2104 South St · Leesburg, FL 34748

$59,990

2 bd · 1.0 ba · 1,108 sqft · SingleFamily public records · 3 Days on market

Built 1944 0.59 ac lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Under contract-accepting backup offers. Don’t miss this exceptional investment opportunity in the heart of Leesburg. Ideally situated just west of the intersection of US 27 and South Street (SR 44), this 0.58-acre parcel offers outstanding potential for redevelopment or new construction. Zoned “Medium Density Residential” by the City of Leesburg, the property currently allows for up to two dwelling units, making it an excellent opportunity for duplex development or income-producing residential housing. Positioned near major roadways and regional employment hubs, the location is highly desirable for tenants seeking convenience and accessibility. Existing nearby utility conn

Key facts

• Duplex development
• 0.58-acre parcel
• Two dwelling units

Tags

• 0.58-ACRE PARCEL
• TWO DWELLING UNITS
• DUPLEX DEVELOPMENT

Property features AI

Finance

• Other: Property type: Residential, single family; Zoning: R-2; Lot dimensions approximately 100 x 255 (0.59 acres); Road surface: Dirt
• Financial info: No investor or income/expense details provided
• HOA & community: No HOA

Exterior

• Parking: No parking information provided
• Security: No security features listed
• Utilities: Water: None listed (water available noted); Sewer: None listed; Utilities: Water available
• Home design: Single-family residence; One story; Faces south
• Construction: Frame and other construction materials; Metal and other roof; Pillar/Post/Pier foundation; Built on one level
• Exterior features: Other exterior features

Interior

• Kitchen: No appliances listed
• Bedrooms: 2 bedrooms
• Flooring: Other flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: No heating; No cooling
• Interior features: No interior features listed
• Laundry & utility: No laundry facilities

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $651 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Cap rate 19.3% vs local median 4.5% 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: schools D+, crime D, amenities 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 soft (-0.9%/yr); 783 active listings in the ZIP; 32 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 30% of the median local income ($58k/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 $414 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• 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 $59,990

Questions for the listing agent

1. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 2.44% ✓
• Cap rate: 19.32%
• Cash-on-cash: 46.53%
• DSCR: 3.07
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $193,900
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2104 South St	0.00mi	2/1.0	1,108 (0%)	0mo	$59,990	$54	100
811 S Lone Oak Dr	0.15mi	3/1.0 (+1)	1,104 (-0%)	7mo	$190,000	$172	81
2303 Mahoney Ave	0.33mi	2/2.0	1,196 (+8%)	0mo	$225,000	$188	67
726 Scenic St	0.44mi	3/2.0 (+1)	1,075 (-3%)	9mo	$230,000	$214	58
2304 Vine St	0.54mi	3/1.0 (+1)	1,181 (+7%)	2mo	$172,000	$146	57
1602 Sheffield Rd	0.59mi	3/1.5 (+1)	1,094 (-1%)	10mo	$209,300	$191	55
1108 Flamingo Dr	0.58mi	3/1.0 (+1)	1,155 (+4%)	8mo	$153,000	$132	54
1315 Braebury Dr	0.39mi	3/1.5 (+1)	1,240 (+12%)	3mo	$217,000	$175	52
1409 Braebury Dr	0.50mi	3/2.0 (+1)	1,102 (-0%)	18mo	$224,900	$204	52
108 N Oakland St	0.70mi	3/1.0 (+1)	1,056 (-5%)	18mo	$160,000	$152	40
2202 Butler St	0.58mi	3/1.0 (+1)	951 (-14%)	11mo	$198,000	$208	36

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: 40.1%
• Equity multiple: 2.64×
• Total profit: $27,557
• Equity at exit: $8,945

10-year hold

• IRR: 44.9%
• Equity multiple: 4.64×
• Total profit: $61,175
• Equity at exit: $5,187

Cash invested: $16,797 (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: 783
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,461 high
• Mortgage (P&I): −$315
• Tax from tax record: −$163 /mo · $1,961/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $651

