11 Hawaiian Way · Leesburg, FL 34788

$70,000

2 bd · 2.0 ba · 672 sqft · Condo public records · 179 Days on market

Built 1976 $235/mo HOA

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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
• Schools +4.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This 2-bedroom, 1-bathroom home is perfectly sized for a new homeowner in the 55+ Molokai Co-Op community, where you own the land with no lot rent. The home features updated flooring throughout and new cabinetry in the kitchen. The inviting Florida Room is ideal for relaxing and enjoying the beautiful Florida surroundings. While you’re here, be sure to explore the community amenities, including the clubhouse, pool, and a variety of clubs you can join to make the most of life in the park.

Key facts

• Clubhouse
• Variety of clubs
• Florida room

Tags

• UPDATED FLOORING
• NEW CABINETRY
• FLORIDA ROOM
• CLUBHOUSE
• POOL
• VARIETY OF CLUBS

Property features AI

Finance

• Other: Lease restrictions apply
• Financial info: Total monthly fees approximately $235; total annual fees approximately $2,820
• HOA & community: Monthly association fee of $235; Association amenities include cable TV, clubhouse, laundry, pool, shuffleboard court, storage, wheelchair access, and handicap modified features; Association fee covers cable TV, common area taxes, pool, escrow reserves, internet, grounds maintenance, general maintenance, management, sewer, trash, and water; Buyer approval and association approval required; Senior community; Pets not allowed; Deed restrictions, community mailbox, golf carts OK

Exterior

• Parking: Covered parking; Driveway; Ground-level parking; On-street parking; 1-car carport; Garage approximately 23 x 13
• Security: Smoke detector(s)
• Utilities: Private water; Private sewer; Cable available and connected; High-speed internet / broadband available; Electricity available and connected; Public utilities available; Underground utilities; Water and sewer available and connected
• Home design: Mobile home (single wide); One level; Faces east; Residential property
• Construction: Metal and frame construction; Metal roof; Crawlspace foundation; Completed condition
• Exterior features: Covered, enclosed and screened side porch; Patio/porch enclosed and screened; Rain gutters; Sliding doors; Storage (additional structure)

Interior

• Kitchen: Cooktop; Dishwasher; Microwave; Range hood; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air; Wall/window unit(s)
• Interior features: Ceiling fans; Eat-in kitchen; Open floorplan; Thermostat; Window treatments; Blinds
• Laundry & utility: Washer hookup; Dryer hookup; Washer; Dryer; Other laundry features

🏢 Co-op / cooperative unit. The $70,000 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 condo listed at $70k.

Deal economics

• At list price, monthly cash flow is $421 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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: 285 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 33% 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 $484 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $20k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 179 days — a 12% lower offer ($62k) 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 179 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — 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. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.14% ✓
• Cap rate: 13.52%
• Cash-on-cash: 25.80%
• DSCR: 2.15
• GRM: 3.9

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: 19.6%
• Equity multiple: 1.80×
• Total profit: $15,688
• Equity at exit: $10,437

10-year hold

• IRR: 28.0%
• Equity multiple: 3.50×
• Total profit: $49,002
• Equity at exit: $6,052

Cash invested: $19,600 (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 34788

• Home prices YoY: -18.2%
• Active inventory: 285
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,496 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$129 /mo · $1,551/yr
• Insurance: −$29
• HOA: −$235
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $421

Break-even live

Break-even rent $963

Max offer price $70,000

Occupancy floor 67%

Sensitivity live

Price	-10% $461	-5% $441	+0% $421	+5% $402	+10% $382
Rent	-10% $303	-5% $362	+0% $421	+5% $480	+10% $540
Rate	-1.0pp $457	-0.5pp $439	base $421	+0.5pp $403	+1.0pp $385

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32827 Blossom Ln Leesburg, FL	1.0	1.0	704	$950	$1.35	24d	1	1.01mi

HOA detail condo

• Monthly dues: $235 · $2,820/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-31
   days on market $70,000 Active 179 DOM
2. 2025-12-03
   listed $70,000 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: $1,551 · $129/mo
• Projected year-2 tax: $1,551 · $129/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 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°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: $17,952
• − Mortgage interest: −$3,921
• − Property taxes: −$1,551
• − Insurance: −$350
• − Repairs & maintenance: −$1,436
• − Management: −$1,436
• − HOA: −$2,820
• − Depreciation: −$2,036
• Taxable income: $4,402
• Est. tax owed @ 24.0%: −$1,056
• After-tax cash flow: $4,000/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): 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

1 event — show timeline

• 2025-12-03 Listed $70,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+27.9%/yr

Latest (2025): $1,551 · +0.5% YoY. Source: county tax records.