602 Old Colony Rd · Leesburg, FL 34748

$130,000

3 bd · 2.0 ba · 1,335 sqft · Manufactured public records · 12 Days on market

Built 2001

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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 +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• 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

Rare Corner-Lot with Generous Space and No HOA, No Land Lease This bright and airy 3-bedroom, 2-bathroom home is perfectly situated on a corner lot in the Coachwood Colony Land-Owned Subdivision. The semi-open floorplan has an over-size living room that will comfortably fit all your furniture and a full size dining area. It features a large kitchen with lots of counterspace, abundant cabinets, an updated dishwasher, in-sink garbage disposal, and lovely vinyl plank flooring. The primary bedroom has lots of windows and a bathroom with a walk-in shower while the guest bathroom has a full-size tub/shower combo to relax in. Brand-new roof installed March 2025. A/C blows very cool and gas heater

Key facts

• Updated dishwasher
• Full-size tub
• Large kitchen

Tags

• CORNER LOT
• LARGE KITCHEN
• UPDATED DISHWASHER
• VINYL PLANK FLOORING
• WALK-IN SHOWER
• FULL-SIZE TUB

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $466 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Cap rate 10.6% 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: 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); 797 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 35% 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 $899 of loan paydown is wiped out by about $4k 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

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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 $29k; list at $130k implies a 348% 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $130,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.30% ✓
• Cap rate: 10.59%
• Cash-on-cash: 15.35%
• DSCR: 1.68
• GRM: 6.4

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: 2.7%
• Equity multiple: 1.10×
• Total profit: $3,648
• Equity at exit: $19,383

10-year hold

• IRR: 9.2%
• Equity multiple: 1.61×
• Total profit: $22,277
• Equity at exit: $11,240

Cash invested: $36,400 (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: 797
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,687 high
• Mortgage (P&I): −$682
• Tax from tax record: −$131 /mo · $1,574/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $466

Break-even live

Break-even rent $1,098

Max offer price $130,000

Occupancy floor 67%

Sensitivity live

Price	-10% $539	-5% $502	+0% $466	+5% $429	+10% $392
Rent	-10% $332	-5% $399	+0% $466	+5% $532	+10% $599
Rate	-1.0pp $531	-0.5pp $499	base $466	+0.5pp $432	+1.0pp $398

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
513 Old Colony Rd Leesburg, FL	3.0	2.0	1198	$1,699	$1.42	6d	1	0.09mi
502 Old Colony Rd Leesburg, FL	3.0	2.0	1456	$1,299	$0.89	25d	1	0.14mi
2602 Houston Pl Leesburg, FL	2.0	2.0	960	$1,895	$1.97	6d	1	0.15mi
1004 Royal Oak Blvd Unit 1004 Leesburg, FL	2.0	2.5	1244	$1,550	$1.25	5d	1	0.54mi
2920 Pecan Ave Leesburg, FL	2.0	2.5	1288	$1,700	$1.32	25d	1	0.58mi
2940 Peach St Leesburg, FL	2.0	2.5	1288	$1,750	$1.36	19d	1	0.60mi
3019 Walnut Ct Leesburg, FL	3.0	2.0	1854	$1,799	$0.97	4d	1	0.60mi
3029 Walnut Ct Leesburg, FL	3.0	2.0	1854	$1,799	$0.97	4d	1	0.62mi
3029 Walnut Ct Leesburg, FL	3.0	2.0	1854	$1,799	$0.97	6d	1	0.62mi
822 S Lone Oak Dr Unit B Leesburg, FL	2.0	1.0	900	$1,195	$1.33	25d	1	0.63mi
210 N Lone Oak Dr Unit 1 Leesburg, FL	2.0	1.0	912	$1,250	$1.37	16d	1	0.79mi
200 S Moss St Leesburg, FL	3.0	2.0	968	$1,500	$1.55	25d	1	1.06mi
1604 Woodlyn Dr Leesburg, FL	3.0	1.5	1088	$1,500	$1.38	25d	1	1.16mi
1321 Cambridge Dr Leesburg, FL	4.0	2.0	912	$1,800	$1.97	19d	1	1.19mi
1317 Cambridge Dr Leesburg, FL	3.0	1.5	1240	$1,600	$1.29	25d	1	1.20mi
1013 Beecher St Unit 1 Leesburg, FL	3.0	1.0	900	$1,250	$1.39	23d	1	1.35mi
1009 McCormack St Leesburg, FL	2.0	1.0	1400	$1,025	$0.73	25d	1	1.38mi
1220 W Dixie Ave Leesburg, FL	3.0	2.0	1304	$1,600	$1.23	6d	1	1.43mi

Listing history 8 events

1. 2026-06-21
   days on market $130,000 Active 12 DOM
2. 2026-06-18
   days on market $130,000 Active 9 DOM
3. 2026-06-17
   days on market $130,000 Active 8 DOM
4. 2026-06-16
   days on market $130,000 Active 7 DOM
5. 2026-06-15
   days on market $130,000 Active 6 DOM
6. 2026-06-13
   days on market $130,000 Active 4 DOM
7. 2026-06-10
   remarks 699-char remark
8. 2026-06-10
   listed $130,000 Active 1 DOM

ⓘ 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: $1,574 · $131/mo
• Projected year-2 tax: $1,574 · $131/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 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: $20,243
• − Mortgage interest: −$7,282
• − Property taxes: −$1,574
• − Insurance: −$650
• − Repairs & maintenance: −$1,619
• − Management: −$1,619
• − Depreciation: −$3,782
• Taxable income: $3,716
• Est. tax owed @ 24.0%: −$892
• After-tax cash flow: $4,695/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

+348.3% since first listed

6 events — show timeline

• 2026-06-10 Listed $130,000 FSBO.com
• 2025-10-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-05-28 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-05-19 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-04-15 Listed $144,500 Stellar MLS as Distributed by MLS Grid
• 1992-07-01 Sold (Public Records) $29,000 Public Records

Property tax history

+10.4%/yr

Latest (2025): $1,574 · +3.7% YoY. Source: county tax records.