223 Hawthorne Blvd · Leesburg, FL 34748

$119,000

2 bd · 2.0 ba · 1,104 sqft · Manufactured public records · 54 Days on market

Manufactured home Built 1973 6,762 sqft lot Est $124k · at est. $397/mo HOA · 35% of rent

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Why this score? — see what drove the F 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).

• ARV discount +9.2/15.0
• 1% rule +4.6/10.0
• Cash flow +4.2/30.0
• Schools +4.2/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your charming fully furnished retreat at Hawthorne Blvd, with a Bonus Golf Cart! Step inside to a spacious, thoughtfully designed floor plan where cozy carpeted living spaces and inviting bedrooms create a sense of comfort and ease. Natural light pours in through newer windows (2019), giving the home a bright, uplifting feel throughout the day. At the front of the home, the sunlit Florida room offers a special place to slow down and savor the moment, perfect for morning coffee, quiet reading, or gathering with friends in a relaxed, cheerful setting. The layout is both functional and comforting, featuring a walk-in shower in the master bath for a touch of everyday luxury, while th

Key facts

• Durable vinyl siding
• Florida room
• Waterfront community

Tags

• FLORIDA ROOM
• WALK-IN SHOWER
• DURABLE VINYL SIDING
• NEWER HVAC SYSTEM
• CORNER LOT
• WATERFRONT COMMUNITY

Property features AI

Finance

• Other: Furnished; Association fee is required
• Financial info: Total monthly fees listed as $397; total annual fees listed as $4,764
• HOA & community: Member of Hawthorne Resident Cooperative Association, Inc.; Monthly HOA fee of $397 (includes cable TV, pool, grounds maintenance, management, private road, recreational facilities, sewer and water); Community amenities: clubhouse, fitness center, pool, tennis courts, pickleball, shuffleboard, spa/hot tub, trails, storage, recreation facilities, wheelchair access, street lights; golf carts allowed; Senior community; pets not allowed

Exterior

• Parking: Carport with 1 space
• Security: Gated community (community amenity)
• Utilities: Private water; Private sewer; Electricity connected; Cable connected; Fire hydrant on site; Water connected; Sewer connected
• Home design: Mobile home (double wide); One level; Northwest-facing
• Construction: Metal frame and wood frame construction with vinyl siding; Roof over
• Exterior features: Awnings; Exterior lighting; Private mailbox; Asphalt road

Interior

• Kitchen: Range; Microwave; Refrigerator; Exhaust fan; Electric water heater
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Crawlspace foundation
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Dining area; Thermostat; Window treatments
• Laundry & utility: Washer; Dryer; Laundry room

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $-322 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $62k (47.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (4.2% below list).
• Recommended offer: $62k (47.7% below list) — sets the bar for cash-flow.
• Cap rate 3.0% vs local median 4.3% in Leesburg — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: crime D, amenities F, commute 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.
• Zoned schools: Leesburg Elementary School (math 31% / reading 32%, grade F, #1,841 of 2,144 statewide, top 86%, 822 students, 71% FRL); Oak Park Middle School (math 32% / reading 36%, grade F, #426 of 571 statewide, top 75%, 575 students, 70% FRL); Leesburg High School (math 24% / reading 32%, grade F, #464 of 667 statewide, top 70%, 1,641 students, 58% FRL) — zoned schools average 66% FRL vs 49% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 31% at this address vs 50% district-wide (-18 pts) — the specific schools serving this property underperform the Lake average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.9%/yr); 804 active listings in the ZIP; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).

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 54 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.
• 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 $62,182 (47.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
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 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: 0.96% ✗
• Cap rate: 3.05%
• Cash-on-cash: -11.58%
• DSCR: 0.48
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $123,648
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
117 Dogwood Trl	0.13mi	2/2.0	1,152 (+4%)	4mo	$165,000	$143	84
202 Aspen Cir	0.17mi	2/2.0	1,176 (+6%)	4mo	$95,000	$81	78
115 Bougainvillea Dr	0.30mi	2/2.0	1,200 (+9%)	0mo	$142,000	$118	71
129 Dogwood Trl	0.19mi	2/2.0	1,024 (-7%)	12mo	$115,000	$112	69
129 Hibiscus Way	0.34mi	2/2.0	1,200 (+9%)	8mo	$112,500	$94	63
145 Royal Palm Dr	0.46mi	2/2.0	1,266 (+15%)	1mo	$45,000	$36	53
28426 Helena Run Dr	0.64mi	2/2.0	1,064 (-4%)	19mo	$154,900	$146	48

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: -43.1%
• Equity multiple: -0.29×
• Total profit: $-42,846
• Equity at exit: $17,743

10-year hold

• IRR: —
• Equity multiple: -1.27×
• Total profit: $-75,529
• 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: 804
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,140 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$152 /mo · $1,818/yr
• Insurance: −$50
• HOA: −$397
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $-322

Break-even live

Break-even rent $1,547

Max offer price $62,182

Occupancy floor —

Sensitivity live

Price	-10% $-254	-5% $-288	+0% $-322	+5% $-355	+10% $-389
Rent	-10% $-412	-5% $-367	+0% $-322	+5% $-277	+10% $-232
Rate	-1.0pp $-262	-0.5pp $-291	base $-322	+0.5pp $-352	+1.0pp $-384

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: —

HOA detail

• Monthly dues: $397 · $4,764/yr

Listing history 16 events

1. 2026-06-22
   days on market $119,000 Active 54 DOM
2. 2026-06-21
   days on market $119,000 Active 53 DOM
3. 2026-06-18
   days on market $119,000 Active 50 DOM
4. 2026-06-17
   days on market $119,000 Active 49 DOM
5. 2026-06-16
   days on market $119,000 Active 48 DOM
6. 2026-06-15
   days on market $119,000 Active 47 DOM
7. 2026-06-13
   days on market $119,000 Active 45 DOM
8. 2026-06-09
   days on market $119,000 Active 41 DOM
9. 2026-06-08
   days on market $119,000 Active 40 DOM
10. 2026-06-07
    days on market $119,000 Active 39 DOM
11. 2026-06-04
    days on market $119,000 Active 36 DOM
12. 2026-06-03
    days on market $119,000 Active 35 DOM
13. 2026-06-02
    days on market $119,000 Active 34 DOM
14. 2026-06-01
    days on market $119,000 Active 33 DOM
15. 2026-05-31
    days on market $119,000 Active 32 DOM
16. 2026-04-30
    listed $119,000 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: $1,818 · $152/mo
• Projected year-2 tax: $1,818 · $152/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: $13,679
• − Mortgage interest: −$6,666
• − Property taxes: −$1,818
• − Insurance: −$595
• − Repairs & maintenance: −$1,094
• − Management: −$1,094
• − HOA: −$4,764
• − Depreciation: −$3,462
• Taxable loss: −$5,815
• Est. tax savings @ 24.0%: +$1,396
• After-tax cash flow: $-2,464/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

1 event — show timeline

• 2026-04-30 Listed $119,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+8.6%/yr

Latest (2025): $1,818 · +3.8% YoY. Source: county tax records.