3112 SE 29th Ter · Taylor Creek, FL 34974

$649,000

2 bd · 2.0 ba · 1,200 sqft · MultiFamily public records · 41 Days on market

Built 1971 10,846 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).

• Cash flow +13.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• Schools +3.6/10.0
• 1% rule +3.0/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

INVESTMENT OPPORTUNITY. .. IMMEDIATE CASH FLOW. .. MULTI-UNIT. TWO picturesque WATERFRONT canal PARCELS, granting access to Lake Okeechobee. Parcel 3112 boasts 75' of Waterfront, TWO robust concrete block structures, one encompassing a single-family home (1,200 sqft heated) ingeniously transformed into a PROFITABLE DUPLEX, 1Br/1Bath apt with kitchen & a Studio with separate kitchen and bathroom. Adjacent stands the SECOND building (1,100 sqft heated), housing a lucrative TRIPLEX featuring three Studio units. All FIVE units are furnished and equipped with essential appliances ideal for short or long-term rentals. Additionally, the property includes four 4'w x 3'd storage lockers, a 9'x

Key facts

• Profitable duplex
• Lucrative triplex
• Four storage lockers

Tags

• WATERFRONT CANAL PARCELS
• ACCESS TO LAKE OKEECHOBEE
• PROFITABLE DUPLEX
• LUCRATIVE TRIPLEX
• FURNISHED AND EQUIPPED UNITS
• FOUR STORAGE LOCKERS

Property features AI

Finance

• Other: Property has two lots and additional parcels; Lot features include cul-de-sac and dead-end street; Approximately 0.25 acre lot with mature landscaping; Gravel road access; Zoned RM
• Financial info: No lease restrictions reported
• HOA & community: No HOA association indicated

Exterior

• Parking: Carport (1 space)
• Security: Security lights
• Utilities: Public water; Private sewer; Other utilities
• Home design: Single family residence; One story; Faces west; On waterfront (canal) with water view and water access to lake
• Construction: Block and concrete construction; Other roof type; Slab foundation; Built as part of buildings 3112 / 3122
• Exterior features: Patio (screened); Outdoor lighting; Sliding doors; Storage; Assigned boat slip; Private boat ramp; Concrete seawall

Interior

• Kitchen: Microwave; Range; Refrigerator; Outdoor kitchen
• Bedrooms: 5 bedrooms
• Flooring: Vinyl flooring; Wood flooring
• Bathrooms: 5 full bathrooms
• Heating & cooling: Central air; Wall/window unit(s); Other heating
• Interior features: Ceiling fans; Window shades; Security lights
• Laundry & utility: Dedicated laundry room; Outside laundry access; Inside utility room; Storage rooms

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $649k.

Deal economics

• At list price, monthly cash flow is $62 ($743/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $521k (19.7% below list).
• Recommended offer: $521k (19.7% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.1% in Taylor Creek — 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 56/100 on livability (#874 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment 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.
• Zoned schools: Everglades Elementary School (math 53% / reading 52%, grade C-, #976 of 2,144 statewide, top 46%, 760 students, 76% FRL); Okeechobee High School (math 30% / reading 42%, grade F, #359 of 667 statewide, top 55%, 1,692 students, 62% FRL) — zoned schools at 69% FRL track the district average.
• Market conditions: 402 active listings in the ZIP; 18 units permitted in Okeechobee County in 2024 (0 in 5+ unit buildings).
• At $5,210/mo this rent would consume 118% of the median local household income ($53k/yr) (locally 399% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k 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 41 days — a 3% lower offer ($630k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 4y 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 $3k; list at $649k implies a 24455% 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 $521,000 (19.7% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
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: 0.80% ✗
• Cap rate: 6.41%
• Cash-on-cash: 0.41%
• DSCR: 1.02
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -15.7%
• Equity multiple: 0.44×
• Total profit: $-101,407
• Equity at exit: $96,768

10-year hold

• IRR: -7.3%
• Equity multiple: 0.54×
• Total profit: $-83,981
• Equity at exit: $56,114

Cash invested: $181,720 (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 34974

• Home prices YoY: -15.6%
• Active inventory: 402
• Price-to-rent: 51.9×

Monthly cashflow live

• Estimated rent: $5,210 medium
• Mortgage (P&I): −$3,403
• Tax from tax record: −$380 /mo · $4,561/yr
• Insurance: −$270
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,094
• Net cashflow: $62

Break-even live

Break-even rent $5,132

Max offer price $649,000

Occupancy floor 94%

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$5,210
Total (5 units)			$5,210

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: $162,250
• Closing costs: $19,470
• Reserves months: —
• Total cash needed: —

