201 Mike St · Leesburg, FL 34748

$139,000

2 bd · 1.0 ba · 1,058 sqft · SingleFamily public records · 189 Days on market

Built 1925 4,900 sqft lot Est $143k · at est.

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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 +26.1/30.0
• DSCR +8.8/10.0
• ARV discount +8.7/15.0
• 1% rule +5.8/10.0
• 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 MLS

INVESTOR'S ALERT. THIS 3 B/R 1 BA FIXER UPPER SITS WITHIN CITY LIMITS, CLOSE TO LRMC HOSPITAL AND DOWNTOWN MAIN STREET-GREAT INVESTMENT PROPERTY.

Key facts

• 4,900 sq ft lot
• Built 1925
• Listed 189 days

Property features AI

Finance

• Other: Residential zoning (R-3); Property listed as residential single family; Total living area about 1,058 square feet
• HOA & community: No HOA/association

Exterior

• Utilities: No water source listed; Other sewer; Other utilities
• Home design: Single family residence; One story; North-facing
• Construction: Block construction; Metal roof; Block foundation; Built on a 0.11-acre lot
• Exterior features: Other exterior features; Asphalt road access

Interior

• Kitchen: No appliances included
• Bedrooms: 2 bedrooms
• Flooring: Other flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Other heating; Other cooling
• Interior features: Other interior features
• Laundry & utility: Laundry: Other

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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: Rents soft (-0.9%/yr); 783 active listings in the ZIP; 23 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 31% 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 $961 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

• It's been on market 189 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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.
• Current owner paid $22k; list at $139k implies a 518% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• 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 $122,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 189 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.08% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.82%
• DSCR: 1.48
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $142,830
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
323 S 2nd St	0.40mi	2/1.0	999 (-6%)	6mo	$135,000	$135	67

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -3.3%
• Equity multiple: 0.88×
• Total profit: $-4,645
• Equity at exit: $20,725

10-year hold

• IRR: 3.0%
• Equity multiple: 1.19×
• Total profit: $7,448
• Equity at exit: $12,018

Cash invested: $38,920 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,508 high
• Mortgage (P&I): −$729
• Tax from tax record: −$54 /mo · $643/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $351

Break-even live

Break-even rent $1,064

Max offer price $139,000

Occupancy floor 72%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
325 S 2nd St Unit 206 Leesburg, FL	2.0	2.0	1000	$1,700	$1.70	5d	1	0.37mi
400 S 6th St Leesburg, FL	2.0	1.0	700	$1,250	$1.79	24d	1	0.44mi
904 S Lake St Leesburg, FL	1.0–3.0	1.0–2.0	1140	$1,844	$1.62	3d	41	0.67mi
200 S 11th St Leesburg, FL	2.0	2.0	1379	$1,675	$1.21	24d	1	0.68mi
200 S 11th St Unit 102 Leesburg, FL	2.0	2.5	1379	$1,675	$1.21	24d	1	0.68mi
913 Sumter St Unit 102 Leesburg, FL	2.0	2.0	1080	$1,395	$1.29	18d	1	0.69mi
1112 W Main St Unit B-5 Leesburg, FL	2.0	2.0	1000	$1,400	$1.40	24d	1	0.69mi
306 Perkins St Leesburg, FL	1.0	1.0	750	$999	$1.33	24d	1	0.72mi
301 S 11th St Leesburg, FL	2.0	1.0	816	$1,450	$1.78	24d	1	0.72mi
643 W Oak Terrace Dr Unit B1 Leesburg, FL	2.0	2.0	1089	$1,300	$1.19	24d	1	0.75mi
813 S 9th St Leesburg, FL	2.0	2.0	1400	$2,000	$1.43	24d	1	0.75mi
716 Marietta St Leesburg, FL	3.0	2.0	1250	$1,600	$1.28	24d	1	0.76mi
706 Lee St Apt B Leesburg, FL	2.0	1.0	860	$1,200	$1.40	24d	1	0.78mi
1187 Bentley Rd Unit 1 Leesburg, FL	3.0	1.0	909	$1,459	$1.61	3d	1	0.80mi
1175 Bentley Rd Leesburg, FL	2.0–3.0	1.0–1.5	938	$1,379	$1.47	3d	3	0.83mi
1197 Bentley Rd Leesburg, FL	2.0	1.5	938	$1,379	$1.47	24d	1	0.85mi
1220 W Dixie Ave Leesburg, FL	3.0	2.0	1304	$1,600	$1.23	5d	1	0.98mi
202 Fernwood St Leesburg, FL	2.0	2.0	1045	$1,650	$1.58	24d	1	1.05mi
200 S Moss St Leesburg, FL	3.0	2.0	968	$1,500	$1.55	24d	1	1.25mi
1401 Floradel Ave Leesburg, FL	2.0	1.0	1190	$1,495	$1.26	3d	1	1.28mi
1801 Center St Unit 2 Leesburg, FL	2.0	1.0	754	$1,300	$1.72	24d	1	1.39mi
114 N Chester St Leesburg, FL	1.0	1.0	702	$850	$1.21	5d	1	1.39mi
1604 Woodlyn Dr Leesburg, FL	3.0	1.5	1088	$1,500	$1.38	24d	1	1.46mi

