2848 E Spinnaker Dr · Sebring, FL 33825

$99,500

2 bd · 2.0 ba · 1,100 sqft · Manufactured · 228 Days on market

Built 1994 Est $102k · at est.

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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 +25.2/30.0
• ARV discount +8.7/15.0
• DSCR +8.2/10.0
• 1% rule +6.6/10.0
• Schools +3.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Highlands Ridge is a 55+ community on Bonnet Lake, with 2 18 hole golf courses and, in Marina Cove - the rented land section, you have this attractively furnished 2 bedroom, 2 bathroom manufactured home with wood laminate flooring in the living area. It has a garage large enough for a car and golf cart. It's a short walk from the residents' clubhouse area where pot lucks, dances and meetings are held, and where you'll also find the library/computer room, exercise room, the main swimming pool & hot tub, administration offices and the boardwalk onto the lake. There is also shuffleboard, tennis courts, pickleball courts and a second pool nearby. Monthly lot rent includes grass cutting and the use of the amenities with the exception of the golf course, for which fees apply. It's a pet friendly community and large dogs are permitted. Only a short drive from town. Golf cart included.

Key facts

• Customized bathrooms
• Remodeled kitchen
• Newer appliances

Tags

• REMODELED KITCHEN
• GRANITE COUNTERTOPS
• NEWER APPLIANCES
• CUSTOMIZED BATHROOMS
• NEW LAMINATE FLOORING
• NEW ROOF

Property features AI

Finance

• Financial info: Land lease amount $541
• HOA & community: Land is leased (monthly land lease payment)

Exterior

• Parking: Garage (1 car)
• Utilities: Public water; Public sewer; Sewer available
• Home design: Manufactured in park (mobile home); Double wide; One level
• Construction: Metal siding; Shingle roof
• Exterior features: Enclosed rear porch; Paved road access; Pets allowed with size limit

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Oven; Range; Refrigerator
• Bedrooms: 7 total rooms (includes all room types)
• Flooring: Laminate; Simulated wood; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Ceiling fan(s); Furnished
• Laundry & utility: Washer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $100k.

Deal economics

• At list price, monthly cash flow is $221 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 4.3% in Sebring — 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 66/100 on livability (#618 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools D, amenities F, commute F.
• Highlands (other): math 45% / reading 43% proficiency, ranked #54 of 73 in FL (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 475 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 980 units permitted in Highlands County in 2024 (80 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $688 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 228 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $14k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $44k; list at $100k implies a 129% gain — meaningful room to come down on a strong offer.

Recommended offer $87,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 228 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-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. 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: 1.16% ✓
• Cap rate: 8.96%
• Cash-on-cash: 9.54%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $102,300
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2886 S Dockside Dr	0.19mi	2/2.0	1,120 (+2%)	8mo	$75,000	$67	81
2835 S Mainsail Dr	0.02mi	2/2.0	1,200 (+9%)	4mo	$112,000	$93	80
2815 S Dockside Dr	0.09mi	2/2.0	1,000 (-9%)	15mo	$114,000	$114	68

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: -1.9%
• Equity multiple: 0.93×
• Total profit: $-2,000
• Equity at exit: $14,836

10-year hold

• IRR: 7.8%
• Equity multiple: 1.59×
• Total profit: $16,493
• Equity at exit: $8,603

Cash invested: $27,860 (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 33825

• Home prices YoY: -25.9%
• Active inventory: 475
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,151 medium
• Mortgage (P&I): −$522
• Tax est. 1.5%: −$124 /mo · $1,492/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $221

Break-even live

Break-even rent $870

Max offer price $99,500

Occupancy floor 76%

Sensitivity live

Price	-10% $290	-5% $256	+0% $221	+5% $187	+10% $153
Rent	-10% $131	-5% $176	+0% $221	+5% $267	+10% $312
Rate	-1.0pp $272	-0.5pp $247	base $221	+0.5pp $196	+1.0pp $169

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: $24,875
• Closing costs: $2,985
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2159 E Camp N Comfort Ln Avon Park, FL	1.0	1.0	700	$899	$1.28	11d	1	0.77mi

Listing history 19 events

1. 2026-06-19
   days on market $99,500 Active 228 DOM
2. 2026-06-18
   days on market $99,500 Active 227 DOM
3. 2026-06-17
   days on market $99,500 Active 226 DOM
4. 2026-06-16
   days on market $99,500 Active 225 DOM
5. 2026-06-15
   days on market $99,500 Active 224 DOM
6. 2026-06-14
   days on market $99,500 Active 222 DOM
7. 2026-06-10
   days on market $99,500 Active 219 DOM
8. 2026-06-09
   days on market $99,500 Active 218 DOM
9. 2026-06-08
   days on market $99,500 Active 217 DOM
10. 2026-06-07
    days on market $99,500 Active 216 DOM
11. 2026-06-02
    days on market $99,500 Active 211 DOM
12. 2026-06-01
    days on market $99,500 Active 210 DOM
13. 2026-05-31
    days on market $99,500 Active 209 DOM
14. 2026-05-30
    days on market $99,500 Active 208 DOM
15. 2026-05-07
    price $99,500
16. 2026-03-04
    price $108,900
17. 2025-11-03
    listed $113,900 Active
18. 2019-09-23
    soldstatus $43,500 897-char remark

