5387 SW 40th Ave #203 · Dania Beach, FL 33314

$224,950

2 bd · 2.0 ba · 870 sqft · Condo public records · 263 Days on market

Built 1978 $350/mo HOA · 15% 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 +17.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• DSCR +5.3/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this elegant, completely remodeled 2 bedroom condo with 2 full bathrooms, situated on the second floor in a highly desirable location. Features a spacious screened porch that adds to your living area. The kitchen is equipped with stainless steel appliances and granite countertops, both bathrooms have a stylish, neutral design, with top of the line Armstrong flooring throughout and built in closets in the bedrooms. This cozy, move-in-ready unit offers access to a newly resurfaced pool, a reserved parking space, a storage locker, and boasts one of the lowest maintenance fees in the area that includes water. A must-see. .. call for your tour today!

Key facts

• Screened porch
• Granite countertops
• Remodeled condo

Tags

• REMODELED CONDO
• SCREENED PORCH
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOPS
• TOP OF THE LINE FLOORING
• NEWLY RESURFACED POOL

Property features AI

Finance

• Other: Pets allowed with restrictions/conditions
• HOA & community: HOA fee $350 monthly; HOA covers management, common areas, insurance, laundry, legal/accounting, grounds maintenance, structure maintenance, parking, pool(s), roof, trash, and water; Association amenities include laundry, barbecue, picnic area, pool, and storage

Exterior

• Parking: Assigned parking; Guest parking; One assigned space
• Security: Fire alarm
• Utilities: Cable available
• Home design: Condominium/attached property; 2 stories; Entry on second floor; Updated/remodeled
• Construction: Block construction
• Exterior features: Balcony; Screened balcony; Association pool; Fire alarm

Interior

• Kitchen: Dishwasher
• Flooring: Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans
• Interior features: Second-floor entry; Living/dining room; Tub with shower
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $154 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 3.8% in Dania Beach — 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 (#180 in FL, #2,806 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A, housing A; Watch: employment D, amenities F.
• Broward (suburban): math 42% / reading 53% proficiency, ranked #46 of 73 in FL (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Nova Blanche Forman Elementary (math 35% / reading 55%, grade D-, #1,271 of 2,144 statewide, top 60%, 769 students, 72% FRL); Nova Middle School (math 44% / reading 53%, grade C-, #274 of 571 statewide, top 50%, 1,284 students, 68% FRL); Nova High School (math 22% / reading 56%, grade F, #312 of 667 statewide, top 48%, 2,227 students, 59% FRL) — zoned schools average 66% FRL vs 51% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.4%/yr); 186 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 2,111 units permitted in Broward County in 2024 (1,265 in 5+ unit buildings).
• This rent runs 42% of the median local income ($66k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Broward County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 263 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $77k; list at $225k implies a 192% gain — meaningful room to come down on a strong offer.

Recommended offer $197,956 (12.0% below list)

Questions for the listing agent

1. It's been on market 263 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 7.11%
• Cash-on-cash: 2.93%
• DSCR: 1.13
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.45% rent growth · sell at horizon

5-year hold

• IRR: -13.5%
• Equity multiple: 0.52×
• Total profit: $-30,118
• Equity at exit: $33,541

10-year hold

• IRR: -7.4%
• Equity multiple: 0.57×
• Total profit: $-27,357
• Equity at exit: $19,450

Cash invested: $62,986 (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 33314

• Rents YoY: 1.4%
• Active inventory: 186
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,324 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$59 /mo · $707/yr
• Insurance: −$94
• HOA: −$350
• Vacancy / Maint / Mgmt: −$488
• Net cashflow: $154

Break-even live

Break-even rent $2,130

Max offer price $224,950

Occupancy floor 88%

Sensitivity live

Price	-10% $281	-5% $217	+0% $154	+5% $90	+10% $26
Rent	-10% $-30	-5% $62	+0% $154	+5% $246	+10% $337
Rate	-1.0pp $267	-0.5pp $211	base $154	+0.5pp $95	+1.0pp $36

