106 Bougainvillea Dr · Leesburg, FL 34748

$105,000

2 bd · 2.0 ba · 864 sqft · Condo public records · 130 Days on market

Built 1977 $397/mo HOA · 28% of rent ↓ 5% since listing

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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 +11.8/30.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• DSCR +3.5/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming 2-bedroom, 2-bath home ideally situated on a desirable corner lot at the end of a quiet cul-de-sac. This well-maintained property offers both comfort and functionality, featuring a separate workshop and laundry area with abundant storage space—perfect for hobbies and organization. The home has been newly painted and boasts new appliances, hardwood flooring in the kitchen, and new windows that enhance natural light and energy efficiency. Durable vinyl siding adds to the home’s low-maintenance appeal. Enjoy year-round comfort in the Florida room under heat and air, ideal for relaxing or entertaining. A lighted flagpole adds a classic finishing touch to thi

Key facts

• Laundry area
• Private marina
• Florida room

Tags

• CORNER LOT
• SEPARATE WORKSHOP
• LAUNDRY AREA
• ABUNDANT STORAGE SPACE
• FLORIDA ROOM
• PRIVATE MARINA

Property features AI

Finance

• Other: Senior community; Pets not allowed
• Financial info: Total annual association fees approximately $4,764; Unfurnished
• HOA & community: Has HOA (monthly fee of $397); Association amenities include clubhouse, fitness center, pool, spa/hot tub, sauna, tennis courts, pickleball courts, shuffleboard, trails, storage, laundry, wheelchair access, and recreational facilities; HOA fee includes 24-hour guard, cable TV, pool, grounds maintenance, management, sewer and water

Exterior

• Parking: Carport (1 space)
• Security: Gated community (24-hour guard included with association)
• Utilities: Private water; Private sewer; Electricity connected; Cable available and connected; Phone available; Water connected; Sewer connected
• Home design: Manufactured double-wide home; One level; Faces south
• Construction: Vinyl siding with frame construction; Metal roof; Built on crawlspace
• Exterior features: Awnings; Private mailbox; Rain gutters; Sliding doors; Outdoor storage; Irrigation equipment; Paved road access; Water access to lake chain and marina

Interior

• Kitchen: Convection oven; Dishwasher; Microwave; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate; Wood; Crawlspace foundation
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; Eat-in kitchen; Thermostat; Window treatments
• Laundry & utility: Washer; Dryer; Outdoor laundry area; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $105k.

Deal economics

• At list price, monthly cash flow is $-29 ($-352/yr) — negative.
• To cash-flow at today's rent, offer at most $100k (4.9% below list).
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 4.4% 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: Leesburg Elementary School (math 31% / reading 32%, grade F, #1,841 of 2,144 statewide, top 86%, 822 students, 71% FRL); Oak Park Middle School (math 32% / reading 36%, grade F, #426 of 571 statewide, top 75%, 575 students, 70% FRL); Leesburg High School (math 24% / reading 32%, grade F, #464 of 667 statewide, top 70%, 1,641 students, 58% FRL) — zoned schools average 66% FRL vs 49% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 31% at this address vs 50% district-wide (-18 pts) — the specific schools serving this property underperform the Lake average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.9%/yr); 798 active listings in the ZIP; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k 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 130 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $92,400 (12.0% below list)

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. It's been on market 130 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.34% ✓
• Cap rate: 5.96%
• Cash-on-cash: -1.20%
• DSCR: 0.95
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -23.5%
• Equity multiple: 0.23×
• Total profit: $-22,716
• Equity at exit: $15,656

10-year hold

• IRR: -42.2%
• Equity multiple: -0.26×
• Total profit: $-36,950
• Equity at exit: $9,078

Cash invested: $29,400 (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 34748

• Home prices YoY: -25.3%
• Rents YoY: -0.9%
• Active inventory: 798
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,402 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$145 /mo · $1,745/yr
• Insurance: −$44
• HOA: −$397
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $-29

Break-even live

Break-even rent $1,439

Max offer price $99,821

Occupancy floor 97%

Sensitivity live

Price	-10% $30	-5% $0	+0% $-29	+5% $-59	+10% $-89
Rent	-10% $-140	-5% $-85	+0% $-29	+5% $26	+10% $81
Rate	-1.0pp $24	-0.5pp $-3	base $-29	+0.5pp $-57	+1.0pp $-84

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $397 · $4,764/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-04-01
   price $105,000
2. 2026-01-13
   listed $110,000 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: $1,745 · $145/mo
• Projected year-2 tax: $1,745 · $145/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 6 d/yr ≥108°F today · 19 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: $16,822
• − Mortgage interest: −$5,882
• − Property taxes: −$1,745
• − Insurance: −$525
• − Repairs & maintenance: −$1,346
• − Management: −$1,346
• − HOA: −$4,764
• − Depreciation: −$3,055
• Taxable loss: −$1,839
• Est. tax savings @ 24.0%: +$441
• After-tax cash flow: $90/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): 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

-4.5% since first listed

2 events — show timeline

• 2026-04-01 Price Changed $105,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-13 Listed $110,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+33.8%/yr

Latest (2025): $1,745 · +58.2% YoY. Source: county tax records.