315 Ridge Manor Dr · Lake Wales, FL 33853

$799,000

4 bd · 4.0 ba · 4,040 sqft · MultiFamily public records · 34 Days on market

Built 1926 0.79 ac lot

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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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 11 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

Exceptional 11-Unit Income Opportunity with Strong Rental Appeal! Don’t miss this unique mixed-unit multifamily property offering a versatile unit mix designed to attract a wide range of tenants and help minimize vacancies. With all 11 units currently occupied and long-term leases in place, this property provides immediate and stable income for the savvy investor. Ideally located with convenient access to schools, shopping, medical facilities, and major travel routes including Hwy 27 and SR 60, tenants enjoy easy north/south/east/west commuting—making this a highly desirable rental location. Recent improvements include a new roof and new septic drainfield, offering added peac

Key facts

• Versatile unit mix
• New roof
• Strong rental appeal

Tags

• 11 UNIT INCOME OPPORTUNITY
• VERSATILE UNIT MIX
• STRONG RENTAL APPEAL
• CONVENIENT ACCESS TO SCHOOLS
• CONVENIENT ACCESS TO SHOPPING
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 11 × 6-bed/12.0-bath units multifamily listed at $799k.

Deal economics

• At list price, monthly cash flow is $7k ($78k/yr) — positive. Per door: $592/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $799k).
• Recommended offer: $775k (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+, 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 $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 ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($775k) is reasonable based on typical stale-listing flexibility.
• 20 sale attempts since 18y ago; this cycle's ask is 110107% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $515k; list at $799k implies a 55% gain — meaningful room to come down on a strong offer.

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; 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 $775,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.88% ✓
• Cap rate: 16.08%
• Cash-on-cash: 34.95%
• DSCR: 2.56
• GRM: 4.4

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: 30.5%
• Equity multiple: 2.28×
• Total profit: $285,678
• Equity at exit: $119,133

10-year hold

• IRR: 37.7%
• Equity multiple: 4.50×
• Total profit: $783,672
• 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 33853

• Home prices YoY: -9.2%
• Active inventory: 182
• Price-to-rent: 48.8×

Monthly cashflow live

• Estimated rent: $15,021 medium
• Mortgage (P&I): −$4,190
• Tax from tax record: −$827 /mo · $9,928/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,154
• Net cashflow: $6,516

Break-even live

Break-even rent $6,772

Max offer price $799,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 11× units	6	12	$15,026
Total (11 units)			$15,021

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 50 events

1. 2026-06-18
   days on market $799,000 Active 34 DOM
2. 2026-06-17
   days on market $799,000 Active 33 DOM
3. 2026-06-16
   days on market $799,000 Active 32 DOM
4. 2026-06-15
   days on market $799,000 Active 31 DOM
5. 2026-06-13
   statusdays on market $799,000 Active 29 DOM
6. 2026-04-17
   status Pending
7. 2026-04-15
   listed $725
8. 2026-03-20
   listed $799,000 Active
9. 2026-03-17
   historical $900
10. 2026-03-09
    historical $900
11. 2026-02-06
    listed $900
12. 2026-02-06
    historical $700
13. 2026-01-20
    price $700
14. 2026-01-20
    price $875
15. 2025-12-02
    listed $925
16. 2025-11-27
    price $750
17. 2025-07-31
    listed $775
18. 2025-07-25
    historical $775
19. 2025-07-14
    listed $775
20. 2025-07-14
    historical $775
21. 2025-06-27
    listed $775
22. 2025-06-26
    historical $775
23. 2025-06-26
    listed $775
24. 2025-03-21
    historical $850
25. 2025-02-06
    listed $850
26. 2025-01-15
    historical $850
27. 2025-01-09
    listed $850
28. 2025-01-06
    historical $850
29. 2025-01-06
    listed $850
30. 2024-12-18
    historical $850
31. 2024-11-07
    listed $850
32. 2024-10-23
    historical $850
33. 2024-09-30
    listed $850
34. 2024-09-23
    historical $1,000
35. 2024-09-23
    listed $1,000
36. 2024-08-31
    historical $850
37. 2024-06-14
    listed $850
38. 2024-04-02
    historical $875
39. 2024-03-10
    price $875
40. 2024-02-27
    price $900
41. 2024-01-17
    listed $950
42. 2019-05-01
    soldstatus $515,000
43. 2018-04-06
    historical
44. 2018-04-02
    status Active
45. 2018-03-24
    status Pending
46. 2018-03-22
    status Pending
47. 2018-03-21
    status Pending
48. 2018-02-20
    listed $649,000 Active
49. 2008-10-30
    listed $379,000
50. 2008-06-30
    listed $399,000

