9451 Evergreen Pl #203

Davie, FL 33324

$201,000D

2 bd · 2.0 ba · 775 sqft · Built 1974 · Condo · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,150/mo
• Mortgage (P&I): −$1,054
• Tax + insurance: −$160
• HOA: −$549
• Vac / Maint / Mgmt: −$451
• Net cashflow: $-65/mo
• Annual: $-778/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.38%
• DSCR: 0.94
• 1% rule: 1.07%
• Cash to close: $56,280

Investor read

• This is a 2-bed/2.0-bath condo listed at $201k.
• At list price, monthly cash flow is $-65 ($-778/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (5.7% below list).
• Meets the 1% rule at list price ($2k rent vs $201k).
• It's been on market 99 days — a 9% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $183k (9.0% below list) — sets the bar for market timing.
• 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 (#68 in FL, #1,159 nationally) — a professional / high-income tenant draw. Strengths: crime A+, housing A+, health & safety A+; Watch: cost of living D, amenities 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: Fox Trail Elementary School (math 58% / reading 69%, grade B, #564 of 2,144 statewide, top 27%, 1,130 students, 53% FRL); Indian Ridge Middle School (math 55% / reading 60%, grade B, #157 of 571 statewide, top 28%, 2,020 students, 46% FRL); Western High School (math 43% / reading 60%, grade D+, #167 of 667 statewide, top 25%, 3,566 students, 43% FRL) — zoned schools at 47% FRL track the district average.
• Watch-outs: HOA is 26% of rent.
• Market conditions: Rents rising (+1.2%/yr); 398 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $24k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $201k implies a 136% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: 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 5.9% vs local median 3.4% in Davie — 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 30% of the median local income ($85k/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 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 1974 — 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.
• Schools are A-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?