26 W Polk Ave · Lake Wales, FL 33853

$391,498

12 bd · 12.0 ba · 1,296 sqft · MultiFamily public records · 755 Days on market

Built 1925 0.30 ac 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 +22.0/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +4.8/10.0
• 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 (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Here is a great investment opportunity! Offered are 2 parcels in the heart of Lake Wales. These buildings have been reconfigured into 6 rentable units. 26 w Polk has 4 units and 22 W Polk has 2 units. Four of the five tenants are month to month allowing the new owner to do what work he might want to renew leases and keep the money flowing. Both buildings had new roofs installed in May of 2020. You can find additional information regarding income and expenses in the attachments. The parcels are zoned for commercial use so there are many options for how you can make the highest and best use of the property. Don't wait and miss out on this opportunity!

Key facts

• 0.3 acre lot
• Built 1925
• Listed 755 days

Property features AI

Finance

• Other: Living area reported as 1,740 (public records); total building area reported as 1,916; Property identified as residential income with 4 total units; Unit mix: one 2-bedroom, three 1-bed/studio configurations (unit counts and occupied units shown)
• Financial info: Annual net income reported: $47,940; Pro forma rents by unit type vary (examples listed at unit level)
• HOA & community: No association

Exterior

• Utilities: Public water; Public sewer; Electricity connected; Water connected; Sewer connected
• Home design: Residential income property (quadruplex); 2 buildings on the property; Zoned C-2; Lot size about 0.3 acres
• Construction: Frame construction; Shingle roof; Crawlspace foundation
• Exterior features: Other exterior features; Asphalt/paved road access; Lot dimensions approximately 70 x 185

Interior

• Kitchen: Appliances and specific kitchen details not provided
• Bedrooms: Total of 4 bedrooms
• Bathrooms: Multiple full bathrooms (unit-level counts vary)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Other interior features
• Laundry & utility: Laundry located outside

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/4.0-bath units multifamily listed at $391k.

Deal economics

• At list price, monthly cash flow is $622 ($7k/yr) — positive. Per door: $207/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 $384k (1.9% below list).
• Recommended offer: $345k (12.0% 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+, schools D, amenities 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: 182 active listings in the ZIP; 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 $3k of loan paydown is wiped out by about $12k 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 755 days — a 12% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 11y ago; this cycle's ask has dropped $108k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $304k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $344,518 (12.0% below list)

Questions for the listing agent

1. It's been on market 755 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 1925 — 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 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?
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: 0.98% ✗
• Cap rate: 8.20%
• Cash-on-cash: 6.81%
• DSCR: 1.30
• GRM: 8.5

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: -5.9%
• Equity multiple: 0.78×
• Total profit: $-23,960
• Equity at exit: $58,374

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $29,634
• Equity at exit: $33,850

Cash invested: $109,619 (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: 25.5×

Monthly cashflow live

• Estimated rent: $3,841 medium
• Mortgage (P&I): −$2,053
• Tax from tax record: −$196 /mo · $2,357/yr
• Insurance: −$163
• HOA: −$0
• Vacancy / Maint / Mgmt: −$807
• Net cashflow: $622

Break-even live

Break-even rent $3,054

Max offer price $391,498

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	4	$3,840
Total (3 units)			$3,841

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: $97,874
• Closing costs: $11,745
• Reserves months: —
• Total cash needed: —

Listing history 47 events

1. 2026-06-18
   days on market $391,498 Active 755 DOM
2. 2026-06-17
   days on market $391,498 Active 754 DOM
3. 2026-06-16
   days on market $391,498 Active 753 DOM
4. 2026-06-15
   days on market $391,498 Active 752 DOM
5. 2026-06-13
   days on market $391,498 Active 750 DOM
6. 2026-06-10
   days on market $391,498 Active 747 DOM
7. 2026-06-09
   days on market $391,498 Active 746 DOM
8. 2026-06-08
   days on market $391,498 Active 745 DOM
9. 2026-06-07
   days on market $391,498 Active 744 DOM
10. 2026-06-05
    days on market $391,498 Active 741 DOM
11. 2026-06-03
    days on market $391,498 Active 739 DOM
12. 2026-06-01
    days on market $391,498 Active 738 DOM
13. 2026-05-31
    days on market $391,498 Active 737 DOM
14. 2026-05-01
    status Active
15. 2026-04-30
    historical
16. 2026-04-01
    status Active
17. 2026-03-31
    historical
18. 2026-02-24
    price $391,498
19. 2025-12-16
    price $403,607
20. 2025-11-12
    price $416,090
21. 2025-11-12
    status Active
22. 2025-11-04
    status Pending
23. 2025-08-25
    price $428,959
24. 2025-05-10
    price $442,225
25. 2025-03-18
    price $465,500
26. 2024-08-14
    price $484,900
27. 2024-07-24
    status Active
28. 2024-07-17
    status Pending
29. 2024-05-08
    listed $499,900 Active
30. 2022-02-08
    soldstatus $304,000
31. 2022-02-07
    soldstatus $304,000 Closed 657-char remark

