1904 SW 28th St

Fort Lauderdale, FL 33315

$795,000D

5 bd · 3.0 ba · 2,032 sqft · Built 1953 · SingleFamily · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,234/mo
• Mortgage (P&I): −$4,169
• Tax + insurance: −$1,836
• HOA: −$0
• Vac / Maint / Mgmt: −$1,519
• Net cashflow: $-291/mo
• Annual: $-3,486/yr
• Cap rate: 6.50%
• Cash-on-cash: 0.73%
• DSCR: 1.03
• 1% rule: 0.91%
• Cash to close: $222,600

Investor read

• This is a 5-bed/3.0-bath single-family listed at $795k.
• At list price, monthly cash flow is $-291 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $744k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $723k (9.0% below list).
• It's been on market 99 days — a 9% lower offer ($723k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $723k (9.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $24k 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: Nova Blanche Forman Elementary (math 35% / reading 55%, grade D-, #1,271 of 2,144 statewide, top 60%, 769 students, 72% FRL); New River Middle School (math 36% / reading 44%, grade F, #368 of 571 statewide, top 65%, 1,587 students, 70% FRL); Nova High School (math 22% / reading 56%, grade F, #312 of 667 statewide, top 48%, 2,227 students, 59% FRL) — zoned schools average 67% FRL vs 51% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $427/mo; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.4%/yr); 246 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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.
• 7 sale attempts since 3y ago; this cycle's ask has dropped $44k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 2.2% 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.
• At $7,234/mo this rent would consume 98% of the median local household income ($88k/yr) (locally 762% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?