432 E Bullard Ave · Lake Wales, FL 33853

$139,000

3 bd · 2.0 ba · 1,866 sqft · SingleFamily public records · 5 Days on market

Built 1925 0.31 ac lot ↓ 13% since listing

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Why this score? — see what drove the B- 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 +27.8/30.0
• DSCR +9.8/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• 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 MLS

Historic home located on a corner lot near Lake Wailes lake. 3 bedroom 2 bath with inside laundry, formal living room with fireplace, sun room or den, formal living room, dinette, kitchen with some remodeling done, 2 car garage with shed or workshop and being sold in as is condition. Enjoy old Florida in this home. Could be a beautiful show piece.

Key facts

• 100 year old home
• Block away from lake
• 0.31 acre lot

Tags

• 100 YEAR OLD HOME
• BLOCK AWAY FROM LAKE

Property features AI

Finance

• Other: Property type: Residential, single-family; Total acreage approximately 1/4 to less than 1/2 acre (about 0.31 acre); Lot dimensions about 75' x 180' (approx. 1254 sq meters); Public records list living area and building area; Zoned RES; No CDD; Homestead not indicated
• HOA & community: Street lights in the community; Pets allowed

Exterior

• Parking: Driveway; Garage facing side; Attached garage with 1 garage space; Carport with 2 spaces
• Utilities: Public water; Public sewer; Cable available; Electricity connected; Fire hydrant nearby; Sewer connected; Water connected
• Home design: Single-family residence; One story; Faces north; Listed in fixer condition
• Construction: Stucco and frame construction; Built-up roof; Crawlspace foundation; Built in approximately one story
• Exterior features: Private mailbox; Rain gutters; Corner lot; Located in a historic district; Within city limits; Level lot; Sidewalks; Paved road

Interior

• Kitchen: Electric water heater
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile; Wood flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Kitchen open to family room; Den/Library/Office; Family room; Formal separate dining room; Inside utility; Wood-burning fireplace in the living room
• Laundry & utility: Dedicated laundry room; Inside utility

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $424 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).

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: Hillcrest Elementary School (math 59% / reading 55%, grade C+, #781 of 2,144 statewide, top 38%, 662 students, 59% FRL, charter); Lake Wales Senior High School (math 32% / reading 45%, grade F, #321 of 667 statewide, top 49%, 1,586 students, 64% FRL, charter) — zoned schools at 61% FRL track the district average.
• Market conditions: 182 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $961 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 20y 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 $40k; list at $139k implies a 243% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• 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 $139,000

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
5. 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.
6. 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: 1.31% ✓
• Cap rate: 9.95%
• Cash-on-cash: 13.07%
• DSCR: 1.58
• GRM: 6.4

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: 3.0%
• Equity multiple: 1.12×
• Total profit: $4,538
• Equity at exit: $20,725

10-year hold

• IRR: 12.6%
• Equity multiple: 2.00×
• Total profit: $38,963
• Equity at exit: $12,018

Cash invested: $38,920 (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 33853

• Home prices YoY: -9.2%
• Active inventory: 182
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,818 high
• Mortgage (P&I): −$729
• Tax from tax record: −$225 /mo · $2,705/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $424

Break-even live

Break-even rent $1,281

Max offer price $139,000

Occupancy floor 72%

Sensitivity live

Price	-10% $503	-5% $463	+0% $424	+5% $385	+10% $345
Rent	-10% $280	-5% $352	+0% $424	+5% $496	+10% $568
Rate	-1.0pp $494	-0.5pp $459	base $424	+0.5pp $388	+1.0pp $351

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
307 Steedly Ave Lake Wales, FL	3.0	1.0	1335	$1,895	$1.42	3d	1	0.28mi
724 Euclid Ave Lake Wales, FL	4.0	2.0	1676	$1,695	$1.01	24d	1	0.50mi
842 Hillside Ave Lake Wales, FL	3.0	2.5	1914	$1,650	$0.86	4d	1	1.03mi
1144 View Pointe Cir Lake Wales, FL	4.0	2.0	2068	$2,161	$1.04	24d	1	1.15mi
926 Chelsea Way Lake Wales, FL	3.0	2.0	1667	$1,900	$1.14	24d	1	1.35mi
609 Washington Ave Lake Wales, FL	3.0	2.0	1392	$1,549	$1.11	14d	1	1.40mi

Listing history 16 events

1. 2026-05-19
   status Pending
2. 2026-05-14
   listed $139,000 Active
3. 2015-07-31
   soldstatus $40,500 Sold 349-char remark

   Show marketing remark (349 chars)

   Historic home located on a corner lot near Lake Wailes lake. 3 bedroom 2 bath with inside laundry, formal living room with fireplace, sun room or den, formal living room, dinette, kitchen with some remodeling done, 2 car garage with shed or workshop and being sold in as is condition. Enjoy old Florida in this home. Could be a beautiful show piece.