    Show marketing remark (657 chars)

    Here is a great investment opportunity! Offered are 2 parcels in the heart of Lake Wales. These buildings have been reconfigured into 6 rentable units. 26 w Polk has 4 units and 22 W Polk has 2 units. Four of the five tenants are month to month allowing the new owner to do what work he might want to renew leases and keep the money flowing. Both buildings had new roofs installed in May of 2020. You can find additional information regarding income and expenses in the attachments. The parcels are zoned for commercial use so there are many options for how you can make the highest and best use of the property. Don't wait and miss out on this opportunity!

32. 2022-01-14
    status Pending 657-char remark

    Show marketing remark (657 chars)

    Here is a great investment opportunity! Offered are 2 parcels in the heart of Lake Wales. These buildings have been reconfigured into 6 rentable units. 26 w Polk has 4 units and 22 W Polk has 2 units. Four of the five tenants are month to month allowing the new owner to do what work he might want to renew leases and keep the money flowing. Both buildings had new roofs installed in May of 2020. You can find additional information regarding income and expenses in the attachments. The parcels are zoned for commercial use so there are many options for how you can make the highest and best use of the property. Don't wait and miss out on this opportunity!

33. 2022-01-03
    listed $330,000 Active 657-char remark

    Show marketing remark (657 chars)

    Here is a great investment opportunity! Offered are 2 parcels in the heart of Lake Wales. These buildings have been reconfigured into 6 rentable units. 26 w Polk has 4 units and 22 W Polk has 2 units. Four of the five tenants are month to month allowing the new owner to do what work he might want to renew leases and keep the money flowing. Both buildings had new roofs installed in May of 2020. You can find additional information regarding income and expenses in the attachments. The parcels are zoned for commercial use so there are many options for how you can make the highest and best use of the property. Don't wait and miss out on this opportunity!

34. 2016-02-08
    soldstatus $135,000
35. 2016-02-04
    soldstatus $85,000 Sold 217-char remark

    Show marketing remark (217 chars)

    INVESTORS!!! Already tenant occupied! Great income property, DUPLEX- three apartments are FULLY FURNISHED 1 bedroom, 1 bath, and there is a separate 2 bedroom, 1 bath with cottage in rear. MAKE YOUR APPOINTMENT TODAY!

36. 2016-02-04
    soldstatus $85,000 Sold

    Show marketing remark (217 chars)

    INVESTORS!!! Already tenant occupied! Great income property, DUPLEX- three apartments are FULLY FURNISHED 1 bedroom, 1 bath, and there is a separate 2 bedroom, 1 bath with cottage in rear. MAKE YOUR APPOINTMENT TODAY!

37. 2016-01-05
    status Pending 217-char remark

    Show marketing remark (217 chars)

    INVESTORS!!! Already tenant occupied! Great income property, DUPLEX- three apartments are FULLY FURNISHED 1 bedroom, 1 bath, and there is a separate 2 bedroom, 1 bath with cottage in rear. MAKE YOUR APPOINTMENT TODAY!

38. 2016-01-05
    status Pending

    Show marketing remark (217 chars)

    INVESTORS!!! Already tenant occupied! Great income property, DUPLEX- three apartments are FULLY FURNISHED 1 bedroom, 1 bath, and there is a separate 2 bedroom, 1 bath with cottage in rear. MAKE YOUR APPOINTMENT TODAY!

39. 2015-11-25
    status Active 217-char remark

    Show marketing remark (217 chars)

    INVESTORS!!! Already tenant occupied! Great income property, DUPLEX- three apartments are FULLY FURNISHED 1 bedroom, 1 bath, and there is a separate 2 bedroom, 1 bath with cottage in rear. MAKE YOUR APPOINTMENT TODAY!

40. 2015-11-25
    status Active

    Show marketing remark (217 chars)

    INVESTORS!!! Already tenant occupied! Great income property, DUPLEX- three apartments are FULLY FURNISHED 1 bedroom, 1 bath, and there is a separate 2 bedroom, 1 bath with cottage in rear. MAKE YOUR APPOINTMENT TODAY!

