3220 Courtney Dr · Lake Wales, FL 33898

$349,000

2 bd · 2.0 ba · 2,046 sqft · MultiFamily public records · 23 Days on market

Built 1996 0.51 ac lot $92/mo HOA · 6% of rent ↓ 13% since listing

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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 +12.6/30.0
• ARV discount +7.5/15.0
• DSCR +3.8/10.0
• 1% rule +3.5/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Total of 6 duplexes in beautiful wooded Arborwood. In beautiful condition. Lots of privacy for tenants and parking for up to 4 vehicles per unit or 8 per duplex.

Key facts

• Updated living space
• Move in ready
• 0.51 acre lot

Tags

• FULLY RENOVATED DUPLEX
• INVESTMENT OPPORTUNITY
• INCOME PRODUCING PROPERTY
• UPDATED LIVING SPACE
• MOVE IN READY
• IMMEDIATE RENTAL INCOME

Property features AI

Finance

• Other: Property listed as Residential Income (duplex)
• Financial info: Annual net income reported: $23,973; Total monthly fees: $92.54; Total annual fees: $1,110.48; Pro forma rents: one unit at $1,200; one unit at $1,350
• HOA & community: Community has an association (named Tina); Monthly association fee $92.54; Association fees are required; Pets allowed

Exterior

• Parking: Parking details not provided
• Security: Security details not provided
• Utilities: Public water; Septic tank sewer; Cable available; High‑speed internet available; Electricity connected; Water connected; Sewer connected
• Home design: Residential income property (duplex); Single building with 2 units; Lot approximately 0.51 acres (165 x 135); Asphalt road access
• Construction: Stucco exterior; Shingle roof; Block foundation; Built details not provided
• Exterior features: Fenced yard; Private mailbox

Interior

• Kitchen: Kitchen details not provided
• Bedrooms: 4 bedrooms total; Two 2‑bedroom units (each unit listed separately below)
• Flooring: Flooring details not provided
• Bathrooms: Each unit has 2 bathrooms
• Heating & cooling: Central electric heating; Central air conditioning
• Interior features: Ceiling fans; Open floor plan; Thermostat; Vaulted ceilings; Walk-in closets
• Laundry & utility: Indoor laundry in a laundry closet

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $349k.

Deal economics

• At list price, monthly cash flow is $-45 ($-537/yr) — negative. Per door: $-22/mo.
• To cash-flow at today's rent, offer at most $341k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $297k (14.9% below list).
• Recommended offer: $297k (14.9% below list) — sets the bar for 1% rule.

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: 500 active listings in the ZIP; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• At $2,969/mo this rent would consume 62% 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 $2k of loan paydown is wiped out by about $10k 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 23 days — a 2% lower offer ($344k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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 $140k; list at $349k implies a 149% 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; moderate wildfire risk; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $296,900 (14.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
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: 0.85% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.55%
• DSCR: 0.98
• GRM: 9.8

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: -17.2%
• Equity multiple: 0.39×
• Total profit: $-59,372
• Equity at exit: $52,037

10-year hold

• IRR: -9.1%
• Equity multiple: 0.43×
• Total profit: $-55,244
• Equity at exit: $30,175

Cash invested: $97,720 (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: 19.6×

Monthly cashflow live

• Estimated rent: $2,969 medium
• Mortgage (P&I): −$1,830
• Tax from tax record: −$323 /mo · $3,872/yr
• Insurance: −$145
• HOA: −$92
• Vacancy / Maint / Mgmt: −$623
• Net cashflow: $-45

Break-even live

Break-even rent $3,026

Max offer price $341,092

Occupancy floor 97%

Sensitivity live

Price	-10% $153	-5% $54	+0% $-45	+5% $-144	+10% $-242
Rent	-10% $-279	-5% $-162	+0% $-45	+5% $73	+10% $190
Rate	-1.0pp $131	-0.5pp $44	base $-45	+0.5pp $-135	+1.0pp $-227

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,968
Total (2 units)			$2,969

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $92 · $1,104/yr

Listing history 17 events

1. 2026-06-13
   statusdays on market $349,000 Pending 23 DOM
2. 2026-06-10
   days on market $349,000 Active 22 DOM
3. 2026-06-09
   days on market $349,000 Active 21 DOM
4. 2026-06-08
   days on market $349,000 Active 20 DOM
5. 2026-06-07
   days on market $349,000 Active 19 DOM
6. 2026-06-05
   days on market $349,000 Active 16 DOM
7. 2026-06-03
   days on market $349,000 Active 15 DOM
8. 2026-06-03
   days on market $349,000 Active 14 DOM
9. 2026-06-01
   days on market $349,000 Active 13 DOM
10. 2026-05-31
    days on market $349,000 Active 12 DOM
11. 2026-05-19
    listed $349,000 Active
12. 2017-10-20
    soldstatus $140,000
13. 2017-10-16
    soldstatus $140,000 Sold 161-char remark

    Show marketing remark (161 chars)

    Total of 6 duplexes in beautiful wooded Arborwood. In beautiful condition. Lots of privacy for tenants and parking for up to 4 vehicles per unit or 8 per duplex.

14. 2017-09-06
    status Pending 161-char remark

    Show marketing remark (161 chars)

    Total of 6 duplexes in beautiful wooded Arborwood. In beautiful condition. Lots of privacy for tenants and parking for up to 4 vehicles per unit or 8 per duplex.

15. 2017-08-22
    listed $140,000 Active 161-char remark

    Show marketing remark (161 chars)

    Total of 6 duplexes in beautiful wooded Arborwood. In beautiful condition. Lots of privacy for tenants and parking for up to 4 vehicles per unit or 8 per duplex.

16. 2005-03-09
    soldstatus $124,900
17. 1996-05-13
    soldstatus $400,000

ⓘ 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: $3,872 · $323/mo
• Projected year-2 tax: $3,872 · $323/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 6 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,628
• − Mortgage interest: −$19,549
• − Property taxes: −$3,872
• − Insurance: −$1,745
• − Repairs & maintenance: −$2,850
• − Management: −$2,850
• − HOA: −$1,104
• − Depreciation: −$10,153
• Taxable loss: −$6,496
• Est. tax savings @ 24.0%: +$1,559
• After-tax cash flow: $1,022/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

• County: Polk County · 740,051 people
• City population: 30,351
• 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

-12.8% since first listed

7 events — show timeline

• 2026-05-19 Listed $349,000 Stellar MLS as Distributed by MLS Grid
• 2017-10-20 Sold (Public Records) $140,000 Public Records
• 2017-10-16 Sold (MLS) $140,000 Stellar MLS as Distributed by MLS Grid
• 2017-09-06 Pending — Stellar MLS as Distributed by MLS Grid
• 2017-08-22 Listed $140,000 Stellar MLS as Distributed by MLS Grid
• 2005-03-09 Sold (Public Records) $124,900 Public Records
• 1996-05-13 Sold (Public Records) $400,000 Public Records

Property tax history

+10.2%/yr

Latest (2025): $3,872 · +30.8% YoY. Source: county tax records.