5637 Cherry Wood Cir · Medulla, FL 33811

$359,900

2 bd · 1.0 ba · 1,664 sqft · MultiFamily public records · 17 Days on market

Built 1984 0.29 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 +15.4/30.0
• ARV discount +7.5/15.0
• DSCR +4.7/10.0
• 1% rule +3.7/10.0
• Schools +3.5/10.0
• Livability +3.3/5.0
• 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

Short Sale APPROVED. Duplex located in South Lakeland in a great area with an abundance of new construction. Located within close proximity of Polk Parkway & Lakeside Village Mall. Property is in great condition & has a newer roof. Situated on a spacious lot, with plenty of parking. for contiguous property also for sale. Rents are projected market values.

Key facts

• Spacious kitchen
• Updated bathrooms
• Tile flooring

Tags

• WELL MAINTAINED DUPLEX
• SPACIOUS KITCHEN
• TILE FLOORING
• UPDATED LIGHTING FIXTURES
• UPDATED BATHROOMS
• FRESH INTERIOR PAINT

Property features AI

Finance

• Other: Property type: Residential Income; Lot size approximately 0.29 acres (66 x 145)
• Financial info: Annual net income: $36,000; Two 2-bedroom/1-bath units — pro forma rent $1,500 per unit; Tenants pay electricity, sewer, trash collection and water; Two separate water meters
• HOA & community: No HOA

Exterior

• Parking:
• Security:
• Utilities: Public water; Sewer: other; Electricity connected; Water connected
• Home design: Duplex (residential income property); One story
• Construction: Block construction; Metal roof; Slab foundation; Built as part of a single building (1 building)
• Exterior features: Storage

Interior

• Kitchen: Dishwasher; Range; Range hood; Refrigerator
• Bedrooms: 4 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms (one in each 2-bedroom unit)
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans; Thermostat
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $138 ($2k/yr) — positive. Per door: $69/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 $314k (12.8% below list).
• Recommended offer: $314k (12.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#601 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-, crime B+; Watch: amenities F, commute F, health & safety D-.
• 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: Medulla Elementary School (math 41% / reading 42%, grade F, #1,437 of 2,144 statewide, top 68%, 515 students, 59% FRL); Lakeland Highlands Middle School (math 56% / reading 52%, grade B-, #196 of 571 statewide, top 36%, 1,265 students, 41% FRL); George W. Jenkins Senior High (math 25% / reading 49%, grade F, #340 of 667 statewide, top 52%, 2,451 students, 37% FRL).
• Market conditions: Rents soft (-0.2%/yr); 363 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• This rent runs 42% of the median local income ($90k/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 $2k of loan paydown is wiped out by about $11k 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 17 days — a 2% lower offer ($355k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y 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 $42k; list at $360k implies a 747% 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; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $313,700 (12.8% 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. 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 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: 0.87% ✗
• Cap rate: 6.75%
• Cash-on-cash: 1.64%
• DSCR: 1.07
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.42×
• Total profit: $-58,795
• Equity at exit: $53,662

10-year hold

• IRR: -15.2%
• Equity multiple: 0.25×
• Total profit: $-75,619
• Equity at exit: $31,118

Cash invested: $100,772 (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 33811

• Home prices YoY: -26.2%
• Rents YoY: -0.2%
• Active inventory: 363
• Price-to-rent: 19.1×

Monthly cashflow live

• Estimated rent: $3,137 high
• Mortgage (P&I): −$1,887
• Tax from tax record: −$303 /mo · $3,640/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$659
• Net cashflow: $138

Break-even live

Break-even rent $2,963

Max offer price $359,900

Occupancy floor 91%

Sensitivity live

Price	-10% $341	-5% $239	+0% $138	+5% $36	+10% $-66
Rent	-10% $-110	-5% $14	+0% $138	+5% $261	+10% $385
Rate	-1.0pp $319	-0.5pp $229	base $138	+0.5pp $44	+1.0pp $-51

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,138
Total (2 units)			$3,137

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1105 Old South Dr Lakeland, FL	2.0	1.0	1456	$1,400	$0.96	25d	1	0.29mi
5133 Old Road 37 Mulberry, FL	2.0	2.0	1050	$1,565	$1.49	5d	1	0.69mi
5941 Velvet Loop Lakeland, FL	3.0	2.0	1678	$2,995	$1.78	25d	1	1.06mi
1115 Dosseywood Ln Lakeland, FL	2.0	2.0	1239	$1,650	$1.33	5d	1	1.19mi
1424 Bramblewood Dr Lakeland, FL	3.0	2.0	1158	$1,700	$1.47	16d	1	1.29mi
2326 Deerbrook Dr Lakeland, FL	3.0	2.0	2032	$2,395	$1.18	5d	1	1.29mi
1113 Pogonia Dr Lakeland, FL	2.0	2.0	1408	$1,795	$1.27	25d	1	1.31mi
632 Cortez St Lakeland, FL	3.0	2.0	1510	$1,950	$1.29	25d	1	1.33mi
1106 Brook Meadow Dr Lakeland, FL	3.0	2.0	1459	$1,900	$1.30	25d	1	1.34mi
1106 Brook Meadow Dr Lakeland, FL	3.0	2.0	1459	$1,800	$1.23	5d	1	1.34mi
1448 Marigold Dr Lakeland, FL	3.0	2.0	1055	$1,055	$1.00	5d	1	1.36mi
1454 Marigold Dr Lakeland, FL	3.0	2.0	1618	$2,071	$1.28	15d	1	1.37mi
6720 S Florida Ave Lakeland, FL	1.0–3.0	1.0–2.0	1108	$1,757	$1.59	5d	8	1.39mi
6577 Shepherd Oaks St Lakeland, FL	3.0	2.0	1246	$2,111	$1.69	5d	1	1.41mi
6789 Shepherd Oaks Rd Lakeland, FL	3.0	2.0	1440	$1,094	$0.76	4d	1	1.49mi

