2609 Houston Pl · Leesburg, FL 34748

$125,000

3 bd · 2.0 ba · 1,392 sqft · Manufactured public records · 72 Days on market

Built 1972 5,040 sqft lot $51/mo HOA · 3% of rent

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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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• 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

Bring your vision and unlock the potential of this unique manufactured home in Coachwood Colony, a desirable 55+ community! This spacious 2-bedroom, 2-bath home offers a layout you don't often find, featuring an expansive living area perfect for entertaining or relaxing in comfort. One of the standout features is the attached 2-car garage, complete with a dedicated laundry room, workshop and separate office space - ideal for hobbies, storage or working from home. An added attic space provides even more room for storage, making this home as functional as it is versatile. Enjoy the Florida lifestyle from you lanai, offering a great space to unwind or host guests. While the home does need som

Key facts

• Workshop
• 5,040 sq ft lot
• 2 garage spots

Tags

• UNIQUE MANUFACTURED HOME
• EXPANSIVE LIVING AREA
• ATTACHED 2-CAR GARAGE
• DEDICATED LAUNDRY ROOM
• WORKSHOP
• SEPARATE OFFICE SPACE

Property features AI

Finance

• Other: Furnished; Total acreage: less than 1/4 acre (approximately 0.11 acre)
• HOA & community: HOA (Donna Parish) with optional annual fee of $616.80 ($51.40 monthly); Senior community; Clubhouse; Pool; Street lights; Pets allowed

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Public water; Public sewer; Cable available; Phone available; Sewer connected; Water connected; Fire hydrant nearby
• Home design: Residential mobile home; Double wide; One level; North-facing
• Construction: Metal siding; Metal roof; Crawlspace foundation; Pillar/post/pier foundation; Built on/recorded 1990s–2000s (double wide mobile home — year built not provided)
• Exterior features: Awning(s); Asphalt road

Interior

• Kitchen: Built-In Oven; Dishwasher; Range Hood; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Thermostat; Attic; Den/Library/Office; Storage rooms
• Laundry & utility: Washer; Dryer; Gas water heater; Laundry in garage

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $548 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.6% 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; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• This rent runs 35% 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 $864 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $55k; list at $125k implies a 127% gain — meaningful room to come down on a strong offer.

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 $117,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 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 1972 — 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. 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 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: 1.37% ✓
• Cap rate: 11.56%
• Cash-on-cash: 18.80%
• DSCR: 1.84
• GRM: 6.1

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: 7.3%
• Equity multiple: 1.28×
• Total profit: $9,629
• Equity at exit: $18,638

10-year hold

• IRR: 13.9%
• Equity multiple: 1.97×
• Total profit: $33,893
• Equity at exit: $10,808

Cash invested: $35,000 (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: 6.1×

Monthly cashflow live

• Estimated rent: $1,714 high
• Mortgage (P&I): −$656
• Tax from tax record: −$48 /mo · $571/yr
• Insurance: −$52
• HOA: −$51
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $548

Break-even live

Break-even rent $1,020

Max offer price $125,000

Occupancy floor 63%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2602 Houston Pl Leesburg, FL	2.0	2.0	960	$1,895	$1.97	5d	1	0.07mi
513 Old Colony Rd Leesburg, FL	3.0	2.0	1198	$1,699	$1.42	5d	1	0.24mi
502 Old Colony Rd Leesburg, FL	3.0	2.0	1456	$1,299	$0.89	24d	1	0.28mi
1004 Royal Oak Blvd Unit 1004 Leesburg, FL	2.0	2.5	1244	$1,550	$1.25	4d	1	0.46mi
2920 Pecan Ave Leesburg, FL	2.0	2.5	1288	$1,700	$1.32	24d	1	0.50mi
822 S Lone Oak Dr Unit B Leesburg, FL	2.0	1.0	900	$1,195	$1.33	24d	1	0.52mi
2940 Peach St Leesburg, FL	2.0	2.5	1288	$1,750	$1.36	18d	1	0.52mi
3019 Walnut Ct Leesburg, FL	3.0	2.0	1854	$1,799	$0.97	3d	1	0.57mi
3029 Walnut Ct Leesburg, FL	3.0	2.0	1854	$1,799	$0.97	3d	1	0.58mi
3029 Walnut Ct Leesburg, FL	3.0	2.0	1854	$1,799	$0.97	5d	1	0.58mi
210 N Lone Oak Dr Unit 1 Leesburg, FL	2.0	1.0	912	$1,250	$1.37	15d	1	0.85mi
200 S Moss St Leesburg, FL	3.0	2.0	968	$1,500	$1.55	24d	1	1.03mi
1604 Woodlyn Dr Leesburg, FL	3.0	1.5	1088	$1,500	$1.38	24d	1	1.04mi
1321 Cambridge Dr Leesburg, FL	4.0	2.0	912	$1,800	$1.97	18d	1	1.06mi
1317 Cambridge Dr Leesburg, FL	3.0	1.5	1240	$1,600	$1.29	24d	1	1.07mi
1220 W Dixie Ave Leesburg, FL	3.0	2.0	1304	$1,600	$1.23	5d	1	1.35mi
1013 Beecher St Unit 1 Leesburg, FL	3.0	1.0	900	$1,250	$1.39	22d	1	1.43mi
1009 McCormack St Leesburg, FL	2.0	1.0	1400	$1,025	$0.73	24d	1	1.46mi
1401 Floradel Ave Leesburg, FL	2.0	1.0	1190	$1,495	$1.26	3d	1	1.49mi

HOA detail

• Monthly dues: $51 · $612/yr

Listing history 15 events

1. 2026-06-18
   days on market $125,000 Active 72 DOM
2. 2026-06-17
   days on market $125,000 Active 71 DOM
3. 2026-06-16
   days on market $125,000 Active 70 DOM
4. 2026-06-15
   days on market $125,000 Active 69 DOM
5. 2026-06-13
   days on market $125,000 Active 67 DOM
6. 2026-06-09
   days on market $125,000 Active 63 DOM
7. 2026-06-08
   days on market $125,000 Active 62 DOM
8. 2026-06-07
   days on market $125,000 Active 61 DOM
9. 2026-06-04
   days on market $125,000 Active 58 DOM
10. 2026-06-03
    days on market $125,000 Active 57 DOM
11. 2026-06-02
    days on market $125,000 Active 56 DOM
12. 2026-06-01
    days on market $125,000 Active 55 DOM
13. 2026-05-31
    days on market $125,000 Active 54 DOM
14. 2026-04-07
    listed $125,000 Active
15. 2000-11-22
    soldstatus $55,000

ⓘ 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: $571 · $48/mo
• Projected year-2 tax: $1,038 · $86/mo
• Expected delta: +$467/yr (+$39/mo · 81.8%)

ⓘ 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 4/10 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: $20,573
• − Mortgage interest: −$7,002
• − Property taxes: −$571
• − Insurance: −$625
• − Repairs & maintenance: −$1,646
• − Management: −$1,646
• − HOA: −$612
• − Depreciation: −$3,636
• Taxable income: $4,836
• Est. tax owed @ 24.0%: −$1,161
• After-tax cash flow: $5,419/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

• Census place: Leesburg, FL
• 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

+127.3% since first listed

2 events — show timeline

• 2026-04-07 Listed $125,000 Stellar MLS as Distributed by MLS Grid
• 2000-11-22 Sold (Public Records) $55,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $571 · +3.9% YoY. Source: county tax records.