138 Shrimp Ave · Lake Placid, FL 33857

$45,000

2 bd · 1.0 ba · 990 sqft · Manufactured · 4 Days on market

Built 1975 Fair condition

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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
• Appreciation +5.4/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks

A FISHERMANS DREAM WITH ACCESS TO LAKE ISTOKPOGA AND LOT RENT AT JUST $250/MONTH. Take a look at this 2 bed 1 bath single wide ready for a new owner. This home features 2 lanai's, one in the front of the home and one in the back overlooking a scenic pasture with wildlife. Electric service is 200 Amp. Roof is sealed rubber roof. As a resident in this community you have access to canal/boat ramp leading to the lake. Monthly lot rent includes water, sewer, trash and lawn care. Boat slip rental is $ 15 per month and free trailer/boat storage for residents only.

Key facts

• 2 parking spots
• Built 1975
• Listed 3 days

Property features AI

Finance

• HOA & community: Located in a senior community; Land is leased ($250)

Exterior

• Parking: 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Manufactured in park (mobile home); Single-wide; One level
• Construction: Aluminum siding and frame construction; Other roof type
• Exterior features: Front and rear porches; Screened porch; Patio; Shed(s); Workshop

Interior

• Kitchen: Oven; Range; Refrigerator; Dishwasher not listed
• Flooring: Carpet; Laminate; Simulated wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Furnished; Washer and Dryer included; Oven, Range, Refrigerator
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $45k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $502 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Cap rate 19.7% 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: Cracker Trail Elementary School (math 60% / reading 58%, grade B-, #722 of 2,144 statewide, top 34%, 692 students, 62% FRL); Sebring Middle School (math 52% / reading 40%, grade D+, #300 of 571 statewide, top 53%, 815 students, 64% FRL); Sebring High School (math 32% / reading 48%, grade F, #296 of 667 statewide, top 45%, 1,809 students, 56% FRL).
• Market conditions: 58 active listings in the ZIP; 980 units permitted in Highlands County in 2024 (80 in 5+ unit buildings).

Forward outlook

• In year one you build about $681 of equity ($311 loan paydown + $370 appreciation (0.8% local appreciation)).
• At projected returns (0.8% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $45,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.29% ✓
• Cap rate: 19.68%
• Cash-on-cash: 47.82%
• DSCR: 3.13
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 50.3%
• Equity multiple: 3.58×
• Total profit: $32,445
• Equity at exit: $14,949

10-year hold

• IRR: 52.0%
• Equity multiple: 7.15×
• Total profit: $77,467
• Equity at exit: $19,550

Cash invested: $12,600 (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 33857

• Home prices YoY: 0.3%
• Active inventory: 58
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,029 medium
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $502

Break-even live

Break-even rent $394

Max offer price $45,000

Occupancy floor 46%

Sensitivity live

Price	-10% $533	-5% $518	+0% $502	+5% $487	+10% $471
Rent	-10% $421	-5% $461	+0% $502	+5% $543	+10% $583
Rate	-1.0pp $525	-0.5pp $514	base $502	+0.5pp $490	+1.0pp $479

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-19
   days on market $45,000 Active 4 DOM
2. 2026-06-18
   days on market $45,000 Active 3 DOM
3. 2026-06-17
   days on market $45,000 Active 2 DOM
4. 2026-06-15
   remarks 563-char remark
5. 2026-06-15
   listed $45,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $12,350
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$988
• − Management: −$988
• − Depreciation: −$1,309
• Taxable income: $5,644
• Est. tax owed @ 24.0%: −$1,355
• After-tax cash flow: $4,670/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This mobile home requires moderate repairs and updates to improve its condition and increase its resale and rental value.

Repairs flagged

• Major Exterior siding — Weathered and may need repainting or replacement.
• Major Interior walls — Discoloration and paint wear indicate a need for repainting or fresh coats.
• Major Flooring — Worn appearance suggests replacement or refinishing is needed.
• Major Windows — May need cleaning or replacement for better energy efficiency and appearance.
• Major Kitchen cabinets — Worn appearance suggests replacement or resurfacing is needed.
• Major Bathroom fixtures — May need updating or replacement for a more modern look and functionality.

Value-add opportunities

• Both Painting exterior siding — Improves curb appeal and can increase both resale and rental value.
• Both Painting interior walls — Enhances the home's appearance and can increase both resale and rental value.
• Both Refinishing or replacing flooring — Improves the home's appearance and can increase both resale and rental value.
• Both Cleaning or replacing windows — Enhances the home's appearance and can increase both resale and rental value.
• Both Updating or replacing kitchen cabinets — Improves the home's appearance and can increase both resale and rental value.
• Both Updating or replacing bathroom fixtures — Enhances the home's appearance and can increase both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and may need repainting or replacement.	Major	$15,000–50,000
Interior walls · Discoloration and paint wear indicate a need for repainting or fresh coats.	Major	$15,000–50,000
Flooring · Worn appearance suggests replacement or refinishing is needed.	Major	$15,000–50,000
Windows · May need cleaning or replacement for better energy efficiency and appearance.	Major	$15,000–50,000
Kitchen cabinets · Worn appearance suggests replacement or resurfacing is needed.	Major	$15,000–50,000
Bathroom fixtures · May need updating or replacement for a more modern look and functionality.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both Painting exterior siding — Improves curb appeal and can increase both resale and rental value. ↑
• Both Painting interior walls — Enhances the home's appearance and can increase both resale and rental value. ↑
• Both Refinishing or replacing flooring — Improves the home's appearance and can increase both resale and rental value. ↑
• Both Cleaning or replacing windows — Enhances the home's appearance and can increase both resale and rental value. ↑
• Both Updating or replacing kitchen cabinets — Improves the home's appearance and can increase both resale and rental value. ↑
• Both Updating or replacing bathroom fixtures — Enhances the home's appearance and can increase both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• City population: 22,600
• Population (ZIP): 935

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 (97%)
• Race & ethnicity: White 97% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Lithuanian 6% Slovak 5% Iranian 2%
• Foreign-born: 8% · Canada
• Languages at home: 99% English-only · Spanish 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: ▲ 0.82%
• Current HPI: 274.7204
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-06-12 Listed $45,000 HAOR as distributed by MLS GRID