2119 W Patterson St · Lakeland, FL 33815

$235,000

2 bd · 1.0 ba · 1,090 sqft · SingleFamily public records · 335 Days on market

Built 1964 6,961 sqft 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.8/30.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• 1% rule +1.1/10.0
• DSCR +1.1/10.0

Listing remarks

NO HOA! Charming 4BR 1BA single-family cottage located on a spacious 0.16 acre corner lot in Lakeland, FL offering both comfort and convenience with the possibility of short term rental. With four well-sized bedrooms, this home provides exceptional flexibility. Perfect for a large family, multi-generational living, or rental income potential. This home features a bonus room, open parking, fully screened front and back porches, an indoor laundry room, on a corner lot. It is in a great location minutes away from Downtown Lakeland, ideally situated near major roads such as I-4, Hwy 92, and the Polk Parkway (570) nearby restaurants, schools, grocery stores, schools, shopping centers, and near m

Key facts

• Expansive yard
• Bonus room
• Indoor laundry room

Tags

• CORNER LOT
• BONUS ROOM
• FULLY SCREENED PORCHES
• INDOOR LAUNDRY ROOM
• EXPANSIVE YARD

Property features AI

Finance

• Other: Property zoned R-3; Lot is approximately 0.16 acres (58 x 120), cleared, landscaped, level, corner lot within city limits; Roads are paved/asphalt and publicly maintained
• Financial info: No lease restrictions
• HOA & community: No association

Exterior

• Parking: Covered parking; Driveway; Ground-level parking; Guest parking; Off-street parking; On-street parking; Open parking; Other parking options
• Security: Smoke detectors
• Utilities: Public water; Septic tank sewer; Cable available and connected; Electricity available and connected; Sewer available and connected; Water available and connected; Underground utilities; Private utilities (other)
• Home design: Single-family residence; One-story; South-facing; Completed condition; Homestead exempt
• Construction: Block, concrete, stucco and other construction materials; Shingle roof; Slab and other foundation types; Built in 1 building
• Exterior features: Covered and enclosed patio/porch; Rear porch; Patio; Outdoor lighting; Private mailbox; Sidewalks; Fencing (other)

Interior

• Kitchen: Range; Refrigerator; Eat-in kitchen
• Bedrooms: 4 bedrooms
• Flooring: Laminate; Tile; Other
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Built-in features; Ceiling fans; Eat-in kitchen; Living/dining combo; Solid surface and stone counters; Thermostat; Blinds on windows; Storage rooms
• Laundry & utility: Inside laundry room; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $-361 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $171k (27.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (39.5% below list).
• Recommended offer: $142k (39.5% below list) — sets the bar for 1% rule.

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.
• Zoned schools: Jesse Keen Elementary School (math 20% / reading 21%, grade F, #2,094 of 2,144 statewide, top 98%, 649 students, 67% FRL); Kathleen Senior High School (math 19% / reading 31%, grade F, #501 of 667 statewide, top 75%, 2,051 students, 59% FRL) — zoned schools at 63% FRL track the district average.
• Zoned-school proficiency averages 23% at this address vs 41% district-wide (-18 pts) — the specific schools serving this property underperform the Polk average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+6.1%/yr); 72 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• At $1,423/mo this rent would consume 46% of the median local household income ($37k/yr) (locally 700% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Polk County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 335 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 $92k; list at $235k implies a 155% 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $142,292 (39.5% 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. It's been on market 335 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.61% ✗
• Cap rate: 4.45%
• Cash-on-cash: -6.57%
• DSCR: 0.71
• GRM: 13.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 20.4%
• Equity multiple: 2.67×
• Total profit: $109,597
• Equity at exit: $211,707

10-year hold

• IRR: 19.2%
• Equity multiple: 6.34×
• Total profit: $351,355
• Equity at exit: $456,553

Cash invested: $65,800 (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 33815

• Home prices YoY: 12.6%
• Rents YoY: 6.1%
• Active inventory: 72
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $1,423 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$154 /mo · $1,852/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $-361

Break-even live

Break-even rent $1,879

Max offer price $171,311

Occupancy floor —

Sensitivity live

Price	-10% $-228	-5% $-294	+0% $-361	+5% $-427	+10% $-494
Rent	-10% $-473	-5% $-417	+0% $-361	+5% $-304	+10% $-248
Rate	-1.0pp $-242	-0.5pp $-301	base $-361	+0.5pp $-421	+1.0pp $-483

