698 Cindi Ave · Lisbon, FL 34788

$139,900

2 bd · 1.0 ba · 768 sqft · Condo public records · 123 Days on market

Built 1989 $170/mo HOA · 11% of rent ↓ 7% 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 +19.8/30.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• DSCR +6.3/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully updated 2-bedroom, 2 bath home in the desirable Bonfire MH Park 55+ Co-op. This move-in-ready property features major upgrades including a 2020 insulated membrane roof system with transferable lifetime leak-proof warranty, 2020 plumbing, new water heater, and double-pane windows. Bathrooms were remodeled in 2025, and the home features waterproof luxury vinyl plank flooring throughout. Enjoy Florida living in the 12' x 18' screened room, plus a 11'6" x 27' carport with room for two vehicles and a separate golf cart slab. Home includes a 6' x 29' utility room, 8' x 12' Cook shed on concrete pad, LED lighting, motion lights, and an irrigation system. Washer, dryer, refrigerato

Key facts

• 2,721 sq ft lot
• 2 parking spots
• Community pool

Property features AI

Finance

• Other: Furnished; Living area reported as 768 sq ft (owner source); Building area reported as 1,124 sq ft (owner source); Lot approximately 0.06 acre (about 253 m²); Direction faces south
• Financial info: Total monthly fees $170 (total annual fees $2,040)
• HOA & community: Francine association with required monthly fee of $170; Association amenities include clubhouse, pool, recreation facilities, storage and wheelchair access; On-site property manager; Buyer approval required; Senior community; Community mailbox; Golf access; Handicap modified; Pets allowed with restrictions (cats and dogs permitted, limits on number, breed and size)

Exterior

• Parking: Covered parking; Driveway; 2-space carport
• Security: Closed-circuit cameras; Smoke detectors
• Utilities: Private water; Private sewer; Cable available; Public utilities available; Sewer and water included in association fee
• Home design: Manufactured double-wide home; One level; South-facing entry
• Construction: Vinyl siding; Membrane roof; Crawlspace foundation; Completed condition; Double-wide body type
• Exterior features: Patio with screened area; French doors; Exterior lighting; Storage shed(s); Assigned boat slip, private boat ramp and fishing pier access (lake — chain of lakes); Cleared, paved lot; Asphalt road on a private maintained road; Irrigation equipment

Interior

• Kitchen: Range; Microwave; Refrigerator; Freezer; Eat-in kitchen
• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; High ceilings; Vaulted ceilings; Walk-in closet(s); Window treatments; Blinds, drapes and shades; Decorative non–wood-burning fireplace in the living room
• Laundry & utility: Washer and dryer included; Electric water heater; Laundry located outside

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $166 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 5.3% in Lisbon — 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 65/100 on livability (#642 in FL) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F, health & safety 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: 287 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• This rent runs 36% 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 $967 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 123 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.

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 $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.15% ✓
• Cap rate: 7.72%
• Cash-on-cash: 5.10%
• DSCR: 1.23
• GRM: 7.2

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: -8.3%
• Equity multiple: 0.69×
• Total profit: $-11,964
• Equity at exit: $20,860

10-year hold

• IRR: 1.3%
• Equity multiple: 1.09×
• Total profit: $3,676
• Equity at exit: $12,096

Cash invested: $39,172 (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: 287
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,614 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$147 /mo · $1,758/yr
• Insurance: −$58
• HOA: −$170
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $166

Break-even live

Break-even rent $1,403

Max offer price $139,900

Occupancy floor 85%

Sensitivity live

Price	-10% $246	-5% $206	+0% $166	+5% $127	+10% $87
Rent	-10% $39	-5% $103	+0% $166	+5% $230	+10% $294
Rate	-1.0pp $237	-0.5pp $202	base $166	+0.5pp $130	+1.0pp $93

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35 Aberdeen Cir Leesburg, FL	2.0	2.0	1072	$1,400	$1.31	25d	1	1.18mi

HOA detail condo

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

Listing history 16 events

1. 2026-06-21
   days on market $139,900 Active 123 DOM
2. 2026-06-18
   days on market $139,900 Active 120 DOM
3. 2026-06-17
   days on market $139,900 Active 119 DOM
4. 2026-06-16
   days on market $139,900 Active 118 DOM
5. 2026-06-15
   days on market $139,900 Active 117 DOM
6. 2026-06-13
   days on market $139,900 Active 115 DOM
7. 2026-06-09
   days on market $139,900 Active 111 DOM
8. 2026-06-08
   days on market $139,900 Active 110 DOM
9. 2026-06-07
   days on market $139,900 Active 109 DOM
10. 2026-06-04
    days on market $139,900 Active 106 DOM
11. 2026-06-03
    days on market $139,900 Active 105 DOM
12. 2026-06-02
    days on market $139,900 Active 104 DOM
13. 2026-06-02
    days on market $139,900 Active 103 DOM
14. 2026-05-31
    days on market $139,900 Active 102 DOM
15. 2026-03-05
    price $139,900
16. 2026-02-18
    listed $149,900 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: $1,758 · $147/mo
• Projected year-2 tax: $1,758 · $147/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: $19,364
• − Mortgage interest: −$7,837
• − Property taxes: −$1,758
• − Insurance: −$700
• − Repairs & maintenance: −$1,549
• − Management: −$1,549
• − HOA: −$2,040
• − Depreciation: −$4,070
• Taxable loss: −$138
• Est. tax savings @ 24.0%: +$33
• After-tax cash flow: $2,029/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 — Lisbon

• Score: 65/100
• State rank: #642
• US rank: #12649

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lake County · 364,602 people
• City population: 21,867
• 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

-6.7% since first listed

2 events — show timeline

• 2026-03-05 Price Changed $139,900 Stellar MLS as Distributed by MLS Grid
• 2026-02-18 Listed $149,900 Stellar MLS as Distributed by MLS Grid

Property tax history

+11.6%/yr

Latest (2025): $1,758 · +0.9% YoY. Source: county tax records.