214 Leisure Way · Memphis, FL 34221

$174,900

2 bd · 2.0 ba · 1,160 sqft · Manufactured · 191 Days on market

Built 1981 $212/mo HOA ↓ 5% since listing

---

Why this score? — see what drove the D+ 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 +22.9/30.0
• 1% rule +7.5/10.0
• DSCR +7.3/10.0
• Schools +4.4/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your slice of paradise in the charming Leisure Lake Co-Op community! This exceptional mobile home offers the perfect blend of comfort and convenience for those seeking an active 55+ lifestyle. The thoughtfully designed 1,160 square foot residence features a practical split floor plan with two spacious primary bedrooms, each boasting private ensuite bathrooms and generous closet space. The converted lanai serves as a versatile third bedroom with its own private entrance and mini-split air conditioning unit, complete with a clever barn door that conceals the laundry area. The heart of the home showcases an inviting open-concept design where the kitchen, dining, and living areas sea

Key facts

• Open-concept design
• Split floor plan
• Converted lanai

Tags

• SPLIT FLOOR PLAN
• PRIVATE ENSUITE BATHROOMS
• CONVERTED LANAI
• OPEN-CONCEPT DESIGN
• LIFETIME WARRANTY ROOF
• ENERGY-EFFICIENT WINDOWS

Property features AI

Finance

• Other: Total annual fees reported as $2,544
• Financial info: Lease restrictions apply
• HOA & community: Leisure Lake Co-Op/Brittany Pendleton association; Monthly association fee of $212; Association fee includes common area taxes, pool, fidelity bond, grounds maintenance, management, recreational facilities, sewer, trash and water; Association amenities include clubhouse, fitness center, laundry, pickleball courts, pool, recreation facilities and shuffleboard; Buyer approval required for association; Senior community; Golf carts allowed; Pets not allowed

Exterior

• Parking: Driveway parking; Golf cart parking; 1-car carport
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected; Water connected; Cable available; Phone available
• Home design: Manufactured home (double wide); One level; North-facing
• Construction: Vinyl siding; Roof over; Built on crawlspace and slab foundation
• Exterior features: Patio; Awnings; Outdoor lighting; Rain gutters; Exterior storage

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Ductless heating option; Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Living room/dining room combo; Open floorplan; Split bedroom layout; Thermostat
• Laundry & utility: Washer; Dryer; Inside laundry in a laundry closet; Electric water heater; Tankless water heater

🏢 Co-op / cooperative unit. The $174,900 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $307 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 4.5% in Memphis — 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 63/100 on livability (#745 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, schools F, amenities F.
• Manatee (suburban): math 54% / reading 50% proficiency, ranked #26 of 73 in FL (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-3.0%/yr); 1160 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).
• This rent runs 34% of the median local income ($78k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 191 days — a 12% lower offer ($154k) 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $153,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 191 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 1.25% ✓
• Cap rate: 8.40%
• Cash-on-cash: 7.52%
• DSCR: 1.33
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $128,760
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
40 Shady Ln #40	0.08mi	2/2.0	1,164 (+0%)	1mo	$195,000	$168	95
317 Peace Mnr	0.27mi	2/2.0	1,128 (-3%)	8mo	$125,000	$111	76
165 Lakeview Dr	0.43mi	2/2.0	1,242 (+7%)	3mo	$193,500	$156	65
78 Leisure Way	0.11mi	2/1.0	1,012 (-13%)	6mo	$60,000	$59	64
464 Kaiser Dr	0.42mi	2/2.0	1,072 (-8%)	8mo	$85,000	$79	61
312 Peace Mnr	0.32mi	2/2.0	1,320 (+14%)	13mo	$115,000	$87	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -8.7%
• Equity multiple: 0.69×
• Total profit: $-15,033
• Equity at exit: $26,078

10-year hold

• IRR: -4.4%
• Equity multiple: 0.75×
• Total profit: $-12,017
• Equity at exit: $15,122

Cash invested: $48,972 (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 34221

• Rents YoY: -3.0%
• Active inventory: 1160
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,187 high
• Mortgage (P&I): −$917
• Tax est. 1.5%: −$219 /mo · $2,624/yr
• Insurance: −$73
• HOA: −$212
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $307

