2359/2361 Chestnut Hills Dr · Lakeland, FL 33805

$318,000

2 bd · 1.0 ba · 1,608 sqft · MultiFamily public records · 143 Days on market

Built 1981 8,028 sqft lot

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Why this score? — see what drove the D 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 +13.3/30.0
• ARV discount +7.5/15.0
• DSCR +4.0/10.0
• Livability +3.9/5.0
• 1% rule +3.6/10.0
• Schools +3.5/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Welcome to 2359 & 2361 Chestnut Hills Drive! A corner lot duplex with 2 units, each with two bedrooms and one bathroom. Unit features are central air, tile throughout, ceiling fans in every room, individual fenced in back yard, private parking for each unit, dishwashers and stackable washer/dryer in each. Located next to new development. With no HOA this property offers a fantastic investment property for any investor looking to expand their portfolio. Conveniently located south of i4 near the heart of Lakeland and a forty-five minute drive from Tampa or Orlando.

Key facts

• Turnkey duplex
• Practical kitchens
• Two separate units

Tags

• TURNKEY DUPLEX
• WELL MAINTAINED CONCRETE BLOCK
• TWO SEPARATE UNITS
• FUNCTIONAL OPEN LAYOUT
• DURABLE TILE FLOORING
• PRACTICAL KITCHENS

Property features AI

Finance

• Other: Total buildings: 1; Total units: 2; One separate water meter; Lot approximately 0.18 acres (75 x 107); Living area reported as 1,608 sq ft; Pro forma rent shown for each 2-bedroom unit: $1,350
• Financial info: Annual net income: $60,000 (reported for the multi-family property)
• HOA & community: No association

Exterior

• Parking:
• Security:
• Utilities: Public water; Public sewer; Electricity connected; Cable connected; Sewer connected; Water connected
• Home design: Duplex residential income property; One story
• Construction: Block construction; Shingle roof; Slab foundation; Completed condition
• Exterior features: Fenced yard; Private mailbox; Sidewalk; Other exterior features

Interior

• Kitchen: Range; Refrigerator; Dishwasher
• Bedrooms: 4 bedrooms (total); Two 2-bedroom units (each unit configured as 2-bedroom)
• Flooring: Tile
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Open floorplan; Thermostat
• Laundry & utility: Washer and dryer included; Inside laundry in a laundry closet

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $318k.

Deal economics

• At list price, monthly cash flow is $-3 ($-30/yr) — negative. Per door: $-1/mo.
• To cash-flow at today's rent, offer at most $318k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $274k (13.8% below list).
• Recommended offer: $274k (13.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 77/100 on livability (#206 in FL, #3,179 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Polk (suburban): math 39% / reading 43% proficiency, ranked #62 of 73 in FL (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Griffin Elementary School (math 27% / reading 32%, grade F, #1,896 of 2,144 statewide, top 90%, 379 students, 65% FRL); Kathleen Middle School (math 28% / reading 28%, grade F, #486 of 571 statewide, top 86%, 821 students, 68% FRL); Kathleen Senior High School (math 19% / reading 31%, grade F, #501 of 667 statewide, top 75%, 2,051 students, 59% FRL) — zoned schools at 64% FRL track the district average.
• Zoned-school proficiency averages 28% at this address vs 41% district-wide (-14 pts) — the specific schools serving this property underperform the Polk average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 164 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• At $2,740/mo this rent would consume 52% of the median local household income ($63k/yr) (locally 1179% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Polk County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($280k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 15y 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; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $274,000 (13.8% 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 143 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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?
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 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: 0.86% ✗
• Cap rate: 6.28%
• Cash-on-cash: -0.03%
• DSCR: 1.00
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.77% rent growth · sell at horizon

5-year hold

• IRR: -18.9%
• Equity multiple: 0.35×
• Total profit: $-57,681
• Equity at exit: $47,415

10-year hold

• IRR: -16.6%
• Equity multiple: 0.17×
• Total profit: $-73,942
• Equity at exit: $27,495

Cash invested: $89,040 (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 33805

• Home prices YoY: -29.8%
• Rents YoY: 0.8%
• Active inventory: 164
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $2,740 high
• Mortgage (P&I): −$1,668
• Tax from tax record: −$367 /mo · $4,404/yr
• Insurance: −$132
• HOA: −$0
• Vacancy / Maint / Mgmt: −$575
• Net cashflow: $-3

