162 Myrtle Rd · Lake Wales, FL 33898

$159,900

2 bd · 1.0 ba · 368 sqft · SingleFamily public records · 18 Days on market

Built 1950 9,074 sqft lot

---

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 +12.7/30.0
• ARV discount +7.5/15.0
• DSCR +3.8/10.0
• Schools +3.5/10.0
• Livability +3.4/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Seize the opportunity to own this beautiful . 21-acre lot in Lake Wales, conveniently located near State Rd 60, making it perfect for building your dream home! This property offers easy access to amenities while providing a serene living environment. The lot has recently been cleaned and is ready for construction—all without any HOA restrictions. Enjoy the freedom to design and build your home without additional fees or community rules. This lot strikes the ideal balance between privacy and accessibility. Don’t miss this rare opportunity! Contact us today for more details or to schedule a visit.

Key facts

• Stone countertops
• Detached studio
• New appliances

Tags

• FULLY REMODELED PROPERTY
• DETACHED STUDIO
• NEW APPLIANCES
• NEW KITCHEN CABINETS
• STONE COUNTERTOPS
• NEW VINYL FLOORING

Property features AI

Finance

• Other: Property zoned R-2; Unfurnished; One septic system; No lease restrictions; Universal property identifier available

Exterior

• Parking: Driveway
• Utilities: Public water; Septic tank; Cable available; Electricity connected; Water connected
• Home design: Single family residence; One story; Faces south
• Construction: Vinyl siding over frame construction; Metal roof; Crawlspace and slab foundation; Built on a 0.21-acre lot (approx. 60 x 145)
• Exterior features: Patio; Cleared, level lot; Publicly maintained asphalt road access

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bedrooms: 3 bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Ductless heating; Mini-split cooling units
• Interior features: Eat-in kitchen; Kitchen and family room combo; Open floorplan; Solid surface counters; Solid wood cabinets; Split bedroom layout; Stone counters; Inside utility
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $-18 ($-217/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (20.5% below list).
• Recommended offer: $127k (20.5% below list) — sets the bar for 1% rule.

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).

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.
• 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 18 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.
• Current owner paid $20k; list at $160k implies a 700% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,143 (20.5% 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. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.80% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.49%
• DSCR: 0.98
• GRM: 10.5

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: -17.1%
• Equity multiple: 0.39×
• Total profit: $-27,096
• Equity at exit: $23,842

10-year hold

• IRR: -9.1%
• Equity multiple: 0.44×
• Total profit: $-25,209
• Equity at exit: $13,825

Cash invested: $44,772 (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: 10.5×

Monthly cashflow live

• Estimated rent: $1,271 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$117 /mo · $1,409/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $-18

Break-even live

Break-even rent $1,294

Max offer price $156,699

Occupancy floor 96%

Sensitivity live

Price	-10% $72	-5% $27	+0% $-18	+5% $-63	+10% $-109
Rent	-10% $-119	-5% $-68	+0% $-18	+5% $32	+10% $82
Rate	-1.0pp $62	-0.5pp $23	base $-18	+0.5pp $-60	+1.0pp $-102

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $159,900 Active 18 DOM
2. 2026-06-17
   days on market $159,900 Active 17 DOM
3. 2026-06-16
   days on market $159,900 Active 16 DOM
4. 2026-06-15
   days on market $159,900 Active 15 DOM
5. 2026-06-13
   days on market $159,900 Active 13 DOM
6. 2026-06-10
   days on market $159,900 Active 10 DOM
7. 2026-06-09
   days on market $159,900 Active 9 DOM
8. 2026-06-08
   days on market $159,900 Active 8 DOM
9. 2026-06-07
   days on market $159,900 Active 7 DOM
10. 2026-06-05
    days on market $159,900 Active 4 DOM
11. 2026-06-03
    days on market $159,900 Active 3 DOM
12. 2026-06-03
    days on market $159,900 Active 2 DOM
13. 2026-06-01
    remarks 452-char remark
14. 2026-06-01
    listed $159,900 Active 1 DOM

ⓘ 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: $1,409 · $117/mo
• Projected year-2 tax: $1,409 · $117/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 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,257
• − Mortgage interest: −$8,957
• − Property taxes: −$1,409
• − Insurance: −$800
• − Repairs & maintenance: −$1,221
• − Management: −$1,221
• − Depreciation: −$4,652
• Taxable loss: −$3,001
• Est. tax savings @ 24.0%: +$720
• After-tax cash flow: $503/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

+2917.0% since first listed

5 events — show timeline

• 2026-05-31 Listed $159,900 Stellar MLS as Distributed by MLS Grid
• 2025-04-28 Sold (MLS) $20,000 Stellar MLS as Distributed by MLS Grid
• 2025-04-08 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-04-04 Listed $19,900 Stellar MLS as Distributed by MLS Grid
• 1980-01-01 Sold (Public Records) $5,300 Public Records

Property tax history

+13.1%/yr

Latest (2025): $1,409 · +8.3% YoY. Source: county tax records.