1586 SW 35th Cir · Okeechobee, FL 34974

$167,000

2 bd · 2.0 ba · 1,296 sqft · Manufactured public records · 17 Days on market

Built 1992 5,669 sqft lot Est $188k · 11% under $114/mo HOA · 7% 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).

• Cash flow +12.8/30.0
• ARV discount +12.5/15.0
• 1% rule +4.1/10.0
• 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

Water Front Retreat! Enjoy waterfront living in this sought-after 55+ community in Seminole Cove. This well-maintained 2-bedroom, 2-bath home offers a metal roof, oversized living area, and serene water views. Spacious layout with plenty of natural light, ideal for comfortable year-round living or seasonal retreat.

Key facts

• Metal roof
• Serene water views
• Natural light

Tags

• WATERFRONT LIVING
• METAL ROOF
• SERENE WATER VIEWS
• SPACIOUS LAYOUT
• NATURAL LIGHT

Property features AI

Finance

• HOA & community: Community association with $114 monthly fee; Association covers grounds maintenance and sewer; Community amenities: clubhouse, pool, shuffleboard court; Senior community; Pets allowed (size restrictions apply)

Exterior

• Parking: Attached carport with 2 covered spaces
• Utilities: Public water; Public sewer; Electricity connected; Underground utilities; Water connected
• Home design: Manufactured home; One story; Faces east; Resale property
• Construction: Vinyl siding; Metal roof
• Exterior features: Paved road access; Waterfront lot

Interior

• Kitchen: Refrigerator; Microwave; Disposal; Owned water heater
• Bedrooms: 2 main-level bedrooms
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Wet bar
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $167k.

Deal economics

• At list price, monthly cash flow is $-15 ($-179/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (8.9% below list).
• Recommended offer: $152k (8.9% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: 402 active listings in the ZIP; 18 units permitted in Okeechobee County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% 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 $5k 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 17 days — a 2% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y 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 $80k; list at $167k implies a 109% 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 $152,077 (8.9% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
8. 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.
9. 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.
10. 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: 0.91% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $187,920
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1622 SW 35th Cir	0.13mi	2/2.0	1,416 (+9%)	0mo	$205,000	$145	78
1628 SW 35 Cir	0.15mi	3/2.0 (+1)	1,320 (+2%)	13mo	$210,000	$159	74
1625 SW 35th Cir	0.16mi	2/2.0	1,152 (-11%)	2mo	$160,000	$139	73
1556 SW 35th Cir	0.10mi	2/2.0	1,430 (+10%)	13mo	$207,000	$145	67
1575 SW 35th Cir	0.07mi	2/2.0	1,181 (-9%)	18mo	$162,650	$138	67
1300 SW 44th Blvd	0.55mi	2/2.0	1,325 (+2%)	16mo	$238,000	$180	58
1730 SW 35th Cir	0.12mi	2/2.0	1,438 (+11%)	24mo	$186,000	$129	56
1100 SW 44th Blvd	0.53mi	3/2.0 (+1)	1,296 (0%)	19mo	$279,000	$215	54
1517 SW 35th Cir	0.28mi	2/2.0	1,150 (-11%)	20mo	$160,000	$139	52

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: -16.9%
• Equity multiple: 0.40×
• Total profit: $-27,952
• Equity at exit: $24,900

10-year hold

• IRR: -8.7%
• Equity multiple: 0.46×
• Total profit: $-25,318
• Equity at exit: $14,439

Cash invested: $46,760 (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: 9.2×

Monthly cashflow live

• Estimated rent: $1,521 medium
• Mortgage (P&I): −$876
• Tax from tax record: −$157 /mo · $1,884/yr
• Insurance: −$70
• HOA: −$114
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $-15

Break-even live

Break-even rent $1,540

Max offer price $164,359

Occupancy floor 96%

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: $41,750
• Closing costs: $5,010
• Reserves months: —
• Total cash needed: —

HOA detail

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

Listing history 25 events

1. 2026-06-19
   days on market $167,000 Active 17 DOM
2. 2026-06-18
   days on market $167,000 Active 16 DOM
3. 2026-06-17
   days on market $167,000 Active 15 DOM
4. 2026-06-16
   days on market $167,000 Active 14 DOM
5. 2026-06-01
   days on market $167,000 Active 13 DOM
6. 2026-05-31
   days on market $167,000 Active 12 DOM
7. 2026-05-30
   days on market $167,000 Active 11 DOM
8. 2026-05-19
   listed $167,000 Active
9. 2026-05-15
   historical
10. 2025-11-13
    price $187,000
11. 2025-08-11
    listed $199,000 Active
12. 2025-05-04
    historical
13. 2025-04-30
    price $224,000
14. 2025-02-20
    listed $234,000 Active
15. 2025-02-12
    historical
16. 2024-09-20
    listed $239,000 Active
17. 2022-08-01
    soldstatus $80,000
18. 2021-07-08
    soldstatus $125,000
19. 2020-04-16
    soldstatus $110,000
20. 2020-04-03
    soldstatus $110,000 Sold
21. 2020-03-11
    status Pending
22. 2019-12-05
    listed $110,000 Active
23. 2005-02-24
    soldstatus $75,000
24. 1994-01-01
    soldstatus $60,000
25. 1992-03-01
    soldstatus $10,000

ⓘ 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: $1,884 · $157/mo
• Projected year-2 tax: $1,884 · $157/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 4/10 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: $18,249
• − Mortgage interest: −$9,355
• − Property taxes: −$1,884
• − Insurance: −$835
• − Repairs & maintenance: −$1,460
• − Management: −$1,460
• − HOA: −$1,368
• − Depreciation: −$4,858
• Taxable loss: −$2,971
• Est. tax savings @ 24.0%: +$713
• After-tax cash flow: $534/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

+1570.0% since first listed

18 events — show timeline

• 2026-05-19 Listed $167,000 Beaches MLS
• 2026-05-15 Listing Removed — Beaches MLS
• 2025-11-13 Price Changed $187,000 Beaches MLS
• 2025-08-11 Listed $199,000 Beaches MLS
• 2025-05-04 Listing Removed — Beaches MLS
• 2025-04-30 Price Changed $224,000 Beaches MLS
• 2025-02-20 Listed $234,000 Beaches MLS
• 2025-02-12 Listing Removed — Beaches MLS
• 2024-09-20 Listed $239,000 Beaches MLS
• 2022-08-01 Sold (Public Records) $80,000 Public Records
• 2021-07-08 Sold (Public Records) $125,000 Public Records
• 2020-04-16 Sold (Public Records) $110,000 Public Records
• 2020-04-03 Sold (MLS) $110,000 Stellar MLS as Distributed by MLS Grid
• 2020-03-11 Pending — Stellar MLS as Distributed by MLS Grid
• 2019-12-05 Listed $110,000 Stellar MLS as Distributed by MLS Grid
• 2005-02-24 Sold (Public Records) $75,000 Public Records
• 1994-01-01 Sold (Public Records) $60,000 Public Records
• 1992-03-01 Sold (Public Records) $10,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $1,884 · +0.0% YoY. Source: county tax records.