2986 S University Dr #8204

Davie, FL 33328

$209,000F

1 bd · 1.0 ba · 565 sqft · Built 1987 · Condo · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,886/mo
• Mortgage (P&I): −$1,096
• Tax + insurance: −$420
• HOA: −$380
• Vac / Maint / Mgmt: −$396
• Net cashflow: $-407/mo
• Annual: $-4,879/yr
• Cap rate: 3.96%
• Cash-on-cash: -8.34%
• DSCR: 0.63
• 1% rule: 0.90%
• Cash to close: $58,520

Investor read

• This is a 1-bed/1.0-bath condo listed at $209k.
• At list price, monthly cash flow is $-407 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (9.8% below list).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $189k (9.8% below list) — sets the bar for 1% rule.
• 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: Tropical Elementary School (math 54% / reading 64%, grade B-, #722 of 2,144 statewide, top 34%, 839 students, 53% FRL); Seminole Middle School (math 39% / reading 53%, grade D+, #300 of 571 statewide, top 53%, 1,072 students, 54% FRL); South Plantation High School (math 22% / reading 46%, grade F, #394 of 667 statewide, top 60%, 2,224 students, 59% FRL) — zoned schools at 55% FRL track the district average.
• Watch-outs: HOA is 20% of rent.
• Market conditions: Rents rising (+2.7%/yr); 183 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 8y 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 $126k; list at $209k implies a 66% gain — meaningful room to come down on a strong offer.
• This rent is only 18% of the median local income ($126k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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?
• 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?
• 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?
• 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?
• 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.
• 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.