Break-even live

Break-even rent $637

Max offer price $59,990

Occupancy floor 50%

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: $14,998
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
822 S Lone Oak Dr Unit B Leesburg, FL	2.0	1.0	900	$1,195	$1.33	24d	1	0.12mi
1604 Woodlyn Dr Leesburg, FL	3.0	1.5	1088	$1,500	$1.38	24d	1	0.41mi
1317 Cambridge Dr Leesburg, FL	3.0	1.5	1240	$1,600	$1.29	24d	1	0.49mi
2602 Houston Pl Leesburg, FL	2.0	2.0	960	$1,895	$1.97	5d	1	0.60mi
200 S Moss St Leesburg, FL	3.0	2.0	968	$1,500	$1.55	24d	1	0.62mi
114 N Chester St Leesburg, FL	1.0	1.0	702	$850	$1.21	5d	1	0.69mi
1220 W Dixie Ave Leesburg, FL	3.0	2.0	1304	$1,600	$1.23	5d	1	0.74mi
513 Old Colony Rd Leesburg, FL	3.0	2.0	1198	$1,699	$1.42	5d	1	0.80mi
502 Old Colony Rd Leesburg, FL	3.0	2.0	1456	$1,299	$0.89	24d	1	0.80mi
1401 Floradel Ave Leesburg, FL	2.0	1.0	1190	$1,495	$1.26	3d	1	0.85mi
210 N Lone Oak Dr Unit 1 Leesburg, FL	2.0	1.0	912	$1,250	$1.37	15d	1	0.87mi
1801 Center St Unit 2 Leesburg, FL	2.0	1.0	754	$1,300	$1.72	24d	1	0.88mi
1004 Royal Oak Blvd Unit 1004 Leesburg, FL	2.0	2.5	1244	$1,550	$1.25	4d	1	0.93mi
2920 Pecan Ave Leesburg, FL	2.0	2.5	1288	$1,700	$1.32	24d	1	0.94mi
1403 Old Harbor Blvd Leesburg, FL	1.0–4.0	1.0–3.0	1079	$1,366	$1.27	3d	9	0.97mi
716 Marietta St Leesburg, FL	3.0	2.0	1250	$1,600	$1.28	24d	1	0.97mi
2940 Peach St Leesburg, FL	2.0	2.5	1288	$1,750	$1.36	18d	1	0.98mi
301 S 11th St Leesburg, FL	2.0	1.0	816	$1,450	$1.78	24d	1	1.02mi
913 Sumter St Unit 102 Leesburg, FL	2.0	2.0	1080	$1,395	$1.29	18d	1	1.05mi
200 S 11th St Unit 102 Leesburg, FL	2.0	2.5	1379	$1,675	$1.21	24d	1	1.07mi
200 S 11th St Leesburg, FL	2.0	2.0	1379	$1,675	$1.21	24d	1	1.07mi
813 S 9th St Leesburg, FL	2.0	2.0	1400	$2,000	$1.43	24d	1	1.11mi
1112 W Main St Unit B-5 Leesburg, FL	2.0	2.0	1000	$1,400	$1.40	24d	1	1.12mi
400 S 6th St Leesburg, FL	2.0	1.0	700	$1,250	$1.79	24d	1	1.26mi
306 Perkins St Leesburg, FL	1.0	1.0	750	$999	$1.33	24d	1	1.27mi
325 S 2nd St Unit 206 Leesburg, FL	2.0	2.0	1000	$1,700	$1.70	5d	1	1.34mi
1009 Nebraska St Leesburg, FL	3.0	1.0	864	$1,850	$2.14	12d	1	1.44mi
1009 McCormack St Leesburg, FL	2.0	1.0	1400	$1,025	$0.73	24d	1	1.44mi
1013 Beecher St Unit 1 Leesburg, FL	3.0	1.0	900	$1,250	$1.39	22d	1	1.45mi
1015 Beecher St Unit 1 Leesburg, FL	2.0	1.0	853	$1,100	$1.29	24d	1	1.45mi
1001 Crawford St Unit 1 Leesburg, FL	3.0	1.0	800	$1,100	$1.38	15d	1	1.47mi
1001 Crawford St Leesburg, FL	3.0	1.0	800	$1,100	$1.38	11d	1	1.47mi

Listing history 1 events

1. 2026-05-23
   listed $59,990 Active

ⓘ 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: $1,961 · $163/mo
• Projected year-2 tax: $1,961 · $163/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 ≥108°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: $17,535
• − Mortgage interest: −$3,360
• − Property taxes: −$1,961
• − Insurance: −$300
• − Repairs & maintenance: −$1,403
• − Management: −$1,403
• − Depreciation: −$1,745
• Taxable income: $7,362
• Est. tax owed @ 24.0%: −$1,767
• After-tax cash flow: $6,049/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

• Census place: Leesburg, FL
• 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

1 event — show timeline

• 2026-05-23 Listed $59,990 Stellar MLS as Distributed by MLS Grid

Property tax history

+22.8%/yr

Latest (2025): $1,961 · +8.0% YoY. Source: county tax records.