3228 Courtney Dr · Lake Wales, FL 33898

$299,000

2 bd · 2.0 ba · 2,046 sqft · MultiFamily public records · 28 Days on market

Built 1996 0.51 ac lot $92/mo HOA · 6% of rent ↓ 14% since listing

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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 +17.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• 1% rule +4.9/10.0
• Schools +3.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• 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

In beautiful wooded Arborwood. Gorgeous duplex in great condition.

Key facts

• Screened in terrace
• Private backyard
• Quiet private street

Tags

• QUIET PRIVATE STREET
• LUSH OAK FOREST
• MULTIPLE LIVING SPACES
• NEW APPLIANCES
• SCREENED IN TERRACE
• PRIVATE BACKYARD

Property features AI

Finance

• Other: Property type: Residential Income (multifamily); Two units total; Unit mix: three 2-bedroom units (one listed as 1 unit, another as 2 units in unit-type entries) — total 3 rentable units; Total number of buildings: 1
• Financial info: Total annual HOA/association fees approximately $1,104; Annual net income reported as 0.00 (multifamily listing)
• HOA & community: Monthly association fee of $92 (association required); Pets allowed

Exterior

• Utilities: Public water; Septic tank; Cable available; Electricity available; Sewer connected; Water connected
• Home design: Residential income property; Duplex (two-unit building, one building total); Lot roughly 0.51 acre; Paved road access
• Construction: Block, concrete and stucco construction; Shingle roof; Slab foundation; Built with a total living area of approximately 2046 (owner provided)
• Exterior features: Rain gutters; Exterior storage

Interior

• Bedrooms: 6 total bedrooms; Unit breakdown: three 2-bedroom units (one 2‑bed unit and two 2‑bed units)
• Bathrooms: Each unit has 2 bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; Living room/dining room combo; Open floorplan; Thermostat; Walk-in closets; Window treatments
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $238 ($3k/yr) — positive. Per door: $119/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $297k (0.7% below list).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#535 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, schools D, amenities 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.
• Market conditions: 500 active listings in the ZIP; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• At $2,969/mo this rent would consume 62% of the median local household income ($57k/yr) (locally 148% 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 $9k 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 28 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y ago; this cycle's ask has dropped $46k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $299k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 6→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $294,515 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.99% ✗
• Cap rate: 7.25%
• Cash-on-cash: 3.42%
• DSCR: 1.15
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -10.9%
• Equity multiple: 0.60×
• Total profit: $-33,205
• Equity at exit: $44,582

10-year hold

• IRR: -1.6%
• Equity multiple: 0.89×
• Total profit: $-9,089
• Equity at exit: $25,852

Cash invested: $83,720 (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 33898

• Home prices YoY: -15.1%
• Active inventory: 500
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $2,969 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$323 /mo · $3,872/yr
• Insurance: −$125
• HOA: −$92
• Vacancy / Maint / Mgmt: −$623
• Net cashflow: $238

Break-even live

Break-even rent $2,667

Max offer price $299,000

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,968
Total (2 units)			$2,969

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $92 · $1,104/yr

Listing history 32 events

1. 2026-06-18
   days on market $299,000 Active 28 DOM
2. 2026-06-17
   days on market $299,000 Active 27 DOM
3. 2026-06-16
   days on market $299,000 Active 26 DOM
4. 2026-06-15
   days on market $299,000 Active 25 DOM
5. 2026-06-13
   pricedays on market $299,000 Active 23 DOM
6. 2026-06-10
   days on market $319,000 Active 20 DOM
7. 2026-06-09
   days on market $319,000 Active 19 DOM
8. 2026-06-08
   days on market $319,000 Active 18 DOM
9. 2026-06-07
   days on market $319,000 Active 17 DOM
10. 2026-06-05
    days on market $319,000 Active 14 DOM
11. 2026-06-03
    days on market $319,000 Active 13 DOM
12. 2026-06-03
    days on market $319,000 Active 12 DOM
13. 2026-06-01
    days on market $319,000 Active 11 DOM
14. 2026-06-01
    price $319,000 Active 10 DOM
15. 2026-05-31
    days on market $345,000 Active 10 DOM
16. 2026-05-21
    listed $345,000 Active
17. 2026-05-21
    historical $1,350
18. 2026-05-06
    listed $1,350
19. 2025-03-06
    historical $1,300
20. 2025-02-20
    listed $1,300
21. 2025-02-20
    historical $1,300
22. 2025-02-12
    listed $1,300
23. 2023-12-29
    historical $1,300
24. 2023-12-19
    price $1,300
25. 2023-11-07
    listed $1,450
26. 2017-12-08
    soldstatus $140,000
27. 2017-12-06
    soldstatus $140,000 Sold 66-char remark