41. 2015-11-10
    status Pending 217-char remark

    Show marketing remark (217 chars)

    INVESTORS!!! Already tenant occupied! Great income property, DUPLEX- three apartments are FULLY FURNISHED 1 bedroom, 1 bath, and there is a separate 2 bedroom, 1 bath with cottage in rear. MAKE YOUR APPOINTMENT TODAY!

42. 2015-11-10
    status Pending

    Show marketing remark (217 chars)

    INVESTORS!!! Already tenant occupied! Great income property, DUPLEX- three apartments are FULLY FURNISHED 1 bedroom, 1 bath, and there is a separate 2 bedroom, 1 bath with cottage in rear. MAKE YOUR APPOINTMENT TODAY!

43. 2015-11-07
    listed $85,000 Active 217-char remark

    Show marketing remark (217 chars)

    INVESTORS!!! Already tenant occupied! Great income property, DUPLEX- three apartments are FULLY FURNISHED 1 bedroom, 1 bath, and there is a separate 2 bedroom, 1 bath with cottage in rear. MAKE YOUR APPOINTMENT TODAY!

44. 2015-11-06
    listed $85,000 Active
45. 2015-10-26
    historical
46. 2015-02-20
    listed $110,000 Active
47. 1986-09-01
    soldstatus $44,000

ⓘ 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: $2,357 · $196/mo
• Projected year-2 tax: $3,249 · $271/mo
• Expected delta: +$892/yr (+$74/mo · 37.9%)

ⓘ 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 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: $46,092
• − Mortgage interest: −$21,930
• − Property taxes: −$2,357
• − Insurance: −$1,957
• − Repairs & maintenance: −$3,687
• − Management: −$3,687
• − Depreciation: −$11,389
• Taxable income: $1,084
• Est. tax owed @ 24.0%: −$260
• After-tax cash flow: $7,201/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

+789.8% since first listed

34 events — show timeline

• 2026-05-01 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-04-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-04-01 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-03-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-02-24 Price Changed $391,498 Stellar MLS as Distributed by MLS Grid
• 2025-12-16 Price Changed $403,607 Stellar MLS as Distributed by MLS Grid
• 2025-11-12 Price Changed $416,090 Stellar MLS as Distributed by MLS Grid
• 2025-11-12 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-11-04 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-08-25 Price Changed $428,959 Stellar MLS as Distributed by MLS Grid
• 2025-05-10 Price Changed $442,225 Stellar MLS as Distributed by MLS Grid
• 2025-03-18 Price Changed $465,500 Stellar MLS as Distributed by MLS Grid
• 2024-08-14 Price Changed $484,900 Stellar MLS as Distributed by MLS Grid
• 2024-07-24 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-07-17 Pending — Stellar MLS as Distributed by MLS Grid
• 2024-05-08 Listed $499,900 Stellar MLS as Distributed by MLS Grid
• 2022-02-08 Sold (Public Records) $304,000 Public Records
• 2022-02-07 Sold (MLS) $304,000 Stellar MLS as Distributed by MLS Grid
• 2022-01-14 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-01-03 Listed $330,000 Stellar MLS as Distributed by MLS Grid
• 2016-02-08 Sold (Public Records) $135,000 Public Records
• 2016-02-04 Sold (MLS) $85,000 Stellar MLS as Distributed by MLS Grid
• 2016-02-04 Sold (MLS) $85,000 Stellar MLS as Distributed by MLS Grid
• 2016-01-05 Pending — Stellar MLS as Distributed by MLS Grid
• 2016-01-05 Pending — Stellar MLS as Distributed by MLS Grid
• 2015-11-25 Relisted — Stellar MLS as Distributed by MLS Grid
• 2015-11-25 Relisted — Stellar MLS as Distributed by MLS Grid
• 2015-11-10 Pending — Stellar MLS as Distributed by MLS Grid
• 2015-11-10 Pending — Stellar MLS as Distributed by MLS Grid
• 2015-11-07 Listed $85,000 Stellar MLS as Distributed by MLS Grid
• 2015-11-06 Listed $85,000 Stellar MLS as Distributed by MLS Grid
• 2015-10-26 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2015-02-20 Listed $110,000 Stellar MLS as Distributed by MLS Grid
• 1986-09-01 Sold (Public Records) $44,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $2,357 · +9.5% YoY. Source: county tax records.