Listing history 48 events

1. 2026-06-19
   days on market $649,000 Active 41 DOM
2. 2026-06-18
   days on market $649,000 Active 40 DOM
3. 2026-06-17
   days on market $649,000 Active 39 DOM
4. 2026-06-16
   days on market $649,000 Active 38 DOM
5. 2026-06-15
   days on market $649,000 Active 37 DOM
6. 2026-06-14
   days on market $649,000 Active 35 DOM
7. 2026-06-10
   days on market $649,000 Active 32 DOM
8. 2026-06-09
   days on market $649,000 Active 31 DOM
9. 2026-06-08
   days on market $649,000 Active 30 DOM
10. 2026-06-07
    days on market $649,000 Active 29 DOM
11. 2026-06-05
    days on market $649,000 Active 26 DOM
12. 2026-06-03
    days on market $649,000 Active 25 DOM
13. 2026-06-02
    days on market $649,000 Active 24 DOM
14. 2026-06-01
    days on market $649,000 Active 23 DOM
15. 2026-05-31
    days on market $649,000 Active 22 DOM
16. 2026-05-30
    days on market $649,000 Active 21 DOM
17. 2026-05-09
    listed $649,000 Active
18. 2025-11-21
    historical
19. 2025-11-21
    historical
20. 2025-05-12
    status Active
21. 2025-05-12
    price $655,000
22. 2025-05-12
    status Active
23. 2025-05-12
    price $655,000
24. 2025-04-22
    historical
25. 2025-04-22
    historical
26. 2024-10-30
    status Active
27. 2024-10-30
    price $659,000
28. 2024-10-30
    status Active
29. 2024-10-30
    price $659,000
30. 2024-10-22
    historical
31. 2024-10-22
    historical
32. 2024-04-22
    listed $675,000 Active
33. 2024-04-22
    listed $675,000 Active
34. 2024-03-19
    historical
35. 2024-03-19
    historical
36. 2023-03-22
    status Active
37. 2023-03-22
    status Active
38. 2023-03-19
    historical
39. 2023-03-19
    historical
40. 2023-01-19
    price $725,000
41. 2023-01-19
    price $725,000
42. 2022-08-11
    status Active
43. 2022-08-11
    status Active
44. 2022-07-21
    status Pending
45. 2022-07-21
    status Pending
46. 2022-03-20
    listed $750,000 Active
47. 2022-03-20
    listed $750,000 Active
48. 2017-07-25
    soldstatus $2,643

ⓘ 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: $4,561 · $380/mo
• Projected year-2 tax: $5,387 · $449/mo
• Expected delta: +$825/yr (+$69/mo · 18.1%)

ⓘ 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 3/10 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: $62,520
• − Mortgage interest: −$36,354
• − Property taxes: −$4,561
• − Insurance: −$3,245
• − Repairs & maintenance: −$5,002
• − Management: −$5,002
• − Depreciation: −$18,880
• Taxable loss: −$10,524
• Est. tax savings @ 24.0%: +$2,526
• After-tax cash flow: $3,269/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 — Taylor Creek

• Score: 56/100
• State rank: #874
• US rank: #23017

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Taylor Creek, FL
• 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

+24455.4% since first listed

32 events — show timeline

• 2026-05-09 Listed $649,000 Stellar MLS as Distributed by MLS Grid
• 2025-11-21 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-11-21 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-05-12 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-05-12 Price Changed $655,000 Stellar MLS as Distributed by MLS Grid
• 2025-05-12 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-05-12 Price Changed $655,000 Stellar MLS as Distributed by MLS Grid
• 2025-04-22 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-04-22 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-10-30 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-10-30 Price Changed $659,000 Stellar MLS as Distributed by MLS Grid
• 2024-10-30 Relisted — Stellar MLS as Distributed by MLS Grid
• 2024-10-30 Price Changed $659,000 Stellar MLS as Distributed by MLS Grid
• 2024-10-22 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-10-22 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-04-22 Listed $675,000 Stellar MLS as Distributed by MLS Grid
• 2024-04-22 Listed $675,000 Stellar MLS as Distributed by MLS Grid
• 2024-03-19 Listing Removed — MARMLS
• 2024-03-19 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2023-03-22 Relisted — MARMLS
• 2023-03-22 Relisted — Stellar MLS as Distributed by MLS Grid
• 2023-03-19 Listing Removed — MARMLS
• 2023-03-19 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2023-01-19 Price Changed $725,000 MARMLS
• 2023-01-19 Price Changed $725,000 Stellar MLS as Distributed by MLS Grid
• 2022-08-11 Relisted — MARMLS
• 2022-08-11 Relisted — Stellar MLS as Distributed by MLS Grid
• 2022-07-21 Pending — MARMLS
• 2022-07-21 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-03-20 Listed $750,000 MARMLS
• 2022-03-20 Listed $750,000 Stellar MLS as Distributed by MLS Grid
• 2017-07-25 Sold (Public Records) $2,643 Public Records

Property tax history

+10.1%/yr

Latest (2025): $4,561 · +11.1% YoY. Source: county tax records.