1586 SW 35th Cir

Okeechobee, FL 34974

$167,000D+

2 bd · 2.0 ba · 1,296 sqft · Built 1992 · Manufactured · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,521/mo
• Mortgage (P&I): −$876
• Tax + insurance: −$227
• HOA: −$114
• Vac / Maint / Mgmt: −$319
• Net cashflow: $-15/mo
• Annual: $-179/yr
• Cap rate: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• 1% rule: 0.91%
• Cash to close: $46,760

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $167k.
• 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).
• It's been on market 17 days — a 2% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $152k (8.9% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Okeechobee County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.
• 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.
• This rent runs 34% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.