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Hollywood, FL 33020

$469,999F

6 bd · 6.0 ba · 986 sqft · Built 1938 · MultiFamily · Active · 202 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,886/mo
• Mortgage (P&I): −$2,465
• Tax + insurance: −$783
• HOA: −$0
• Vac / Maint / Mgmt: −$606
• Net cashflow: $-968/mo
• Annual: $-11,617/yr
• Cap rate: 3.82%
• Cash-on-cash: -8.83%
• DSCR: 0.61
• 1% rule: 0.61%
• Cash to close: $131,600

Investor read

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $470k.
• At list price, monthly cash flow is $-968 ($-12k/yr) — negative. Per door: $-484/mo.
• To cash-flow at today's rent, offer at most $330k (29.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $289k (38.6% below list).
• It's been on market 202 days — a 12% lower offer ($414k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $289k (38.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#232 in FL, #3,548 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, crime B+; Watch: amenities 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.
• 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); South Broward High School (math 24% / reading 49%, grade F, #351 of 667 statewide, top 54%, 2,397 students, 59% FRL).
• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 591 active listings in the ZIP; 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $2,886/mo this rent would consume 61% of the median local household income ($56k/yr) (locally 3948% 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 202 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?