2860 Somerset Dr Unit 405K · Lauderdale Lakes, FL 33311

$70,000

1 bd · 1.0 ba · 748 sqft · Condo public records · 144 Days on market

Built 1980 $492/mo HOA · 31% of rent

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.5/30.0
• 1% rule +10.0/10.0
• DSCR +9.6/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

55+ gated community with 24/7 security. Unit rented month to month Assoc. requires 580+ credit, 10% down, pets under 5 lbs.

Key facts

• $492 HOA
• Parking
• Community pool

Property features AI

Finance

• Financial info: Pets allowed (yes) — maximum 20 lbs
• HOA & community: Monthly association fee; Association amenities: pool, elevator(s); Senior community; Association fee: $492 monthly

Exterior

• Parking: One parking space
• Security: Secured elevator
• Home design: Condo/attached property; 4-story building; Entry on level 4
• Construction: Brick and block construction; Resale property
• Exterior features: Association pool; Secured elevator access

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central cooling (electric)
• Interior features: Elevator; Other interior features

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $70k.

Deal economics

• At list price, monthly cash flow is $55 ($658/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 5.6% in Lauderdale Lakes — 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.

Location & tenants

• Location reads 81/100 on livability (#100 in FL, #1,527 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, amenities F, employment 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.
• Zoned schools: Park Lakes Elementary School (math 35% / reading 44%, grade F, #1,513 of 2,144 statewide, top 73%, 970 students, 82% FRL); Nova Middle School (math 44% / reading 53%, grade C-, #274 of 571 statewide, top 50%, 1,284 students, 68% FRL); Nova High School (math 22% / reading 56%, grade F, #312 of 667 statewide, top 48%, 2,227 students, 59% FRL) — zoned schools average 70% FRL vs 51% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.8%/yr); 590 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 2,111 units permitted in Broward County in 2024 (1,265 in 5+ unit buildings).
• This rent runs 35% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Broward County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 144 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $49k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; flood insurance adds $152/mo; HOA is 31% of rent.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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.

Investment metrics

• 1% rule: 2.25% ✓
• Cap rate: 9.84%
• Cash-on-cash: 12.67%
• DSCR: 1.56
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.78% rent growth · sell at horizon

5-year hold

• IRR: -10.8%
• Equity multiple: 0.61×
• Total profit: $-7,742
• Equity at exit: $10,437

10-year hold

• IRR: -1.3%
• Equity multiple: 0.91×
• Total profit: $-1,809
• Equity at exit: $6,052

Cash invested: $19,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33311

• Rents YoY: 2.8%
• Active inventory: 590
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,573 high
• Mortgage (P&I): −$367
• Tax from tax record: −$148 /mo · $1,770/yr
• Insurance: −$29
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$492
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $55

Break-even live

Break-even rent $1,504

Max offer price $70,000

Occupancy floor 92%

Sensitivity live

Price	-10% $94	-5% $75	+0% $55	+5% $35	+10% $15
Rent	-10% $-69	-5% $-7	+0% $55	+5% $117	+10% $179
Rate	-1.0pp $90	-0.5pp $73	base $55	+0.5pp $37	+1.0pp $18

