406 NW 68th Ave #310

Plantation, FL 33317

$170,000D

1 bd · 2.0 ba · 940 sqft · Built 1973 · Condo · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,869/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$256
• HOA: −$424
• Vac / Maint / Mgmt: −$393
• Net cashflow: $-95/mo
• Annual: $-1,138/yr
• Cap rate: 5.62%
• Cash-on-cash: -2.39%
• DSCR: 0.89
• 1% rule: 1.10%
• Cash to close: $47,600

Investor read

• This is a 1-bed/2.0-bath condo listed at $170k.
• At list price, monthly cash flow is $-95 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (9.9% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• It's been on market 102 days — a 9% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $153k (9.9% 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 $5k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#70 in FL, #1,174 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities C-, cost of living 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: Peters Elementary School (math 31% / reading 43%, grade F, #1,609 of 2,144 statewide, top 77%, 623 students, 74% FRL); Plantation Middle School (math 20% / reading 39%, grade F, #469 of 571 statewide, top 84%, 572 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 30% at this address vs 48% district-wide (-17 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 rising (+2.8%/yr); 215 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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.
• Current owner paid $97k; list at $170k implies a 75% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% vs local median 3.4% in Plantation — 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.

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 102 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Built in 1973 — 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?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?