Break-even live

Break-even rent $2,743

Max offer price $317,556

Occupancy floor 95%

Sensitivity live

Price	-10% $178	-5% $87	+0% $-3	+5% $-93	+10% $-183
Rent	-10% $-219	-5% $-111	+0% $-3	+5% $106	+10% $214
Rate	-1.0pp $158	-0.5pp $78	base $-3	+0.5pp $-85	+1.0pp $-169

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,740
Total (2 units)			$2,740

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: $79,500
• Closing costs: $9,540
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2340 Shasta St Lakeland, FL	3.0–5.0	2.0–3.0	2098	$2,185	$1.04	5d	3	0.22mi
1137 Edith Ave Lakeland, FL	3.0	1.0	1100	$1,800	$1.64	5d	1	0.68mi
2117 Ivey Ln Lakeland, FL	3.0	1.0	1160	$1,980	$1.71	25d	1	0.76mi
1128 Neville Ave Lakeland, FL	3.0	2.0	1245	$1,900	$1.53	16d	1	1.01mi
1550 Wright Dr Lakeland, FL	3.0	1.5	1139	$1,650	$1.45	23d	1	1.23mi
1906 Griffin Rd Lakeland, FL	1.0–3.0	1.0–2.0	1148	$2,049	$1.78	5d	11	1.35mi
1211 Robert King High Dr Lakeland, FL	3.0	1.5	1050	$1,625	$1.55	25d	1	1.38mi

Listing history 30 events

1. 2026-06-22
   days on market $318,000 Active 143 DOM
2. 2026-06-18
   days on market $318,000 Active 140 DOM
3. 2026-06-17
   days on market $318,000 Active 139 DOM
4. 2026-06-16
   days on market $318,000 Active 138 DOM
5. 2026-06-15
   days on market $318,000 Active 137 DOM
6. 2026-06-13
   days on market $318,000 Active 135 DOM
7. 2026-06-10
   days on market $318,000 Active 132 DOM
8. 2026-06-09
   days on market $318,000 Active 131 DOM
9. 2026-06-08
   days on market $318,000 Active 130 DOM
10. 2026-06-07
    days on market $318,000 Active 129 DOM
11. 2026-06-05
    days on market $318,000 Active 126 DOM
12. 2026-06-03
    days on market $318,000 Active 124 DOM
13. 2026-06-01
    days on market $318,000 Active 123 DOM
14. 2026-05-31
    days on market $318,000 Active 122 DOM
15. 2026-05-06
    price $318,000
16. 2026-04-01
    status Active
17. 2026-04-01
    price $325,000
18. 2026-02-18
    status Pending
19. 2025-12-16
    listed $315,000 Active
20. 2024-12-27
    soldstatus $290,000
21. 2024-12-20
    soldstatus $290,000 Closed 576-char remark

    Show marketing remark (576 chars)

    Welcome to 2359 & 2361 Chestnut Hills Drive! A corner lot duplex with 2 units, each with two bedrooms and one bathroom. Unit features are central air, tile throughout, ceiling fans in every room, individual fenced in back yard, private parking for each unit, dishwashers and stackable washer/dryer in each. Located next to new development. With no HOA this property offers a fantastic investment property for any investor looking to expand their portfolio. Conveniently located south of i4 near the heart of Lakeland and a forty-five minute drive from Tampa or Orlando.

22. 2024-11-19
    status Pending 576-char remark

    Show marketing remark (576 chars)

    Welcome to 2359 & 2361 Chestnut Hills Drive! A corner lot duplex with 2 units, each with two bedrooms and one bathroom. Unit features are central air, tile throughout, ceiling fans in every room, individual fenced in back yard, private parking for each unit, dishwashers and stackable washer/dryer in each. Located next to new development. With no HOA this property offers a fantastic investment property for any investor looking to expand their portfolio. Conveniently located south of i4 near the heart of Lakeland and a forty-five minute drive from Tampa or Orlando.

23. 2024-11-13
    listed $295,000 Active 576-char remark

    Show marketing remark (576 chars)

    Welcome to 2359 & 2361 Chestnut Hills Drive! A corner lot duplex with 2 units, each with two bedrooms and one bathroom. Unit features are central air, tile throughout, ceiling fans in every room, individual fenced in back yard, private parking for each unit, dishwashers and stackable washer/dryer in each. Located next to new development. With no HOA this property offers a fantastic investment property for any investor looking to expand their portfolio. Conveniently located south of i4 near the heart of Lakeland and a forty-five minute drive from Tampa or Orlando.