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2206 W Highland St Unit 2208 Lakeland, FL	2.0	1.0	756	$1,125	$1.49	11d	1	0.08mi
457 Arapahoe Ave Lakeland, FL	2.0	1.0	750	$1,095	$1.46	4d	1	0.71mi
455 Arapahoe Ave Lakeland, FL	2.0	1.0	750	$1,199	$1.60	20d	1	0.72mi
607 Kansas Ave Lakeland, FL	2.0	1.0	829	$1,150	$1.39	24d	1	0.79mi
1618 Wayman St Lakeland, FL	3.0	1.0	994	$1,750	$1.76	24d	1	0.82mi
1514 Alice Ave Lakeland, FL	3.0	2.0	924	$1,250	$1.35	15d	1	0.85mi
524 Montana Ave Lakeland, FL	2.0	1.0	817	$1,300	$1.59	24d	1	0.86mi
515 Oregon Ave Lakeland, FL	3.0	2.0	1024	$1,500	$1.46	4d	1	0.89mi
1246 Dorothy St Lakeland, FL	3.0	2.0	1484	$2,300	$1.55	24d	1	0.99mi
1213 W Patterson St Lakeland, FL	3.0	1.0	840	$1,350	$1.61	15d	1	1.03mi
1206 W Highland St Lakeland, FL	2.0	1.0	972	$1,495	$1.54	24d	1	1.04mi
2259 Chestnut Woods Dr Lakeland, FL	2.0	1.0	1001	$1,400	$1.40	15d	1	1.04mi
2463 Chestnut Woods Dr Lakeland, FL	2.0	1.0	910	$1,500	$1.65	24d	1	1.05mi
512 Dade Ave Lakeland, FL	2.0	1.0	936	$1,149	$1.23	24d	1	1.07mi
510 Dade Ave Lakeland, FL	2.0	1.0	936	$1,149	$1.23	15d	1	1.07mi
1238 Herschell St Lakeland, FL	2.0	1.0	1323	$1,300	$0.98	24d	1	1.08mi
2559 Chestnut Woods Dr Lakeland, FL	2.0	1.0	1001	$1,500	$1.50	15d	1	1.09mi
518 Pinewood Ave Lakeland, FL	2.0	1.0	891	$1,175	$1.32	24d	1	1.11mi
1301 W Walnut St Lakeland, FL	3.0	1.0	756	$1,300	$1.72	15d	1	1.12mi
808 S Central Ave Lakeland, FL	2.0	1.0	700	$1,100	$1.57	24d	1	1.13mi
1139 Olive St Lakeland, FL	2.0	2.0	984	$1,725	$1.75	4d	1	1.28mi
1149 Sycamore St Unit 1149 Lakeland, FL	2.0	2.0	970	$1,700	$1.75	24d	1	1.28mi
1040 Ruby St Lakeland, FL	3.0	2.0	1110	$1,595	$1.44	11d	1	1.30mi
2117 Ivey Ln Lakeland, FL	3.0	1.0	1160	$1,980	$1.71	24d	1	1.32mi
101 Lake Hunter Dr #8 Lakeland, FL	2.0	1.0	905	$1,400	$1.55	24d	1	1.43mi
407 Enclave Pl #407 Lakeland, FL	2.0	2.0	1220	$2,125	$1.74	15d	1	1.43mi
3327 Old Tampa Hwy Unit N/A Lakeland, FL	3.0	2.0	1409	$2,290	$1.63	15d	1	1.44mi
915 Ariana St Lakeland, FL	2.0	2.0	819	$1,395	$1.70	4d	1	1.45mi
447 Enclave Pl #447 Lakeland, FL	3.0	2.0	1349	$2,200	$1.63	24d	1	1.48mi

