1962 Crystal Grove Dr · Lakeland, FL 33801

$675,000

2 bd · 2.0 ba · 4,056 sqft · MultiFamily public records · 64 Days on market

Built 1986 0.27 ac lot

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Why this score? — see what drove the D+ 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 +19.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +4.5/10.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Short Sale; Great Investment opportunity. Four 2 bdr/2bth units. The price has been negotiated with the lender, so all that is needed is an offer. Expecting multiple offers on this property, so come with your highest and best. BANK SUGGESTED MINIMUM PRICE! SO PLEASE, SUBMIT NO OFFERS THAT ARE LOWER. Contract fell through. Come take advantage of this wonderful investment opportunity. It won't last long.

Key facts

• 0.27 acre lot
• Built 1986
• Listed 64 days

Property features AI

Finance

• Other: Lease terms: Gross lease; tenants pay electricity, sewer and water
• Financial info: Gross annual income reported at $69,600; Annual net income reported at $62,000; Units rent pro forma listed as $6,000 for the unit type
• HOA & community: No HOA

Exterior

• Parking: No parking details provided
• Security: No security features provided
• Utilities: Public water; Public sewer; Electricity connected
• Home design: Residential income property; Quadruplex (attached); One building on the lot; PUD zoning; Entry level not specified; Facing direction not specified
• Construction: Concrete and vinyl siding construction; Shingle roof; Slab foundation; Built year not provided
• Exterior features: Fenced yard; Sidewalk

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: 8 total bedrooms; Four 2-bedroom units (in a multi-unit building)
• Flooring: No flooring details provided
• Bathrooms: Each 2-bedroom unit includes 1 bathroom
• Heating & cooling: Central heating; Central air
• Interior features: Thermostat; Central heating; Central air
• Laundry & utility: Laundry inside units

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $675k.

Deal economics

• At list price, monthly cash flow is $739 ($9k/yr) — positive. Per door: $185/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $640k (5.2% below list).
• Recommended offer: $634k (6.0% below list) — sets the bar for market timing.

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 rising (+1.1%/yr); 253 active listings in the ZIP; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• At $6,399/mo this rent would consume 145% of the median local household income ($53k/yr) (locally 1291% 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 $5k of loan paydown is wiped out by about $20k 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

• It's been on market 64 days — a 6% lower offer ($634k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y 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.
• Current owner paid $85k; list at $675k implies a 693% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $634,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.95% ✗
• Cap rate: 7.61%
• Cash-on-cash: 4.69%
• DSCR: 1.21
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.05% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.60×
• Total profit: $-74,750
• Equity at exit: $100,645

10-year hold

• IRR: -4.7%
• Equity multiple: 0.72×
• Total profit: $-53,564
• Equity at exit: $58,362

Cash invested: $189,000 (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 33801

• Home prices YoY: -15.9%
• Rents YoY: 1.1%
• Active inventory: 253
• Price-to-rent: 35.2×

Monthly cashflow live

• Estimated rent: $6,399 high
• Mortgage (P&I): −$3,540
• Tax from tax record: −$495 /mo · $5,943/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,344
• Net cashflow: $739

Break-even live

Break-even rent $5,464

Max offer price $675,000

Occupancy floor 83%

Sensitivity live

Price	-10% $1,121	-5% $930	+0% $739	+5% $548	+10% $357
Rent	-10% $233	-5% $486	+0% $739	+5% $992	+10% $1,244
Rate	-1.0pp $1,079	-0.5pp $911	base $739	+0.5pp $564	+1.0pp $386

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,400
Total (4 units)			$6,399