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: $56,238
• Closing costs: $6,748
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5269 SW 40th Ter #21 Fort Lauderdale, FL	2.0	2.0	1060	$2,400	$2.26	26d	1	0.14mi
5259 SW 40th Ave #26 Fort Lauderdale, FL	2.0	2.0	1060	$2,750	$2.59	9d	1	0.15mi
5259 SW 40th Ave #26 Fort Lauderdale, FL	2.0	2.0	1060	$2,900	$2.74	14d	1	0.15mi
4471 SW 54th Ct Unit 1A-2B Fort Lauderdale, FL	1.0	1.0	600	$1,350	$2.25	26d	1	0.23mi
4528 SW 54th St Unit 302 B Fort Lauderdale, FL	2.0	2.0	950	$2,200	$2.32	26d	1	0.28mi
4137 Stirling Rd Davie, FL	2.0	1.5–2.0	966	$2,150	$2.23	9d	2	0.28mi
4137 Stirling Rd Davie, FL	2.0	1.5–2.0	1002	$2,150	$2.15	18d	5	0.28mi
4137 Stirling Rd Davie, FL	2.0	1.5–2.0	1002	$2,150	$2.15	17d	5	0.28mi
5140 SW 40th Ave Unit 26C Fort Lauderdale, FL	2.0	2.0	1060	$2,100	$1.98	9d	1	0.30mi
4174 SW 51st St Unit 2 Fort Lauderdale, FL	3.0	3.0	1104	$2,650	$2.40	9d	1	0.30mi
4174 SW 51st St Unit 2 Fort Lauderdale, FL	3.0	2.0	1100	$2,650	$2.41	16d	1	0.30mi
5050 SW 40th Ave Unit 4 Fort Lauderdale, FL	2.0	1.0	750	$1,800	$2.40	20d	1	0.36mi
4121 Stirling Rd #401 Davie, FL	2.0	2.0	1015	$2,200	$2.17	19d	1	0.39mi
4242 SW 49th Ct Unit 4242 Fort Lauderdale, FL	3.0	2.0	1050	$2,500	$2.38	26d	1	0.43mi
4111 Stirling Rd Davie, FL	2.0	1.5–2.0	980	$2,250	$2.30	22d	3	0.44mi
4111 Stirling Rd Davie, FL	1.0–2.0	1.0–1.5	945	$2,000	$2.12	1d	3	0.44mi
4147 Stirling Rd Fort Lauderdale, FL	1.0–2.0	1.5–2.0	916	$2,300	$2.51	7d	9	0.44mi
4917 SW 43rd Ter Unit A Fort Lauderdale, FL	3.0	2.0	975	$2,850	$2.92	22d	1	0.51mi
4917 SW 43rd Ter Unit B Fort Lauderdale, FL	1.0	1.0	975	$1,150	$1.18	26d	1	0.51mi
4285 SW 48th Ct Unit 4285 Fort Lauderdale, FL	3.0	2.0	1055	$2,950	$2.80	26d	1	0.58mi
4000 N 56th Ave Hollywood, FL	2.0	1.0–2.0	779	$2,195	$2.82	1d	7	0.63mi
4781 SW 39th Way Fort Lauderdale, FL	2.0–3.0	2.5–3.0	1356	$2,687	$1.98	1d	11	0.70mi
4465 Griffin Rd Fort Lauderdale, FL	2.0–3.0	2.0	1102	$2,799	$2.54	0d	24	0.70mi
3700 N 56th Ave #1015 Hollywood, FL	1.0	1.0	659	$1,900	$2.88	9d	1	0.70mi
3700 N 56th Ave Hollywood, FL	1.0–2.0	1.0	704	$2,100	$2.98	26d	3	0.71mi
3690 N 56th Ave Hollywood, FL	1.0–2.0	1.0	771	$2,200	$2.85	5d	2	0.75mi
3610 N 56th Ave Hollywood, FL	1.0–2.0	1.0	771	$2,100	$2.72	9d	2	0.75mi
3610 N 56th Ave Hollywood, FL	2.0	1.0	884	$2,050	$2.32	24d	2	0.75mi
3690 N 56th Ave #912 Hollywood, FL	2.0	1.0	884	$2,200	$2.49	9d	1	0.75mi
3690 N 56th Ave #912 Hollywood, FL	2.0	1.0	884	$2,200	$2.49	26d	1	0.75mi
3610 N 56th Ave #205 Hollywood, FL	2.0	1.0	884	$2,100	$2.38	13d	1	0.78mi
3680 N 56th Ave Hollywood, FL	2.0	1.0	816	$1,925	$2.36	13d	2	0.81mi
3680 N 56th Ave #823 Hollywood, FL	2.0	1.0	749	$2,500	$3.34	7d	1	0.81mi
4681 SW 43rd Ter Unit 2 Fort Lauderdale, FL	3.0	1.0	1100	$2,600	$2.36	5d	1	0.81mi
4671 SW 43rd Ter Unit 2 Fort Lauderdale, FL	2.0	1.0	960	$3,200	$3.33	26d	1	0.82mi
3640 N 56th Ave #401 Hollywood, FL	2.0	1.0	749	$1,900	$2.54	22d	1	0.86mi
3640 N 56th Ave #412 Hollywood, FL	2.0	1.0	884	$2,200	$2.49	26d	1	0.86mi
3640 N 56th Ave #401 Hollywood, FL	2.0	1.0	749	$1,900	$2.54	4d	1	0.86mi
3650 N 56th Ave #520 Hollywood, FL	1.0	1.0	659	$1,700	$2.58	20d	1	0.87mi
3660 N 56th Ave #609 Hollywood, FL	1.0	1.0	659	$1,725	$2.62	19d	1	0.87mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-09
   days on market $224,950 Active 263 DOM
2. 2026-06-07
   days on market $224,950 Active 261 DOM
3. 2026-06-04
   days on market $224,950 Active 258 DOM
4. 2026-06-03
   days on market $224,950 Active 257 DOM
5. 2026-06-02
   days on market $224,950 Active 256 DOM
6. 2026-06-01
   days on market $224,950 Active 255 DOM
7. 2026-05-31
   days on market $224,950 Active 254 DOM
8. 2026-01-14
   price $224,950
9. 2025-09-19
   listed $229,950 Active
10. 2003-05-22
    soldstatus $77,000
11. 2001-10-05
    soldstatus $59,000
12. 1979-07-01
    soldstatus $35,000

