147 Royal Palm Dr · Leesburg, FL 34748

$225,000

3 bd · 2.0 ba · 1,308 sqft · Condo public records · 71 Days on market

Built 2020 $397/mo HOA · 18% 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 +10.8/30.0
• ARV discount +7.5/15.0
• 1% rule +4.7/10.0
• Schools +4.2/10.0
• DSCR +3.1/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Be prepared to FALL IN LOVE with this 2020 HOME that is LIKE NEW and has been IMPECCABLY MAINTAINED. LUXURY VINYL PLANK FLOORS throughout make the LIVING EASY and an OPEN FLOOR PLAN lends a feeling of SPACIOUSNESS and COMFORT. KITCHEN appliances are STAINLESS STEEL and there are AMPLE CABINETS and COUNTER SPACE. There are CEILING FANS placed strategically in the home, crown molding and a neutral color scheme. The PRIMARY BEDROOM has an EN SUITE with DUAL SINKS, SHOWER with a BUILT-IN BENCH, COMFORT-HEIGHT COUNTER & TOILET, and a WINDOW for NATURAL LIGHT. There are TWO ADDITIONAL BEDROOMS for GUESTS, AN OFFICE, TV ROOM or extra STORAGE ~ whatever you like! UPGRADES TO THIS MODEL INCLUD

Key facts

• Open floor plan
• Ample cabinets
• Ceiling fans

Tags

• LUXURY VINYL PLANK FLOORS
• OPEN FLOOR PLAN
• STAINLESS STEEL APPLIANCES
• AMPLE CABINETS
• COUNTER SPACE
• CEILING FANS

Property features AI

Finance

• Other: Association name: CHAD PECK; Furnished: Unfurnished
• Financial info: Total annual community fees: $4,764
• HOA & community: Has HOA with monthly fee of $397; Association amenities include clubhouse, fitness center, pool, spa/hot tub, sauna, tennis courts, pickleball courts, basketball court, shuffleboard court, recreation facilities, gated access, cable TV; HOA fee covers 24-hour guard, cable TV, common area taxes, pool, escrow reserves, management, private road maintenance, recreational facilities, security, sewer and water; Senior community; Buyer approval required; Deed restrictions; special community restrictions; golf carts allowed; community mailbox

Exterior

• Parking: Covered parking; Driveway parking; Ground-level parking; 2-space carport
• Security: Located in a gated community; Smoke detectors; Medical alarm
• Utilities: Public water; Public sewer; Electricity connected; Cable connected; BB/HS internet available; Underground utilities; Water connected; Sewer connected
• Home design: Manufactured double wide home; One story; East-facing
• Construction: Vinyl siding and frame construction; Shingle roof; Other roof materials; Crawl space / pier and post foundation; Built by Skyline (manufactured home)
• Exterior features: Covered front porch; Covered patio; Patio; Sliding doors; Rain gutters; Mature landscaping with oak trees; Level, landscaped and paved lot; Private setting in an unincorporated area; Private maintained road

Interior

• Kitchen: Range; Range hood; Microwave; Refrigerator; Eat-in kitchen
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Crown molding; Eat-in kitchen; Kitchen/family room combo; Open floorplan; Split bedroom layout; Thermostat; Walk-in closets; Window treatments (blinds, drapes, shades, rods, double-pane windows); Exhaust fan
• Laundry & utility: Inside laundry room with washer and dryer hookups; Electric water heater; Additional inside utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $-104 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (8.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (3.2% below list).
• Recommended offer: $207k (8.1% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 4.5% in Leesburg — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 2 comparable units currently listed for rent nearby; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• This rent runs 45% 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 $2k of loan paydown is wiped out by about $7k 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 71 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y 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.

Risks & watch-outs

• 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 $206,712 (8.1% 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 71 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.97% ✗
• Cap rate: 5.74%
• Cash-on-cash: -1.97%
• DSCR: 0.91
• GRM: 8.6

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: 0.22×
• Total profit: $-49,240
• Equity at exit: $33,548

10-year hold

• IRR: -32.5%
• Equity multiple: -0.19×
• Total profit: $-75,239
• Equity at exit: $19,454

Cash invested: $63,000 (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: 8.6×

Monthly cashflow live

• Estimated rent: $2,179 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$154 /mo · $1,851/yr
• Insurance: −$94
• HOA: −$397
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $-104

Break-even live

Break-even rent $2,310

Max offer price $206,712

Occupancy floor 100%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6015 Nightjar Ct Okahumpka, FL	3.0	2.0	1725	$2,495	$1.45	11d	1	0.47mi
5440 Rosewall Cir Leesburg, FL	2.0	2.0	1200	$1,950	$1.62	4d	1	1.30mi

HOA detail condo

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

Listing history 8 events

1. 2026-05-13
   status Pending
2. 2026-03-03
   listed $225,000 Active
3. 2026-02-28
   historical
4. 2026-02-13
   price $229,750
5. 2026-01-21
   price $235,750
6. 2025-08-05
   listed $238,750 Active
7. 2004-08-25
   historical
8. 2003-08-25
   listed $53,000

ⓘ 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: $1,851 · $154/mo
• Projected year-2 tax: $1,868 · $156/mo
• Expected delta: +$16/yr (+$1/mo · 0.9%)

ⓘ 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 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: $26,148
• − Mortgage interest: −$12,603
• − Property taxes: −$1,851
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,092
• − Management: −$2,092
• − HOA: −$4,764
• − Depreciation: −$6,545
• Taxable loss: −$4,925
• Est. tax savings @ 24.0%: +$1,182
• After-tax cash flow: $-60/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

+324.5% since first listed

8 events — show timeline

• 2026-05-13 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-03-03 Listed $225,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-28 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-02-13 Price Changed $229,750 Stellar MLS as Distributed by MLS Grid
• 2026-01-21 Price Changed $235,750 Stellar MLS as Distributed by MLS Grid
• 2025-08-05 Listed $238,750 Stellar MLS as Distributed by MLS Grid
• 2004-08-25 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2003-08-25 Listed $53,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+12.5%/yr

Latest (2025): $1,851 · +3.5% YoY. Source: county tax records.