1555 SW 35 Cir · Okeechobee, FL 34974

$219,900

3 bd · 2.0 ba · 1,848 sqft · Manufactured public records · 287 Days on market

Built 1994 Est $207k · 6% over $114/mo HOA · 6% of rent

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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 +13.0/30.0
• ARV discount +4.7/15.0
• DSCR +3.9/10.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

SEMINOLE COVE 3/2 With large Garage Lots of extras. Partially furnished. Living room opens to large kitchen with eat in bar and lots of cabinet space. New AC unit and ducks replaced under home in May, 2025. Windows have been replaced. Shutters for storms. Garage has room for boat and car and also extra storage. City water and city sewer. sprinkler system and paver patio in back of home. Seminole Cove is an active 55+ active community friendly neighbors and just a few minutes to restaurants and shopping. Heated pool, shuffleboard, fish cleaning house, storage area for boats and trailers and large clubhouse. Perfect year round residence or a winter retreat. Must measure rooms for accuracy

Key facts

• Replaced windows
• New ac unit
• Extra storage

Tags

• LARGE KITCHEN
• NEW AC UNIT
• REPLACED WINDOWS
• STORM SHUTTERS
• ROOM FOR BOAT
• EXTRA STORAGE

Property features AI

Finance

• HOA & community: Has association; Monthly HOA fee of $114; Association maintains grounds and common areas; Community amenities: Clubhouse, Shuffleboard court, Storage; Senior community; Pets allowed (with breed restrictions)

Exterior

• Parking: Attached garage (1 covered space); 2 open parking spaces
• Utilities: Public water; Public sewer; Sewer available; Water available
• Home design: Manufactured home; Single-story; Entry level living area; Faces west
• Construction: Vinyl siding; Modular construction; Metal roof; Stone skirt
• Exterior features: Patio; Porch; Paved road access; Not waterfront

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms (all on main level)
• Flooring: Carpet; Laminate; Linoleum
• Bathrooms: 2 full bathrooms (on main level)
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Walk-in closet(s); Partially furnished; Blinds and drapes; Double-hung metal windows
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $220k.

Deal economics

• At list price, monthly cash flow is $-13 ($-151/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (17.7% below list).
• Recommended offer: $181k (17.7% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.3% in Okeechobee — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#210 in FL, #3,234 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Okeechobee (town): math 44% / reading 42% proficiency, ranked #58 of 73 in FL (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 402 active listings in the ZIP; 18 units permitted in Okeechobee County in 2024 (0 in 5+ unit buildings).
• This rent runs 41% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Okeechobee County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 287 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $76k; list at $220k implies a 189% 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 $180,879 (17.7% 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 287 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 0.82% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.25%
• DSCR: 0.99
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $206,976
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1704 SW 35th Cir	0.18mi	3/2.0	1,680 (-9%)	1mo	$150,000	$89	75
1541 SW 35th Cir	0.07mi	3/2.0	1,620 (-12%)	3mo	$178,000	$110	74
1693 SW 35th Cir	0.23mi	2/2.0 (-1)	1,776 (-4%)	6mo	$199,000	$112	73
1478 SW 37th Ct	0.28mi	3/2.0	1,623 (-12%)	12mo	$240,000	$148	56
1624 SW 35th Cir	0.25mi	3/2.0	1,634 (-12%)	16mo	$234,250	$143	56
1560 SW 35th Cir	0.03mi	2/2.0 (-1)	1,620 (-12%)	21mo	$125,000	$77	56
1651 SW 35th Cir	0.32mi	2/2.0 (-1)	1,652 (-11%)	16mo	$202,000	$122	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -16.7%
• Equity multiple: 0.41×
• Total profit: $-36,457
• Equity at exit: $32,788

10-year hold

• IRR: -8.6%
• Equity multiple: 0.47×
• Total profit: $-32,863
• Equity at exit: $19,013

Cash invested: $61,572 (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 34974

• Home prices YoY: -15.6%
• Active inventory: 402
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,809 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$83 /mo · $993/yr
• Insurance: −$92
• HOA: −$114
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $-13

