2851 Somerset Dr #111 · Lauderdale Lakes, FL 33311

$89,000

2 bd · 2.0 ba · 865 sqft · Condo public records · 11 Days on market

Built 1974 $500/mo HOA · 27% of rent

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Why this score? — see what drove the B- 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 +27.1/30.0
• 1% rule +10.0/10.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Paradise. This two-bedroom, two-bathroom condominium located in Somerset 5 in Fort Lauderdale, Florida. This 865-square-foot residence offers comfortable living space efficiently designed for modern convenience. Situated in a four-story building, this unit provides an accessible living environment. The condominium format offers the benefits of low-maintenance ownership with shared building amenities and responsibilities. This Fort Lauderdale property represents a practical choice for those seeking straightforward 55 and over condo living.

Key facts

• $500 HOA
• Parking
• Community pool

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Has association; Monthly HOA fee of $500; HOA covers pest control, sewer, trash, water, recreation facility and pool service; Association amenities include clubhouse, elevators, fitness center, picnic area, parking, pool, shuffleboard court, community room and courtesy bus; Senior community

Exterior

• Parking: Assigned parking; Guest parking; Total 1 parking space
• Security: Security guard; Additional security features
• Utilities: Public water; Public sewer; Cable available; Electricity available; Phone available; Sewer connected; Water connected
• Home design: Condominium; Resale; Faces south; 4-story building
• Construction: Built with CBS construction
• Exterior features: Not waterfront; Flat roof

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Laminate; Tile; Other
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Walk-in closets; Unfurnished
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $89k.

Deal economics

• At list price, monthly cash flow is $101 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Cap rate 9.7% vs local median 5.6% in Lauderdale Lakes — 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 (#100 in FL, #1,527 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, amenities F, employment 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: Rock Island Elementary School (math 32% / reading 22%, grade F, #1,969 of 2,144 statewide, top 94%, 454 students, 91% FRL); William Dandy Middle School (math 26% / reading 37%, grade F, #453 of 571 statewide, top 81%, 784 students, 84% FRL); Boyd H. Anderson High School (math 10% / reading 14%, grade F, #622 of 667 statewide, top 93%, 2,038 students, 72% FRL) — zoned schools average 82% FRL vs 51% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 48% district-wide (-24 pts) — the specific schools serving this property underperform the Broward average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.8%/yr); 590 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); 2,111 units permitted in Broward County in 2024 (1,265 in 5+ unit buildings).
• This rent runs 41% of the median local income ($54k/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 $615 of loan paydown is wiped out by about $3k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $32k; list at $89k implies a 178% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; flood insurance adds $152/mo; HOA is 27% of rent.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,000

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 2.09% ✓
• Cap rate: 9.70%
• Cash-on-cash: 12.18%
• DSCR: 1.54
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.78% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.68×
• Total profit: $-7,917
• Equity at exit: $13,270

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $1,692
• Equity at exit: $7,695

Cash invested: $24,920 (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 33311

• Rents YoY: 2.8%
• Active inventory: 590
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,856 high
• Mortgage (P&I): −$467
• Tax from tax record: −$210 /mo · $2,518/yr
• Insurance: −$37
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$500
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $101

Break-even live

Break-even rent $1,729

Max offer price $89,000

Occupancy floor 90%

Sensitivity live

Price	-10% $151	-5% $126	+0% $101	+5% $76	+10% $51
Rent	-10% $-46	-5% $28	+0% $101	+5% $174	+10% $248
Rate	-1.0pp $146	-0.5pp $124	base $101	+0.5pp $78	+1.0pp $54

