2621 Grant St Unit 10a

Hollywood, FL 33020

$129,000D

1 bd · 1.0 ba · 580 sqft · Built 1965 · Condo · Active · 154 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,660/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$266
• HOA: −$404
• Vac / Maint / Mgmt: −$349
• Net cashflow: $-35/mo
• Annual: $-421/yr
• Cap rate: 5.97%
• Cash-on-cash: -1.16%
• DSCR: 0.95
• 1% rule: 1.29%
• Cash to close: $36,120

Investor read

• This is a 1-bed/1.0-bath condo listed at $129k.
• At list price, monthly cash flow is $-35 ($-421/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (4.8% below list).
• Meets the 1% rule at list price ($2k rent vs $129k).
• It's been on market 154 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#232 in FL, #3,548 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, crime B+; Watch: 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: Oakridge Elementary School (math 17% / reading 26%, grade F, #2,091 of 2,144 statewide, top 98%, 449 students, 82% FRL); Olsen Middle School (math 18% / reading 24%, grade F, #555 of 571 statewide, top 97%, 633 students, 73% FRL); South Broward High School (math 24% / reading 49%, grade F, #351 of 667 statewide, top 54%, 2,397 students, 59% FRL) — zoned schools average 71% FRL vs 51% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 48% district-wide (-21 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 24% of rent.
• Market conditions: Rents flat; 591 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $24k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $129k implies a 303% gain — meaningful room to come down on a strong offer.
• Cap rate 6.0% vs local median 3.2% in Hollywood — 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 35% of the median local income ($56k/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 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1965 — 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?