259 Kelou Ct · Leesburg, FL 34788

$99,900

3 bd · 2.0 ba · 1,056 sqft · Condo public records · 197 Days on market

Built 1977 $210/mo HOA ↓ 20% since listing

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

MOTIVATED SELLER! Affordable 55+ Living with Co-Op Share – No Lot Rent & Resort-Style Amenities. Enjoy relaxed Florida living in this 2-bedroom, 2-bath single-wide manufactured home located in a golf-cart-friendly 55+ co-op community, where residents own a share of the park and pay no lot rent. Inside, the home offers a bright and functional layout featuring a spacious great room, dedicated dining area, and a fully enclosed side porch that adds valuable extra living space. The washer and dryer are conveniently located inside, and the home comes fully equipped with a refrigerator, stove, microwave, plus an additional under-counter refrigerator—making it truly move-in ready.

Key facts

• Screened side porch
• Nearby shopping
• Nearby restaurants

Tags

• FULLY ENCLOSED SIDE PORCH
• SCREENED SIDE PORCH
• NEARBY SHOPPING
• NEARBY RESTAURANTS
• NEARBY MEDICAL SERVICES
• NEARBY FESTIVALS

Property features AI

Finance

• Other: Lease restrictions apply; Total annual fees reported as $2,520
• HOA & community: HOA present with monthly fee of $210 (association approval required); Senior community; No pets allowed

Exterior

• Parking: Carport with 1 space
• Utilities: Private water; Public sewer; Broadband/high-speed internet available; Cable available and connected; Electricity available; Irrigation equipment
• Home design: Manufactured double-wide home; Single-story; Faces north; Entry level: One
• Construction: Metal and frame construction; Metal roof; Crawlspace foundation; Built on a lot of about 0.12 acre
• Exterior features: Enclosed patio; Side porch; Rain gutters; Sliding doors; Paved lot

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Washer; Dryer; Laundry located in the kitchen

🏢 Co-op / cooperative unit. The $99,900 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $100k.

Deal economics

• At list price, monthly cash flow is $688 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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: 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: 285 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 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 $691 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 197 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $13k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 197 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 1977 — 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: 1.97% ✓
• Cap rate: 14.55%
• Cash-on-cash: 29.49%
• DSCR: 2.31
• GRM: 4.2

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: 24.1%
• Equity multiple: 1.99×
• Total profit: $27,739
• Equity at exit: $14,895

10-year hold

• IRR: 32.0%
• Equity multiple: 3.90×
• Total profit: $81,104
• Equity at exit: $8,638

Cash invested: $27,972 (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: 4.2×

Monthly cashflow live

• Estimated rent: $1,970 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$93 /mo · $1,115/yr
• Insurance: −$42
• HOA: −$210
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $688

Break-even live

Break-even rent $1,099

Max offer price $99,900

Occupancy floor 60%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32818 Lake Square Ct #10 Leesburg, FL	2.0	1.0	912	$1,200	$1.32	23d	1	0.73mi
32635 Vista Ave Leesburg, FL	3.0	2.0	1159	$1,950	$1.68	23d	1	0.81mi
32629 Vista Ave Leesburg, FL	3.0	2.0	1500	$1,850	$1.23	17d	1	0.81mi

HOA detail condo

• Monthly dues: $210 · $2,520/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $99,900 Active 197 DOM
2. 2026-06-17
   days on market $99,900 Active 196 DOM
3. 2026-06-16
   days on market $99,900 Active 195 DOM
4. 2026-06-15
   days on market $99,900 Active 194 DOM
5. 2026-06-13
   days on market $99,900 Active 192 DOM
6. 2026-06-09
   days on market $99,900 Active 188 DOM
7. 2026-06-08
   days on market $99,900 Active 187 DOM
8. 2026-06-07
   days on market $99,900 Active 186 DOM
9. 2026-06-04
   days on market $99,900 Active 183 DOM
10. 2026-06-03
    days on market $99,900 Active 182 DOM
11. 2026-06-02
    days on market $99,900 Active 181 DOM
12. 2026-06-02
    days on market $99,900 Active 180 DOM
13. 2026-05-31
    days on market $99,900 Active 179 DOM
14. 2026-05-02
    status Active
15. 2026-02-28
    historical
16. 2026-02-17
    price $99,900
17. 2025-10-01
    listed $113,000 Active
18. 2025-06-30
    historical
19. 2025-04-07
    price $115,000
20. 2024-12-21
    listed $125,000 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: $1,115 · $93/mo
• Projected year-2 tax: $1,115 · $93/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 ≥107°F today · 20 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: $23,634
• − Mortgage interest: −$5,596
• − Property taxes: −$1,115
• − Insurance: −$500
• − Repairs & maintenance: −$1,891
• − Management: −$1,891
• − HOA: −$2,520
• − Depreciation: −$2,906
• Taxable income: $7,216
• Est. tax owed @ 24.0%: −$1,732
• After-tax cash flow: $6,518/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

-20.1% since first listed

7 events — show timeline

• 2026-05-02 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-02-28 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-02-17 Price Changed $99,900 Stellar MLS as Distributed by MLS Grid
• 2025-10-01 Listed $113,000 Stellar MLS as Distributed by MLS Grid
• 2025-06-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-04-07 Price Changed $115,000 Stellar MLS as Distributed by MLS Grid
• 2024-12-21 Listed $125,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+6.6%/yr

Latest (2025): $1,115 · +2.8% YoY. Source: county tax records.