637 Misti Dr · Leesburg, FL 34788

$64,500

3 bd · 2.0 ba · 732 sqft · Condo public records · 61 Days on market

Built 1969 $170/mo HOA · 9% of rent ↓ 24% 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 MLS

Welcome to this 2 bedroom 2 bath single wide manufactured home in Bonfire Mobile Home Village in Leesburg. This is a highly desirable 55+ Community with LOW HOA FEEs of $150/monthly which includes your water. This move in ready property comes with a large sunroom for entertaining. furnished. And it is just across from the recreation center of the community and the pool. Community includes a gated storage for boat trailers and RV's. Situated on Haines Creek connecting to the Chain of Lakes. Boat slips for lease are on a first come first serve basis. Clubhouse serves as the hub of the community. It includes a full kitchen, library, coin-operated laundry, billiards, shuffleboard courts, and a sundeck with a covered heated pool. Pet friendly park located conveniently near restaurants, and medical facilities. Leesburg and the neighboring towns host festivals. Price includes shares. the land is a community property, it is a co-op and you have share.

Key facts

• Community center
• Move in ready
• Tiled florida room

Tags

• MOVE IN READY
• TILED FLORIDA ROOM
• DIRECT ACCESS TO LAKE EUSTIS
• DIRECT ACCESS TO LAKE GRIFFIN
• HEATED POOL
• COMMUNITY CENTER

Property features AI

Finance

• Other: Public records list living area as 732 square feet; Lot is paved and very small (about 0.01 acre); Property type: Residential mobile home; Zoning: RMRP
• Financial info: Total annual HOA/fees reported as $2,040; Property is offered furnished
• HOA & community: HOA: Bonfire Mobile Home Village; Monthly HOA fee of $170 (includes water, sewer, trash); Buyer approval required; Golf carts allowed; Senior community; Cats and dogs allowed

Exterior

• Parking: Carport (1 space)
• Utilities: Public water; Public sewer; Electricity connected; Cable available; Phone available; Water connected; Sewer connected
• Home design: Residential mobile home (single wide); One level; Northeast facing
• Construction: Vinyl siding; Metal roof
• Exterior features: Storage; Lake access (Chain of Lakes)

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Other flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: No notable interior features listed
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $64k.

Deal economics

• At list price, monthly cash flow is $796 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $64k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.1% 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; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• This rent runs 41% 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 $446 of loan paydown is wiped out by about $2k 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 $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $60,630 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — 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: 2.87% ✓
• Cap rate: 21.10%
• Cash-on-cash: 52.89%
• DSCR: 3.35
• GRM: 2.9

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: 51.0%
• Equity multiple: 3.24×
• Total profit: $40,413
• Equity at exit: $9,617

10-year hold

• IRR: 56.5%
• Equity multiple: 6.60×
• Total profit: $101,137
• Equity at exit: $5,577

Cash invested: $18,060 (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: 2.9×

Monthly cashflow live

• Estimated rent: $1,849 medium
• Mortgage (P&I): −$338
• Tax from tax record: −$129 /mo · $1,552/yr
• Insurance: −$27
• HOA: −$170
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $796

Break-even live

Break-even rent $841

Max offer price $64,500

Occupancy floor 52%

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: $16,125
• Closing costs: $1,935
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $170 · $2,040/yr
• Likely covers: waterpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $64,500 Active 61 DOM
2. 2026-06-17
   days on market $64,500 Active 60 DOM
3. 2026-06-16
   days on market $64,500 Active 59 DOM
4. 2026-06-15
   days on market $64,500 Active 58 DOM
5. 2026-06-13
   days on market $64,500 Active 56 DOM
6. 2026-06-09
   days on market $64,500 Active 52 DOM
7. 2026-06-08
   days on market $64,500 Active 51 DOM
8. 2026-06-07
   days on market $64,500 Active 50 DOM
9. 2026-06-04
   days on market $64,500 Active 47 DOM
10. 2026-06-03
    days on market $64,500 Active 46 DOM
11. 2026-06-02
    days on market $64,500 Active 45 DOM
12. 2026-06-01
    days on market $64,500 Active 44 DOM
13. 2026-05-31
    days on market $64,500 Active 43 DOM
14. 2026-05-24
    status Active
15. 2026-05-15
    status Pending
16. 2026-04-09
    listed $64,500 Active
17. 2024-09-17
    soldstatus $60,000 Closed 957-char remark

    Show marketing remark (957 chars)