ⓘ 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: $9,928 · $827/mo
• Projected year-2 tax: $9,928 · $827/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 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: $180,252
• − Mortgage interest: −$44,756
• − Property taxes: −$9,928
• − Insurance: −$3,995
• − Repairs & maintenance: −$14,420
• − Management: −$14,420
• − Depreciation: −$23,244
• Taxable income: $69,489
• Est. tax owed @ 24.0%: −$16,677
• After-tax cash flow: $61,519/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

• 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

+768.5% since first listed

48 events — show timeline

• 2026-04-17 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-15 Listed for Rent $725 RENTALBEAST
• 2026-03-20 Listed $799,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-17 Rental Removed $900 RENTALBEAST
• 2026-03-09 Rental Removed $900 RENTALBEAST
• 2026-02-06 Listed for Rent $900 RENTALBEAST
• 2026-02-06 Rental Removed $700 RENTALBEAST
• 2026-01-20 Price Changed $700 RENTALBEAST
• 2026-01-20 Price Changed $875 RENTALBEAST
• 2025-12-02 Listed for Rent $925 RENTALBEAST
• 2025-11-27 Price Changed $750 RENTALBEAST
• 2025-07-31 Listed for Rent $775 RENTALBEAST
• 2025-07-25 Rental Removed $775 RENTALBEAST
• 2025-07-14 Listed for Rent $775 RENTALBEAST
• 2025-07-14 Rental Removed $775 LEASESTAR
• 2025-06-27 Listed for Rent $775 LEASESTAR
• 2025-06-26 Rental Removed $775 LEASESTAR
• 2025-06-26 Listed for Rent $775 LEASESTAR
• 2025-03-21 Rental Removed $850 LEASESTAR
• 2025-02-06 Listed for Rent $850 LEASESTAR
• 2025-01-15 Rental Removed $850 RENTALBEAST
• 2025-01-09 Listed for Rent $850 RENTALBEAST
• 2025-01-06 Rental Removed $850 LEASESTAR
• 2025-01-06 Listed for Rent $850 LEASESTAR
• 2024-12-18 Rental Removed $850 LEASESTAR
• 2024-11-07 Listed for Rent $850 LEASESTAR
• 2024-10-23 Rental Removed $850 LEASESTAR
• 2024-09-30 Listed for Rent $850 LEASESTAR
• 2024-09-23 Rental Removed $1,000 RENTALBEAST
• 2024-09-23 Listed for Rent $1,000 RENTALBEAST
• 2024-08-31 Rental Removed $850 LEASESTAR
• 2024-06-14 Listed for Rent $850 LEASESTAR
• 2024-04-02 Rental Removed $875 LEASESTAR
• 2024-03-10 Price Changed $875 LEASESTAR
• 2024-02-27 Price Changed $900 LEASESTAR
• 2024-01-17 Listed for Rent $950 LEASESTAR
• 2019-05-01 Sold (Public Records) $515,000 Public Records
• 2018-04-06 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2018-04-02 Relisted — Stellar MLS as Distributed by MLS Grid
• 2018-03-24 Pending — Stellar MLS as Distributed by MLS Grid
• 2018-03-22 Pending — Stellar MLS as Distributed by MLS Grid
• 2018-03-21 Pending — Stellar MLS as Distributed by MLS Grid
• 2018-02-20 Listed $649,000 Stellar MLS as Distributed by MLS Grid
• 2008-10-30 Listed $379,000 Stellar MLS as Distributed by MLS Grid
• 2008-06-30 Listed $399,000 Stellar MLS as Distributed by MLS Grid
• 2001-01-02 Sold (Public Records) $150,000 Public Records
• 2001-01-02 Sold (Public Records) $150,000 Public Records
• 1997-03-05 Sold (Public Records) $92,000 Public Records

Property tax history

+15.2%/yr

Latest (2025): $9,928 · -0.4% YoY. Source: county tax records.