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2821 Somerset Dr #217 Lauderdale Lakes, FL	1.0	1.0	748	$1,400	$1.87	4d	1	0.10mi
2841 Somerset Dr Lauderdale Lakes, FL	1.0	1.0	696	$1,598	$2.30	12d	3	0.17mi
2851 Somerset Dr Lauderdale Lakes, FL	1.0–2.0	1.0–2.0	827	$1,300	$1.57	4d	2	0.21mi
2871 Somerset Dr #207 Lauderdale Lakes, FL	1.0	1.0	644	$1,400	$2.17	25d	1	0.27mi
3541 NW 30th Pl Lauderdale Lakes, FL	1.0–3.0	1.0–2.0	865	$1,739	$2.01	0d	16	0.47mi
3960 NW 31st Ter Unit 2 Lauderdale Lakes, FL	1.0	1.0	720	$1,500	$2.08	25d	1	0.92mi
4141 NW 26th St #316 Lauderhill, FL	1.0	1.0	624	$1,450	$2.32	25d	1	0.96mi
4121 NW 26th St Unit T16 Lauderhill, FL	1.0	1.5	750	$1,500	$2.00	25d	1	0.99mi
3033 NW 43rd Ave #108 Lauderdale Lakes, FL	1.0	1.0	650	$1,590	$2.45	15d	1	1.07mi
2417 NW 20th St Unit 1 Fort Lauderdale, FL	2.0	1.0	649	$1,700	$2.62	9d	1	1.09mi
3030 NW 43rd Ter #102 Lauderdale Lakes, FL	1.0	1.0	710	$1,450	$2.04	25d	1	1.09mi
4130 NW 31st Ter Unit 1 Lauderdale Lakes, FL	2.0	1.0	700	$1,900	$2.71	13d	1	1.10mi
3030 NW 43rd Ter Lauderdale Lakes, FL	1.0	1.0	592	$1,400	$2.36	0d	2	1.10mi
3030 NW 43rd Ter Lauderdale Lakes, FL	1.0	1.0	592	$1,400	$2.36	3d	2	1.10mi
1816 NW 25th Ter Unit 2 Fort Lauderdale, FL	1.0	1.0	450	$1,600	$3.56	4d	1	1.16mi
1816 NW 25th Ter Unit 2 Fort Lauderdale, FL	1.0	1.0	450	$1,600	$3.56	15d	1	1.16mi
1770 NW 25th Ter Fort Lauderdale, FL	2.0	1.0	720	$2,000	$2.78	0d	1	1.18mi
4160 NW 21st St Lauderhill, FL	1.0–2.0	1.0	810	$1,599	$1.97	0d	3	1.18mi
4160 NW 21st St Lauderhill, FL	1.0–2.0	1.0	810	$1,675	$2.07	25d	3	1.18mi
2070 NW 43rd Ter #6 Lauderhill, FL	1.0	1.0	600	$1,600	$2.67	23d	1	1.29mi
2707 NW 15th St Unit 2 Fort Lauderdale, FL	—	1.0	375	$1,175	$3.13	16d	1	1.33mi
4047 NW 16th St #109 Lauderhill, FL	1.0	1.0	725	$1,300	$1.79	25d	1	1.33mi
211 Lake Pointe Dr Oakland Park, FL	1.0–2.0	1.0–2.0	805	$1,650	$2.05	4d	2	1.36mi
2708 NW 15th St Fort Lauderdale, FL	2.0	1.0	750	$1,700	$2.27	25d	1	1.37mi
2620 NW 18th Ter #3 Oakland Park, FL	2.0	1.0	744	$2,000	$2.69	25d	1	1.38mi
3061 NW 47th Ter Unit 327B Lauderdale Lakes, FL	1.0	1.5	662	$1,600	$2.42	9d	1	1.47mi
3061 NW 47th Ter #327 Lauderdale Lakes, FL	1.0	1.5	662	$1,500	$2.27	25d	1	1.47mi
3061 NW 47th Ter Unit 132C Lauderdale Lakes, FL	1.0	1.0	610	$1,500	$2.46	25d	1	1.47mi
3061 NW 47th Ter Unit 335B Lauderdale Lakes, FL	1.0	1.5	662	$1,500	$2.27	0d	1	1.47mi
2901 NW 47th Ter Unit 348B Lauderdale Lakes, FL	1.0	1.5	662	$1,350	$2.04	25d	1	1.47mi
2901 NW 47th Ter Unit 247B Lauderdale Lakes, FL	1.0	1.5	662	$1,400	$2.11	0d	1	1.47mi

