423 Main St Unit A,B & C · Lake Hamilton, FL 33851

$398,000

6 bd · 3.0 ba · 2,352 sqft · MultiFamily · 143 Days on market

Built 1926 10,608 sqft lot

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Why this score? — see what drove the C 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 +19.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• Appreciation +5.7/10.0
• 1% rule +5.2/10.0
• Schools +3.5/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

This well maintained triplex is located in the quaint town of Lake Hamilton with quick access to Hwy 27 & I-4, Disney and Legoland. All units are rented and clean. This property has lots of square footage and potential to increase the income. There are two adjoining vacant lots that can be purchased with this property lot #3 & lot #4 in back of the property, adjoins the triplex.

Key facts

• Quick access to i-4
• Lake hamilton
• Triplex

Tags

• TRIPLEX
• LAKE HAMILTON
• QUICK ACCESS TO HWY 27
• QUICK ACCESS TO I-4
• ADJOINING VACANT LOTS

Property features AI

Finance

• Other: Property zoned R-1A; Total acreage: under 1/4 acre; One lot
• Financial info: Gross income listed at $36,000; Annual net income reported at $23,500; Annual expenses reported at $12,500; Total monthly expenses about $1,042; Tenant pays electricity, trash collection and water
• HOA & community: No association; Street lights in the community; Pets allowed

Exterior

• Parking: Ground level parking
• Security: Smoke detectors
• Utilities: Public water with multiple water meters (three separate meters); Septic tank sewer; Electricity connected; Natural gas available and connected; Cable available; Water connected
• Home design: Residential income property (triplex); One building containing three units; Three or more levels
• Construction: Stucco, frame and wood siding construction; Membrane and metal roof; Foundation includes basement, block, concrete perimeter, pillar/post/pier and stem wall; Built as a completed property
• Exterior features: Front porch and additional porch; Balcony; Exterior lighting; Sidewalk; Paved, public maintained road; Lot in city limits and sloped

Interior

• Kitchen: Dishwasher; Range; Range hood; Refrigerator; Electric and gas water heaters
• Bedrooms: Total of 6 bedrooms (units: one 3‑bed, one 2‑bed, one 1‑bed)
• Flooring: Carpet; Ceramic tile; Vinyl; Wood
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Electric heating; Ductless heating; Wall/window air conditioning units
• Interior features: Ceiling fans; Kitchen / family room combo; Window treatments; Blinds; Wood window frames; Partial basement; Bonus room; Florida room; Inside utility
• Laundry & utility: Washer hookup; Electric dryer hookup; Inside laundry (in some units); Unit C has no laundry room; Unit B and Unit A have laundry and below-storage

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $398k.

Deal economics

• At list price, monthly cash flow is $463 ($6k/yr) — positive. Per door: $154/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $398k).
• Recommended offer: $350k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#591 in FL) — 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: Alta Vista Elementary School (math 35% / reading 36%, grade F, #1,684 of 2,144 statewide, top 79%, 769 students, 60% FRL); Haines City Senior High School (math 12% / reading 32%, grade F, #544 of 667 statewide, top 82%, 2,700 students, 58% FRL) — zoned schools at 59% FRL track the district average.
• Zoned-school proficiency averages 29% at this address vs 41% district-wide (-12 pts) — the specific schools serving this property underperform the Polk average; the district grade overstates school quality for this exact location.
• Market conditions: 137 active listings in the ZIP; 3 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).

Forward outlook

• In year one you build about $9k of equity ($3k loan paydown + $6k appreciation (1.4% local appreciation)).
• Polk County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.4% appreciation + 3.0% rent growth), your $111k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($350k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $350,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.02% ✓
• Cap rate: 7.69%
• Cash-on-cash: 4.99%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.45% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.9%
• Equity multiple: 1.41×
• Total profit: $45,755
• Equity at exit: $145,176

10-year hold

• IRR: 11.5%
• Equity multiple: 2.47×
• Total profit: $163,796
• Equity at exit: $200,338

Cash invested: $111,440 (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 33851

• Home prices YoY: 0.4%
• Active inventory: 137
• Price-to-rent: 24.5×

Monthly cashflow live

• Estimated rent: $4,068 medium
• Mortgage (P&I): −$2,087
• Tax est. 1.5%: −$498 /mo · $5,970/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$854
• Net cashflow: $463

Break-even live

Break-even rent $3,482

Max offer price $398,000

Occupancy floor 84%

Sensitivity live

Price	-10% $738	-5% $601	+0% $463	+5% $326	+10% $188
Rent	-10% $142	-5% $303	+0% $463	+5% $624	+10% $785
Rate	-1.0pp $664	-0.5pp $564	base $463	+0.5pp $360	+1.0pp $255

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,068
Total (3 units)			$4,068

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: $99,500
• Closing costs: $11,940
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2528 Absolute Ave Lake Hamilton, FL	5.0	2.5	2112	$2,800	$1.33	24d	1	1.09mi
2733 Lookout Ridge Rd Lake Hamilton, FL	5.0	2.5	2326	$2,400	$1.03	24d	1	1.10mi
2756 Lookout Ridge Rd Lake Hamilton, FL	5.0	2.5	2112	$2,350	$1.11	15d	1	1.15mi

Listing history 14 events

1. 2026-06-18
   days on market $398,000 Active 143 DOM
2. 2026-06-17
   days on market $398,000 Active 142 DOM
3. 2026-06-16
   days on market $398,000 Active 141 DOM
4. 2026-06-15
   days on market $398,000 Active 140 DOM
5. 2026-06-13
   days on market $398,000 Active 138 DOM
6. 2026-06-10
   days on market $398,000 Active 135 DOM
7. 2026-06-09
   days on market $398,000 Active 134 DOM
8. 2026-06-08
   days on market $398,000 Active 133 DOM
9. 2026-06-07
   days on market $398,000 Active 132 DOM
10. 2026-06-05
    days on market $398,000 Active 129 DOM
11. 2026-06-03
    days on market $398,000 Active 127 DOM
12. 2026-06-01
    days on market $398,000 Active 126 DOM
13. 2026-05-31
    days on market $398,000 Active 125 DOM
14. 2026-01-26
    listed $398,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 23 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,816
• − Mortgage interest: −$22,294
• − Property taxes: −$5,970
• − Insurance: −$1,990
• − Repairs & maintenance: −$3,905
• − Management: −$3,905
• − Depreciation: −$11,578
• Taxable loss: −$827
• Est. tax savings @ 24.0%: +$198
• After-tax cash flow: $5,757/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 — Lake Hamilton

• Score: 66/100
• State rank: #591
• US rank: #11293

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Hamilton, FL
• City population: 1,109
• Population (ZIP): 1,109

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 49% Hispanic / Latino 29% Asian 20% Two or more races 5%
• Hispanic origin (detail): Mexican 10% Puerto Rican 16% Cuban 2% Salvadoran 1%
• Common ancestry: Lithuanian 1% Romanian 1%
• Foreign-born: 19% · Canada
• Languages at home: 55% English-only · Spanish 25% Arabic 20%

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: ▲ 1.45%
• Current HPI: 388.4644
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-01-26 Listed $398,000 Stellar MLS as Distributed by MLS Grid