232 C St · Lake Wales, FL 33853

$59,900

2 bd · 1.0 ba · 1,124 sqft · SingleFamily public records · 60 Days on market

Built 1925 8,024 sqft lot ↓ 27% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Listing remarks

Opportunity knocks in the heart of Lake Wales! Located just minutes from downtown at 232 C Street, this . 18-acre property sits within a designated redevelopment area, making it an ideal candidate for investors, builders, or those looking to start fresh. The existing wood-frame structure is in need of a complete renovation, with all windows currently removed, offering a blank slate for your vision. Whether you choose to restore or rebuild, this property presents significant potential. Buyers may benefit from possible savings on impact fees. Conveniently positioned near downtown amenities, shopping, dining, and local attractions, this lot provides both location and opportunity. Bring your pl

Key facts

• Complete renovation
• 8,024 sq ft lot
• Built 1925

Tags

• DESIGNATED REDEVELOPMENT AREA
• COMPLETE RENOVATION
• NEAR DOWNTOWN AMENITIES

Property features AI

Finance

• Other: Zoning: R-3
• Financial info: No lease or investor-specific financial details listed
• HOA & community: No HOA/association fees listed

Exterior

• Parking: No parking information listed
• Security: No security features listed
• Utilities: Public sewer; Electricity available; No water source listed
• Home design: Single-family home; One story; Faces west; Entry level: One
• Construction: Frame construction; Shingle roof; Crawlspace foundation; Built area approx. 1,124 (public records)
• Exterior features: Asphalt road access; Lot approx. 0.18 acres (60 x 134)

Interior

• Kitchen: No appliances listed
• Bedrooms: 2 bedrooms (1st floor)
• Flooring: Other flooring
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: No heating listed; No cooling listed
• Interior features: No interior features listed
• Laundry & utility: No laundry features listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $716 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#535 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing 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: Spook Hill Elementary School (math 28% / reading 33%, grade F, #1,862 of 2,144 statewide, top 88%, 584 students, 67% FRL); Lake Wales Senior High School (math 32% / reading 45%, grade F, #321 of 667 statewide, top 49%, 1,586 students, 64% FRL, charter).
• Market conditions: 182 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $414 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $58,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 2.42% ✓
• Cap rate: 20.63%
• Cash-on-cash: 51.22%
• DSCR: 3.28
• GRM: 3.4

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: 49.1%
• Equity multiple: 3.14×
• Total profit: $35,921
• Equity at exit: $8,931

10-year hold

• IRR: 54.6%
• Equity multiple: 6.37×
• Total profit: $90,121
• Equity at exit: $5,179

Cash invested: $16,772 (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 33853

• Home prices YoY: -9.2%
• Active inventory: 182
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,452 high
• Mortgage (P&I): −$314
• Tax from tax record: −$92 /mo · $1,102/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $716

Break-even live

Break-even rent $545

Max offer price $59,900

Occupancy floor 46%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 E St Lake Wales, FL	2.0	1.5	860	$1,200	$1.40	23d	1	0.22mi
609 Washington Ave Lake Wales, FL	3.0	2.0	1392	$1,549	$1.11	13d	1	0.31mi
425 F St Unit 2 Lake Wales, FL	3.0	2.0	977	$1,195	$1.22	13d	1	0.40mi
133 W Park Ave Unit B Lake Wales, FL	3.0	2.0	1151	$1,600	$1.39	23d	1	0.74mi
104 W Stuart Ave Lake Wales, FL	2.0	1.0	720	$1,100	$1.53	3d	1	0.75mi
244 E Park Ave Unit 204 Lake Wales, FL	2.0	1.0	847	$1,800	$2.13	23d	1	0.78mi
244 E Park Ave Unit 201 Lake Wales, FL	2.0	2.5	1119	$1,850	$1.65	23d	1	0.78mi
711 Springer Dr #3 Lake Wales, FL	2.0	2.0	972	$1,400	$1.44	23d	1	1.03mi
711 Springer Dr Lake Wales, FL	1.0–2.0	1.0–2.0	848	$1,400	$1.65	3d	2	1.03mi
766 Hunt Dr Lake Wales, FL	3.0	2.0	1214	$2,300	$1.89	23d	1	1.04mi
114 E Northside Dr #3 Lake Wales, FL	2.0	1.0	900	$1,200	$1.33	23d	1	1.07mi
403 E Johnson Ave Lake Wales, FL	3.0	2.0	1196	$1,650	$1.38	23d	1	1.08mi
444 E Tillman Ave Unit 5 Lake Wales, FL	2.0	1.0	892	$1,100	$1.23	23d	1	1.10mi
444 E Tillman Ave Lake Wales, FL	2.0	1.0	892	$1,100	$1.23	14d	1	1.10mi
307 Steedly Ave Lake Wales, FL	3.0	1.0	1335	$1,895	$1.42	2d	1	1.31mi

