331 Walter Ave

Frostproof, FL 33843

$164,900D+

3 bd · 1.0 ba · 800 sqft · Built 1962 · SingleFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,498/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$244
• HOA: −$2
• Vac / Maint / Mgmt: −$315
• Net cashflow: $73/mo
• Annual: $871/yr
• Cap rate: 6.82%
• Cash-on-cash: 1.89%
• DSCR: 1.08
• 1% rule: 0.91%
• Cash to close: $46,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $165k.
• At list price, monthly cash flow is $73 ($871/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 $150k (9.1% below list).
• It's been on market 48 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (9.1% below list) — sets the bar for 1% rule.
• In year one you build about $33 of equity ($1k loan paydown + $-1k appreciation (-0.7% local appreciation)).
• Location reads 69/100 on livability (#456 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools 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.
• Market conditions: 437 active listings in the ZIP; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• Polk County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $165k implies a 312% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.