615 Ituna Cir E

Winter Haven, FL 33881

$341,900F

5 bd · 3.5 ba · 2,227 sqft · Built 2026 · Land · Active · 118 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,516/mo
• Mortgage (P&I): −$1,793
• Tax + insurance: −$570
• HOA: −$50
• Vac / Maint / Mgmt: −$528
• Net cashflow: $-425/mo
• Annual: $-5,098/yr
• Cap rate: 4.80%
• Cash-on-cash: -5.32%
• DSCR: 0.76
• 1% rule: 0.74%
• Cash to close: $95,732

Investor read

• This is a 5-bed/3.5-bath land listed at $342k.
• At list price, monthly cash flow is $-425 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $280k (18.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $252k (26.4% below list).
• It's been on market 118 days — a 9% lower offer ($311k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $252k (26.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#291 in FL, #4,898 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools C-, employment C-, 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: Rents rising (+2.1%/yr); 491 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• At $2,516/mo this rent would consume 53% of the median local household income ($57k/yr) (locally 1270% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 118 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.