1061 Fishermans Ln

Okeechobee, FL 34974

$130,000B-

1 bd · 1.0 ba · 994 sqft · Built 1951 · MultiFamily · Active · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,130/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$252
• HOA: −$0
• Vac / Maint / Mgmt: −$657
• Net cashflow: $1,539/mo
• Annual: $18,470/yr
• Cap rate: 20.50%
• Cash-on-cash: 50.74%
• DSCR: 3.26
• 1% rule: 2.41%
• Cash to close: $36,400

Investor read

• This is a 1-bed/1.0-bath multifamily listed at $130k.
• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• It's been on market 123 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k 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.
• Glades (town): math 38% / reading 41% proficiency, ranked #63 of 73 in FL (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 402 active listings in the ZIP; 65 units permitted in Glades County in 2024 (0 in 5+ unit buildings).
• Glades County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $89k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 20.5% 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.
• At $3,130/mo this rent would consume 71% 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.

Questions for listing agent

• It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.