Leesburg, FL Investment Opportunity – 184 Jacaranda Dr

Property Features: Excellent investment opportunity in Hawthorne at Leesburg, a desirable, amenity-rich 55+ community surrounded by natural beauty, lakes, and recreational opportunities! This 2-bedroom, 2-bathroom, 1,206 SF manufactured home, built in 1974, sits on an owned lot and offers an attractive combination of well-maintained cosmetics, a beautiful exterior, and a private-feeling backyard overlooking a peaceful natural area and small pond.

The community features walking trails, lake views, fishing, boating amenities, golf-cart-friendly streets, and convenient access to shopping.

Property Highlights / Condition

2 Bedrooms / 2 Bathrooms | 1,206 SF | Built 1974

Lot-owned - 55+ Community

Beautifully maintained exterior, attractive landscaping, and backyard deck

Backyard overlooks greenery and a small pond rather than directly facing neighboring homes

Kitchen: Updated white cabinetry, granite countertops, and stainless steel appliances - excellent condition

Flooring: Attractive luxury vinyl flooring throughout much of the home; some areas require repairs or replacement

Bathrooms: Functional but could benefit from cosmetic updates

Roof: Original/aged; replacement should be budgeted

HVAC: 2013, currently working; evaluate remaining useful life

Plumbing: PVC; previous washing machine leak requires further evaluation and repairs

Subfloor: Soft spots in select areas need investigation and repair

Windows: Good condition

Renovation: Focus on roof, plumbing/subfloor repairs, bathrooms, selective flooring, and other necessary system improvements

HOA: Approximately $397/month.

Comparable Sales Supporting ARV

$155,000 Dogwood Trail - SOLD $165K: 2/2, 1,152 SF. Same model beautifully maintained and updated property.

501 Palo Verde - SOLD $159K: 2/2, 1,152 SF. Same model updated home of similar age and style, just a few houses away.

502 Palo Verde Dr - SOLD $158K: 1,236 SF. Same model, very similar manufactured home, also just steps away.

115 Bougainvilla Dr - SOLD $142K: 1,200 SF. Same model Clean but largely original interior condition.

Projected ARV: $155,000-$160K | Target $155K

The comparable sales provide excellent support, with two nearly identical homes on Palo Verde selling for $54,750 and $159K just a short walk from the subject. Updated properties throughout the community are achieving prices in the mid-$150Ks to mid-$160Ks, while even clean, largely original homes have sold in the $140Ks.

With the subject's already-updated kitchen, attractive exterior, desirable backyard setting, and selective improvements to the bathrooms, flooring, roof, and systems, we're targeting a $150K-$160K resale after renovation, with $155K as a reasonable underwriting target.

The Opportunity: A land-owned manufactured home in a highly desirable 55+ community with excellent nearby comparables and much of the cosmetic work already completed. Address the necessary roof, plumbing, and flooring repairs, complete the remaining updates, and bring it back to market as an attractive move-in-ready property.