1213 Unitah Ave #2

Lakeland, FL 33803

$155,000D

3 bd · 2.0 ba · 950 sqft · Built 2004 · Condo · Active · 210 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,547/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$157
• HOA: −$270
• Vac / Maint / Mgmt: −$325
• Net cashflow: $-17/mo
• Annual: $-209/yr
• Cap rate: 6.16%
• Cash-on-cash: -0.48%
• DSCR: 0.98
• 1% rule: 1.00%
• Cash to close: $43,400

Investor read

• This is a 3-bed/2.0-bath condo listed at $155k.
• At list price, monthly cash flow is $-17 ($-209/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $155k (0.2% below list).
• It's been on market 210 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#206 in FL, #3,179 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety 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: Dixieland Elementary School (math 47% / reading 32%, grade F, #1,513 of 2,144 statewide, top 73%, 330 students, 65% FRL); Southwest Middle School (math 25% / reading 32%, grade F, #482 of 571 statewide, top 85%, 801 students, 63% FRL); Lakeland Senior High School (math 29% / reading 51%, grade F, #296 of 667 statewide, top 45%, 2,043 students, 44% FRL) — zoned schools at 57% FRL track the district average.
• Market conditions: Rents soft (-0.1%/yr); 227 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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.
• 4 sale attempts since 4y 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.
• 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.

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 210 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.