609 S State Road 7 Unit 2C · Margate, FL 33068

$130,000

2 bd · 2.0 ba · 940 sqft · Condo public records · 101 Days on market

Built 1974 $480/mo HOA · 24% of rent

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Why this score? — see what drove the C 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 +18.9/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Stop your search—this is the one. Completely reimagined for the discerning buyer, this 55+ oasis is 100% move-in ready. Featuring a gorgeous open kitchen with never-before-used appliances and brand-new flooring throughout, every inch of this home radiates quality. It’s fresh, it’s modern, and it’s waiting for its very first resident post-renovation. Enjoy the best of South Florida living in a friendly, active community close to everything Margate has to offer. Units of this caliber are rare, and one where everything is literally new is unheard of. Schedule your private tour today and experience the "wow" factor in person!

Key facts

• Brand-new flooring
• Open kitchen
• $480 HOA

Tags

• OPEN KITCHEN
• NEVER-BEFORE-USED APPLIANCES
• BRAND-NEW FLOORING

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Monthly association fee of $480; Association covers amenities, water, sewer, and trash; Community laundry; Senior community

Exterior

• Parking: Guest parking; One assigned space
• Utilities: Cable available
• Home design: Attached property; 3 stories; Entry on level 2; Resale
• Construction: Block construction
• Exterior features: Balcony; Screened balcony

Interior

• Kitchen: Built-in oven; Electric range; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Ceiling fan(s)
• Interior features: Second-floor entry; Bedroom on main level; Unfurnished
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 4.3% in Margate — 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 81/100 on livability (#85 in FL, #1,398 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: 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.
• Market conditions: Rents soft (-0.7%/yr); 298 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 37% of the median local income ($64k/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 $899 of loan paydown is wiped out by about $4k 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 101 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $38k; list at $130k implies a 242% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,300 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — 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. 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.
8. 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.
9. 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: 1.53% ✓
• Cap rate: 7.53%
• Cash-on-cash: 4.43%
• DSCR: 1.20
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -14.4%
• Equity multiple: 0.51×
• Total profit: $-17,963
• Equity at exit: $19,383

10-year hold

• IRR: -15.9%
• Equity multiple: 0.30×
• Total profit: $-25,629
• Equity at exit: $11,240

Cash invested: $36,400 (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 33068

• Rents YoY: -0.7%
• Active inventory: 298
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,983 high
• Mortgage (P&I): −$682
• Tax from tax record: −$216 /mo · $2,596/yr
• Insurance: −$54
• HOA: −$480
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $134

Break-even live

Break-even rent $1,813

Max offer price $130,000

Occupancy floor 88%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
607 S State Road 7 Unit 1G Margate, FL	2.0	2.0	940	$1,750	$1.86	15d	1	0.00mi
609 S State Road 7 Unit 1C Margate, FL	2.0	2.0	960	$1,900	$1.98	24d	1	0.00mi
605 S State Road 7 Unit 1D Margate, FL	2.0	2.0	960	$2,000	$2.08	3d	1	0.04mi
605 S State Road 7 Unit 1D Margate, FL	2.0	2.0	960	$2,000	$2.08	24d	1	0.04mi
605 S State Road 7 Unit 1 Margate, FL	2.0	1.0	850	$1,790	$2.11	3d	1	0.04mi
613 S State Road 7 Unit 3G Margate, FL	2.0	2.0	960	$2,100	$2.19	5d	1	0.07mi
613 S State Road 7 Unit 3E Margate, FL	2.0	2.0	1005	$1,900	$1.89	24d	1	0.07mi
611 S State Road 7 Unit 3F Margate, FL	1.0	1.0	750	$1,500	$2.00	24d	1	0.07mi
611 S State Road 7 Unit 1B Margate, FL	2.0	2.0	960	$2,150	$2.24	24d	1	0.07mi
601 S State Road 7 Unit 2C Margate, FL	2.0	2.0	960	$2,100	$2.19	24d	1	0.07mi
601 S State Road 7 Unit 2H Margate, FL	2.0	2.0	960	$1,900	$1.98	24d	1	0.07mi
5641 SW 2nd Ct #212 Margate, FL	1.0	1.0	680	$1,200	$1.76	24d	1	0.41mi
142 NW 60th Ave Unit 6-2 Margate, FL	2.0	2.0	825	$1,850	$2.24	5d	1	0.60mi
142 NW 60th Ave Unit 6-2 Margate, FL	2.0	2.0	825	$1,850	$2.24	24d	1	0.60mi
5501 SW 11th St Margate, FL	1.0–2.0	1.0	719	$2,050	$2.85	20d	4	0.66mi
4979 SW 4th St Margate, FL	3.0	2.0	1056	$3,350	$3.17	20d	1	0.75mi
5600 SW 12th St North Lauderdale, FL	1.0–3.0	1.0–2.0	892	$2,272	$2.55	18d	3	0.77mi
6891 SW 7th St Margate, FL	2.0	1.0	827	$1,995	$2.41	22d	1	0.78mi
5534 Lakewood Cir S Unit H Margate, FL	2.0	2.0	984	$2,400	$2.44	3d	1	0.78mi
6897 SW 7th St Margate, FL	2.0	1.0	827	$1,895	$2.29	17d	1	0.79mi
1200 SW 52nd Ave North Lauderdale, FL	3.0	2.0	1027	$2,100	$2.04	24d	1	0.80mi
568 Kathy Ct Margate, FL	2.0	2.0	875	$1,995	$2.28	24d	1	0.80mi
631 Kathy Ct Margate, FL	2.0	2.0	875	$1,995	$2.28	17d	1	0.82mi
563 Kathy Ct Margate, FL	2.0	2.0	875	$2,035	$2.33	24d	1	0.83mi
400 NW 65th Ave Margate, FL	1.0–3.0	1.0–2.0	706	$1,900	$2.69	22d	4	0.83mi
551 Kathy Ct Margate, FL	2.0	1.0–2.0	851	$1,945	$2.29	3d	2	0.83mi
380 E Laurel Dr Unit 4D Margate, FL	2.0	2.0	1019	$2,150	$2.11	24d	1	0.95mi
6000 NW 7th St Margate, FL	2.0	1.0	885	$1,895	$2.14	2d	1	0.99mi
412 Lakeside Dr #223 Margate, FL	2.0	1.0	630	$1,800	$2.86	15d	1	1.11mi
508 Gardens Dr #202 Pompano Beach, FL	1.0	1.0	680	$1,800	$2.65	2d	1	1.12mi
1241 SW 46th Ave #1006 Pompano Beach, FL	2.0	2.0	1073	$1,900	$1.77	24d	1	1.13mi
1243 SW 46th Ave #1111 Pompano Beach, FL	1.0	1.0	813	$1,550	$1.91	4d	1	1.13mi
1243 SW 46th Ave #1111 Pompano Beach, FL	1.0	1.0	813	$1,550	$1.91	3d	1	1.13mi
1245 SW 46th Ave #1215 Pompano Beach, FL	1.0	1.0	813	$2,000	$2.46	24d	1	1.14mi
1245 SW 46th Ave #1204 Pompano Beach, FL	1.0	1.0	813	$1,675	$2.06	2d	1	1.14mi
1239 SW 46th Ave #905 Pompano Beach, FL	1.0	1.0	785	$1,520	$1.94	7d	1	1.14mi
1239 SW 46th Ave #905 Pompano Beach, FL	1.0	1.0	785	$1,520	$1.94	15d	1	1.14mi
1253 SW 46th Ave #1608 Pompano Beach, FL	1.0	1.0	785	$1,699	$2.16	24d	1	1.15mi
503 Gardens Dr #202 Pompano Beach, FL	2.0	1.0	880	$1,900	$2.16	24d	1	1.15mi
512 Gardens Dr #103 Pompano Beach, FL	2.0	2.0	830	$1,900	$2.29	7d	1	1.16mi

