29 Richmond D #29

Deerfield Beach, FL 33442

$52,800B

1 bd · 1.5 ba · 700 sqft · Built 1976 · Condo · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,751/mo
• Mortgage (P&I): −$277
• Tax + insurance: −$88
• HOA: −$595
• Vac / Maint / Mgmt: −$368
• Net cashflow: $423/mo
• Annual: $5,077/yr
• Cap rate: 15.91%
• Cash-on-cash: 34.34%
• DSCR: 2.53
• 1% rule: 3.32%
• Cash to close: $14,784

Investor read

• This is a 1-bed/1.5-bath condo listed at $53k. Condition is rated good.
• At list price, monthly cash flow is $423 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $53k).
• It's been on market 18 days — a 2% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $52k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $365 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#250 in FL, #3,970 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities D-, 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.
• Zoned schools: Quiet Waters Elementary School (math 40% / reading 48%, grade F, #1,330 of 2,144 statewide, top 63%, 1,128 students, 62% FRL); Lyons Creek Middle School (math 49% / reading 53%, grade C, #237 of 571 statewide, top 43%, 1,757 students, 60% FRL); Deerfield Beach High School (math 12% / reading 37%, grade F, #505 of 667 statewide, top 79%, 2,251 students, 69% FRL).
• Watch-outs: HOA is 34% of rent.
• Market conditions: Rents flat; 586 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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.
• At projected returns (-3.0% appreciation + 0.1% rent growth), your $15k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 15.9% vs local median 4.2% in Deerfield 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.
• This rent runs 39% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1976 — 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.
• 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Paint — Paint appears faded in some areas.
• Minor: Kitchen cabinets — Cabinets may benefit from a fresh coat of paint.
• Minor: Bathroom fixtures — Fixtures may need updating for a more modern look.