Listing history 18 events

1. 2026-06-05
   statusdays on market $359,900 Pending 17 DOM
2. 2026-06-03
   days on market $359,900 Active 16 DOM
3. 2026-06-03
   days on market $359,900 Active 15 DOM
4. 2026-06-01
   days on market $359,900 Active 14 DOM
5. 2026-05-31
   days on market $359,900 Active 13 DOM
6. 2026-05-18
   listed $359,900 Active
7. 2014-03-29
   historical
8. 2013-06-21
   listed $99,900 Active
9. 2013-01-22
   soldstatus $42,500 370-char remark

   Show marketing remark (370 chars)

   Short Sale APPROVED. Duplex located in South Lakeland in a great area with an abundance of new construction. Located within close proximity of Polk Parkway & Lakeside Village Mall. Property is in great condition & has a newer roof. Situated on a spacious lot, with plenty of parking. for contiguous property also for sale. Rents are projected market values.

10. 2012-02-09
    listed $45,300 370-char remark

    Show marketing remark (370 chars)

    Short Sale APPROVED. Duplex located in South Lakeland in a great area with an abundance of new construction. Located within close proximity of Polk Parkway & Lakeside Village Mall. Property is in great condition & has a newer roof. Situated on a spacious lot, with plenty of parking. for contiguous property also for sale. Rents are projected market values.

11. 2012-02-09
    historical

    Show marketing remark (370 chars)

    Short Sale APPROVED. Duplex located in South Lakeland in a great area with an abundance of new construction. Located within close proximity of Polk Parkway & Lakeside Village Mall. Property is in great condition & has a newer roof. Situated on a spacious lot, with plenty of parking. for contiguous property also for sale. Rents are projected market values.

12. 2008-02-14
    listed $115,000
13. 2008-02-14
    historical
14. 2007-06-22
    listed $159,999
15. 2005-08-03
    soldstatus $125,000
16. 2005-06-06
    listed $120,000
17. 2001-07-03
    soldstatus $46,400
18. 2001-07-03
    soldstatus $62,000

ⓘ 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: $3,640 · $303/mo
• Projected year-2 tax: $3,640 · $303/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 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 25 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,644
• − Mortgage interest: −$20,160
• − Property taxes: −$3,640
• − Insurance: −$1,800
• − Repairs & maintenance: −$3,012
• − Management: −$3,012
• − Depreciation: −$10,470
• Taxable loss: −$4,449
• Est. tax savings @ 24.0%: +$1,068
• After-tax cash flow: $2,718/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 — Medulla

• Score: 66/100
• State rank: #601
• US rank: #11528

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Medulla, FL
• County: Polk County · 740,051 people
• Metro: Lakeland-Winter Haven, FL
• Population (ZIP): 29,472
• Household income: $90,263
• Rent vs Own: 23.0% rent · 77.0% own
• Severe rent burden: 477.0

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: Majority White (63%)
• Race & ethnicity: White 63% Hispanic / Latino 23% Two or more races 14% Black 8% Asian 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 5% Cuban 4%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 14% French/Haitian/Cajun 1% Tagalog/Filipino 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: ▼ -109.57%
• Current HPI: 309.0061
• Rent YoY: ▼ -0.19%
• 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

+675.6% since first listed

13 events — show timeline

• 2026-05-18 Listed $359,900 Stellar MLS as Distributed by MLS Grid
• 2014-03-29 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2013-06-21 Listed $99,900 Stellar MLS as Distributed by MLS Grid
• 2013-01-22 Sold (MLS) $42,500 Stellar MLS as Distributed by MLS Grid
• 2012-02-09 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2012-02-09 Listed $45,300 Stellar MLS as Distributed by MLS Grid
• 2008-02-14 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2008-02-14 Listed $115,000 Stellar MLS as Distributed by MLS Grid
• 2007-06-22 Listed $159,999 Stellar MLS as Distributed by MLS Grid
• 2005-08-03 Sold (MLS) $125,000 Stellar MLS as Distributed by MLS Grid
• 2005-06-06 Listed $120,000 Stellar MLS as Distributed by MLS Grid
• 2001-07-03 Sold (Public Records) $62,000 Public Records
• 2001-07-03 Sold (Public Records) $46,400 Public Records

Property tax history

+9.9%/yr

Latest (2025): $3,640 · +16.3% YoY. Source: county tax records.