Listing history 19 events

1. 2026-06-18
   days on market $139,000 Active 189 DOM
2. 2026-06-17
   days on market $139,000 Active 188 DOM
3. 2026-06-16
   days on market $139,000 Active 187 DOM
4. 2026-06-15
   days on market $139,000 Active 186 DOM
5. 2026-06-13
   days on market $139,000 Active 184 DOM
6. 2026-06-09
   days on market $139,000 Active 180 DOM
7. 2026-06-08
   days on market $139,000 Active 179 DOM
8. 2026-06-07
   days on market $139,000 Active 178 DOM
9. 2026-06-04
   days on market $139,000 Active 175 DOM
10. 2026-06-03
    days on market $139,000 Active 174 DOM
11. 2026-06-02
    days on market $139,000 Active 173 DOM
12. 2026-06-02
    days on market $139,000 Active 172 DOM
13. 2026-05-31
    days on market $139,000 Active 171 DOM
14. 2025-12-19
    status Active
15. 2025-10-13
    status Pending
16. 2025-10-06
    listed $139,000 Active
17. 2008-02-01
    soldstatus $22,500 145-char remark

    Show marketing remark (145 chars)

    INVESTOR'S ALERT. THIS 3 B/R 1 BA FIXER UPPER SITS WITHIN CITY LIMITS, CLOSE TO LRMC HOSPITAL AND DOWNTOWN MAIN STREET-GREAT INVESTMENT PROPERTY.

18. 2007-03-26
    listed $37,000 145-char remark

    Show marketing remark (145 chars)

    INVESTOR'S ALERT. THIS 3 B/R 1 BA FIXER UPPER SITS WITHIN CITY LIMITS, CLOSE TO LRMC HOSPITAL AND DOWNTOWN MAIN STREET-GREAT INVESTMENT PROPERTY.

19. 1982-05-01
    soldstatus $12,000

ⓘ 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: $643 · $54/mo
• Projected year-2 tax: $1,154 · $96/mo
• Expected delta: +$511/yr (+$43/mo · 79.5%)

ⓘ 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 ≥107°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: $18,096
• − Mortgage interest: −$7,786
• − Property taxes: −$643
• − Insurance: −$695
• − Repairs & maintenance: −$1,448
• − Management: −$1,448
• − Depreciation: −$4,044
• Taxable income: $2,033
• Est. tax owed @ 24.0%: −$488
• After-tax cash flow: $3,723/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

+1058.3% since first listed

6 events — show timeline

• 2025-12-19 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-10-13 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-10-06 Listed $139,000 Stellar MLS as Distributed by MLS Grid
• 2008-02-01 Sold (MLS) $22,500 Stellar MLS as Distributed by MLS Grid
• 2007-03-26 Listed $37,000 Stellar MLS as Distributed by MLS Grid
• 1982-05-01 Sold (Public Records) $12,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $643 · +0.2% YoY. Source: county tax records.