1621 SW 35th Cir · Okeechobee, FL 34974

$150,000

2 bd · 2.0 ba · 1,186 sqft · Manufactured public records · 58 Days on market

Built 1999 5,121 sqft lot Est $174k · 14% under $114/mo HOA · 8% 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).

• ARV discount +13.8/15.0
• Cash flow +12.6/30.0
• 1% rule +4.8/10.0
• Livability +3.9/5.0
• DSCR +3.8/10.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Seminole Cove, Wonderful 55+ Community! Lovely 2 Bedroom 2 Bath home with a water view and gorgeous sunsets! One car garage. Homes of Merritt on a concrete slab. Sprinkler system with a well. Community pool, clubhouse, shuffle board and many activities.

Key facts

• Clubhouse
• Community pool
• Shuffle board

Tags

• WATER VIEW
• COMMUNITY POOL
• CLUBHOUSE
• SHUFFLE BOARD

Property features AI

Finance

• Financial info: Pets allowed (size limit)
• HOA & community: Active association with monthly fee ($114); Association maintains grounds; Community amenities: clubhouse, pool, shuffleboard court; Senior community

Exterior

• Parking: 2 total parking spaces; Attached 1-car garage; Attached carport with 1 space; Covered parking; Concrete surfaces
• Utilities: Public water; Public sewer; Electricity connected; Water connected; Cable available
• Home design: Manufactured home; One story; Resale condition; Faces west
• Construction: Vinyl siding; Metal roof; Slab foundation; Built as a single-story structure
• Exterior features: Paved road access; No waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Linoleum
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Closet cabinetry
• Laundry & utility: Indoor laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $-20 ($-234/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (1.7% below list).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.1% 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.
• Zoned schools: South Elementary School (math 38% / reading 49%, grade F, #1,345 of 2,144 statewide, top 64%, 573 students, 61% FRL); Osceola Middle School (math 53% / reading 36%, grade D, #320 of 571 statewide, top 57%, 753 students, 67% FRL); Okeechobee High School (math 30% / reading 42%, grade F, #359 of 667 statewide, top 55%, 1,692 students, 62% FRL).
• Market conditions: 406 active listings in the ZIP; 18 units permitted in Okeechobee County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% 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 $1k of loan paydown is wiped out by about $4k 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 58 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $5k; list at $150k implies a 3025% 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 $145,500 (3.0% 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 58 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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.
7. 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.
8. 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: 0.98% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.56%
• DSCR: 0.98
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $174,342
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1625 SW 35th Cir	0.02mi	2/2.0	1,152 (-3%)	2mo	$160,000	$139	93
1575 SW 35th Cir	0.17mi	2/2.0	1,181 (-0%)	18mo	$162,650	$138	77
1692 SW 35th Cir	0.18mi	2/2.0	1,078 (-9%)	2mo	$159,000	$147	75
1628 SW 35 Cir	0.05mi	3/2.0 (+1)	1,320 (+11%)	13mo	$210,000	$159	63
1517 SW 35th Cir	0.42mi	2/2.0	1,150 (-3%)	20mo	$160,000	$139	59
1300 SW 44th Blvd	0.56mi	2/2.0	1,325 (+12%)	16mo	$238,000	$180	41
4330 SW 13th Ave	0.49mi	2/2.0	1,054 (-11%)	22mo	$166,250	$158	40
1100 SW 44th Blvd	0.51mi	3/2.0 (+1)	1,296 (+9%)	19mo	$279,000	$215	40
4350 SW 13th Ave	0.51mi	3/2.0 (+1)	1,076 (-9%)	20mo	$154,000	$143	39

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: -17.1%
• Equity multiple: 0.39×
• Total profit: $-25,437
• Equity at exit: $22,365

10-year hold

• IRR: -8.9%
• Equity multiple: 0.45×
• Total profit: $-23,292
• Equity at exit: $12,969

Cash invested: $42,000 (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: 406
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,474 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$221 /mo · $2,650/yr
• Insurance: −$62
• HOA: −$114
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $-20

Break-even live

Break-even rent $1,499

Max offer price $146,552

Occupancy floor 96%

Sensitivity live

Price	-10% $65	-5% $23	+0% $-20	+5% $-62	+10% $-104
Rent	-10% $-136	-5% $-78	+0% $-20	+5% $39	+10% $97
Rate	-1.0pp $56	-0.5pp $19	base $-20	+0.5pp $-58	+1.0pp $-98

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

HOA detail

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

Listing history 19 events

1. 2026-06-22
   days on market $150,000 Active 58 DOM
2. 2026-06-19
   days on market $150,000 Active 56 DOM
3. 2026-06-18
   days on market $150,000 Active 55 DOM
4. 2026-06-17
   days on market $150,000 Active 54 DOM
5. 2026-06-16
   days on market $150,000 Active 53 DOM
6. 2026-06-15
   days on market $150,000 Active 52 DOM
7. 2026-06-14
   days on market $150,000 Active 50 DOM
8. 2026-06-10
   days on market $150,000 Active 47 DOM
9. 2026-06-09
   days on market $150,000 Active 46 DOM
10. 2026-06-08
    days on market $150,000 Active 45 DOM
11. 2026-06-07
    days on market $150,000 Active 44 DOM
12. 2026-06-05
    days on market $150,000 Active 41 DOM
13. 2026-06-03
    days on market $150,000 Active 40 DOM
14. 2026-06-02
    days on market $150,000 Active 39 DOM
15. 2026-06-01
    days on market $150,000 Active 38 DOM
16. 2026-05-31
    days on market $150,000 Active 37 DOM
17. 2026-05-30
    days on market $150,000 Active 36 DOM
18. 2026-04-24
    listed $150,000 Active
19. 1995-02-01
    soldstatus $4,800

ⓘ 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: $2,650 · $221/mo
• Projected year-2 tax: $2,650 · $221/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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: $17,688
• − Mortgage interest: −$8,402
• − Property taxes: −$2,650
• − Insurance: −$750
• − Repairs & maintenance: −$1,415
• − Management: −$1,415
• − HOA: −$1,368
• − Depreciation: −$4,364
• Taxable loss: −$2,676
• Est. tax savings @ 24.0%: +$642
• After-tax cash flow: $408/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
• City population: 23,975
• 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

+3025.0% since first listed

2 events — show timeline

• 2026-04-24 Listed $150,000 Beaches MLS
• 1995-02-01 Sold (Public Records) $4,800 Public Records

Property tax history

+6.8%/yr

Latest (2025): $2,650 · +3.4% YoY. Source: county tax records.