1523 Boone Pl · Lakeland, FL 33803

$119,000

2 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 1 Days on market

Built 1935 5,001 sqft lot

---

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 +28.0/30.0
• DSCR +9.9/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Under contract-accepting backup offers. Short Sale. Investor Opportunity – Cash Only. 2 bedroom, 1 bathroom home on a desirable corner lot in a rapidly improving neighborhood with multiple new builds and renovated homes nearby. Property needs repairs and is priced for investors looking for a flip or redevelopment project. Strong activity in the area makes this an excellent opportunity for the right buyer. Close to local amenities, major roads, and community growth.

Key facts

• 5,001 sq ft lot
• Built 1935

Property features AI

Finance

• Other: Homestead exempt; Zoned RA-3
• Financial info: No lease restrictions
• HOA & community: No HOA/association

Exterior

• Parking: Detached information not provided
• Utilities: Public water; Public sewer; Public utilities
• Home design: Single-family residence; One story; East-facing
• Construction: Frame construction; Shingle roof; Crawlspace foundation; Built year not provided
• Exterior features: Corner lot; Asphalt road frontage

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Living room fireplace (wood-burning)
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $370 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).

Location & tenants

• 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.
• Market conditions: Rents soft (-0.1%/yr); 223 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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 $823 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask has dropped $11k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $119k implies a 908% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $119,000

Questions for the listing agent

1. Built in 1935 — 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. 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.
4. 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.
5. 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: 1.34% ✓
• Cap rate: 10.03%
• Cash-on-cash: 13.33%
• DSCR: 1.59
• GRM: 6.2

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: -0.3%
• Equity multiple: 0.99×
• Total profit: $-309
• Equity at exit: $17,743

10-year hold

• IRR: 5.8%
• Equity multiple: 1.37×
• Total profit: $12,329
• Equity at exit: $10,289

Cash invested: $33,320 (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 33803

• Home prices YoY: -26.4%
• Rents YoY: -0.1%
• Active inventory: 223
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,590 high
• Mortgage (P&I): −$624
• Tax from tax record: −$213 /mo · $2,552/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $370

