428 Palo Verde Dr · Leesburg, FL 34748

$90,000

2 bd · 2.0 ba · 864 sqft · Condo public records · 139 Days on market

Built 1974 $397/mo HOA · 29% of rent ↓ 9% since listing

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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 +20.6/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 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

Tired of the cold weather and snow?? NOW is the time to move! Welcome to easy, carefree, sunshine living in this well-maintained 2 bedroom, 2 bath mobile home located in a desirable 55+ gated community packed with amenities. This home has seen several recent updates, including new double-pane insulated windows, a recently seal-coated roof, and new vinyl plank flooring throughout most of the home, giving it a fresh, modern feel. The oversized main suite offers a comfortable retreat with a private en suite featuring a step-in tiled shower. A spacious Florida Room adds extra living space—perfect for relaxing, entertaining, or enjoying your morning coffee. For added peace of mind, the hom

Key facts

• Gated community
• Florida room
• Impressive amenities

Tags

• GATED COMMUNITY
• DOUBLE-PANE INSULATED WINDOWS
• SEAL-COATED ROOF
• VINYL PLANK FLOORING
• FLORIDA ROOM
• IMPRESSIVE AMENITIES

Property features AI

Finance

• Other: Partially furnished; Irrigation equipment; Lot approximately 0.1 acres (concrete road access)
• Financial info: Total annual fees $4,764; Total monthly fees $397; Taxes paid annually (2025): $893
• HOA & community: Has HOA (monthly fee $397); Association fee required; Senior community; Pets allowed; Association contact: Samantha Malik

Exterior

• Parking: Carport with 1 space
• Utilities: Cable connected; Electricity connected; Water connected; Water source: None; Sewer: Other
• Home design: Residential mobile home (double wide); One level; Faces west; Entry on main level
• Construction: Metal siding; Metal roof; Pillar/Post/Pier foundation; Building area estimated at 1,000 sq ft
• Exterior features: Rain gutters; Storage

Interior

• Kitchen: Microwave; Range; Range hood; Refrigerator; Eat-in kitchen
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Approximately 864 sq ft living area (public records)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Thermostat; Window treatments
• Laundry & utility: Washer; Dryer; Electric water heater; Laundry: Other

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $90k.

Deal economics

• At list price, monthly cash flow is $120 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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: Leesburg Elementary School (math 31% / reading 32%, grade F, #1,841 of 2,144 statewide, top 86%, 822 students, 71% FRL); Leesburg High School (math 24% / reading 32%, grade F, #464 of 667 statewide, top 70%, 1,641 students, 58% FRL) — zoned schools average 64% FRL vs 49% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 30% at this address vs 50% district-wide (-20 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); 783 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 $622 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 139 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.
• 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 $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 1.55% ✓
• Cap rate: 7.89%
• Cash-on-cash: 5.69%
• DSCR: 1.25
• GRM: 5.4

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: -12.4%
• Equity multiple: 0.57×
• Total profit: $-10,809
• Equity at exit: $13,419

10-year hold

• IRR: -12.1%
• Equity multiple: 0.43×
• Total profit: $-14,401
• Equity at exit: $7,782

Cash invested: $25,200 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,393 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$74 /mo · $893/yr
• Insurance: −$38
• HOA: −$397
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $120

Break-even live

Break-even rent $1,242

Max offer price $90,000

Occupancy floor 86%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

HOA detail condo

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

Listing history 15 events

1. 2026-06-18
   days on market $90,000 Active 139 DOM
2. 2026-06-17
   days on market $90,000 Active 138 DOM
3. 2026-06-16
   days on market $90,000 Active 137 DOM
4. 2026-06-15
   days on market $90,000 Active 136 DOM
5. 2026-06-13
   days on market $90,000 Active 134 DOM
6. 2026-06-09
   days on market $90,000 Active 130 DOM
7. 2026-06-08
   days on market $90,000 Active 129 DOM
8. 2026-06-07
   days on market $90,000 Active 128 DOM
9. 2026-06-04
   days on market $90,000 Active 125 DOM
10. 2026-06-03
    days on market $90,000 Active 124 DOM
11. 2026-06-02
    days on market $90,000 Active 123 DOM
12. 2026-06-02
    days on market $90,000 Active 122 DOM
13. 2026-05-31
    days on market $90,000 Active 121 DOM
14. 2026-04-14
    price $90,000
15. 2026-01-30
    listed $98,900 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: $893 · $74/mo
• Projected year-2 tax: $893 · $74/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: $16,716
• − Mortgage interest: −$5,041
• − Property taxes: −$893
• − Insurance: −$450
• − Repairs & maintenance: −$1,337
• − Management: −$1,337
• − HOA: −$4,764
• − Depreciation: −$2,618
• Taxable income: $275
• Est. tax owed @ 24.0%: −$66
• After-tax cash flow: $1,369/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

-9.0% since first listed

2 events — show timeline

• 2026-04-14 Price Changed $90,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-30 Listed $98,900 Stellar MLS as Distributed by MLS Grid

Property tax history

+14.1%/yr

Latest (2025): $893 · +3.8% YoY. Source: county tax records.