4384 NW 9th Ave Unit 20-2f

Deerfield Beach, FL 33064

$138,000C-

1 bd · 1.5 ba · 695 sqft · Built 1975 · Condo · Active · 179 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,662/mo
• Mortgage (P&I): −$724
• Tax + insurance: −$382
• HOA: −$358
• Vac / Maint / Mgmt: −$349
• Net cashflow: $-151/mo
• Annual: $-1,809/yr
• Cap rate: 6.30%
• Cash-on-cash: 0.04%
• DSCR: 1.00
• 1% rule: 1.20%
• Cash to close: $38,640

Investor read

• This is a 1-bed/1.5-bath condo listed at $138k. Condition is rated fair.
• At list price, monthly cash flow is $-151 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (15.8% below list).
• Meets the 1% rule at list price ($2k rent vs $138k).
• It's been on market 179 days — a 12% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (15.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $954 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#250 in FL, #3,970 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities D-, employment 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: Park Ridge Elementary School (math 26% / reading 24%, grade F, #2,030 of 2,144 statewide, top 95%, 577 students, 79% FRL); Crystal Lake Middle School (math 24% / reading 38%, grade F, #462 of 571 statewide, top 81%, 1,055 students, 74% FRL); Blanche Ely High School (math 7% / reading 29%, grade F, #570 of 667 statewide, top 86%, 1,906 students, 75% FRL) — zoned schools average 76% FRL vs 51% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 48% district-wide (-23 pts) — the specific schools serving this property underperform the Broward average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $152/mo; HOA is 22% of rent.
• Market conditions: Rents rising (+1.8%/yr); 792 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 49d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 3 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $73k; list at $138k implies a 89% gain — meaningful room to come down on a strong offer.
• 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.3% vs local median 4.3% in Deerfield Beach — 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.

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 179 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1975 — 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?
• 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)?

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — slight wear
• Minor: bathroom fixtures — basic and dated
• Minor: HVAC system — no visible signs of major issues