
   days on market $180,000 Active 89 DOM
2. 2026-06-17
   days on market $180,000 Active 88 DOM
3. 2026-06-16
   days on market $180,000 Active 87 DOM
4. 2026-06-15
   days on market $180,000 Active 86 DOM
5. 2026-06-13
   days on market $180,000 Active 84 DOM
6. 2026-06-09
   days on market $180,000 Active 80 DOM
7. 2026-06-08
   days on market $180,000 Active 79 DOM
8. 2026-06-07
   days on market $180,000 Active 78 DOM
9. 2026-06-04
   days on market $180,000 Active 75 DOM
10. 2026-06-03
    days on market $180,000 Active 74 DOM
11. 2026-06-02
    days on market $180,000 Active 73 DOM
12. 2026-06-01
    days on market $180,000 Active 72 DOM
13. 2026-05-31
    days on market $180,000 Active 71 DOM
14. 2026-03-21
    listed $180,000 Active
15. 2017-07-21
    soldstatus $115,000
16. 2017-07-18
    soldstatus $115,000 Sold 1085-char remark

    Show marketing remark (517 chars)

    Enjoy''TheVillages''inthisbeautifulhomelocatedinthesectionofOrangeBlossomsGardens!Thishomeislightandbrightandmoveinready!!Therearelaminatefloorsthroughout, largelivingroomanddiningareas, spaciouskitchen, andcozyfrontsunroomforyourrelaxationandenjoyment!Greatlocation. .. justagolfcartrideawayfromTheSpanishSpringsdowntownareathatoffersseveralrestaurants, Lotsofshopping, entertainment, andsomuchmore!!Relaxandlistentolivemusiceveryeveningfrom5:00p. m. -9:00p. m. ontheSquare!!Golfcartisincludedinpurchaseofthishome!!!

17. 2017-07-18
    soldstatus $115,000 517-char remark

    Show marketing remark (517 chars)

    Enjoy''TheVillages''inthisbeautifulhomelocatedinthesectionofOrangeBlossomsGardens!Thishomeislightandbrightandmoveinready!!Therearelaminatefloorsthroughout, largelivingroomanddiningareas, spaciouskitchen, andcozyfrontsunroomforyourrelaxationandenjoyment!Greatlocation. .. justagolfcartrideawayfromTheSpanishSpringsdowntownareathatoffersseveralrestaurants, Lotsofshopping, entertainment, andsomuchmore!!Relaxandlistentolivemusiceveryeveningfrom5:00p. m. -9:00p. m. ontheSquare!!Golfcartisincludedinpurchaseofthishome!!!

18. 2017-06-22
    status Pending 1085-char remark

    Show marketing remark (1085 chars)

    Enjoy "The Villages" in this beautiful home located in the section of Orange Blossoms Gardens! This home is light and bright and move in ready!! There are laminate floors throughout,  large living room and dining areas,  spacious kitchen,  and cozy front sun room for your relaxation and enjoyment! Great location. .. just a golf cart ride away from The Spanish Springs downtown area that offers several restaurants,  Lots of shopping,  entertainment,  and so much more!!  Relax and listen to live music every evening from 5:00p. m. -9:00 p. m. on the Square!!  Golf cart is included in purchase of this home!!!

19. 2017-05-04
    listed $125,000 Active 1085-char remark

    Show marketing remark (1085 chars)

    Enjoy "The Villages" in this beautiful home located in the section of Orange Blossoms Gardens! This home is light and bright and move in ready!! There are laminate floors throughout,  large living room and dining areas,  spacious kitchen,  and cozy front sun room for your relaxation and enjoyment! Great location. .. just a golf cart ride away from The Spanish Springs downtown area that offers several restaurants,  Lots of shopping,  entertainment,  and so much more!!  Relax and listen to live music every evening from 5:00p. m. -9:00 p. m. on the Square!!  Golf cart is included in purchase of this home!!!

20. 2017-04-28
    listed $125,000 517-char remark

    Show marketing remark (517 chars)

    Enjoy''TheVillages''inthisbeautifulhomelocatedinthesectionofOrangeBlossomsGardens!Thishomeislightandbrightandmoveinready!!Therearelaminatefloorsthroughout, largelivingroomanddiningareas, spaciouskitchen, andcozyfrontsunroomforyourrelaxationandenjoyment!Greatlocation. .. justagolfcartrideawayfromTheSpanishSpringsdowntownareathatoffersseveralrestaurants, Lotsofshopping, entertainment, andsomuchmore!!Relaxandlistentolivemusiceveryeveningfrom5:00p. m. -9:00p. m. ontheSquare!!Golfcartisincludedinpurchaseofthishome!!!

21. 2017-01-31
    soldstatus $90,000 Sold
22. 2017-01-13
    status Pending
23. 2016-10-20
    price $100,000
24. 2016-07-13
    listed $112,000 Active
25. 2016-01-05
    historical
26. 2015-07-05
    listed $127,000
27. 1989-06-01
    soldstatus $64,400

ⓘ 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: $1,225 · $102/mo
• Projected year-2 tax: $1,494 · $124/mo
• Expected delta: +$269/yr (+$22/mo · 21.9%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°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 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,456
• − Mortgage interest: −$10,083
• − Property taxes: −$1,225
• − Insurance: −$900
• − Repairs & maintenance: −$1,797
• − Management: −$1,797
• − HOA: −$2,448
• − Depreciation: −$5,236
• Taxable loss: −$1,029
• Est. tax savings @ 24.0%: +$247
• After-tax cash flow: $2,087/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 — Lady Lake

• Score: 69/100
• State rank: #457
• US rank: #8302

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lady Lake, FL
• County: Lake County · 364,602 people
• City population: 32,107
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 32,107
• Household income: $58,518
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 1047.0

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 6% Two or more races 5% Black 4% Asian 1%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 3%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 4% German/W. Germanic 1% Other Indo-European 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: ▼ -45.24%
• Current HPI: 237.6208
• Rent YoY: ▲ 4.03%
• 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

+179.5% since first listed

14 events — show timeline

• 2026-03-21 Listed $180,000 Stellar MLS as Distributed by MLS Grid
• 2017-07-21 Sold (Public Records) $115,000 Public Records
• 2017-07-18 Sold (MLS) $115,000 Stellar MLS as Distributed by MLS Grid
• 2017-07-18 Sold (MLS) $115,000 Stellar MLS as Distributed by MLS Grid
• 2017-06-22 Pending — Stellar MLS as Distributed by MLS Grid
• 2017-05-04 Listed $125,000 Stellar MLS as Distributed by MLS Grid
• 2017-04-28 Listed $125,000 Stellar MLS as Distributed by MLS Grid
• 2017-01-31 Sold (MLS) $90,000 Stellar MLS as Distributed by MLS Grid
• 2017-01-13 Pending — Stellar MLS as Distributed by MLS Grid
• 2016-10-20 Price Changed $100,000 Stellar MLS as Distributed by MLS Grid
• 2016-07-13 Listed $112,000 Stellar MLS as Distributed by MLS Grid
• 2016-01-05 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2015-07-05 Listed $127,000 Stellar MLS as Distributed by MLS Grid
• 1989-06-01 Sold (Public Records) $64,400 Public Records

Property tax history

+13.6%/yr

Latest (2025): $1,225 · +28.4% YoY. Source: county tax records.