5321 NE 24th Ter Unit 203a

Fort Lauderdale, FL 33308

$185,000D+

2 bd · 2.0 ba · 928 sqft · Built 1974 · Condo · Active · 147 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,331/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$469
• HOA: −$545
• Vac / Maint / Mgmt: −$490
• Net cashflow: $-143/mo
• Annual: $-1,716/yr
• Cap rate: 5.37%
• Cash-on-cash: -3.31%
• DSCR: 0.85
• 1% rule: 1.26%
• Cash to close: $51,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $185k. Condition is rated good.
• At list price, monthly cash flow is $-143 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (13.7% below list).
• Meets the 1% rule at list price ($2k rent vs $185k).
• It's been on market 147 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $160k (13.7% 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 82/100 on livability (#78 in FL, #1,293 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, health & safety A+; Watch: 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: Mcnab Elementary School (math 51% / reading 63%, grade C+, #781 of 2,144 statewide, top 38%, 614 students, 56% FRL); Pompano Beach Middle School (math 29% / reading 40%, grade F, #421 of 571 statewide, top 74%, 1,040 students, 73% FRL); Northeast High School (math 12% / reading 37%, grade F, #505 of 667 statewide, top 79%, 1,552 students, 69% FRL).
• Watch-outs: property tax is 2.5% of price; HOA is 23% of rent.
• Market conditions: Rents rising (+3.6%/yr); 1131 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 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 $62k; list at $185k implies a 198% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate flood risk; 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 5.4% vs local median 1.9% in Fort Lauderdale — 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 147 days. Have you received any prior offers? Is the seller open to a 14% 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.