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3253 NW 160th Street
Okeechobee, FL

3253 NW 160th Street

$110,000
2 bd • 2 ba • 672 sf

This analysis was generated by artificial intelligence on 1/26/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$110,000

Price/Sq.Ft

$164

Year Built

1977

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Large 1-Acre Lot: The property sits on a spacious 1-acre lot, providing ample space and privacy, a desirable feature in a rural setting. This offers potential for expansion, gardening, or other outdoor activities. • Low Price Per Square Foot: At $163.69 per square foot, the property is competitively priced compared to other properties in the area. However, this is offset by the significant repair costs needed. • Investor Opportunity: The property is explicitly marketed as an investor opportunity, highlighting its potential for renovation and resale or rental income. The 279.3% price increase since 2017 suggests potential for value appreciation. • Previous Rental History: The property was previously leased for $1,000 per month, indicating potential rental income after repairs are completed. This is a good indicator of the market demand for rentals in this area. • Minimal Flood Risk: The property has a minimal flood risk (1/10) and is in FEMA Zone X_UNSHADED, reducing the need for high flood insurance costs.

The Bad

• Significant Repair Needs: The property is described as needing "significant repairs," which implies it is not move-in ready and likely needs substantial investment to become habitable. The 1977 construction date suggests potential issues with plumbing, electrical, and structural integrity. • Small Living Space: At 672 square feet, the home is quite small, which may limit its appeal to families or those who need more living space. This size is significantly below the average single family home size in most areas. • Unclear Utilities: The listing states "Other" for utilities and systems, indicating a lack of standard utilities. This could mean reliance on a well and septic system, which carry additional maintenance and repair costs, especially for older systems. • Distance to Amenities: Okeechobee is a rural town with limited shopping, dining, and entertainment options. This may be a drawback for buyers who prefer urban amenities and conveniences. • Low School Ratings: The local schools have low ratings (3/10 and 4/10), which may deter families with children. This is a major drawback for a large segment of potential buyers.

The Ugly

• Major Fire and Extreme Wind Risk: The property faces significant environmental risks, with a major fire risk (6/10) and an extreme wind risk (10/10). These risks will result in significantly higher insurance premiums, potentially making the property less affordable over the long term. Standard homeowners insurance may be difficult to obtain, requiring specialized high-risk policies. • 1977 Manufactured Home: The home's age (built in 1977) means it may have outdated systems and materials, increasing the likelihood of costly repairs. Older manufactured homes often depreciate faster than site-built homes and may have difficulty getting financing, and may not meet current building codes. • Lack of Specific Information: The vague descriptions of "Other" for utilities and systems are concerning. This lack of specificity can indicate hidden issues or expensive upgrades that are needed. • School Quality: The low school ratings (3/10 and 4/10) make this a difficult property for families with children. This could be a major deterrent to a large segment of potential buyers. • Potential Septic Issues: The property's rural location suggests it may rely on a septic system, which could present costly repairs or replacement needs. A thorough inspection is essential to assess the system's condition.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Investors looking for a value-add opportunity: The property's low purchase price ($110,000) and 1-acre lot offer a canvas for renovation, expansion, or redevelopment. The previous rental income of $1,000/month suggests a viable rental market after improvements. • Experienced flippers: The property's condition necessitates significant repairs, making it ideal for investors skilled in renovation and resale. The 279.3% price increase since 2017 indicates potential for higher returns with strategic improvements. • Buyers seeking a rural setting: The 1-acre lot provides ample space and privacy, appealing to those seeking a quieter lifestyle away from city centers. The property’s location within Okeechobee aligns with a rural preference, though it's important to note the limited amenities that come with it. • Land Speculators: The large lot size and relatively low price could appeal to investors looking to hold land for future development or appreciation.

Not For

• First-time homebuyers: The property's condition and need for extensive repairs make it unsuitable for inexperienced buyers seeking a move-in-ready home. • Buyers seeking immediate occupancy: The significant repairs required mean the property will not be habitable without a substantial investment of time and resources. • Families with children: The low-rated schools in the area (3/10 and 4/10) and the lack of nearby amenities make this property unsuitable for families with school-aged children. • Buyers with limited renovation experience: The property requires a substantial amount of work to bring up to code and is not suitable for buyers who are not comfortable overseeing or performing major repairs.
Demographics
Area Median Income

$46,258

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Risk Assessment

Climate Risks

windEXTREME

Insurance: Required

heatEXTREME

7 extreme heat days per year

98th percentile: 107°F

fireMAJOR

Insurance: Required

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

airMINIMAL

0 bad air quality days per year

Risk Analysis

• High Fire and Wind Risk: The property has a major fire risk (6/10) and extreme wind risk (10/10), which will significantly increase insurance premiums. This is a critical factor to consider, as it will add to the total cost of ownership and may impact the ability to secure insurance. • Significant Repair Costs: The property description explicitly states that it "requires significant repairs," indicating potential structural, plumbing, electrical, and cosmetic issues. These repairs could easily exceed the initial purchase price, especially given the age of the manufactured home (1977). • Septic System Concerns: Many older rural properties rely on septic systems, which can require costly repairs or replacement. A thorough inspection is essential to determine the system's condition and potential costs. • Market Volatility: While the property has seen a significant price increase since 2017, the Okeechobee real estate market can be influenced by factors such as lake levels and agricultural trends, which may affect future appreciation. • Limited Job Market: Okeechobee has a smaller job market compared to urban areas. Relocating buyers will need to ensure they have secured employment or are prepared to commute, as this can impact the long-term investment viability.
Insurance
Annual Cost

$396

$33 per month

Financials

Monthly Costs

Price History

Property Taxes

$1,250
2023 Tax Assessment
15.3%from previous year
Assessed Value$52,574
Tax Rate2.38%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$45,000

-59.1% below list price

Median Price

$45,000

Based on 1 recent sales

Price per Sq.Ft

$0

Comparable Properties

16650 NW 38TH AVENUE, OKEECHOBEE, FL 34972
Price: $45,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 8/13/2024

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