3348 Omec St · Lake Wales, FL 33898

$209,900

4 bd · 3.0 ba · 784 sqft · Manufactured public records · 33 Days on market

Built 1992 0.45 ac 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 +14.1/30.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• 1% rule +3.7/10.0
• 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

Listing remarks

Unlock the potential of this rare Lake Wales opportunity featuring * * TWO HOMES * * on a spacious half-acre lot — perfect for multi-generational living, rental income, or a private guest retreat. The MAIN RESIDENCE offers 2 bedrooms, 2 bathrooms, 784 square feet, a desirable split-bedroom layout, and a cozy fireplace that adds warmth and character. The SECOND HOME includes 2 bedrooms, 1 bathroom, and 616 square feet, creating endless flexibility for investors, seasonal residents, or extended family. Both homes come fully furnished for an effortless transition. Surrounded by lush, established landscaping and complete with a large shed with laundry, this property offers the freedom

Key facts

• No cdd fees
• Cozy fireplace
• No hoa

Tags

• SPACIOUS HALF-ACRE LOT
• COZY FIREPLACE
• FULLY FURNISHED
• DETACHED GARAGE
• NO HOA
• NO CDD FEES

Property features AI

Finance

• Other: Furnished; Lease restrictions apply
• HOA & community: Pets allowed; Association approval required

Exterior

• Parking: Carport with 1 space
• Utilities: Well water; Septic tank; Broadband/high-speed internet available; Electricity connected
• Home design: Manufactured double-wide home; One story; Faces south
• Construction: Metal siding; Vinyl siding; Metal roof; Pillar/post/pier foundation; Built as a manufactured home
• Exterior features: Limerock road access

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: 4 bedrooms
• Flooring: Carpet
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Split-bedroom layout; Window treatments; Electric fireplace
• Laundry & utility: Washer hookup; Dryer hookup (electric); Laundry connections in garage; Outside laundry access; Common area laundry available

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath manufactured listed at $210k.

Deal economics

• At list price, monthly cash flow is $31 ($371/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $183k (12.7% below list).
• Recommended offer: $183k (12.7% 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+, 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: Spook Hill Elementary School (math 28% / reading 33%, grade F, #1,862 of 2,144 statewide, top 88%, 584 students, 67% FRL); Mclaughlin Academy of Excellence (math 34% / reading 32%, grade F, #437 of 571 statewide, top 77%, 542 students, 68% FRL); Bartow Senior High School (math 26% / reading 46%, grade F, #359 of 667 statewide, top 55%, 2,125 students, 44% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: 501 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• This rent runs 38% of the median local income ($57k/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 $6k 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 33 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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.
• Current owner paid $60k; list at $210k implies a 250% 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 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $183,265 (12.7% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.87% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.63%
• DSCR: 1.03
• GRM: 9.5

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: -15.3%
• Equity multiple: 0.45×
• Total profit: $-32,038
• Equity at exit: $31,297

10-year hold

• IRR: -6.7%
• Equity multiple: 0.57×
• Total profit: $-25,335
• Equity at exit: $18,148

Cash invested: $58,772 (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: 501
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,833 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$229 /mo · $2,744/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $31

Break-even live

Break-even rent $1,794

Max offer price $209,900

Occupancy floor 93%

Sensitivity live

Price	-10% $150	-5% $90	+0% $31	+5% $-29	+10% $-88
Rent	-10% $-114	-5% $-41	+0% $31	+5% $103	+10% $176
Rate	-1.0pp $137	-0.5pp $84	base $31	+0.5pp $-23	+1.0pp $-79

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1133 Big Oak Dr Lake Wales, FL	3.0	2.0	1120	$1,500	$1.34	25d	1	0.59mi

Listing history 21 events

1. 2026-06-22
   days on market $209,900 Active 33 DOM
2. 2026-06-18
   days on market $209,900 Active 30 DOM
3. 2026-06-17
   days on market $209,900 Active 29 DOM
4. 2026-06-16
   days on market $209,900 Active 28 DOM
5. 2026-06-15
   days on market $209,900 Active 27 DOM
6. 2026-06-13
   days on market $209,900 Active 25 DOM
7. 2026-06-10
   days on market $209,900 Active 22 DOM
8. 2026-06-09
   days on market $209,900 Active 21 DOM
9. 2026-06-08
   days on market $209,900 Active 20 DOM
10. 2026-06-07
    days on market $209,900 Active 19 DOM
11. 2026-06-05
    days on market $209,900 Active 16 DOM
12. 2026-06-03
    days on market $209,900 Active 15 DOM
13. 2026-06-03
    days on market $209,900 Active 14 DOM
14. 2026-06-01
    days on market $209,900 Active 13 DOM
15. 2026-05-31
    days on market $209,900 Active 12 DOM
16. 2026-05-19
    listed $209,900 Active
17. 2017-03-03
    historical
18. 2016-07-25
    price $78,000
19. 2016-03-04
    listed $92,000 Active
20. 2006-04-04
    soldstatus $60,000
21. 2003-08-18
    soldstatus $41,000

ⓘ 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: $2,744 · $229/mo
• Projected year-2 tax: $2,744 · $229/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 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,992
• − Mortgage interest: −$11,758
• − Property taxes: −$2,744
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,759
• − Management: −$1,759
• − Depreciation: −$6,106
• Taxable loss: −$3,185
• Est. tax savings @ 24.0%: +$764
• After-tax cash flow: $1,135/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

+412.0% since first listed

6 events — show timeline

• 2026-05-19 Listed $209,900 Stellar MLS as Distributed by MLS Grid
• 2017-03-03 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2016-07-25 Price Changed $78,000 Stellar MLS as Distributed by MLS Grid
• 2016-03-04 Listed $92,000 Stellar MLS as Distributed by MLS Grid
• 2006-04-04 Sold (Public Records) $60,000 Public Records
• 2003-08-18 Sold (Public Records) $41,000 Public Records

Property tax history

+9.7%/yr

Latest (2025): $2,744 · +12.0% YoY. Source: county tax records.