HOA detail condo

• Monthly dues: $480 · $5,760/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $130,000 Active 101 DOM
2. 2026-06-17
   days on market $130,000 Active 100 DOM
3. 2026-06-16
   days on market $130,000 Active 99 DOM
4. 2026-06-15
   days on market $130,000 Active 98 DOM
5. 2026-06-13
   days on market $130,000 Active 96 DOM
6. 2026-06-09
   days on market $130,000 Active 92 DOM
7. 2026-06-07
   days on market $130,000 Active 90 DOM
8. 2026-06-04
   days on market $130,000 Active 87 DOM
9. 2026-06-03
   days on market $130,000 Active 86 DOM
10. 2026-06-02
    days on market $130,000 Active 85 DOM
11. 2026-06-01
    days on market $130,000 Active 84 DOM
12. 2026-05-31
    days on market $130,000 Active 83 DOM
13. 2026-05-11
    price $130,000
14. 2026-04-13
    price $132,500
15. 2026-03-09
    listed $135,000 Active
16. 2026-02-27
    historical $2,050
17. 2026-01-22
    price $2,050
18. 2025-12-30
    listed $2,100
19. 1996-03-07
    soldstatus $38,000
20. 1991-03-27
    soldstatus $29,000

ⓘ 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: $2,596 · $216/mo
• Projected year-2 tax: $2,596 · $216/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 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 25 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,796
• − Mortgage interest: −$7,282
• − Property taxes: −$2,596
• − Insurance: −$650
• − Repairs & maintenance: −$1,904
• − Management: −$1,904
• − HOA: −$5,760
• − Depreciation: −$3,782
• Taxable loss: −$81
• Est. tax savings @ 24.0%: +$19
• After-tax cash flow: $1,632/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 — Margate

• Score: 81/100
• State rank: #85
• US rank: #1398

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Margate, FL
• County: Broward County · 1,963,430 people
• City population: 55,466
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 54,439
• Household income: $64,051
• Rent vs Own: 37.1% rent · 62.9% own
• Severe rent burden: 3073.0

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 0.61)
• Race & ethnicity: Black 58% Hispanic / Latino 21% Two or more races 13% White 11% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4% Cuban 1% Dominican 3%
• Common ancestry: Hispanic 17% Estonian 1% Lithuanian 1%
• Foreign-born: 47% · Canada, Jamaica, Vietnam
• Languages at home: 59% English-only · Spanish 19% French/Haitian/Cajun 15% Other Indo-European 2%

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: ▼ -317.60%
• Current HPI: 426.2972
• Rent YoY: ▼ -0.74%
• 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

+348.3% since first listed

8 events — show timeline

• 2026-05-11 Price Changed $130,000 MARMLS
• 2026-04-13 Price Changed $132,500 MARMLS
• 2026-03-09 Listed $135,000 MARMLS
• 2026-02-27 Rental Removed $2,050 MARMLS
• 2026-01-22 Price Changed $2,050 MARMLS
• 2025-12-30 Listed for Rent $2,100 MARMLS
• 1996-03-07 Sold (Public Records) $38,000 Public Records
• 1991-03-27 Sold (Public Records) $29,000 Public Records

Property tax history

+19.1%/yr

Latest (2025): $2,596 · +6.0% YoY. Source: county tax records.