1861 Heart Lake Dr · Groveland, FL 34736

$175,000

3 bd · 2.0 ba · 1,851 sqft · SingleFamily public records · 6 Days on market

Built 2022 Poor condition 5,122 sqft lot $96/mo HOA · 4% of rent ↓ 40% since listing

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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 +3.5/5.0
• Rent growth +2.9/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Under Construction. The Annapolis is a timeless beauty that is built to last. The open floorplan has 3 bedrooms 2 bathrooms and a 2 car garage. This exquisite home offers an open floor plan with great room, dining room, kitchen with gray cabinetry, and dining area. The kitchen features ample counter space, an island, and generous pantry. The family room allows outdoor access to a open lanai via sliding glass doors. The Owner Suite features a large walk-in shower, dual vanity, and spacious walk-in closet. Enjoy connectivity with no dead spots, green building features and solar save you money and help the environment, plus new energy conscious appliances. This community is the perfect place for any family looking for a rural area with an easy drive to all that the Clermont and Orlando areas have to offer. Trinity Lakes is ideal for homeowners looking for a welcoming community in Lake County, in Groveland. Amenities include a clubhouse with resort style pool, playground, fitness ctr and park!! Located just 45 minutes from the Orlando International Airport, close to the Lakeridge Winery. The town's close proximity to Florida's Turnpike and other major Central Florida highways, means residents can easily access surrounding areas.

Key facts

• 5,122 sq ft lot
• 2 garage spots
• Community pool

Property features AI

Finance

• Other: Lot about 0.12 acre (approx. 0.12); Asphalt road access
• Financial info: Lease restrictions applicable
• HOA & community: HOA with a $96 monthly fee (Leland Management/Morgan Skrabalak); Community clubhouse, fitness center, and pool; Pets allowed (with limits)

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer; Electricity available
• Home design: Single family residence; One story; Home faces north; Fixer condition; Homestead property
• Construction: Block construction; Shingle roof; Slab foundation; Built by Lennar (Annapolis model)
• Exterior features: Paved lot with sidewalks; Patio/porch: none

Interior

• Kitchen: No appliances included
• Bedrooms: 3 bedrooms
• Flooring: Concrete floors; Tile floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Other interior features; Sliding doors; Sidewalk access
• Laundry & utility: Laundry: Other

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $869 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Cap rate 12.2% vs local median 4.0% in Groveland — 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 70/100 on livability (#416 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A-, crime B+; Watch: schools C-, 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.
• Market conditions: Rents rising (+1.7%/yr); 585 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,799 units permitted in Lake County in 2024 (814 in 5+ unit buildings).
• This rent runs 36% of the median local income ($91k/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.
• 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 + 1.7% rent growth), your $49k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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.
5. 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.
6. 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: 1.56% ✓
• Cap rate: 12.25%
• Cash-on-cash: 21.28%
• DSCR: 1.95
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $397,965
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1840 Church Lake St	0.33mi	4/2.0 (+1)	1,850 (-0%)	2mo	$394,900	$213	78
7109 Dilly Lake Ave	0.24mi	4/2.0 (+1)	1,850 (-0%)	10mo	$370,500	$200	76
6824 Perch Hammock Loop	0.05mi	4/2.5 (+1)	1,871 (+1%)	16mo	$380,000	$203	76
1840 Perch Hammock Loop	0.19mi	4/2.0 (+1)	1,940 (+5%)	5mo	$380,000	$196	74
1895 Church Lake St	0.44mi	4/2.0 (+1)	1,819 (-2%)	4mo	$422,990	$233	68
1804 Ross Hammock Ave	0.36mi	4/2.0 (+1)	1,853 (+0%)	23mo	$413,285	$223	59
7110 Rolling Leaf	0.45mi	4/2.0 (+1)	2,008 (+8%)	9mo	$470,000	$234	52
1981 Heart Lake Dr	0.27mi	4/2.0 (+1)	2,008 (+8%)	21mo	$456,884	$228	51
1922 Church Lake St	0.48mi	4/2.5 (+1)	1,968 (+6%)	13mo	$424,000	$215	50
1837 Ross Hammock Ave	0.40mi	4/2.5 (+1)	1,968 (+6%)	23mo	$414,490	$211	45

