8921 S Hollybrook Blvd #209

Pembroke Pines, FL 33025

$139,975D

2 bd · 2.0 ba · 1,050 sqft · Built 1974 · Condo · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,221/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$373
• HOA: −$720
• Vac / Maint / Mgmt: −$466
• Net cashflow: $-73/mo
• Annual: $-872/yr
• Cap rate: 5.67%
• Cash-on-cash: -2.23%
• DSCR: 0.90
• 1% rule: 1.59%
• Cash to close: $39,193

Investor read

• This is a 2-bed/2.0-bath condo listed at $140k.
• At list price, monthly cash flow is $-73 ($-872/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (9.2% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 81 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (9.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#54 in FL, #933 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime A-; Watch: amenities D+, 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: Palm Cove Elementary School (math 25% / reading 46%, grade F, #1,684 of 2,144 statewide, top 79%, 438 students, 64% FRL); Pines Middle School (math 20% / reading 37%, grade F, #482 of 571 statewide, top 85%, 597 students, 67% FRL); Charles W Flanagan High School (math 29% / reading 50%, grade F, #304 of 667 statewide, top 47%, 2,475 students, 57% FRL).
• Zoned-school proficiency averages 34% at this address vs 48% district-wide (-13 pts) — the specific schools serving this property underperform the Broward average; the district grade overstates school quality for this exact location.
• Watch-outs: property tax is 2.7% of price; HOA is 32% of rent.
• Market conditions: Rents soft (-0.9%/yr); 446 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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.
• 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.
• Cap rate 5.7% vs local median 4.0% in Pembroke Pines — 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 ($69k/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?
• It's been on market 81 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.