645 Corsica Ave NE · Lake Placid, FL 33852

$105,000

3 bd · 2.0 ba · 1,900 sqft · Land · 22 Days on market

Built 2006 10,000 sqft lot

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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 +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don’t miss this rare chance to finish and customize, one of four identical partially completed homes with huge upside potentials. These 3-bedrooms, 2-bathrooms homes offer approx. 1,900 sq. ft. of living space with a desirable split floor plan and open concept design. Structural construction is already completed, giving you a strong head start towards completing a beautifully finished product. Homes still need roofing, framing, electrical, and drywall, making them perfect for investors looking to flip or buyers wanting to customize their dream home from the ground up. Conveniently located just 3 miles from local schools , 1 mile from beautiful lake June and only 3 miles from the pictu

Key facts

• Outdoor recreation
• Nearby dining
• Conveniently located

Tags

• CONVENIENTLY LOCATED
• NEARBY DINING
• OUTDOOR RECREATION
• HIGH POTENTIAL PROPERTIES

Property features AI

Exterior

• Parking: Garage; 2-car garage
• Utilities: Public water; Septic tank sewer
• Home design: Single family residence; Residential property; One level; Under construction
• Construction: Block, concrete and stucco construction; Other roof
• Exterior features: Rear porch; Paved road frontage; Frontage length approximately 80 feet; Zoned R1

Interior

• Bedrooms: Total rooms: 1
• Flooring: Other
• Bathrooms: 2 full bathrooms
• Heating & cooling: No heating; No cooling
• Interior features: Unfurnished; Other flooring

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $105k.

Deal economics

• At list price, monthly cash flow is $753 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $103k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.9% vs local median 3.7% in Lake Placid — 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 68/100 on livability (#525 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Highlands (other): math 45% / reading 43% proficiency, ranked #54 of 73 in FL (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lake Placid Elementary School (math 32% / reading 29%, grade F, #1,862 of 2,144 statewide, top 88%, 594 students, 80% FRL); Lake Placid Middle School (math 42% / reading 33%, grade F, #395 of 571 statewide, top 70%, 621 students, 75% FRL); Lake Placid High School (math 36% / reading 35%, grade F, #367 of 667 statewide, top 57%, 868 students, 66% FRL).
• Market conditions: Rents flat; 1488 active listings in the ZIP; 980 units permitted in Highlands County in 2024 (80 in 5+ unit buildings).
• This rent runs 38% 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 $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $29k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $103,425 (1.5% below list)

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. 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.
4. 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.
5. 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: 1.65% ✓
• Cap rate: 14.90%
• Cash-on-cash: 30.74%
• DSCR: 2.37
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.82% rent growth · sell at horizon

5-year hold

• IRR: 23.1%
• Equity multiple: 1.92×
• Total profit: $27,193
• Equity at exit: $15,656

10-year hold

• IRR: 29.7%
• Equity multiple: 3.40×
• Total profit: $70,681
• Equity at exit: $9,078

Cash invested: $29,400 (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 33852

• Rents YoY: 0.8%
• Active inventory: 1488
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,730 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$19 /mo · $227/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $753

Break-even live

Break-even rent $776

Max offer price $105,000

Occupancy floor 51%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-19
   days on market $105,000 Active 22 DOM
2. 2026-06-18
   days on market $105,000 Active 21 DOM
3. 2026-06-17
   days on market $105,000 Active 20 DOM
4. 2026-06-16
   days on market $105,000 Active 19 DOM
5. 2026-06-15
   days on market $105,000 Active 18 DOM
6. 2026-06-14
   days on market $105,000 Active 16 DOM
7. 2026-06-10
   days on market $105,000 Active 13 DOM
8. 2026-06-09
   days on market $105,000 Active 12 DOM
9. 2026-06-08
   days on market $105,000 Active 11 DOM
10. 2026-06-07
    days on market $105,000 Active 10 DOM
11. 2026-06-03
    remarks 693-char remark
12. 2026-06-03
    listed $105,000 Active 5 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: $227 · $19/mo
• Projected year-2 tax: $872 · $73/mo
• Expected delta: +$645/yr (+$54/mo · 284.7%)

ⓘ 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 · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,754
• − Mortgage interest: −$5,882
• − Property taxes: −$227
• − Insurance: −$525
• − Repairs & maintenance: −$1,660
• − Management: −$1,660
• − Depreciation: −$3,055
• Taxable income: $7,746
• Est. tax owed @ 24.0%: −$1,859
• After-tax cash flow: $7,178/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: Highlands
• NCES district ID: 1200840
• Math proficiency: 45% ▼ -7.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $35,276
• Composite: 36.42/100
• National rank: #4672
• State rank: #54 of 73 in FL

Livability — Lake Placid

• Score: 68/100
• State rank: #525
• US rank: #9813

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment F Housing B- Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Highlands County · 98,898 people
• City population: 22,600
• Metro: Sebring-Avon Park, FL
• Population (ZIP): 22,600
• Household income: $54,284
• Rent vs Own: 18.6% rent · 81.4% own
• Severe rent burden: 439.0

Population outlook (Highlands County) Hauer SSP2

• Today (2025): 99,674 people
• By 2030: 99,615 · -0.1%
• By 2040: 99,342 · -0.3%
• By 2050: 98,242 · -1.4%
• By 2075: 93,291 · -6.4%
• By 2100: 79,894 · -19.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 22% Two or more races 11% Black 6% Asian 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 3% Cuban 3%
• Common ancestry: Lithuanian 2% Slovak 2% Iranian 1%
• Foreign-born: 14% · Canada, Dominican Republic
• Languages at home: 79% English-only · Spanish 19% Tagalog/Filipino 1%

Political lean MEDSL · Highlands

• 2024 margin: Solid R (+40.8) · D 29.3% · R 70.1%
• 2008→2024 swing: -22.7pp toward R · 2008: -18.1pp · 2024: -40.8pp
• All cycles: 2024: R+40.8 2020: R+34.4 2016: R+32.0 2012: R+23.0 2008: R+18.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.31%
• Current HPI: 224.8693
• Rent YoY: ▲ 0.82%
• Metro: Sebring-Avon Park, 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

+250.0% since first listed

5 events — show timeline

• 2026-05-27 Listed $105,000 HAOR as distributed by MLS GRID
• 2024-06-10 Listed $160,000 HAOR as distributed by MLS GRID
• 2023-07-25 Pending — HAOR as distributed by MLS GRID
• 2023-07-19 Contingent — HAOR as distributed by MLS GRID
• 2023-07-01 Listed $30,000 HAOR as distributed by MLS GRID

Property tax history

-0.5%/yr

Latest (2025): $227 · +17.3% YoY. Source: county tax records.