    Show marketing remark (66 chars)

    In beautiful wooded Arborwood. Gorgeous duplex in great condition.

28. 2017-10-06
    status Pending 66-char remark

    Show marketing remark (66 chars)

    In beautiful wooded Arborwood. Gorgeous duplex in great condition.

29. 2017-08-22
    listed $140,000 Active 66-char remark

    Show marketing remark (66 chars)

    In beautiful wooded Arborwood. Gorgeous duplex in great condition.

30. 2005-03-09
    soldstatus $124,900
31. 1996-05-13
    soldstatus $400,000
32. 1996-05-13
    soldstatus $400,000

ⓘ 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: $3,872 · $323/mo
• Projected year-2 tax: $3,872 · $323/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 5/10 Major
• 🌡 Heat 8/10 Severe 6 d/yr ≥108°F today · 18 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: $35,628
• − Mortgage interest: −$16,749
• − Property taxes: −$3,872
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,850
• − Management: −$2,850
• − HOA: −$1,104
• − Depreciation: −$8,698
• Taxable loss: −$1,990
• Est. tax savings @ 24.0%: +$478
• After-tax cash flow: $3,337/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 — Lake Wales

• Score: 68/100
• State rank: #535
• US rank: #10036

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Polk County · 740,051 people
• City population: 30,351
• Metro: Lakeland-Winter Haven, FL
• Population (ZIP): 18,527
• Household income: $57,224
• Rent vs Own: 12.6% rent · 87.4% own
• Severe rent burden: 148.0

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: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 17% Two or more races 10% Black 6%
• Hispanic origin (detail): Mexican 6% Puerto Rican 4% Cuban 3%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 2%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -60.62%
• Current HPI: 340.6056
• Rent YoY: —
• 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

-13.8% since first listed

17 events — show timeline

• 2026-05-21 Listed $345,000 Stellar MLS as Distributed by MLS Grid
• 2026-05-21 Rental Removed $1,350 APPFOLIO
• 2026-05-06 Listed for Rent $1,350 APPFOLIO
• 2025-03-06 Rental Removed $1,300 STELLARMLS
• 2025-02-20 Listed for Rent $1,300 STELLARMLS
• 2025-02-20 Rental Removed $1,300 APPFOLIO
• 2025-02-12 Listed for Rent $1,300 APPFOLIO
• 2023-12-29 Rental Removed $1,300 STELLARMLS
• 2023-12-19 Price Changed $1,300 STELLARMLS
• 2023-11-07 Listed for Rent $1,450 STELLARMLS
• 2017-12-08 Sold (Public Records) $140,000 Public Records
• 2017-12-06 Sold (MLS) $140,000 Stellar MLS as Distributed by MLS Grid
• 2017-10-06 Pending — Stellar MLS as Distributed by MLS Grid
• 2017-08-22 Listed $140,000 Stellar MLS as Distributed by MLS Grid
• 2005-03-09 Sold (Public Records) $124,900 Public Records
• 1996-05-13 Sold (Public Records) $400,000 Public Records
• 1996-05-13 Sold (Public Records) $400,000 Public Records

Property tax history

+10.2%/yr

Latest (2025): $3,872 · +30.8% YoY. Source: county tax records.