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $675,000 Active 64 DOM
2. 2026-06-17
   days on market $675,000 Active 63 DOM
3. 2026-06-16
   days on market $675,000 Active 62 DOM
4. 2026-06-15
   days on market $675,000 Active 61 DOM
5. 2026-06-13
   days on market $675,000 Active 59 DOM
6. 2026-06-10
   days on market $675,000 Active 56 DOM
7. 2026-06-09
   days on market $675,000 Active 55 DOM
8. 2026-06-08
   days on market $675,000 Active 54 DOM
9. 2026-06-07
   days on market $675,000 Active 53 DOM
10. 2026-06-05
    days on market $675,000 Active 50 DOM
11. 2026-06-03
    days on market $675,000 Active 49 DOM
12. 2026-06-03
    days on market $675,000 Active 48 DOM
13. 2026-06-01
    days on market $675,000 Active 47 DOM
14. 2026-05-31
    days on market $675,000 Active 46 DOM
15. 2026-05-11
    price $675,000
16. 2026-04-15
    listed $700,000 Active
17. 2012-01-05
    soldstatus $85,100
18. 2011-12-23
    soldstatus $85,100 406-char remark

    Show marketing remark (406 chars)

    Short Sale; Great Investment opportunity. Four 2 bdr/2bth units. The price has been negotiated with the lender, so all that is needed is an offer. Expecting multiple offers on this property, so come with your highest and best. BANK SUGGESTED MINIMUM PRICE! SO PLEASE, SUBMIT NO OFFERS THAT ARE LOWER. Contract fell through. Come take advantage of this wonderful investment opportunity. It won't last long.

19. 2011-07-07
    listed $77,250 406-char remark

    Show marketing remark (406 chars)

    Short Sale; Great Investment opportunity. Four 2 bdr/2bth units. The price has been negotiated with the lender, so all that is needed is an offer. Expecting multiple offers on this property, so come with your highest and best. BANK SUGGESTED MINIMUM PRICE! SO PLEASE, SUBMIT NO OFFERS THAT ARE LOWER. Contract fell through. Come take advantage of this wonderful investment opportunity. It won't last long.

20. 2010-09-14
    historical
21. 2010-03-09
    listed $165,000
22. 2010-03-08
    historical
23. 2009-08-31
    listed $130,000
24. 2005-06-24
    soldstatus $262,000
25. 2005-06-15
    soldstatus $262,000
26. 2005-05-11
    listed $260,000
27. 2004-04-29
    soldstatus $184,500
28. 1983-05-01
    soldstatus $162,000

ⓘ 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: $5,943 · $495/mo
• Projected year-2 tax: $5,943 · $495/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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 25 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: $76,788
• − Mortgage interest: −$37,810
• − Property taxes: −$5,943
• − Insurance: −$3,375
• − Repairs & maintenance: −$6,143
• − Management: −$6,143
• − Depreciation: −$19,636
• Taxable loss: −$2,263
• Est. tax savings @ 24.0%: +$543
• After-tax cash flow: $9,410/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): 35,394
• Household income: $53,061
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1291.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 60% Hispanic / Latino 19% Black 16% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 8% Cuban 3%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 83% English-only · Spanish 14% French/Haitian/Cajun 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: ▼ -70.91%
• Current HPI: 373.7159
• Rent YoY: ▲ 1.05%
• 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

+316.7% since first listed

14 events — show timeline

• 2026-05-11 Price Changed $675,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-15 Listed $700,000 Stellar MLS as Distributed by MLS Grid
• 2012-01-05 Sold (Public Records) $85,100 Public Records
• 2011-12-23 Sold (MLS) $85,100 Stellar MLS as Distributed by MLS Grid
• 2011-07-07 Listed $77,250 Stellar MLS as Distributed by MLS Grid
• 2010-09-14 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2010-03-09 Listed $165,000 Stellar MLS as Distributed by MLS Grid
• 2010-03-08 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2009-08-31 Listed $130,000 Stellar MLS as Distributed by MLS Grid
• 2005-06-24 Sold (Public Records) $262,000 Public Records
• 2005-06-15 Sold (MLS) $262,000 Stellar MLS as Distributed by MLS Grid
• 2005-05-11 Listed $260,000 Stellar MLS as Distributed by MLS Grid
• 2004-04-29 Sold (Public Records) $184,500 Public Records
• 1983-05-01 Sold (Public Records) $162,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $5,943 · +35.0% YoY. Source: county tax records.