4. 2015-07-02
   status Pending 349-char remark

   Show marketing remark (349 chars)

   Historic home located on a corner lot near Lake Wailes lake. 3 bedroom 2 bath with inside laundry, formal living room with fireplace, sun room or den, formal living room, dinette, kitchen with some remodeling done, 2 car garage with shed or workshop and being sold in as is condition. Enjoy old Florida in this home. Could be a beautiful show piece.

5. 2015-06-18
   price $44,850 349-char remark

   Show marketing remark (349 chars)

   Historic home located on a corner lot near Lake Wailes lake. 3 bedroom 2 bath with inside laundry, formal living room with fireplace, sun room or den, formal living room, dinette, kitchen with some remodeling done, 2 car garage with shed or workshop and being sold in as is condition. Enjoy old Florida in this home. Could be a beautiful show piece.

6. 2015-05-26
   price $47,210 349-char remark

   Show marketing remark (349 chars)

   Historic home located on a corner lot near Lake Wailes lake. 3 bedroom 2 bath with inside laundry, formal living room with fireplace, sun room or den, formal living room, dinette, kitchen with some remodeling done, 2 car garage with shed or workshop and being sold in as is condition. Enjoy old Florida in this home. Could be a beautiful show piece.

7. 2015-03-27
   price $52,585 349-char remark

   Show marketing remark (349 chars)

   Historic home located on a corner lot near Lake Wailes lake. 3 bedroom 2 bath with inside laundry, formal living room with fireplace, sun room or den, formal living room, dinette, kitchen with some remodeling done, 2 car garage with shed or workshop and being sold in as is condition. Enjoy old Florida in this home. Could be a beautiful show piece.

8. 2015-01-22
   price $58,250 349-char remark

   Show marketing remark (349 chars)

   Historic home located on a corner lot near Lake Wailes lake. 3 bedroom 2 bath with inside laundry, formal living room with fireplace, sun room or den, formal living room, dinette, kitchen with some remodeling done, 2 car garage with shed or workshop and being sold in as is condition. Enjoy old Florida in this home. Could be a beautiful show piece.

9. 2014-11-21
   listed $64,500 Active 349-char remark

   Show marketing remark (349 chars)

   Historic home located on a corner lot near Lake Wailes lake. 3 bedroom 2 bath with inside laundry, formal living room with fireplace, sun room or den, formal living room, dinette, kitchen with some remodeling done, 2 car garage with shed or workshop and being sold in as is condition. Enjoy old Florida in this home. Could be a beautiful show piece.

10. 2012-01-10
    historical
11. 2009-02-13
    listed $93,000
12. 2007-04-10
    soldstatus $160,000
13. 2007-04-02
    soldstatus $160,000
14. 2006-10-19
    listed $185,000
15. 2006-03-22
    historical
16. 2006-02-17
    listed $159,000

ⓘ 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: $2,705 · $225/mo
• Projected year-2 tax: $2,705 · $225/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 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 23 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,816
• − Mortgage interest: −$7,786
• − Property taxes: −$2,705
• − Insurance: −$695
• − Repairs & maintenance: −$1,745
• − Management: −$1,745
• − Depreciation: −$4,044
• Taxable income: $3,096
• Est. tax owed @ 24.0%: −$743
• After-tax cash flow: $4,345/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

• Census place: Lake Wales, FL
• City population: 30,351
• Population (ZIP): 12,385

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 0.65)
• Race & ethnicity: White 42% Hispanic / Latino 36% Black 19% Two or more races 16%
• Hispanic origin (detail): Mexican 10% Puerto Rican 18% Cuban 2% Dominican 1%
• Common ancestry: Romanian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 10% · Canada
• Languages at home: 72% English-only · Spanish 27%

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: ▼ -33.98%
• Current HPI: 333.8292
• Rent YoY: —
• Metro: —
• 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

-12.6% since first listed

16 events — show timeline

• 2026-05-19 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-05-14 Listed $139,000 Stellar MLS as Distributed by MLS Grid
• 2015-07-31 Sold (MLS) $40,500 Stellar MLS as Distributed by MLS Grid
• 2015-07-02 Pending — Stellar MLS as Distributed by MLS Grid
• 2015-06-18 Price Changed $44,850 Stellar MLS as Distributed by MLS Grid
• 2015-05-26 Price Changed $47,210 Stellar MLS as Distributed by MLS Grid
• 2015-03-27 Price Changed $52,585 Stellar MLS as Distributed by MLS Grid
• 2015-01-22 Price Changed $58,250 Stellar MLS as Distributed by MLS Grid
• 2014-11-21 Listed $64,500 Stellar MLS as Distributed by MLS Grid
• 2012-01-10 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2009-02-13 Listed $93,000 Stellar MLS as Distributed by MLS Grid
• 2007-04-10 Sold (Public Records) $160,000 Public Records
• 2007-04-02 Sold (MLS) $160,000 Stellar MLS as Distributed by MLS Grid
• 2006-10-19 Listed $185,000 Stellar MLS as Distributed by MLS Grid
• 2006-03-22 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2006-02-17 Listed $159,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+3.0%/yr

Latest (2025): $2,705 · +12.4% YoY. Source: county tax records.