1854 Highland Park Dr S Unit A-F · Highland Park, FL 33898

$799,000

36 bd · 48.0 ba · 4,264 sqft · MultiFamily · 771 Days on market

Built 1923 0.99 ac lot ↓ 8% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +7.5/15.0
• Schools +3.5/10.0
• Livability +3.4/5.0
• 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 (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

PRICE IMPROVEMENT!! Unique opportunity to own a true LAKEFRONT 6 unit income property! With 100 feet of frontage on Lake Easy and a large one acre lot, this 4660+ square foot Multi-Family property has something to offer for everyone. Located in the quaint village of Highland Park, this location features a community park, walkable streets for afternoon or morning strolls, old growth and mature landscaping everywhere with that nostalgic feeling of a true neighborhood. Access to Lake Easy provides both fishing and recreation with its sandy bottom and panoramic views. This one-of-a-kind property is a must see to appreciate. All units have leases in place with a total monthly income generating

Key facts

• 0.99 acre lot
• Built 1923
• Listed 771 days

Property features AI

Finance

• Other: Total number of units: 6 (unit mix includes 1-bedroom, 2-bedroom and efficiency units); Total number of buildings: 1; Lot size approximately 0.99 acres (dimensions 100 x 370); Approximately 100 feet of lake frontage
• Financial info: Gross income: $82,188; Estimated annual market income: $82,188; Annual net income: $58,929; Annual expenses: $23,259; Net lease terms; tenants pay electricity
• HOA & community: No regular association fee required; Association contact listed; Community amenities include golf, park, playground, sidewalks and street lights; Pets allowed

Exterior

• Parking: Parking details not specified
• Security: No specific security features listed
• Utilities: Private water source; Septic tank sewer; Electricity connected; Cable available; Water connected
• Home design: Residential income property (multi-family, 5+ units); Attached building; Two levels
• Construction: Stucco and frame construction; Shingle and other roof types; Slab foundation; Built as a single building containing multiple units
• Exterior features: Deck; Patio; Porch; Balcony; Rain gutters; Outside storage and shed(s); Lakefront property with lake views and lake access; Skiing allowed on the lake; Landscaped, gentle sloping lot; Paved asphalt road; street dead-end

Interior

• Kitchen: Range; Range hood; Refrigerator; Electric water heater
• Bedrooms: 6 bedrooms total
• Flooring: Carpet; Ceramic tile; Wood
• Bathrooms: Bathrooms vary by unit (see unit breakdown)
• Heating & cooling: Baseboard heating; Electric heating; Wall/window cooling units
• Interior features: Ceiling fans; Living room/dining room combo; Split bedroom floor plan
• Laundry & utility: Washer and dryer included; Laundry room (inside, common area)

What this means for you Summary

Snapshot

• This is a 6 × 6-bed/8.0-bath units multifamily listed at $799k.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $592/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $799k).
• Recommended offer: $703k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#513 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; 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.
• Market conditions: 500 active listings in the ZIP; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• At $11,488/mo this rent would consume 241% of the median local household income ($57k/yr) (locally 148% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $224k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 771 days — a 12% lower offer ($703k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $100k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $703,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 771 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 1923 — 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 1.44% ✓
• Cap rate: 11.63%
• Cash-on-cash: 19.06%
• DSCR: 1.85
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 11.0%
• Equity multiple: 1.43×
• Total profit: $97,045
• Equity at exit: $119,133

10-year hold

• IRR: 20.0%
• Equity multiple: 2.68×
• Total profit: $376,664
• Equity at exit: $69,083

Cash invested: $223,720 (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 33898

• Home prices YoY: -15.1%
• Active inventory: 500
• Price-to-rent: 34.8×

Monthly cashflow live

• Estimated rent: $11,488 medium
• Mortgage (P&I): −$4,190
• Tax est. 1.5%: −$999 /mo · $11,985/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,412
• Net cashflow: $3,554

Break-even live

Break-even rent $6,990

Max offer price $799,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 6× units	6	8	$11,490
Total (6 units)			$11,488

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: $199,750
• Closing costs: $23,970
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $799,000 Active 771 DOM
2. 2026-06-17
   days on market $799,000 Active 770 DOM
3. 2026-06-16
   days on market $799,000 Active 769 DOM
4. 2026-06-15
   days on market $799,000 Active 768 DOM
5. 2026-06-13
   days on market $799,000 Active 766 DOM
6. 2026-06-10
   days on market $799,000 Active 763 DOM
7. 2026-06-09
   days on market $799,000 Active 762 DOM
8. 2026-06-08
   days on market $799,000 Active 761 DOM
9. 2026-06-07
   days on market $799,000 Active 760 DOM
10. 2026-06-05
    days on market $799,000 Active 757 DOM
11. 2026-06-03
    days on market $799,000 Active 755 DOM
12. 2026-06-01
    days on market $799,000 Active 754 DOM
13. 2026-05-31
    days on market $799,000 Active 753 DOM
14. 2026-01-21
    status Active
15. 2026-01-09
    status Pending
16. 2025-12-16
    status Active
17. 2025-07-25
    price $824,900
18. 2025-01-22
    price $849,900
19. 2024-10-01
    status Active
20. 2024-09-30
    historical
21. 2024-09-04
    price $874,900
22. 2024-03-20
    listed $899,000 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 3/10 Moderate
• 🌡 Heat 8/10 Severe 6 d/yr ≥108°F today · 17 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $137,856
• − Mortgage interest: −$44,756
• − Property taxes: −$11,985
• − Insurance: −$3,995
• − Repairs & maintenance: −$11,028
• − Management: −$11,028
• − Depreciation: −$23,244
• Taxable income: $31,819
• Est. tax owed @ 24.0%: −$7,637
• After-tax cash flow: $35,009/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 — Highland Park

• Score: 68/100
• State rank: #513
• US rank: #9447

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Highland Park, FL
• County: Polk County · 740,051 people
• Metro: Lakeland-Winter Haven, FL
• Population (ZIP): 18,527
• Household income: $57,224
• Rent vs Own: 12.6% rent · 87.4% own
• Severe rent burden: 148.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 17% Two or more races 10% Black 6%
• Hispanic origin (detail): Mexican 6% Puerto Rican 4% Cuban 3%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 2%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -60.62%
• Current HPI: 340.6056
• Rent YoY: —
• 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

-8.2% since first listed

9 events — show timeline

• 2026-01-21 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-01-09 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-12-16 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-07-25 Price Changed $824,900 Stellar MLS as Distributed by MLS Grid
• 2025-01-22 Price Changed $849,900 Stellar MLS as Distributed by MLS Grid
• 2024-10-01 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-09-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-09-04 Price Changed $874,900 Stellar MLS as Distributed by MLS Grid
• 2024-03-20 Listed $899,000 Stellar MLS as Distributed by MLS Grid