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 · 1.67% rent growth · sell at horizon

5-year hold

• IRR: 12.2%
• Equity multiple: 1.48×
• Total profit: $23,463
• Equity at exit: $26,093

10-year hold

• IRR: 20.1%
• Equity multiple: 2.58×
• Total profit: $77,661
• Equity at exit: $15,131

Cash invested: $49,000 (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 34736

• Home prices YoY: -22.5%
• Rents YoY: 1.7%
• Active inventory: 585
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,722 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$195 /mo · $2,342/yr
• Insurance: −$73
• HOA: −$96
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $869

Break-even live

Break-even rent $1,623

Max offer price $175,000

Occupancy floor 63%

Sensitivity live

Price	-10% $968	-5% $918	+0% $869	+5% $819	+10% $770
Rent	-10% $654	-5% $761	+0% $869	+5% $976	+10% $1,084
Rate	-1.0pp $957	-0.5pp $913	base $869	+0.5pp $823	+1.0pp $777

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6952 Church Lake St Groveland, FL	3.0	2.0	1510	$2,600	$1.72	24d	1	0.14mi
1820 Church Lake St Groveland, FL	4.0	2.0	1858	$2,800	$1.51	24d	1	0.30mi
7152 Dilly Lake Ave Groveland, FL	4.0	3.0	2581	$2,700	$1.05	4d	1	0.33mi
1845 Ross Hammock Ave Groveland, FL	4.0	2.5	1968	$2,600	$1.32	13d	1	0.42mi

HOA detail

• Monthly dues: $96 · $1,152/yr
• Likely covers: pool

Listing history 5 events

1. 2026-05-06
   status Pending
2. 2026-04-30
   listed $175,000 Active
3. 2022-03-28
   soldstatus $289,705 Closed 1244-char remark

   Show marketing remark (1244 chars)

   Under Construction. The Annapolis is a timeless beauty that is built to last. The open floorplan has 3 bedrooms 2 bathrooms and a 2 car garage. This exquisite home offers an open floor plan with great room, dining room, kitchen with gray cabinetry, and dining area. The kitchen features ample counter space, an island, and generous pantry. The family room allows outdoor access to a open lanai via sliding glass doors. The Owner Suite features a large walk-in shower, dual vanity, and spacious walk-in closet. Enjoy connectivity with no dead spots, green building features and solar save you money and help the environment, plus new energy conscious appliances. This community is the perfect place for any family looking for a rural area with an easy drive to all that the Clermont and Orlando areas have to offer. Trinity Lakes is ideal for homeowners looking for a welcoming community in Lake County, in Groveland. Amenities include a clubhouse with resort style pool, playground, fitness ctr and park!! Located just 45 minutes from the Orlando International Airport, close to the Lakeridge Winery. The town's close proximity to Florida's Turnpike and other major Central Florida highways, means residents can easily access surrounding areas.

4. 2021-08-16
   status Pending 1244-char remark

   Show marketing remark (1244 chars)

   Under Construction. The Annapolis is a timeless beauty that is built to last. The open floorplan has 3 bedrooms 2 bathrooms and a 2 car garage. This exquisite home offers an open floor plan with great room, dining room, kitchen with gray cabinetry, and dining area. The kitchen features ample counter space, an island, and generous pantry. The family room allows outdoor access to a open lanai via sliding glass doors. The Owner Suite features a large walk-in shower, dual vanity, and spacious walk-in closet. Enjoy connectivity with no dead spots, green building features and solar save you money and help the environment, plus new energy conscious appliances. This community is the perfect place for any family looking for a rural area with an easy drive to all that the Clermont and Orlando areas have to offer. Trinity Lakes is ideal for homeowners looking for a welcoming community in Lake County, in Groveland. Amenities include a clubhouse with resort style pool, playground, fitness ctr and park!! Located just 45 minutes from the Orlando International Airport, close to the Lakeridge Winery. The town's close proximity to Florida's Turnpike and other major Central Florida highways, means residents can easily access surrounding areas.