ⓘ 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: $707 · $59/mo
• Projected year-2 tax: $1,867 · $156/mo
• Expected delta: +$1,160/yr (+$97/mo · 164.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $27,889
• − Mortgage interest: −$12,601
• − Property taxes: −$707
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,231
• − Management: −$2,231
• − HOA: −$4,200
• − Depreciation: −$6,544
• Taxable loss: −$1,750
• Est. tax savings @ 24.0%: +$420
• After-tax cash flow: $2,264/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: Broward
• NCES district ID: 1200180
• Math proficiency: 42% ▼ -18.00%
• Reading proficiency: 53% ▼ -5.00%
• Median HH income: $52,139
• Composite: 40.88/100
• National rank: #3621
• State rank: #46 of 73 in FL

Livability — Dania Beach

• Score: 77/100
• State rank: #180
• US rank: #2806

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dania Beach, FL
• County: Broward County · 1,963,430 people
• City population: 17,094
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 31,067
• Household income: $66,100
• Rent vs Own: 61.3% rent · 38.7% own
• Severe rent burden: 2205.0

Population outlook (Broward County) Hauer SSP2

• Today (2025): 2,207,033 people
• By 2030: 2,360,704 · +7.0%
• By 2040: 2,661,208 · +20.6%
• By 2050: 2,946,698 · +33.5%
• By 2075: 3,602,273 · +63.2%
• By 2100: 3,970,984 · +79.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 49% Two or more races 30% White 29% Black 13% Asian 6%
• Hispanic origin (detail): Mexican 6% Puerto Rican 7% Cuban 7% Dominican 3%
• Common ancestry: Hispanic 4% Romanian 1% Estonian 1%
• Foreign-born: 38% · Canada, Jamaica, Vietnam
• Languages at home: 45% English-only · Spanish 42% French/Haitian/Cajun 4% Other Indo-European 3%

Political lean MEDSL · Broward

• 2024 margin: D (+17.0) · D 58.0% · R 41.0%
• 2008→2024 swing: -17.8pp toward R · 2008: 34.7pp · 2024: 17.0pp
• All cycles: 2024: D+17.0 2020: D+29.8 2016: D+35.0 2012: D+34.9 2008: D+34.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -346.31%
• Current HPI: 433.1148
• Rent YoY: ▲ 1.45%
• Metro: Miami-Fort Lauderdale-Pompano Beach, 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

+542.7% since first listed

5 events — show timeline

• 2026-01-14 Price Changed $224,950 MARMLS
• 2025-09-19 Listed $229,950 MARMLS
• 2003-05-22 Sold (Public Records) $77,000 Public Records
• 2001-10-05 Sold (Public Records) $59,000 Public Records
• 1979-07-01 Sold (Public Records) $35,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $707 · +8.0% YoY. Source: county tax records.