24. 2024-11-13
    historical

    Show marketing remark (576 chars)

    Welcome to 2359 & 2361 Chestnut Hills Drive! A corner lot duplex with 2 units, each with two bedrooms and one bathroom. Unit features are central air, tile throughout, ceiling fans in every room, individual fenced in back yard, private parking for each unit, dishwashers and stackable washer/dryer in each. Located next to new development. With no HOA this property offers a fantastic investment property for any investor looking to expand their portfolio. Conveniently located south of i4 near the heart of Lakeland and a forty-five minute drive from Tampa or Orlando.

25. 2024-11-11
    listed $295,000 Active
26. 2022-01-21
    soldstatus $200,000
27. 2015-02-06
    soldstatus $57,000
28. 2013-02-21
    soldstatus $27,000
29. 2011-07-27
    historical
30. 2011-03-24
    listed $39,900

ⓘ 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: $4,404 · $367/mo
• Projected year-2 tax: $4,404 · $367/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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 23 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: $32,880
• − Mortgage interest: −$17,813
• − Property taxes: −$4,404
• − Insurance: −$1,590
• − Repairs & maintenance: −$2,630
• − Management: −$2,630
• − Depreciation: −$9,251
• Taxable loss: −$5,438
• Est. tax savings @ 24.0%: +$1,305
• After-tax cash flow: $1,275/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: Polk
• NCES district ID: 1201590
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $43,979
• Composite: 34.74/100
• National rank: #5132
• State rank: #62 of 73 in FL

Livability — Lakeland

• Score: 77/100
• State rank: #206
• US rank: #3179

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Polk County · 740,051 people
• City population: 277,690
• Metro: Lakeland-Winter Haven, FL
• Population (ZIP): 28,751
• Household income: $62,661
• Rent vs Own: 50.1% rent · 49.9% own
• Severe rent burden: 1179.0

Population outlook (Polk County) Hauer SSP2

• Today (2025): 752,975 people
• By 2030: 804,621 · +6.9%
• By 2040: 906,117 · +20.3%
• By 2050: 1,000,476 · +32.9%
• By 2075: 1,197,520 · +59.0%
• By 2100: 1,271,518 · +68.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 38% Black 37% Hispanic / Latino 20% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 9% Cuban 2%
• Common ancestry: Hispanic 2% Lithuanian 1% Romanian 1%
• Foreign-born: 12% · Canada, Jamaica
• Languages at home: 79% English-only · Spanish 16% French/Haitian/Cajun 2% Other Asian/Pacific 1%

Political lean MEDSL · Polk

• 2024 margin: Strong R (+20.7) · D 39.2% · R 59.9%
• 2008→2024 swing: -14.6pp toward R · 2008: -6.1pp · 2024: -20.7pp
• All cycles: 2024: R+20.7 2020: R+14.4 2016: R+14.1 2012: R+6.8 2008: R+6.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.44%
• Current HPI: 372.7317
• Rent YoY: ▲ 0.77%
• Metro: Lakeland-Winter Haven, 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

+697.0% since first listed

16 events — show timeline

• 2026-05-06 Price Changed $318,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-01 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-04-01 Price Changed $325,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-18 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-12-16 Listed $315,000 Stellar MLS as Distributed by MLS Grid
• 2024-12-27 Sold (Public Records) $290,000 Public Records
• 2024-12-20 Sold (MLS) $290,000 Stellar MLS as Distributed by MLS Grid
• 2024-11-19 Pending — Stellar MLS as Distributed by MLS Grid
• 2024-11-13 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-11-13 Listed $295,000 Stellar MLS as Distributed by MLS Grid
• 2024-11-11 Listed $295,000 Stellar MLS as Distributed by MLS Grid
• 2022-01-21 Sold (Public Records) $200,000 Public Records
• 2015-02-06 Sold (Public Records) $57,000 Public Records
• 2013-02-21 Sold (Public Records) $27,000 Public Records
• 2011-07-27 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2011-03-24 Listed $39,900 Stellar MLS as Distributed by MLS Grid

Property tax history

+13.9%/yr

Latest (2025): $4,404 · +49.1% YoY. Source: county tax records.