Listing history 35 events

1. 2026-06-18
   days on market $235,000 Active 335 DOM
2. 2026-06-17
   days on market $235,000 Active 334 DOM
3. 2026-06-16
   days on market $235,000 Active 333 DOM
4. 2026-06-15
   days on market $235,000 Active 332 DOM
5. 2026-06-13
   days on market $235,000 Active 330 DOM
6. 2026-06-10
   days on market $235,000 Active 327 DOM
7. 2026-06-09
   days on market $235,000 Active 326 DOM
8. 2026-06-08
   days on market $235,000 Active 325 DOM
9. 2026-06-07
   days on market $235,000 Active 324 DOM
10. 2026-06-05
    days on market $235,000 Active 321 DOM
11. 2026-06-03
    days on market $235,000 Active 319 DOM
12. 2026-06-01
    days on market $235,000 Active 318 DOM
13. 2026-05-31
    days on market $235,000 Active 317 DOM
14. 2026-02-03
    price $235,000
15. 2025-07-18
    listed $240,000 Active
16. 2022-08-24
    historical
17. 2022-07-21
    price $247,000
18. 2022-07-05
    price $250,000
19. 2022-07-05
    price $1,700
20. 2022-05-29
    price $254,000
21. 2022-04-24
    listed $260,000 Active
22. 2021-11-06
    historical
23. 2021-10-13
    price $190,000
24. 2021-09-29
    price $195,000
25. 2021-09-05
    listed $200,000 Active
26. 2021-09-03
    historical
27. 2021-08-17
    price $197,000
28. 2021-08-06
    price $205,000
29. 2021-07-26
    price $218,900
30. 2021-07-02
    listed $219,900 Active
31. 2016-07-06
    soldstatus $92,000
32. 2016-06-03
    soldstatus $92,000
33. 2001-01-29
    soldstatus $64,500
34. 2000-12-19
    soldstatus $34,600
35. 1994-11-01
    soldstatus $32,000

ⓘ 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: $1,852 · $154/mo
• Projected year-2 tax: $1,950 · $163/mo
• Expected delta: +$98/yr (+$8/mo · 5.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 9/10 Extreme 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,075
• − Mortgage interest: −$13,164
• − Property taxes: −$1,852
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,366
• − Management: −$1,366
• − Depreciation: −$6,836
• Taxable loss: −$8,684
• Est. tax savings @ 24.0%: +$2,084
• After-tax cash flow: $-2,242/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

• County: Polk County · 740,051 people
• City population: 277,690
• Metro: Lakeland-Winter Haven, FL
• Population (ZIP): 13,975
• Household income: $37,487
• Rent vs Own: 40.4% rent · 59.6% own
• Severe rent burden: 700.0

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 0.67)
• Race & ethnicity: White 43% Black 27% Hispanic / Latino 26% Two or more races 10% Asian 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 10%
• Common ancestry: Romanian 1% German 1% Lithuanian 1%
• Foreign-born: 11% · Canada, Jamaica, China
• Languages at home: 75% English-only · Spanish 23% German/W. Germanic 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: ▲ 47.45%
• Current HPI: 424.0956
• Rent YoY: ▲ 6.14%
• 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

+634.4% since first listed

22 events — show timeline

• 2026-02-03 Price Changed $235,000 Stellar MLS as Distributed by MLS Grid
• 2025-07-18 Listed $240,000 Stellar MLS as Distributed by MLS Grid
• 2022-08-24 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2022-07-21 Price Changed $247,000 Stellar MLS as Distributed by MLS Grid
• 2022-07-05 Price Changed $250,000 Stellar MLS as Distributed by MLS Grid
• 2022-07-05 Price Changed $1,700 RENT.
• 2022-05-29 Price Changed $254,000 Stellar MLS as Distributed by MLS Grid
• 2022-04-24 Listed $260,000 Stellar MLS as Distributed by MLS Grid
• 2021-11-06 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2021-10-13 Price Changed $190,000 Stellar MLS as Distributed by MLS Grid
• 2021-09-29 Price Changed $195,000 Stellar MLS as Distributed by MLS Grid
• 2021-09-05 Listed $200,000 Stellar MLS as Distributed by MLS Grid
• 2021-09-03 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2021-08-17 Price Changed $197,000 Stellar MLS as Distributed by MLS Grid
• 2021-08-06 Price Changed $205,000 Stellar MLS as Distributed by MLS Grid
• 2021-07-26 Price Changed $218,900 Stellar MLS as Distributed by MLS Grid
• 2021-07-02 Listed $219,900 Stellar MLS as Distributed by MLS Grid
• 2016-07-06 Sold (Public Records) $92,000 Public Records
• 2016-06-03 Sold (Public Records) $92,000 Public Records
• 2001-01-29 Sold (Public Records) $64,500 Public Records
• 2000-12-19 Sold (Public Records) $34,600 Public Records
• 1994-11-01 Sold (Public Records) $32,000 Public Records

Property tax history

+30.9%/yr

Latest (2025): $1,852 · +9.9% YoY. Source: county tax records.