1235 S Wabash Ave, Lakeland, FL 33815

Here’s a detailed analysis of the property at 1235 S Wabash Ave, Lakeland, FL 33815, along with current Lakeland real estate market trends and general refinancing information for Florida:

Property Details:

• Address: 1235 S Wabash Ave, Lakeland, FL 33815
• Property Type: Single Family Residence
• Bedrooms: 4 beds
• Bathrooms: 3 baths
• Square Footage: 2,294 sqft (living area)
• Lot Size: Approximately 0.68 acres (around 29,620 sqft) – a significant lot size.
• Estimated Refinance Payment: $2,042/mo
• Built in: 1935 (a historic home)
• Price/Value: $317,000 (This is the value provided in your input. Public records indicate the property last sold for $300,000 on September 23, 2022. It was also listed at $395,000 in February 2022 and $375,000 in April 2022.)

Additional Property Features and History:

• Year Renovated: 2000 (according to some public records, indicating updates since its original construction)
• Interior Features: Kitchen/Family Room Combo, Master Bedroom Main Floor, Thermostat, Laminate flooring.
• Appliances: Dishwasher, Electric Water Heater, Microwave, Range, Refrigerator.
• Heating/Cooling: Central Air/Central Heating.
• Exterior Features: Block construction, Fence, Sidewalk, Storage.
• Utilities: Public water, Aerobic Septic system, Electricity Connected.
• Tax History: Property taxes in 2024 were $4,297, showing a significant increase from previous years (e.g., $2,917 in 2021).

Lakeland, FL Real Estate Market Trends (as of July 2025):

• Market Condition: Lakeland’s housing market is currently reported as “not very competitive” by Redfin, and home prices were up 3.3% compared to last year in June 2025.
• Median Sale Price:
  • $315,000 in June 2025 (Redfin), up 3.3% year-over-year.
  • Median listing home price for zip code 33815 (where this property is located) is $250K (Realtor.com), making it one of the more affordable areas in Lakeland.
• Median Sale Price Per Square Foot: $186, down 1.1% since last year.
• Median Days on Market: Homes in Lakeland are selling after an average of 54 days on the market, a significant increase from 30 days last year, suggesting a cooling period.
• Number of Homes Sold: 125 homes were sold in June 2025, down 18.8% from last year.
• Overall Home Values: The average home price in Lakeland is approximately $350,000, reflecting an increase of about 8 percent from the previous year (as of March 2025). Despite rising prices, Lakeland remains more affordable than many other parts of Florida.

Flood Risk:

• Lakeland has a “Significant” risk of flooding, with about 20% of buildings at risk.
• Specifically for this address, it’s advisable to contact Polk County Floodplain Management at (863) 534-6765 to determine if the property is in a Special Flood Hazard Area and if there’s an existing Elevation Certificate.
• Even a few inches of water can lead to thousands of dollars in repair costs.

Current Mortgage Interest Rates in Florida (as of Sunday, July 20, 2025):

• 30-Year Fixed Mortgage: Average APRs are around 6.83% – 6.957%.
• 15-Year Fixed Mortgage: Average APRs are around 5.750% – 6.113%.
• 5-Year ARM: Average APRs are around 6.500% – 7.108%.

Note: These are average rates and can vary based on individual borrower qualifications, lender, and market fluctuations. APR (Annual Percentage Rate) includes some fees beyond the interest rate.

General Requirements for Refinancing a Loan in Florida:

• Home Equity (Loan-to-Value Ratio – LTV): Most lenders require an LTV of 80% or less for conventional refinances (meaning you need at least 20% equity). For cash-out refinances, you can typically borrow up to 80% of your home’s value. A new appraisal will be required to determine the current market value and calculate your LTV.
• Credit Score: A minimum FICO score of 620 is generally needed for conventional loans. Higher scores (740+) will secure the most favorable rates. FHA loans may offer lower minimums (e.g., 500-579 with a 10% down payment, or 580+ with 3.5% down payment) but come with specific mortgage insurance requirements.
• Debt-to-Income (DTI) Ratio: Lenders typically look for a DTI of 43% or lower, although some programs (like FHA) may allow up to 50%.
• Property Occupancy: The home must generally be your primary residence, and at least one borrower must occupy it within 60 days of closing.
• Stable Income and Employment: You’ll need to provide documentation such as pay stubs, W-2 forms, and tax returns to prove a consistent income and employment history.
• Closing Costs: Expect to pay 2% to 6% of the new loan amount in closing costs. These can sometimes be rolled into the new loan, but doing so will increase your loan amount and total interest paid over time.
• Mortgage Insurance (PMI): If your LTV is above 80% on a conventional loan, you will likely be required to pay Private Mortgage Insurance (PMI).

The estimated refinance payment of $2,042/mo indicates that refinancing could be a potential option for the homeowner. Given the age and potential renovations of the property, its actual current market value could differ from the provided $317,000, which would impact the LTV calculation for a refinance. It is crucial for the homeowner to get personalized quotes from multiple lenders to compare rates and terms, and to consider the long-term financial implications of refinancing, including closing costs.