3162 N Pine Island Rd

Sunrise, FL 33351

$199,000D

2 bd · 2.5 ba · 1,428 sqft · Built 1974 · Condo · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,391/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$332
• HOA: −$539
• Vac / Maint / Mgmt: −$502
• Net cashflow: $-26/mo
• Annual: $-309/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.55%
• DSCR: 0.98
• 1% rule: 1.20%
• Cash to close: $55,720

Investor read

• This is a 2-bed/2.5-bath condo listed at $199k. Condition is rated fair.
• At list price, monthly cash flow is $-26 ($-309/yr) — negative.
• To cash-flow at today's rent, offer at most $195k (1.9% below list).
• Meets the 1% rule at list price ($2k rent vs $199k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $195k (1.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#56 in FL, #986 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-, 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: Horizon Elementary School (math 40% / reading 45%, grade F, #1,383 of 2,144 statewide, top 65%, 568 students, 74% FRL); Bair Middle School (math 23% / reading 38%, grade F, #465 of 571 statewide, top 82%, 766 students, 72% FRL); Plantation High School (math 14% / reading 36%, grade F, #501 of 667 statewide, top 75%, 1,818 students, 68% FRL) — zoned schools average 71% FRL vs 51% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 33% at this address vs 48% district-wide (-15 pts) — the specific schools serving this property underperform the Broward average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents flat; 191 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 4.9% in Sunrise — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 37% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exposed framing in kitchen — Structural damage
• Major: Exposed framing in bathrooms — Structural damage
• Major: Exposed concrete flooring — Structural damage
• Major: Exposed interior walls — Structural damage