7605 W Atlantic Blvd #207

Margate, FL 33063

$135,000D

2 bd · 2.0 ba · 990 sqft · Built 1973 · Condo · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,748/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$262
• HOA: −$516
• Vac / Maint / Mgmt: −$367
• Net cashflow: $-106/mo
• Annual: $-1,269/yr
• Cap rate: 5.35%
• Cash-on-cash: -3.36%
• DSCR: 0.85
• 1% rule: 1.29%
• Cash to close: $37,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $135k.
• At list price, monthly cash flow is $-106 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (13.8% below list).
• Meets the 1% rule at list price ($2k rent vs $135k).
• It's been on market 80 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (13.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#85 in FL, #1,398 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities 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.
• Watch-outs: HOA is 30% of rent.
• Market conditions: Rents rising (+1.9%/yr); 548 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.
• 8 sale attempts since 4y ago; this cycle's ask is 8082% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $108k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 5.4% vs local median 4.3% in Margate — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 33% of the median local income ($63k/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 80 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• Built in 1973 — 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?
• 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.
• 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?