Listing history 24 events

1. 2026-06-18
   days on market $59,900 Active 60 DOM
2. 2026-06-17
   days on market $59,900 Active 59 DOM
3. 2026-06-16
   days on market $59,900 Active 58 DOM
4. 2026-06-15
   days on market $59,900 Active 57 DOM
5. 2026-06-13
   days on market $59,900 Active 55 DOM
6. 2026-06-10
   days on market $59,900 Active 52 DOM
7. 2026-06-09
   days on market $59,900 Active 51 DOM
8. 2026-06-08
   days on market $59,900 Active 50 DOM
9. 2026-06-07
   days on market $59,900 Active 49 DOM
10. 2026-06-05
    days on market $59,900 Active 46 DOM
11. 2026-06-03
    days on market $59,900 Active 45 DOM
12. 2026-06-03
    days on market $59,900 Active 44 DOM
13. 2026-06-01
    days on market $59,900 Active 43 DOM
14. 2026-05-31
    days on market $59,900 Active 42 DOM
15. 2026-04-19
    listed $64,900 Active
16. 2025-12-28
    historical
17. 2025-12-11
    price $70,000
18. 2025-11-05
    status Active
19. 2025-10-24
    historical
20. 2025-09-24
    status Active
21. 2025-09-12
    status Pending
22. 2025-08-26
    price $74,000
23. 2025-08-11
    price $79,000
24. 2025-07-22
    listed $89,000 Active

ⓘ 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: $1,102 · $92/mo
• Projected year-2 tax: $1,102 · $92/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 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 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,419
• − Mortgage interest: −$3,355
• − Property taxes: −$1,102
• − Insurance: −$300
• − Repairs & maintenance: −$1,394
• − Management: −$1,394
• − Depreciation: −$1,743
• Taxable income: $8,133
• Est. tax owed @ 24.0%: −$1,952
• After-tax cash flow: $6,639/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 Wales

• Score: 68/100
• State rank: #535
• US rank: #10036

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Wales, FL
• City population: 30,351
• Population (ZIP): 12,385

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 0.65)
• Race & ethnicity: White 42% Hispanic / Latino 36% Black 19% Two or more races 16%
• Hispanic origin (detail): Mexican 10% Puerto Rican 18% Cuban 2% Dominican 1%
• Common ancestry: Romanian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 10% · Canada
• Languages at home: 72% English-only · Spanish 27%

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: ▼ -33.98%
• Current HPI: 333.8292
• 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

-27.1% since first listed

10 events — show timeline

• 2026-04-19 Listed $64,900 Stellar MLS as Distributed by MLS Grid
• 2025-12-28 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-12-11 Price Changed $70,000 Stellar MLS as Distributed by MLS Grid
• 2025-11-05 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-10-24 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-09-24 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-09-12 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-08-26 Price Changed $74,000 Stellar MLS as Distributed by MLS Grid
• 2025-08-11 Price Changed $79,000 Stellar MLS as Distributed by MLS Grid
• 2025-07-22 Listed $89,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+15.7%/yr

Latest (2025): $1,102 · +11.0% YoY. Source: county tax records.