608 SW Natura Blvd Apt 202

Deerfield Beach, FL 33441

$119,000B

2 bd · 2.0 ba · 1,272 sqft · Built 1975 · Condo · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,483/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$109
• HOA: −$576
• Vac / Maint / Mgmt: −$521
• Net cashflow: $653/mo
• Annual: $7,835/yr
• Cap rate: 12.88%
• Cash-on-cash: 23.52%
• DSCR: 2.05
• 1% rule: 2.09%
• Cash to close: $33,320

Investor read

• This is a 2-bed/2.0-bath condo listed at $119k.
• At list price, monthly cash flow is $653 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• It's been on market 21 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k 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: Deerfield Park Elementary School (math 45% / reading 26%, grade F, #1,684 of 2,144 statewide, top 79%, 529 students, 91% FRL); Deerfield Beach Middle School (math 30% / reading 39%, grade F, #421 of 571 statewide, top 74%, 1,140 students, 72% FRL); Deerfield Beach High School (math 12% / reading 37%, grade F, #505 of 667 statewide, top 79%, 2,251 students, 69% FRL) — zoned schools average 77% FRL vs 51% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 32% at this address vs 48% district-wide (-16 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 (+2.2%/yr); 299 active listings in the ZIP; 40 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.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $36k; list at $119k implies a 231% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $33k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.9% 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.

Questions for listing agent

• Built in 1975 — 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.