137 Lakeview Dr #137 · Memphis, FL 34221

$165,000

2 bd · 2.0 ba · 960 sqft · Manufactured · 44 Days on market

Built 1985 Good condition $212/mo HOA

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Why this score? — see what drove the C- 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 +20.1/30.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• DSCR +6.4/10.0
• Schools +4.4/10.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks

OPPORTUNITY RETURNS! Welcome home to Leisure Lake, a 55+ resident-owned Co-Op community in Palmetto. This one-of-a-kind lakefront home stands out with its charm, character, and truly serene setting—there’s nothing else like it in the community. Relax on the north-facing front porch and enjoy cool breezes, tranquil water views, and the soothing sounds of the fountain, wind chimes, and nature all around. Watch swans glide across the lake and birds soar overhead—your own private retreat. This well-maintained 2BR/2BA 1985 mobile home is being sold TURNKEY—just bring your suitcase! No lot rent! Just a low monthly fee of $212 includes water, sewer, trash, and lawn care. En

Key facts

• Non-flood zone
• Tranquil water views
• Conveniently located

Tags

• LAKEFRONT HOME
• NORTH-FACING FRONT PORCH
• TRANQUIL WATER VIEWS
• HEATED SALTWATER POOL
• NON-FLOOD ZONE
• CONVENIENTLY LOCATED

Property features AI

Finance

• Other: Lease restrictions apply
• HOA & community: Has HOA (Brittany Pendleton) with monthly fee of $212; Monthly HOA covers pool, maintenance of grounds, management, private road, recreational facilities, sewer, trash and water; Association amenities: clubhouse, fitness center, pool, pickleball courts, shuffleboard court, recreation facilities; Buyer/association approval required; Senior community; Pets not allowed; Community features: association-owned recreation, clubhouse, fitness center, pool, tennis courts, street lights, golf carts allowed, special community restrictions

Exterior

• Parking: Carport with 2 spaces
• Utilities: Public water; Public sewer; Electricity available and connected; Water and sewer available and connected
• Home design: Manufactured double wide home; Single-story; Faces north
• Construction: Vinyl siding; Shingle roof; Roof over; Crawlspace foundation; Built as a double wide
• Exterior features: Front porch; Balcony; Exterior lighting; Private mailbox; Rain gutters; Sliding doors; Storage shed(s) and workshop

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Kitchen and family room combo; Stone counters; Window treatments
• Laundry & utility: Washer; Dryer; Electric water heater; Laundry located outside

🏢 Co-op / cooperative unit. The $165,000 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 manufactured listed at $165k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $207 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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; 15 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 30% 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 44 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $160,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 1.20% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.36%
• DSCR: 1.24
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $76,800
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
354 Quiet Way	0.06mi	2/2.0	965 (+0%)	1mo	$98,000	$102	95
364 Quiet Way #364	0.08mi	2/2.0	960 (0%)	7mo	$130,000	$135	90
478 Church Rd	0.16mi	2/1.0	972 (+1%)	10mo	$45,000	$46	79
334 Peace Mnr	0.09mi	2/1.0	932 (-3%)	10mo	$107,500	$115	78
78 Leisure Way	0.25mi	2/1.0	1,012 (+5%)	6mo	$60,000	$59	70
464 Kaiser Dr	0.14mi	2/2.0	1,072 (+12%)	8mo	$85,000	$79	67
111 Lakeview Dr	0.26mi	3/2.0 (+1)	890 (-7%)	5mo	$71,000	$80	67

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: -11.9%
• Equity multiple: 0.58×
• Total profit: $-19,207
• Equity at exit: $24,602

10-year hold

• IRR: -8.9%
• Equity multiple: 0.53×
• Total profit: $-21,486
• Equity at exit: $14,266

Cash invested: $46,200 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,973 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$212
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $207

Break-even live

Break-even rent $1,712

Max offer price $165,000

Occupancy floor 85%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
307 27th St E Palmetto, FL	2.0	2.0	980	$2,000	$2.04	23d	1	0.60mi
1809 5th Ave W Palmetto, FL	3.0	1.0	962	$1,895	$1.97	23d	1	0.61mi
2225 14th Ave W Palmetto, FL	2.0	2.0	1120	$1,895	$1.69	23d	1	0.72mi
2225 14th Ave W Unit 204 Palmetto, FL	2.0	2.0	1120	$1,795	$1.60	23d	1	0.72mi
2320 Terra Ceia Bay Blvd #211 Palmetto, FL	2.0	2.0	978	$2,500	$2.56	23d	1	0.72mi
719 23rd St E Palmetto, FL	3.0	2.0	1060	$1,800	$1.70	10d	1	0.95mi
1213 15th St W Palmetto, FL	2.0	1.0	1000	$1,800	$1.80	23d	1	0.98mi
2725 Terra Ceia Bay Blvd #203 Palmetto, FL	1.0	2.0	1106	$3,200	$2.89	23d	1	1.01mi
516 12th St W Unit A Palmetto, FL	2.0	1.0	612	$1,350	$2.21	16d	1	1.02mi
518 12th St W Palmetto, FL	2.0	1.0	612	$1,350	$2.21	16d	1	1.02mi
900 21st St E Palmetto, FL	2.0–3.0	1.0	800	$1,495	$1.87	23d	1	1.03mi
1229 11th Ave W Palmetto, FL	3.0	1.0	1072	$1,800	$1.68	2d	1	1.07mi
501 11th St W Palmetto, FL	2.0	1.0	850	$1,340	$1.58	2d	1	1.18mi
515 45th St E Palmetto, FL	2.0	2.0	900	$2,100	$2.33	23d	1	1.25mi
709 45th St E Palmetto, FL	2.0	2.0	1000	$1,550	$1.55	3d	1	1.28mi

HOA detail

• Monthly dues: $212 · $2,544/yr
• Likely covers: watersewertrashlandscaping

Listing history 8 events

1. 2026-06-18
   days on market $165,000 Active 44 DOM
2. 2026-06-17
   days on market $165,000 Active 43 DOM
3. 2026-06-16
   days on market $165,000 Active 42 DOM
4. 2026-06-15
   days on market $165,000 Active 41 DOM
5. 2026-06-13
   days on market $165,000 Active 39 DOM
6. 2026-06-13
   statusdays on market $165,000 Active 38 DOM
7. 2026-05-08
   status Pending
8. 2026-04-02
   listed $165,000 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 5/10 Major FEMA zone X (unshaded) · 52% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 28 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: $23,678
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$1,894
• − Management: −$1,894
• − HOA: −$2,544
• − Depreciation: −$4,800
• Taxable income: $3
• Est. tax owed @ 24.0%: −$1
• After-tax cash flow: $2,477/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This well-maintained 2BR/2BA mobile home in Leisure Lake, Palmetto, FL, is move-in ready with a good condition score and minimal repairs needed.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Clean gutters — Improves drainage and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

2 events — show timeline

• 2026-05-08 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-02 Listed $165,000 Stellar MLS as Distributed by MLS Grid