330 SW 2nd Ave #3

Hallandale Beach, FL 33009

$449,000F

3 bd · 3.0 ba · 1,892 sqft · Built 2005 · Condo · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,099/mo
• Mortgage (P&I): −$2,355
• Tax + insurance: −$890
• HOA: −$555
• Vac / Maint / Mgmt: −$861
• Net cashflow: $-562/mo
• Annual: $-6,738/yr
• Cap rate: 4.79%
• Cash-on-cash: -5.36%
• DSCR: 0.76
• 1% rule: 0.91%
• Cash to close: $125,720

Investor read

• This is a 3-bed/3.0-bath condo listed at $449k.
• At list price, monthly cash flow is $-562 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $350k (22.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $410k (8.7% below list).
• It's been on market 69 days — a 6% lower offer ($422k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $350k (22.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#86 in FL, #1,400 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, crime B+; Watch: schools C-, employment D-.
• 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.
• Market conditions: Rents flat; 1380 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,111 units permitted in Broward County in 2024 (1,265 in 5+ unit buildings).
• Broward County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 16 sale attempts since 8y ago; this cycle's ask is 14967% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $235k; list at $449k implies a 91% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $4,099/mo this rent would consume 94% of the median local household income ($52k/yr) (locally 3293% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• It's been on market 69 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.