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2851 Somerset Dr Lauderdale Lakes, FL	1.0–2.0	1.0–2.0	827	$1,700	$2.06	3d	2	0.03mi
2801 Somerset Dr Lauderdale Lakes, FL	2.0	2.0	865	$1,775	$2.05	25d	2	0.07mi
2841 Somerset Dr Lauderdale Lakes, FL	1.0	1.0	696	$1,598	$2.30	12d	3	0.08mi
2811 Somerset Dr #412 Lauderdale Lakes, FL	2.0	2.0	865	$1,700	$1.97	8d	1	0.09mi
2871 Somerset Dr #207 Lauderdale Lakes, FL	1.0	1.0	644	$1,400	$2.17	25d	1	0.10mi
2821 Somerset Dr #217 Lauderdale Lakes, FL	1.0	1.0	748	$1,400	$1.87	3d	1	0.13mi
2800 Somerset Dr Unit 418J Lauderdale Lakes, FL	2.0	2.0	1010	$1,800	$1.78	15d	1	0.20mi
2725 Somerset Dr Lauderdale Lakes, FL	1.0–2.0	1.0–2.0	990	$2,250	$2.27	25d	1	0.20mi
3390 NW 30th St Unit 3 Lauderdale Lakes, FL	2.0	1.0	800	$1,650	$2.06	25d	1	0.24mi
2830 Somerset Dr Lauderdale Lakes, FL	2.0	2.0	1010	$1,925	$1.91	11d	2	0.27mi
3541 NW 30th Pl Lauderdale Lakes, FL	1.0–3.0	1.0–2.0	865	$2,076	$2.40	2d	14	0.41mi
3621 NW 30th Ct Oakland Park, FL	2.0	2.5	1104	$2,695	$2.44	14d	1	0.44mi
3710 NW 21st St #305 Lauderdale Lakes, FL	2.0	2.0	1100	$1,650	$1.50	25d	1	0.60mi
3115 Oakland Shores Dr Unit E208 Oakland Park, FL	1.0	1.0	760	$1,700	$2.24	25d	1	0.62mi
3115 Oakland Shores Dr Unit E208 Oakland Park, FL	1.0	1.0	760	$1,600	$2.11	6d	1	0.62mi
2700 NW 39th Way Lauderdale Lakes, FL	2.0–3.0	1.0–1.5	858	$1,750	$2.04	4d	6	0.63mi
3610 NW 21st St Lauderdale Lakes, FL	1.0–2.0	1.0–2.0	950	$1,750	$1.84	25d	2	0.63mi
3610 NW 21st St #413 Lauderdale Lakes, FL	2.0	2.0	1100	$1,750	$1.59	21d	1	0.63mi
3610 NW 21st St #308 Lauderdale Lakes, FL	2.0	2.0	1100	$1,750	$1.59	23d	1	0.63mi
3700 NW 21st St #203 Lauderdale Lakes, FL	1.0	1.0	800	$1,500	$1.88	21d	1	0.64mi
3119 Oakland Shores Dr Unit C110 Oakland Park, FL	2.0	2.0	1050	$1,800	$1.71	8d	1	0.67mi
3119 Oakland Shores Dr Unit C212 Oakland Park, FL	1.0	1.0	760	$1,380	$1.82	25d	1	0.67mi
3123 Oakland Shores Dr Unit D112 Oakland Park, FL	1.0	1.0	760	$1,450	$1.91	21d	1	0.67mi
3123 Oakland Shores Dr Unit D112 Oakland Park, FL	1.0	1.0	760	$1,450	$1.91	11d	1	0.67mi
3082 S Oakland Forest Dr #1301 Oakland Park, FL	2.0	2.5	1098	$1,975	$1.80	21d	1	0.69mi
3048 NW 20th St Unit n/a Fort Lauderdale, FL	3.0	2.0	1107	$2,800	$2.53	25d	1	0.71mi
2040 NW 29th Ter Unit 2040 Fort Lauderdale, FL	2.0	1.0	916	$2,400	$2.62	8d	1	0.74mi
2040 NW 29th Ter Unit 2040 Fort Lauderdale, FL	2.0	1.0	916	$2,600	$2.84	15d	1	0.74mi
3540 NW 34th Ter Lauderdale Lakes, FL	2.0	1.0	1056	$1,200	$1.14	18d	1	0.76mi
4141 NW 26th St #316 Lauderhill, FL	1.0	1.0	624	$1,450	$2.32	25d	1	0.77mi
4121 NW 26th St Unit T16 Lauderhill, FL	1.0	1.5	750	$1,500	$2.00	25d	1	0.79mi
2721 NW 25th St Fort Lauderdale, FL	3.0	2.0	1015	$3,000	$2.96	3d	1	0.79mi
2720 S Oakland Forest Dr Oakland Park, FL	2.0	2.0	1100	$2,050	$1.86	25d	1	0.90mi
3033 NW 43rd Ave #108 Lauderdale Lakes, FL	1.0	1.0	650	$1,590	$2.45	14d	1	0.91mi
2980 NW 43rd Ter #207 Lauderdale Lakes, FL	2.0	2.0	890	$1,800	$2.02	25d	1	0.92mi
2740 NW 21st St Unit 1261589P Fort Lauderdale, FL	3.0	2.0	1097	$3,396	$3.10	25d	1	0.93mi
3030 NW 43rd Ter #102 Lauderdale Lakes, FL	1.0	1.0	710	$1,450	$2.04	25d	1	0.94mi
3030 NW 43rd Ter Lauderdale Lakes, FL	1.0	1.0	592	$1,400	$2.36	3d	2	0.95mi
4160 NW 21st St Lauderhill, FL	1.0–2.0	1.0	810	$1,700	$2.10	8d	2	0.95mi
4160 NW 21st St Lauderhill, FL	1.0–2.0	1.0	810	$1,700	$2.10	25d	3	0.95mi

HOA detail condo

• Monthly dues: $500 · $6,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-21
   days on market $89,000 Active 11 DOM
2. 2026-06-18
   days on market $89,000 Active 8 DOM
3. 2026-06-17
   days on market $89,000 Active 7 DOM
4. 2026-06-16
   days on market $89,000 Active 6 DOM
5. 2026-06-15
   days on market $89,000 Active 5 DOM
6. 2026-06-13
   remarks 555-char remark
7. 2026-06-13
   listed $89,000 Active 3 DOM

ⓘ 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: $2,518 · $210/mo
• Projected year-2 tax: $2,518 · $210/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 AH · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 28 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: $22,277
• − Mortgage interest: −$4,985
• − Property taxes: −$2,518
• − Insurance: −$2,270
• − Repairs & maintenance: −$1,782
• − Management: −$1,782
• − HOA: −$6,000
• − Depreciation: −$2,589
• Taxable income: $351
• Est. tax owed @ 24.0%: −$84
• After-tax cash flow: $1,126/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 — Lauderdale Lakes

• Score: 81/100
• State rank: #100
• US rank: #1527

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lauderdale Lakes, FL
• County: Broward County · 1,963,430 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 74,898
• Household income: $53,973
• Rent vs Own: 52.8% rent · 47.2% own
• Severe rent burden: 5068.0

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: Predominantly Black (77%)
• Race & ethnicity: Black 77% Two or more races 9% White 9% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1%
• Common ancestry: Hispanic 15% Lithuanian 1% Romanian 0%
• Foreign-born: 24% · Canada, Jamaica
• Languages at home: 78% English-only · French/Haitian/Cajun 14% Spanish 6% Other Indo-European 1%

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: ▼ -300.68%
• Current HPI: 535.2504
• Rent YoY: ▲ 2.78%
• 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

+178.1% since first listed

2 events — show timeline

• 2026-06-10 Listed $89,000 Beaches MLS
• 1989-03-01 Sold (Public Records) $32,000 Public Records

Property tax history

+15.6%/yr

Latest (2025): $2,518 · +5.4% YoY. Source: county tax records.