Break-even live

Break-even rent $1,825

Max offer price $217,674

Occupancy floor 96%

Sensitivity live

Price	-10% $112	-5% $50	+0% $-13	+5% $-75	+10% $-137
Rent	-10% $-155	-5% $-84	+0% $-13	+5% $59	+10% $130
Rate	-1.0pp $98	-0.5pp $43	base $-13	+0.5pp $-70	+1.0pp $-128

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $114 · $1,368/yr
• Likely covers: watersewerpool

Listing history 20 events

1. 2026-06-19
   days on market $219,900 Active 287 DOM
2. 2026-06-18
   days on market $219,900 Active 286 DOM
3. 2026-06-17
   days on market $219,900 Active 285 DOM
4. 2026-06-16
   days on market $219,900 Active 284 DOM
5. 2026-06-15
   days on market $219,900 Active 283 DOM
6. 2026-06-14
   days on market $219,900 Active 281 DOM
7. 2026-06-10
   days on market $219,900 Active 278 DOM
8. 2026-06-09
   days on market $219,900 Active 277 DOM
9. 2026-06-08
   days on market $219,900 Active 276 DOM
10. 2026-06-07
    days on market $219,900 Active 275 DOM
11. 2026-06-05
    days on market $219,900 Active 272 DOM
12. 2026-06-03
    days on market $219,900 Active 271 DOM
13. 2026-06-02
    days on market $219,900 Active 270 DOM
14. 2026-06-01
    days on market $219,900 Active 269 DOM
15. 2026-05-31
    days on market $219,900 Active 268 DOM
16. 2026-05-30
    days on market $219,900 Active 267 DOM
17. 2025-12-03
    price $219,900
18. 2025-09-05
    listed $230,000 Active
19. 2001-12-20
    soldstatus $76,000
20. 1994-01-01
    soldstatus $5,400

ⓘ 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: $993 · $83/mo
• Projected year-2 tax: $1,825 · $152/mo
• Expected delta: +$832/yr (+$69/mo · 83.8%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 24 d/yr by 30 yrs out
• 💨 Wind 10/10 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: $21,705
• − Mortgage interest: −$12,318
• − Property taxes: −$993
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,736
• − Management: −$1,736
• − HOA: −$1,368
• − Depreciation: −$6,397
• Taxable loss: −$3,943
• Est. tax savings @ 24.0%: +$946
• After-tax cash flow: $795/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: Okeechobee
• NCES district ID: 1201410
• Math proficiency: 44% ▼ -12.00%
• Reading proficiency: 42% ▼ -4.00%
• Median HH income: $36,710
• Composite: 35.73/100
• National rank: #4855
• State rank: #58 of 73 in FL

Livability — Okeechobee

• Score: 77/100
• State rank: #210
• US rank: #3234

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Okeechobee County · 23,975 people
• Metro: Okeechobee, FL
• Population (ZIP): 23,975
• Household income: $53,013
• Rent vs Own: 18.3% rent · 81.7% own
• Severe rent burden: 399.0

Population outlook (Okeechobee County) Hauer SSP2

• Today (2025): 37,273 people
• By 2030: 35,885 · -3.7%
• By 2040: 32,931 · -11.6%
• By 2050: 29,433 · -21.0%
• By 2075: 19,607 · -47.4%
• By 2100: 11,814 · -68.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 19% Two or more races 8% Asian 2% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1% Cuban 2%
• Common ancestry: Lithuanian 2% Iranian 2% Italian 2%
• Foreign-born: 11% · Canada, Jamaica
• Languages at home: 81% English-only · Spanish 16% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Okeechobee

• 2024 margin: Solid R (+53.8) · D 22.9% · R 76.7%
• 2008→2024 swing: -34.6pp toward R · 2008: -19.2pp · 2024: -53.8pp
• All cycles: 2024: R+53.8 2020: R+44.4 2016: R+39.5 2012: R+20.0 2008: R+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.47%
• Current HPI: 348.6692
• Rent YoY: —
• Metro: Okeechobee, 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

+3972.2% since first listed

4 events — show timeline

• 2025-12-03 Price Changed $219,900 Beaches MLS
• 2025-09-05 Listed $230,000 Beaches MLS
• 2001-12-20 Sold (Public Records) $76,000 Public Records
• 1994-01-01 Sold (Public Records) $5,400 Public Records

Property tax history

+1.3%/yr

Latest (2025): $993 · +5.3% YoY. Source: county tax records.