103650 Overseas Hwy · Key Largo, FL 33037

$85,000

2 bd · 2.0 ba · 2,178 sqft · Manufactured · 42 Days on market

Built 1981 Poor condition 3.54 ac lot $1750/mo HOA · 54% of rent

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Why this score? — see what drove the C+ 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 +25.9/30.0
• 1% rule +10.0/10.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• Rent growth +3.2/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Waterfront 2 bedroom 2 bathroom mobile home. Sold furnished with TVs and hot tub too. 55+ community. Beautiful bay front views on 3 sides. Plenty of onsite parking. Land does not transfer in this sale only the structure. Monthly rent of $1750 for location.

Key facts

• 3.54 acre lot
• Parking
• Built 1981

Property features AI

Finance

• HOA & community: Monthly association fee; Community features include boat facilities and gated access

Exterior

• Parking: Driveway
• Security: Gated community
• Utilities: Public sewer
• Home design: Single-story; Unknown year built
• Construction: Year built: unknown
• Exterior features: Gated community; No notable exterior features listed; Property has a view; Faces west

Interior

• Kitchen: Electric range; Microwave; Self-cleaning oven; Refrigerator; Icemaker; Trash compactor
• Bedrooms: Bedroom on main level
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Ceiling fans
• Interior features: First-floor entry; Bedroom on main level; Tile flooring
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $85k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $210 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 1.5% in Key Largo — 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 72/100 on livability (#337 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, employment B; Watch: amenities F, cost of living F.
• Monroe (town): math 50% / reading 55% proficiency, ranked #23 of 73 in FL (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.9%/yr); 430 active listings in the ZIP; solid renter incomes; 332 units permitted in Monroe County in 2024 (42 in 5+ unit buildings).
• This rent runs 45% of the median local income ($87k/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 $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Monroe County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $24k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 6y ago; this cycle's ask has dropped $35k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; list at $85k implies a 79% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 54% of rent.

Recommended offer $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 3.79% ✓
• Cap rate: 9.26%
• Cash-on-cash: 10.60%
• DSCR: 1.47
• GRM: 2.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.92% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $477
• Equity at exit: $12,674

10-year hold

• IRR: 11.0%
• Equity multiple: 1.89×
• Total profit: $21,157
• Equity at exit: $7,349

Cash invested: $23,800 (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 33037

• Rents YoY: 2.9%
• Active inventory: 430
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $3,225 medium
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• HOA: −$1,750
• Vacancy / Maint / Mgmt: −$677
• Net cashflow: $210

Break-even live

Break-even rent $2,959

Max offer price $85,000

Occupancy floor 88%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $1,750 · $21,000/yr
• Likely covers: water

Listing history 43 events

1. 2026-06-19
   days on market $85,000 Active 42 DOM
2. 2026-06-18
   days on market $85,000 Active 41 DOM
3. 2026-06-17
   days on market $85,000 Active 40 DOM
4. 2026-06-16
   days on market $85,000 Active 39 DOM
5. 2026-06-15
   days on market $85,000 Active 38 DOM
6. 2026-06-14
   days on market $85,000 Active 36 DOM
7. 2026-06-13
   days on market $85,000 Active 35 DOM
8. 2026-06-10
   days on market $85,000 Active 33 DOM
9. 2026-06-09
   days on market $85,000 Active 32 DOM
10. 2026-06-08
    days on market $85,000 Active 31 DOM
11. 2026-06-07
    days on market $85,000 Active 30 DOM
12. 2026-06-05
    days on market $85,000 Active 27 DOM
13. 2026-06-03
    days on market $85,000 Active 26 DOM
14. 2026-06-02
    days on market $85,000 Active 25 DOM
15. 2026-06-01
    days on market $85,000 Active 24 DOM
16. 2026-05-31
    days on market $85,000 Active 23 DOM
17. 2026-05-30
    days on market $85,000 Active 22 DOM
18. 2026-05-13
    status Under Contract 256-char remark

    Show marketing remark (256 chars)

    Waterfront 2 bedroom 2 bathroom mobile home. Sold furnished with TVs and hot tub too. 55+ community. Beautiful bay front views on 3 sides. Plenty of onsite parking. Land does not transfer in this sale only the structure. Monthly rent of $1750 for location.

19. 2026-05-12
    listed $120,000 Active 256-char remark

    Show marketing remark (256 chars)

    Waterfront 2 bedroom 2 bathroom mobile home. Sold furnished with TVs and hot tub too. 55+ community. Beautiful bay front views on 3 sides. Plenty of onsite parking. Land does not transfer in this sale only the structure. Monthly rent of $1750 for location.