5. 2021-08-11
   listed $289,705 Active 1244-char remark

   Show marketing remark (1244 chars)

   Under Construction. The Annapolis is a timeless beauty that is built to last. The open floorplan has 3 bedrooms 2 bathrooms and a 2 car garage. This exquisite home offers an open floor plan with great room, dining room, kitchen with gray cabinetry, and dining area. The kitchen features ample counter space, an island, and generous pantry. The family room allows outdoor access to a open lanai via sliding glass doors. The Owner Suite features a large walk-in shower, dual vanity, and spacious walk-in closet. Enjoy connectivity with no dead spots, green building features and solar save you money and help the environment, plus new energy conscious appliances. This community is the perfect place for any family looking for a rural area with an easy drive to all that the Clermont and Orlando areas have to offer. Trinity Lakes is ideal for homeowners looking for a welcoming community in Lake County, in Groveland. Amenities include a clubhouse with resort style pool, playground, fitness ctr and park!! Located just 45 minutes from the Orlando International Airport, close to the Lakeridge Winery. The town's close proximity to Florida's Turnpike and other major Central Florida highways, means residents can easily access surrounding areas.

ⓘ 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: $2,342 · $195/mo
• Projected year-2 tax: $2,342 · $195/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 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,667
• − Mortgage interest: −$9,803
• − Property taxes: −$2,342
• − Insurance: −$875
• − Repairs & maintenance: −$2,613
• − Management: −$2,613
• − HOA: −$1,152
• − Depreciation: −$5,091
• Taxable income: $8,177
• Est. tax owed @ 24.0%: −$1,963
• After-tax cash flow: $8,462/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 · 12 photos

Poor 20/100 Extensive rehab

This home is in an extensive state of construction and requires significant repairs and updates to be move-in ready.

Repairs flagged

• Major roof — Exposed framing, no visible roof
• Major exterior siding — Exposed framing, no siding
• Major flooring — Exposed framing, no flooring
• Major interior walls — Exposed framing, no drywall
• Major HVAC — Exposed framing, no HVAC
• Major systems — Exposed framing, no systems

Value-add opportunities

• Both roof — A new roof would protect the home and add value
• Both exterior siding — New siding would improve curb appeal and add value
• Both flooring — New flooring would improve the living space and add value
• Both interior walls — New drywall and paint would improve the living space and add value
• Both HVAC — A new HVAC system would improve comfort and add value
• Both systems — Upgraded systems would improve comfort and add value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Exposed framing, no visible roof	Major	$15,000–50,000
exterior siding · Exposed framing, no siding	Major	$15,000–50,000
flooring · Exposed framing, no flooring	Major	$15,000–50,000
interior walls · Exposed framing, no drywall	Major	$15,000–50,000
HVAC · Exposed framing, no HVAC	Major	$15,000–50,000
systems · Exposed framing, no systems	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both roof — A new roof would protect the home and add value ↑
• Both exterior siding — New siding would improve curb appeal and add value ↑
• Both flooring — New flooring would improve the living space and add value ↑
• Both interior walls — New drywall and paint would improve the living space and add value ↑
• Both HVAC — A new HVAC system would improve comfort and add value ↑
• Both systems — Upgraded systems would improve comfort and add value ↑

ⓘ 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: 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 — Groveland

• Score: 70/100
• State rank: #416
• US rank: #7397

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Groveland, FL
• County: Lake County · 364,602 people
• City population: 28,001
• Metro: Orlando-Kissimmee-Sanford, FL
• Population (ZIP): 28,001
• Household income: $90,545
• Rent vs Own: 11.3% rent · 88.7% own
• Severe rent burden: 216.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 52% Hispanic / Latino 25% Two or more races 17% Black 15% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 15% Cuban 2%
• Common ancestry: Romanian 2% Hispanic 2% Lithuanian 1%
• Foreign-born: 13% · Canada, Guatemala
• Languages at home: 81% English-only · Spanish 14% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -77.23%
• Current HPI: 265.3457
• Rent YoY: ▲ 1.67%
• 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

-39.6% since first listed

5 events — show timeline

• 2026-05-06 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-30 Listed $175,000 Stellar MLS as Distributed by MLS Grid
• 2022-03-28 Sold (MLS) $289,705 Stellar MLS as Distributed by MLS Grid
• 2021-08-16 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-08-11 Listed $289,705 Stellar MLS as Distributed by MLS Grid

Property tax history

+6.8%/yr

Latest (2025): $2,342 · +3.2% YoY. Source: county tax records.