    Welcome to this 2 bedroom 2 bath single wide manufactured home in Bonfire Mobile Home Village in Leesburg. This is a highly desirable 55+ Community with LOW HOA FEEs of $150/monthly which includes your water. This move in ready property comes with a large sunroom for entertaining. furnished. And it is just across from the recreation center of the community and the pool. Community includes a gated storage for boat trailers and RV's. Situated on Haines Creek connecting to the Chain of Lakes. Boat slips for lease are on a first come first serve basis. Clubhouse serves as the hub of the community. It includes a full kitchen, library, coin-operated laundry, billiards, shuffleboard courts, and a sundeck with a covered heated pool. Pet friendly park located conveniently near restaurants, and medical facilities. Leesburg and the neighboring towns host festivals. Price includes shares. the land is a community property, it is a co-op and you have share.

18. 2024-08-20
    status Pending 957-char remark

    Show marketing remark (957 chars)

    Welcome to this 2 bedroom 2 bath single wide manufactured home in Bonfire Mobile Home Village in Leesburg. This is a highly desirable 55+ Community with LOW HOA FEEs of $150/monthly which includes your water. This move in ready property comes with a large sunroom for entertaining. furnished. And it is just across from the recreation center of the community and the pool. Community includes a gated storage for boat trailers and RV's. Situated on Haines Creek connecting to the Chain of Lakes. Boat slips for lease are on a first come first serve basis. Clubhouse serves as the hub of the community. It includes a full kitchen, library, coin-operated laundry, billiards, shuffleboard courts, and a sundeck with a covered heated pool. Pet friendly park located conveniently near restaurants, and medical facilities. Leesburg and the neighboring towns host festivals. Price includes shares. the land is a community property, it is a co-op and you have share.

19. 2024-08-06
    price $69,000 957-char remark

    Show marketing remark (957 chars)

    Welcome to this 2 bedroom 2 bath single wide manufactured home in Bonfire Mobile Home Village in Leesburg. This is a highly desirable 55+ Community with LOW HOA FEEs of $150/monthly which includes your water. This move in ready property comes with a large sunroom for entertaining. furnished. And it is just across from the recreation center of the community and the pool. Community includes a gated storage for boat trailers and RV's. Situated on Haines Creek connecting to the Chain of Lakes. Boat slips for lease are on a first come first serve basis. Clubhouse serves as the hub of the community. It includes a full kitchen, library, coin-operated laundry, billiards, shuffleboard courts, and a sundeck with a covered heated pool. Pet friendly park located conveniently near restaurants, and medical facilities. Leesburg and the neighboring towns host festivals. Price includes shares. the land is a community property, it is a co-op and you have share.

20. 2024-07-24
    listed $85,000 Active 957-char remark

    Show marketing remark (957 chars)

    Welcome to this 2 bedroom 2 bath single wide manufactured home in Bonfire Mobile Home Village in Leesburg. This is a highly desirable 55+ Community with LOW HOA FEEs of $150/monthly which includes your water. This move in ready property comes with a large sunroom for entertaining. furnished. And it is just across from the recreation center of the community and the pool. Community includes a gated storage for boat trailers and RV's. Situated on Haines Creek connecting to the Chain of Lakes. Boat slips for lease are on a first come first serve basis. Clubhouse serves as the hub of the community. It includes a full kitchen, library, coin-operated laundry, billiards, shuffleboard courts, and a sundeck with a covered heated pool. Pet friendly park located conveniently near restaurants, and medical facilities. Leesburg and the neighboring towns host festivals. Price includes shares. the land is a community property, it is a co-op and you have share.

ⓘ 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: $1,552 · $129/mo
• Projected year-2 tax: $1,552 · $129/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 ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,185
• − Mortgage interest: −$3,613
• − Property taxes: −$1,552
• − Insurance: −$322
• − Repairs & maintenance: −$1,775
• − Management: −$1,775
• − HOA: −$2,040
• − Depreciation: −$1,876
• Taxable income: $9,232
• Est. tax owed @ 24.0%: −$2,216
• After-tax cash flow: $7,337/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

-24.1% since first listed

7 events — show timeline

• 2026-05-24 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-05-15 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-09 Listed $64,500 Stellar MLS as Distributed by MLS Grid
• 2024-09-17 Sold (MLS) $60,000 Stellar MLS as Distributed by MLS Grid
• 2024-08-20 Pending — Stellar MLS as Distributed by MLS Grid
• 2024-08-06 Price Changed $69,000 Stellar MLS as Distributed by MLS Grid
• 2024-07-24 Listed $85,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+19.5%/yr

Latest (2025): $1,552 · +104.1% YoY. Source: county tax records.