HOA detail condo

• Monthly dues: $492 · $5,904/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $70,000 Active 144 DOM
2. 2026-06-18
   days on market $70,000 Active 141 DOM
3. 2026-06-17
   days on market $70,000 Active 140 DOM
4. 2026-06-16
   days on market $70,000 Active 139 DOM
5. 2026-06-15
   days on market $70,000 Active 138 DOM
6. 2026-06-13
   days on market $70,000 Active 136 DOM
7. 2026-06-09
   days on market $70,000 Active 132 DOM
8. 2026-06-07
   days on market $70,000 Active 130 DOM
9. 2026-06-04
   days on market $70,000 Active 127 DOM
10. 2026-06-03
    days on market $70,000 Active 126 DOM
11. 2026-06-02
    days on market $70,000 Active 125 DOM
12. 2026-06-01
    days on market $70,000 Active 124 DOM
13. 2026-05-31
    days on market $70,000 Active 123 DOM
14. 2026-01-28
    listed $70,000 Active
15. 2008-04-07
    soldstatus $49,000
16. 2004-11-10
    soldstatus $35,000
17. 1981-04-01
    soldstatus $40,800
18. 1979-04-01
    soldstatus $24,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,770 · $148/mo
• Projected year-2 tax: $1,770 · $148/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AH · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 27 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,875
• − Mortgage interest: −$3,921
• − Property taxes: −$1,770
• − Insurance: −$2,174
• − Repairs & maintenance: −$1,510
• − Management: −$1,510
• − HOA: −$5,904
• − Depreciation: −$2,036
• Taxable income: $49
• Est. tax owed @ 24.0%: −$12
• After-tax cash flow: $646/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Broward
• NCES district ID: 1200180
• Math proficiency: 42% ▼ -18.00%
• Reading proficiency: 53% ▼ -5.00%
• Median HH income: $52,139
• Composite: 40.88/100
• National rank: #3621
• State rank: #46 of 73 in FL

Livability — Lauderdale Lakes

• Score: 81/100
• State rank: #100
• US rank: #1527

Category grades

Amenities F Commute A+ Cost of living A+ Crime D+ Employment F Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lauderdale Lakes, FL
• County: Broward County · 1,963,430 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 74,898
• Household income: $53,973
• Rent vs Own: 52.8% rent · 47.2% own
• Severe rent burden: 5068.0

Population outlook (Broward County) Hauer SSP2

• Today (2025): 2,207,033 people
• By 2030: 2,360,704 · +7.0%
• By 2040: 2,661,208 · +20.6%
• By 2050: 2,946,698 · +33.5%
• By 2075: 3,602,273 · +63.2%
• By 2100: 3,970,984 · +79.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (77%)
• Race & ethnicity: Black 77% Two or more races 9% White 9% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1%
• Common ancestry: Hispanic 15% Lithuanian 1% Romanian 0%
• Foreign-born: 24% · Canada, Jamaica
• Languages at home: 78% English-only · French/Haitian/Cajun 14% Spanish 6% Other Indo-European 1%

Political lean MEDSL · Broward

• 2024 margin: D (+17.0) · D 58.0% · R 41.0%
• 2008→2024 swing: -17.8pp toward R · 2008: 34.7pp · 2024: 17.0pp
• All cycles: 2024: D+17.0 2020: D+29.8 2016: D+35.0 2012: D+34.9 2008: D+34.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -300.68%
• Current HPI: 535.2504
• Rent YoY: ▲ 2.78%
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+191.7% since first listed

5 events — show timeline

• 2026-01-28 Listed $70,000 MARMLS
• 2008-04-07 Sold (Public Records) $49,000 Public Records
• 2004-11-10 Sold (Public Records) $35,000 Public Records
• 1981-04-01 Sold (Public Records) $40,800 Public Records
• 1979-04-01 Sold (Public Records) $24,000 Public Records

Property tax history

+7.3%/yr

Latest (2025): $1,770 · +11.9% YoY. Source: county tax records.