Break-even live

Break-even rent $1,122

Max offer price $119,000

Occupancy floor 72%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
305 W Hancock St Lakeland, FL	2.0	1.0	821	$1,195	$1.46	23d	1	0.22mi
1116 S Tennessee Ave Lakeland, FL	2.0	1.0	761	$1,250	$1.64	23d	1	0.31mi
302 W Park St Lakeland, FL	3.0	2.0	1100	$2,200	$2.00	14d	1	0.32mi
1061 S Tennessee Ave Lakeland, FL	2.0	2.5	1100	$2,100	$1.91	14d	1	0.37mi
1112 South Blvd Unit E Lakeland, FL	2.0	1.0	729	$1,250	$1.71	23d	1	0.39mi
1 Lake Hollingsworth Dr Lakeland, FL	3.0	2.0	1492	$2,095	$1.40	2d	2	0.40mi
411 E Park St Unit B Lakeland, FL	2.0	1.5	1063	$1,500	$1.41	3d	1	0.41mi
411 E Park St Unit A Lakeland, FL	2.0	1.5	1063	$1,500	$1.41	23d	1	0.41mi
400 W Beacon Rd Lakeland, FL	1.0–2.0	1.0–2.0	862	$2,001	$2.32	3d	6	0.43mi
1005 S New York Ave Unit 9 Lakeland, FL	1.0	1.0	900	$1,150	$1.28	14d	1	0.50mi
1005 S New York Ave Unit 2 Lakeland, FL	2.0	1.0	800	$1,350	$1.69	14d	1	0.50mi
1005 S New York Ave Unit 6 Lakeland, FL	2.0	1.0	900	$1,275	$1.42	14d	1	0.50mi
122 E Hibiscus Dr Unit 1 Lakeland, FL	2.0	1.0	768	$1,395	$1.82	23d	1	0.54mi
1545 King Ave Lakeland, FL	2.0	2.0	1020	$1,450	$1.42	3d	1	0.55mi
915 Ariana St Lakeland, FL	2.0	2.0	819	$1,395	$1.70	3d	1	0.61mi
519 Charles St Unit 1 Lakeland, FL	2.0	1.5	1000	$1,795	$1.79	23d	1	0.65mi
101 Lake Hunter Dr #8 Lakeland, FL	2.0	1.0	905	$1,400	$1.55	23d	1	0.67mi
830 W Beacon Rd Lakeland, FL	1.0–2.0	1.0	690	$1,295	$1.88	23d	2	0.67mi
830 W Beacon Rd #13 Lakeland, FL	2.0	1.0	750	$1,295	$1.73	11d	1	0.67mi
118 Riggins St Lakeland, FL	1.0	1.0	700	$1,150	$1.64	23d	1	0.78mi
2610 S San Gully Rd Lakeland, FL	2.0	1.0	950	$1,375	$1.45	23d	1	0.97mi
728 Johnson Ave Unit 1234479P Lakeland, FL	2.0	1.0	893	$6,611	$7.40	14d	1	0.97mi
920 W Carole St Lakeland, FL	2.0	1.0	840	$1,200	$1.43	23d	1	0.98mi
926 W Carole St Lakeland, FL	2.0	1.0	840	$1,100	$1.31	23d	1	0.99mi
713 E Palmetto St Unit 1234469P Lakeland, FL	1.0	1.0	893	$7,185	$8.05	14d	1	1.02mi
2726 S San Gully Rd Unit 2726 Lakeland, FL	3.0	1.5	1200	$1,450	$1.21	14d	1	1.02mi
225 E Edgewood Dr Lakeland, FL	1.0–3.0	1.0–2.0	1003	$1,442	$1.44	3d	13	1.04mi
1213 W Patterson St Lakeland, FL	3.0	1.0	840	$1,350	$1.61	14d	1	1.07mi
709 Park Hill Ave Lakeland, FL	3.0	1.0	1114	$1,545	$1.39	3d	1	1.07mi
1206 W Highland St Lakeland, FL	2.0	1.0	972	$1,495	$1.54	23d	1	1.11mi
1040 Ruby St Lakeland, FL	3.0	2.0	1110	$1,595	$1.44	10d	1	1.15mi
1048 Lexington St Lakeland, FL	2.0	2.0	1125	$3,100	$2.76	3d	1	1.16mi
940 E Palmetto St Lakeland, FL	1.0	1.0	1000	$1,100	$1.10	23d	1	1.17mi
722 S Ingraham Ave Unit 720ING Lakeland, FL	2.0	1.0	900	$1,345	$1.49	14d	1	1.18mi
808 S Central Ave Lakeland, FL	2.0	1.0	700	$1,100	$1.57	23d	1	1.21mi
1246 Dorothy St Lakeland, FL	3.0	2.0	1484	$2,300	$1.55	23d	1	1.23mi
821 Hollingsworth Rd Lakeland, FL	2.0	2.0	1238	$2,200	$1.78	18d	1	1.25mi
506 S McKay Ave Lakeland, FL	2.0	2.0	885	$1,700	$1.92	23d	1	1.28mi
3228 S Polk Ave Lakeland, FL	3.0	2.0	1399	$2,850	$2.04	18d	1	1.35mi
3115 Buckingham Ave Lakeland, FL	3.0	1.0	1112	$1,850	$1.66	14d	1	1.36mi

Listing history 5 events

1. 2026-04-29
   status Pending
2. 2026-04-29
   price $119,000
3. 2026-04-29
   status Active
4. 2026-04-09
   listed $130,000 Active
5. 1992-04-01
   soldstatus $11,800

ⓘ 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: $2,552 · $213/mo
• Projected year-2 tax: $2,552 · $213/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 1/10 Low
• 🌡 Heat 8/10 Severe 6 d/yr ≥108°F today · 20 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: $19,084
• − Mortgage interest: −$6,666
• − Property taxes: −$2,552
• − Insurance: −$595
• − Repairs & maintenance: −$1,527
• − Management: −$1,527
• − Depreciation: −$3,462
• Taxable income: $2,756
• Est. tax owed @ 24.0%: −$662
• After-tax cash flow: $3,780/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 — Lakeland

• Score: 77/100
• State rank: #206
• US rank: #3179

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakeland, FL
• County: Polk County · 740,051 people
• City population: 277,690
• Metro: Lakeland-Winter Haven, FL
• Population (ZIP): 29,321
• Household income: $65,807
• Rent vs Own: 36.5% rent · 63.5% own
• Severe rent burden: 1128.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 20% Two or more races 11% Black 6% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6% Cuban 2% Dominican 1%
• Common ancestry: Italian 3% Slovak 3% Lithuanian 2%
• Foreign-born: 11% · Canada, China, Jamaica
• Languages at home: 80% English-only · Spanish 17% Other Indo-European 1% Other Asian/Pacific 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: ▼ -110.05%
• Current HPI: 306.9789
• Rent YoY: ▼ -0.06%
• 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

+908.5% since first listed

5 events — show timeline

• 2026-04-29 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $119,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-29 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-04-09 Listed $130,000 Stellar MLS as Distributed by MLS Grid
• 1992-04-01 Sold (Public Records) $11,800 Public Records

Property tax history

+10.1%/yr

Latest (2025): $2,552 · +401.2% YoY. Source: county tax records.