34117 Hodges Rd · Leesburg, FL 34788

$165,500

3 bd · 2.0 ba · 1,272 sqft · Manufactured public records · 25 Days on market

Built 1971 7,853 sqft lot

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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 +27.5/30.0
• DSCR +9.6/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Schools +4.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well kept 2 bed / 2 bath 'double wide' ready to move in. Two storage sheds with workshop. Nice screened Florida room / lanai to enjoy the outdoors. This one is 'Price to sell' so come have a look.

Key facts

• Screened front porch
• Quiet neighborhood
• 7,853 sq ft lot

Tags

• SCREENED FRONT PORCH
• QUIET NEIGHBORHOOD

Property features AI

Finance

• Other: Furnished; Lot approximately 0.18 acre (75 x 107); Zoning: RM; Directions available
• HOA & community: No association

Exterior

• Parking: Covered driveway; 2-space carport
• Utilities: Public water; Septic tank; Cable connected; Electricity connected; Water connected
• Home design: Residential mobile home (double wide); Single-story; East-facing entry
• Construction: Vinyl siding with frame construction; Metal roof; Roof over; Crawlspace foundation; Built/estimated total building area ~1532 sq ft
• Exterior features: Covered, screened front porch; Patio/porch is covered and screened; Private mailbox; Rain gutters; Sliding doors; Paved lot in county

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Ceramic tile; Vinyl; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (heat pump); Central air conditioning
• Interior features: Built-in features; Ceiling fans; Window treatments; Florida room
• Laundry & utility: Washer; Dryer; Laundry in garage

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $166k.

Deal economics

• At list price, monthly cash flow is $490 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $166k).
• Recommended offer: $163k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.8% 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: 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: Treadway Elementary School (math 53% / reading 48%, grade D+, #1,055 of 2,144 statewide, top 50%, 879 students, 66% FRL); Leesburg High School (math 24% / reading 32%, grade F, #464 of 667 statewide, top 70%, 1,641 students, 58% FRL).
• Market conditions: 285 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• This rent runs 44% 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 $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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y 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 $48k; list at $166k implies a 248% 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→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $163,017 (1.5% below list)

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.21% ✓
• Cap rate: 9.85%
• Cash-on-cash: 12.69%
• DSCR: 1.56
• GRM: 6.9

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: 2.5%
• Equity multiple: 1.09×
• Total profit: $4,379
• Equity at exit: $24,677

10-year hold

• IRR: 12.0%
• Equity multiple: 1.95×
• Total profit: $43,971
• Equity at exit: $14,309

Cash invested: $46,340 (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: 6.9×

Monthly cashflow live

• Estimated rent: $1,996 medium
• Mortgage (P&I): −$868
• Tax from tax record: −$150 /mo · $1,801/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $490

Break-even live

Break-even rent $1,376

Max offer price $165,500

Occupancy floor 70%

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: $41,375
• Closing costs: $4,965
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35229 Orange Grove Ln Leesburg, FL	2.0	1.0	1194	$1,400	$1.17	24d	1	1.15mi

Listing history 14 events

1. 2026-05-07
   status Pending
2. 2026-04-12
   listed $165,500 Active
3. 2017-12-28
   soldstatus $47,500 Sold 196-char remark

   Show marketing remark (196 chars)

   Well kept 2 bed / 2 bath 'double wide' ready to move in. Two storage sheds with workshop. Nice screened Florida room / lanai to enjoy the outdoors. This one is 'Price to sell' so come have a look.

4. 2017-12-28
   soldstatus $47,500

   Show marketing remark (196 chars)

   Well kept 2 bed / 2 bath 'double wide' ready to move in. Two storage sheds with workshop. Nice screened Florida room / lanai to enjoy the outdoors. This one is 'Price to sell' so come have a look.

5. 2017-11-03
   status Pending 196-char remark

   Show marketing remark (196 chars)

   Well kept 2 bed / 2 bath 'double wide' ready to move in. Two storage sheds with workshop. Nice screened Florida room / lanai to enjoy the outdoors. This one is 'Price to sell' so come have a look.

6. 2017-10-24
   listed $47,500 Active 196-char remark

   Show marketing remark (196 chars)

   Well kept 2 bed / 2 bath 'double wide' ready to move in. Two storage sheds with workshop. Nice screened Florida room / lanai to enjoy the outdoors. This one is 'Price to sell' so come have a look.

7. 2014-03-19
   soldstatus $36,000 Sold 176-char remark

   Show marketing remark (176 chars)

   This 2/2 double wide home is in excellent condition. Turn Key furnished with nice furniture, 2 sheds, washer/ dryer and a workshop. Nice Florida Room and Lanai. PRICED TO SELL.

8. 2014-01-01
   listed $44,900 176-char remark

   Show marketing remark (176 chars)

   This 2/2 double wide home is in excellent condition. Turn Key furnished with nice furniture, 2 sheds, washer/ dryer and a workshop. Nice Florida Room and Lanai. PRICED TO SELL.

9. 2012-03-22
   soldstatus $48,000
10. 2010-03-12
    soldstatus $25,000
11. 2010-01-10
    listed $35,000
12. 2009-12-01
    historical
13. 2008-12-05
    listed $74,000
14. 2000-06-28
    soldstatus $40,000

ⓘ 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: $1,801 · $150/mo
• Projected year-2 tax: $1,801 · $150/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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 23 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: $23,951
• − Mortgage interest: −$9,271
• − Property taxes: −$1,801
• − Insurance: −$828
• − Repairs & maintenance: −$1,916
• − Management: −$1,916
• − Depreciation: −$4,815
• Taxable income: $3,406
• Est. tax owed @ 24.0%: −$817
• After-tax cash flow: $5,061/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): 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

+313.8% since first listed

14 events — show timeline

• 2026-05-07 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-12 Listed $165,500 Stellar MLS as Distributed by MLS Grid
• 2017-12-28 Sold (Public Records) $47,500 Public Records
• 2017-12-28 Sold (MLS) $47,500 Stellar MLS as Distributed by MLS Grid
• 2017-11-03 Pending — Stellar MLS as Distributed by MLS Grid
• 2017-10-24 Listed $47,500 Stellar MLS as Distributed by MLS Grid
• 2014-03-19 Sold (MLS) $36,000 Stellar MLS as Distributed by MLS Grid
• 2014-01-01 Listed $44,900 Stellar MLS as Distributed by MLS Grid
• 2012-03-22 Sold (Public Records) $48,000 Public Records
• 2010-03-12 Sold (MLS) $25,000 Stellar MLS as Distributed by MLS Grid
• 2010-01-10 Listed $35,000 Stellar MLS as Distributed by MLS Grid
• 2009-12-01 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2008-12-05 Listed $74,000 Stellar MLS as Distributed by MLS Grid
• 2000-06-28 Sold (Public Records) $40,000 Public Records

Property tax history

+10.4%/yr

Latest (2025): $1,801 · +3.6% YoY. Source: county tax records.