    Show marketing remark (897 chars)

    Highlands Ridge is a 55+ community on Bonnet Lake, with 2 18 hole golf courses and, in Marina Cove - the rented land section, you have this attractively furnished 2 bedroom, 2 bathroom manufactured home with wood laminate flooring in the living area. It has a garage large enough for a car and golf cart. It's a short walk from the residents' clubhouse area where pot lucks, dances and meetings are held, and where you'll also find the library/computer room, exercise room, the main swimming pool & hot tub, administration offices and the boardwalk onto the lake. There is also shuffleboard, tennis courts, pickleball courts and a second pool nearby. Monthly lot rent includes grass cutting and the use of the amenities with the exception of the golf course, for which fees apply. It's a pet friendly community and large dogs are permitted. Only a short drive from town. Golf cart included.

19. 2019-04-08
    listed $52,500 897-char remark

    Show marketing remark (897 chars)

    Highlands Ridge is a 55+ community on Bonnet Lake, with 2 18 hole golf courses and, in Marina Cove - the rented land section, you have this attractively furnished 2 bedroom, 2 bathroom manufactured home with wood laminate flooring in the living area. It has a garage large enough for a car and golf cart. It's a short walk from the residents' clubhouse area where pot lucks, dances and meetings are held, and where you'll also find the library/computer room, exercise room, the main swimming pool & hot tub, administration offices and the boardwalk onto the lake. There is also shuffleboard, tennis courts, pickleball courts and a second pool nearby. Monthly lot rent includes grass cutting and the use of the amenities with the exception of the golf course, for which fees apply. It's a pet friendly community and large dogs are permitted. Only a short drive from town. Golf cart included.

ⓘ 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: $13,809
• − Mortgage interest: −$5,574
• − Property taxes: −$1,492
• − Insurance: −$498
• − Repairs & maintenance: −$1,105
• − Management: −$1,105
• − Depreciation: −$2,895
• Taxable income: $1,142
• Est. tax owed @ 24.0%: −$274
• After-tax cash flow: $2,384/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: Highlands
• NCES district ID: 1200840
• Math proficiency: 45% ▼ -7.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $35,276
• Composite: 36.42/100
• National rank: #4672
• State rank: #54 of 73 in FL

Livability — Sebring

• Score: 66/100
• State rank: #618
• US rank: #11992

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Highlands County · 98,898 people
• City population: 50,797
• Metro: Sebring-Avon Park, FL
• Population (ZIP): 25,501
• Household income: $46,949
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 691.0

Population outlook (Highlands County) Hauer SSP2

• Today (2025): 99,674 people
• By 2030: 99,615 · -0.1%
• By 2040: 99,342 · -0.3%
• By 2050: 98,242 · -1.4%
• By 2075: 93,291 · -6.4%
• By 2100: 79,894 · -19.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 51% Hispanic / Latino 27% Black 17% Two or more races 11% Asian 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 13% Cuban 2%
• Common ancestry: Slovak 2% Lithuanian 2% Iranian 1%
• Foreign-born: 10% · Canada, Vietnam, Guatemala
• Languages at home: 74% English-only · Spanish 24% Tagalog/Filipino 1%

Political lean MEDSL · Highlands

• 2024 margin: Solid R (+40.8) · D 29.3% · R 70.1%
• 2008→2024 swing: -22.7pp toward R · 2008: -18.1pp · 2024: -40.8pp
• All cycles: 2024: R+40.8 2020: R+34.4 2016: R+32.0 2012: R+23.0 2008: R+18.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -98.54%
• Current HPI: 281.8067
• Rent YoY: —
• Metro: Sebring-Avon Park, 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

+89.5% since first listed

5 events — show timeline

• 2026-05-07 Price Changed $99,500 HAOR as distributed by MLS GRID
• 2026-03-04 Price Changed $108,900 HAOR as distributed by MLS GRID
• 2025-11-03 Listed $113,900 HAOR as distributed by MLS GRID
• 2019-09-23 Sold (MLS) $43,500 HAOR as distributed by MLS GRID
• 2019-04-08 Listed $52,500 HAOR as distributed by MLS GRID