180 Hibiscus Way · Leesburg, FL 34748

$119,000

2 bd · 2.0 ba · 1,350 sqft · Condo public records · 140 Days on market

Built 1980 $397/mo HOA · 20% of rent ↓ 20% 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 +29.5/30.0
• 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
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Virtually Staged. Rare opportunity to own a spacious corner lot in Hibiscus Way, conveniently located near the Hawthorne Boulevard gate. This home boasts several recent upgrades, including a newer HVAC unit, sealed vapor barrier, an upgraded circuit breaker box, and a Florida room under heat and air. Additional features include an enclosed vinyl-floored patio room with a workshop equipped with a window AC unit, a generous laundry room, and large walk-in closets & clothing cabinets in both bedrooms, built-in 2-person breakfast nook with chairs, and a built in China cabinet in the dining room. The primary bedroom offers a sizable walk-in shower, while the home also features a newer dish

Key facts

• Enclosed patio room
• Florida room
• Newer hvac unit

Tags

• CORNER LOT
• NEWER HVAC UNIT
• FLORIDA ROOM
• ENCLOSED PATIO ROOM
• WORKSHOP WITH AC UNIT
• GENEROUS LAUNDRY ROOM

Property features AI

Finance

• Financial info: Total annual HOA/association fees reported as $4,764
• HOA & community: Part of Hawthorne Resident Cooperative Association with monthly fee of $397; HOA fee includes guard (24-hour), cable TV, pool, grounds maintenance, management, private road, recreational facilities, security, sewer and water; Community amenities include clubhouse, fitness center, pool, tennis and pickleball courts, shuffleboard, spa/hot tub, trails, recreation facilities, street lights, wheelchair access, and maintenance; Senior community; pets not allowed; vehicle restrictions and fence restrictions may apply

Exterior

• Parking: Has carport with 1 space
• Security: Gated community; 24-hour guard; Community security
• Utilities: Private water; Private sewer; Electricity available and connected; Cable available and connected; Sewer available and connected; Water available and connected
• Home design: Manufactured home (double wide); Single-story; Faces west; Homestead exempt
• Construction: Metal frame construction; Metal roof; Crawlspace foundation
• Exterior features: Asphalt road access; Irrigation equipment

Interior

• Kitchen: Dishwasher; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air; Wall/window unit(s)
• Interior features: Walk-in closet(s); 5 total rooms
• Laundry & utility: Laundry room; Washer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $119k.

Deal economics

• At list price, monthly cash flow is $427 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $105k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• This rent runs 42% 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 $823 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 140 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $104,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 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. 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?
8. 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.
9. 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.
10. 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: 1.70% ✓
• Cap rate: 10.59%
• Cash-on-cash: 15.36%
• DSCR: 1.68
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 1.8%
• Equity multiple: 1.07×
• Total profit: $2,209
• Equity at exit: $17,743

10-year hold

• IRR: 7.2%
• Equity multiple: 1.45×
• Total profit: $15,024
• Equity at exit: $10,289

Cash invested: $33,320 (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: 4.9×

Monthly cashflow live

• Estimated rent: $2,019 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$98 /mo · $1,176/yr
• Insurance: −$50
• HOA: −$397
• Vacancy / Maint / Mgmt: −$424
• Net cashflow: $427

Break-even live

Break-even rent $1,479

Max offer price $119,000

Occupancy floor 74%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6015 Nightjar Ct Okahumpka, FL	3.0	2.0	1725	$2,495	$1.45	11d	1	0.61mi
26840 Racquet Cir Leesburg, FL	3.0	2.0	1836	$1,950	$1.06	23d	1	1.10mi
5440 Rosewall Cir Leesburg, FL	2.0	2.0	1200	$1,950	$1.62	4d	1	1.13mi

HOA detail condo

• Monthly dues: $397 · $4,764/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $119,000 Active 140 DOM
2. 2026-06-17
   days on market $119,000 Active 139 DOM
3. 2026-06-16
   days on market $119,000 Active 138 DOM
4. 2026-06-15
   days on market $119,000 Active 137 DOM
5. 2026-06-13
   days on market $119,000 Active 135 DOM
6. 2026-06-09
   days on market $119,000 Active 131 DOM
7. 2026-06-08
   days on market $119,000 Active 130 DOM
8. 2026-06-07
   days on market $119,000 Active 129 DOM
9. 2026-06-04
   days on market $119,000 Active 126 DOM
10. 2026-06-03
    days on market $119,000 Active 125 DOM
11. 2026-06-02
    days on market $119,000 Active 124 DOM
12. 2026-06-02
    days on market $119,000 Active 123 DOM
13. 2026-05-31
    days on market $119,000 Active 122 DOM
14. 2026-01-29
    listed $119,000 Active
15. 2025-08-14
    historical
16. 2025-05-08
    status Active
17. 2025-04-25
    historical
18. 2025-04-11
    price $129,000
19. 2025-02-20
    price $144,000
20. 2025-02-02
    listed $149,000 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: $1,176 · $98/mo
• Projected year-2 tax: $1,176 · $98/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 ≥108°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: $24,230
• − Mortgage interest: −$6,666
• − Property taxes: −$1,176
• − Insurance: −$595
• − Repairs & maintenance: −$1,938
• − Management: −$1,938
• − HOA: −$4,764
• − Depreciation: −$3,462
• Taxable income: $3,691
• Est. tax owed @ 24.0%: −$886
• After-tax cash flow: $4,233/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): 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

-20.1% since first listed

7 events — show timeline

• 2026-01-29 Listed $119,000 Stellar MLS as Distributed by MLS Grid
• 2025-08-14 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-05-08 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-04-25 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-04-11 Price Changed $129,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-20 Price Changed $144,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-02 Listed $149,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+16.4%/yr

Latest (2025): $1,176 · +4.2% YoY. Source: county tax records.