20. 2026-05-08
    listed $85,000 Active
21. 2026-03-09
    historical $1,995
22. 2026-02-22
    listed $1,995
23. 2024-12-17
    historical
24. 2024-12-16
    listed $45,000 Active
25. 2024-10-08
    historical
26. 2024-10-07
    historical
27. 2024-08-13
    listed $45,000 Active
28. 2024-08-12
    price $45,000
29. 2024-08-09
    historical
30. 2024-07-27
    price $76,000
31. 2024-07-15
    price $50,000
32. 2024-06-30
    historical
33. 2024-06-29
    price $90,000
34. 2024-06-28
    listed $79,000 Active
35. 2024-06-26
    listed $125,000 Active
36. 2024-06-26
    historical
37. 2024-06-23
    listed $125,000 Active
38. 2024-05-07
    price $79,000
39. 2024-04-16
    listed $89,000 Active
40. 2024-02-12
    historical
41. 2024-01-31
    listed $69,000 Active
42. 2021-03-05
    soldstatus $47,500
43. 2020-12-25
    listed $47,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $38,698
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$425
• − Repairs & maintenance: −$3,096
• − Management: −$3,096
• − HOA: −$21,000
• − Depreciation: −$2,473
• Taxable income: $2,572
• Est. tax owed @ 24.0%: −$617
• After-tax cash flow: $1,905/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.

Condition & rehab AI · 2 photos

Poor 20/100 Extensive rehab

This mobile home requires extensive repairs and maintenance, including painting, landscaping, and structural repairs. Immediate action is needed to improve its condition and value.

Repairs flagged

• Major siding — Significant wear and tear
• Major foundation — Visible wear and potential water damage
• Major landscaping — Overgrown and unkempt
• Major paint — Exterior paint appears faded and worn

Value-add opportunities

• Both paint and repair the exterior — Fresh paint and repairs will improve both the resale and rental value
• Both landscaping and maintenance — A well-maintained exterior will attract more buyers and renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant wear and tear	Major	$15,000–50,000
foundation · Visible wear and potential water damage	Major	$15,000–50,000
landscaping · Overgrown and unkempt	Major	$15,000–50,000
paint · Exterior paint appears faded and worn	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both paint and repair the exterior — Fresh paint and repairs will improve both the resale and rental value ↑
• Both landscaping and maintenance — A well-maintained exterior will attract more buyers and renters ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Monroe
• NCES district ID: 1201320
• Math proficiency: 50% ▼ -14.00%
• Reading proficiency: 55% ▼ -6.00%
• Median HH income: $56,955
• Composite: 45.51/100
• National rank: #2608
• State rank: #23 of 73 in FL

Livability — Key Largo

• Score: 72/100
• State rank: #337
• US rank: #5850

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Key Largo, FL
• County: Monroe County · 66,185 people
• City population: 14,770
• Metro: Key West, FL
• Population (ZIP): 14,770
• Household income: $86,533
• Rent vs Own: 20.8% rent · 79.2% own
• Severe rent burden: 265.0

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 90,706 people
• By 2030: 96,308 · +6.2%
• By 2040: 106,565 · +17.5%
• By 2050: 116,500 · +28.4%
• By 2075: 141,423 · +55.9%
• By 2100: 151,947 · +67.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 26% Two or more races 16% Black 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 17%
• Common ancestry: Lithuanian 5% Romanian 3% Slovak 2%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 79% English-only · Spanish 20% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Monroe

• 2024 margin: R (+18.3) · D 40.5% · R 58.8%
• 2008→2024 swing: -23.2pp toward R · 2008: 4.9pp · 2024: -18.3pp
• All cycles: 2024: R+18.3 2020: R+7.9 2016: R+6.9 2012: D+0.4 2008: D+4.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -369.26%
• Current HPI: 193.7864
• Rent YoY: ▲ 2.92%
• Metro: Key West, 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

+152.6% since first listed

26 events — show timeline

• 2026-05-13 Pending — FSBO.com
• 2026-05-12 Listed $120,000 FSBO.com
• 2026-05-08 Listed $85,000 MARMLS
• 2026-03-09 Rental Removed $1,995 FLKMLS
• 2026-02-22 Listed for Rent $1,995 FLKMLS
• 2024-12-17 Listing Removed — MARMLS
• 2024-12-16 Listed $45,000 MARMLS
• 2024-10-08 Listing Removed — FLKMLS
• 2024-10-07 Listing Removed — MARMLS
• 2024-08-13 Listed $45,000 FLKMLS
• 2024-08-12 Price Changed $45,000 MARMLS
• 2024-08-09 Listing Removed — MARMLS
• 2024-07-27 Price Changed $76,000 MARMLS
• 2024-07-15 Price Changed $50,000 MARMLS
• 2024-06-30 Listing Removed — MARMLS
• 2024-06-29 Price Changed $90,000 MARMLS
• 2024-06-28 Listed $79,000 MARMLS
• 2024-06-26 Listing Removed — MARMLS
• 2024-06-26 Listed $125,000 MARMLS
• 2024-06-23 Listed $125,000 MARMLS
• 2024-05-07 Price Changed $79,000 MARMLS
• 2024-04-16 Listed $89,000 MARMLS
• 2024-02-12 Listing Removed — MARMLS
• 2024-01-31 Listed $69,000 MARMLS
• 2021-03-05 Sold (MLS) $47,500 MARMLS
• 2020-12-25 Listed $47,500 MARMLS