1210 State 17 Rd S · Dundee, FL 33838

$899,000

9 bd · 9.0 ba · 3,792 sqft · MultiFamily · 17 Days on market

Built 1947 1.32 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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• 1% rule +4.1/10.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 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

SELLER FINANCING AVAILABLE. CONTACT LISTING AGENT FOR DETAILS. Lake Josephine Apartments is a 9-unit waterfront multifamily asset sitting directly on the shoreline in Dundee, FL. A rare lakefront offering. The property delivers a 12.79% cash-on-cash return in-place with Year 1 proforma climbing to 13.13%, supported by a balanced unit mix of three studios, three 1BR/1BA, and three 2BR/1BA units across 3,792 SF of concrete block construction on a 1.32-acre lot. In-place rents currently sit below market on multiple units, leaving a clear path to grow returns further without renovation risk. With the landlord covering electric, water, sewer, and trash, operations are simple and tenant turnover

Key facts

• Lakefront offering
• Lakeside location
• 1.32 acre lot

Tags

• WATERFRONT MULTIFAMILY ASSET
• LAKEFRONT OFFERING
• UNIQUE WATERFRONT LOCATION
• LAKESIDE LOCATION

Property features AI

Other

• : Unit types: three 2-bedroom units (approximately 582 heated sq ft each, pro forma 1,200) and six 1-bedroom units (approximately 366 heated sq ft each, pro forma 950); All units currently occupied (3 of the 2-bed units occupied, 6 of the 1-bed units occupied); Total number of units listed as 2 in a separate field and total buildings 1 (data indicates a multifamily income property/quadruplex)

Finance

• Other: Property classified as residential income (quadruplex) on 1.32-acre lot
• Financial info: Gross income reported at $110,067; Annual net income reported at $77,327.85; Annual expenses reported at $35,761; Tenants are responsible for electricity
• HOA & community: No HOA

Exterior

• Parking: No parking details provided
• Security: No security features provided
• Utilities: Public water; Septic needed; Electricity connected; Water connected
• Home design: Residential income property (quadruplex); One building on the lot; Total living area reported as 3,792 square feet
• Construction: Concrete and frame construction; Shingle roof; Slab foundation; Property built details not provided
• Exterior features: Lakefront property with lake access and lake views; Approximately 50 feet of lake frontage; Asphalt road access; Lot dimensions approximately 150 x 220

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: 12 total bedrooms; Unit mix includes three 2-bedroom units and six 1-bedroom units
• Flooring: No flooring information provided
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Electric heating; Wall/window air conditioning units
• Interior features: Masonry fireplace; No additional interior amenities listed
• Laundry & utility: No laundry facilities (None listed)

Utilities

• : Public water; Septic needed; Electricity connected; Water connected

What this means for you Summary

Snapshot

• This is a 9 × 1.0-bed/1.0-bath units multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive. Per door: $31/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 $821k (8.6% below list).
• Recommended offer: $821k (8.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#638 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; 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: 149 active listings in the ZIP; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).

Forward outlook

• In year one you build about $96k of equity ($6k loan paydown + $90k appreciation (10.0% local appreciation)).
• Polk County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $252k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$155k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($886k) is reasonable based on typical stale-listing flexibility.
• 5 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.

Risks & watch-outs

• Watch-outs: built in 1947 — 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $821,300 (8.6% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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: 0.91% ✗
• Cap rate: 6.66%
• Cash-on-cash: 1.31%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.2%
• Equity multiple: 3.02×
• Total profit: $507,289
• Equity at exit: $809,890

10-year hold

• IRR: 22.2%
• Equity multiple: 6.88×
• Total profit: $1,480,330
• Equity at exit: $1,746,559

Cash invested: $251,720 (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 33838

• Home prices YoY: 17.6%
• Active inventory: 149
• Price-to-rent: 82.1×

Monthly cashflow live

• Estimated rent: $8,213 medium
• Mortgage (P&I): −$4,714
• Tax est. 1.5%: −$1,124 /mo · $13,485/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,725
• Net cashflow: $275

Break-even live

Break-even rent $7,864

Max offer price $899,000

Occupancy floor 92%

Sensitivity live

Price	-10% $897	-5% $586	+0% $275	+5% $-35	+10% $-346
Rent	-10% $-373	-5% $-49	+0% $275	+5% $600	+10% $924
Rate	-1.0pp $728	-0.5pp $504	base $275	+0.5pp $43	+1.0pp $-194

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

Units	Beds	Baths	Est. rent
▸ 9× units	1.0	1	$8,217
Total (9 units)			$8,213

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $899,000 Active 17 DOM
2. 2026-06-17
   days on market $899,000 Active 16 DOM
3. 2026-06-16
   days on market $899,000 Active 15 DOM
4. 2026-06-15
   days on market $899,000 Active 14 DOM
5. 2026-06-13
   days on market $899,000 Active 12 DOM
6. 2026-06-10
   days on market $899,000 Active 9 DOM
7. 2026-06-09
   days on market $899,000 Active 8 DOM
8. 2026-06-08
   days on market $899,000 Active 7 DOM
9. 2026-06-07
   days on market $899,000 Active 6 DOM
10. 2026-06-05
    days on market $899,000 Active 3 DOM
11. 2026-06-03
    days on market $899,000 Active 2 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $899,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 24 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: $98,556
• − Mortgage interest: −$50,358
• − Property taxes: −$13,485
• − Insurance: −$4,495
• − Repairs & maintenance: −$7,884
• − Management: −$7,884
• − Depreciation: −$26,153
• Taxable loss: −$11,704
• Est. tax savings @ 24.0%: +$2,809
• After-tax cash flow: $6,115/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 — Dundee

• Score: 65/100
• State rank: #638
• US rank: #12542

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dundee, FL
• City population: 5,431
• Population (ZIP): 5,431

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 0.63)
• Race & ethnicity: Hispanic / Latino 50% White 30% Black 14% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 14% Puerto Rican 19% Dominican 6%
• Common ancestry: Portuguese 1%
• Foreign-born: 18% · Canada, Guatemala
• Languages at home: 53% English-only · Spanish 47%

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: ▲ 54.34%
• Current HPI: 363.9764
• 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

+87.3% since first listed

10 events — show timeline

• 2026-06-01 Listed $899,000 Stellar MLS as Distributed by MLS Grid
• 2024-11-20 Listed $999,997 Stellar MLS as Distributed by MLS Grid
• 2019-09-16 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2019-05-20 Relisted — Stellar MLS as Distributed by MLS Grid
• 2019-04-26 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2018-10-26 Listed $449,900 Stellar MLS as Distributed by MLS Grid
• 2018-07-16 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2018-03-07 Price Changed $429,900 Stellar MLS as Distributed by MLS Grid
• 2017-11-15 Price Changed $449,900 Stellar MLS as Distributed by MLS Grid
• 2017-06-07 Listed $479,900 Stellar MLS as Distributed by MLS Grid