16423 NW 262nd St

Okeechobee, FL 34972

$194,950B-

4 bd · 2.0 ba · 1,812 sqft · Built 2022 · Manufactured · Pending · 185 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,274/mo
• Mortgage (P&I): −$1,022
• Tax + insurance: −$397
• HOA: −$0
• Vac / Maint / Mgmt: −$478
• Net cashflow: $377/mo
• Annual: $4,528/yr
• Cap rate: 8.62%
• Cash-on-cash: 8.30%
• DSCR: 1.37
• 1% rule: 1.17%
• Cash to close: $54,586

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $195k.
• At list price, monthly cash flow is $377 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• It's been on market 185 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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: 644 active listings in the ZIP; 18 units permitted in Okeechobee County in 2024 (0 in 5+ unit buildings).
• Okeechobee County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $50k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.6% 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.

Questions for listing agent

• It's been on market 185 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.