Break-even live

Break-even rent $1,798

Max offer price $174,900

Occupancy floor 81%

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3222 6th Ave W Palmetto, FL	3.0	2.0	1414	$2,185	$1.55	23d	1	0.26mi
307 27th St E Palmetto, FL	2.0	2.0	980	$2,000	$2.04	23d	1	0.33mi
1809 5th Ave W Palmetto, FL	3.0	1.0	962	$1,895	$1.97	23d	1	0.67mi
2615 9th Avenue Dr E Palmetto, FL	3.0	2.0	1369	$2,200	$1.61	23d	1	0.69mi
719 23rd St E Palmetto, FL	3.0	2.0	1060	$1,800	$1.70	10d	1	0.71mi
900 21st St E Palmetto, FL	2.0–3.0	1.0	800	$1,495	$1.87	23d	1	0.78mi
2211 11th Ave E Palmetto, FL	3.0	2.0	1285	$2,195	$1.71	16d	1	0.90mi
2225 14th Ave W Palmetto, FL	2.0	2.0	1120	$1,895	$1.69	23d	1	1.03mi
2225 14th Ave W Unit 204 Palmetto, FL	2.0	2.0	1120	$1,795	$1.60	23d	1	1.03mi
515 45th St E Palmetto, FL	2.0	2.0	900	$2,100	$2.33	23d	1	1.03mi
2320 Terra Ceia Bay Blvd #211 Palmetto, FL	2.0	2.0	978	$2,500	$2.56	23d	1	1.04mi
709 45th St E Palmetto, FL	2.0	2.0	1000	$1,550	$1.55	3d	1	1.04mi
3115 Live Oak Ln #30 Palmetto, FL	2.0	2.0	1253	$3,695	$2.95	23d	1	1.05mi
4721 1st Ave E #4721 Palmetto, FL	3.0	2.0	1460	$2,000	$1.37	23d	1	1.15mi
1514 Fairway Oaks Dr Palmetto, FL	3.0	2.0	1461	$1,540	$1.05	10d	1	1.17mi
1213 15th St W Palmetto, FL	2.0	1.0	1000	$1,800	$1.80	23d	1	1.21mi
501 11th St W Palmetto, FL	2.0	1.0	850	$1,340	$1.58	2d	1	1.26mi
1229 11th Ave W Palmetto, FL	3.0	1.0	1072	$1,800	$1.68	2d	1	1.27mi
2602 Edgewater Ct Palmetto, FL	2.0	2.0	1253	$4,000	$3.19	23d	1	1.28mi
2725 Terra Ceia Bay Blvd #102 Palmetto, FL	2.0	2.0	1256	$2,200	$1.75	16d	1	1.32mi
2725 Terra Ceia Bay Blvd #203 Palmetto, FL	1.0	2.0	1106	$3,200	$2.89	23d	1	1.32mi
2725 Terra Ceia Bay Blvd #201 Palmetto, FL	3.0	2.0	1486	$2,200	$1.48	3d	1	1.32mi
2625 Terra Ceia Bay Blvd #802 Palmetto, FL	2.0	2.0	1148	$2,395	$2.09	23d	1	1.34mi
2625 Terra Ceia Bay Blvd #401 Palmetto, FL	2.0	2.0	1349	$3,495	$2.59	23d	1	1.34mi
1607 18th St E Palmetto, FL	3.0	1.0	916	$1,950	$2.13	23d	1	1.35mi

HOA detail

• Monthly dues: $212 · $2,544/yr

Listing history 13 events

1. 2026-06-18
   days on market $174,900 Active 191 DOM
2. 2026-06-17
   days on market $174,900 Active 190 DOM
3. 2026-06-16
   days on market $174,900 Active 189 DOM
4. 2026-06-15
   days on market $174,900 Active 188 DOM
5. 2026-06-13
   days on market $174,900 Active 186 DOM
6. 2026-06-13
   days on market $174,900 Active 185 DOM
7. 2026-06-10
   days on market $174,900 Active 183 DOM
8. 2026-06-03
   days on market $174,900 Active 181 DOM
9. 2026-06-02
   days on market $174,900 Active 180 DOM
10. 2026-06-01
    days on market $174,900 Active 179 DOM
11. 2026-05-31
    days on market $174,900 Active 178 DOM
12. 2026-02-17
    price $174,900
13. 2025-12-04
    listed $184,900 Active

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,244
• − Mortgage interest: −$9,797
• − Property taxes: −$2,624
• − Insurance: −$874
• − Repairs & maintenance: −$2,100
• − Management: −$2,100
• − HOA: −$2,544
• − Depreciation: −$5,088
• Taxable income: $1,118
• Est. tax owed @ 24.0%: −$268
• After-tax cash flow: $3,416/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: Manatee
• NCES district ID: 1201230
• Math proficiency: 54% ▼ -6.00%
• Reading proficiency: 50% ▼ -2.00%
• Median HH income: $49,607
• Composite: 44.43/100
• National rank: #2806
• State rank: #26 of 73 in FL

Livability — Memphis

• Score: 63/100
• State rank: #745
• US rank: #16072

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Memphis, FL
• County: Manatee County · 416,364 people
• Metro: North Port-Sarasota-Bradenton, FL
• Population (ZIP): 56,208
• Household income: $77,712
• Rent vs Own: 17.1% rent · 82.9% own
• Severe rent burden: 1193.0

Population outlook (Manatee County) Hauer SSP2

• Today (2025): 447,342 people
• By 2030: 488,911 · +9.3%
• By 2040: 567,934 · +27.0%
• By 2050: 637,995 · +42.6%
• By 2075: 781,970 · +74.8%
• By 2100: 848,272 · +89.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 59% Hispanic / Latino 22% Black 14% Two or more races 11%
• Hispanic origin (detail): Mexican 14% Puerto Rican 3%
• Common ancestry: Romanian 2% Lithuanian 2% Italian 2%
• Foreign-born: 10% · Canada, Dominican Republic, Jamaica
• Languages at home: 81% English-only · Spanish 16% Other Indo-European 1%

Political lean MEDSL · Manatee

• 2024 margin: Strong R (+23.5) · D 37.9% · R 61.4%
• 2008→2024 swing: -16.5pp toward R · 2008: -7.0pp · 2024: -23.5pp
• All cycles: 2024: R+23.5 2020: R+16.1 2016: R+17.1 2012: R+12.5 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -383.53%
• Current HPI: 302.1458
• Rent YoY: ▼ -2.98%
• Metro: North Port-Sarasota-Bradenton, 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

-5.4% since first listed

2 events — show timeline

• 2026-02-17 Price Changed $174,900 Stellar MLS as Distributed by MLS Grid
• 2025-12-04 Listed $184,900 Stellar MLS as Distributed by MLS Grid