2840 Somerset Dr Unit 110M · Lauderdale Lakes, FL 33311

$19,900

2 bd · 2.0 ba · 1,010 sqft · Condo public records · 91 Days on market

Built 1980 $864/mo HOA · 42% of rent ↓ 40% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

2 bedroom 2 bath condo offers a spacious layout with good size rooms and large dining and living area and good size patio. The manned gated development offers a variety of amenities including a clubhouse, swimming pool, fitness center, tennis courts, shuffleboard, and walking trails. Development is within 5 miles of dining, and entertainment.

Key facts

• Fitness center
• Clubhouse
• Swimming pool

Tags

• MANNED GATED DEVELOPMENT
• CLUBHOUSE
• SWIMMING POOL
• FITNESS CENTER
• TENNIS COURTS
• SHUFFLEBOARD

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $20k.

Deal economics

• At list price, monthly cash flow is $458 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $20k).
• Recommended offer: $18k (9.0% below list) — sets the bar for market timing.
• Cap rate 43.1% 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: schools C-, crime D+, amenities 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.
• Market conditions: Rents rising (+2.8%/yr); 585 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 2,111 units permitted in Broward County in 2024 (1,265 in 5+ unit buildings).
• At $2,040/mo this rent would consume 45% of the median local household income ($54k/yr) (locally 5068% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $597 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.
• At projected returns (-3.0% appreciation + 2.8% rent growth), your $6k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $20k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $152/mo; HOA is 42% 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $18,109 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 10.25% ✓
• Cap rate: 43.09%
• Cash-on-cash: 131.41%
• DSCR: 6.85
• GRM: 0.8

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: 100.0%
• Equity multiple: 5.69×
• Total profit: $26,160
• Equity at exit: $2,967

10-year hold

• IRR: —
• Equity multiple: 11.98×
• Total profit: $61,174
• Equity at exit: $1,721

Cash invested: $5,572 (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: 585
• Price-to-rent: 0.8×

Monthly cashflow live

• Estimated rent: $2,040 high
• Mortgage (P&I): −$104
• Tax est. 1.5%: −$25 /mo · $298/yr
• Insurance: −$8
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$864
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $458

Break-even live

Break-even rent $1,460

Max offer price $19,900

Occupancy floor 73%

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: $4,975
• Closing costs: $597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2830 Somerset Dr Lauderdale Lakes, FL	2.0	2.0	1010	$1,925	$1.91	11d	2	0.05mi
2800 Somerset Dr Unit 418J Lauderdale Lakes, FL	2.0	2.0	1010	$1,800	$1.78	15d	1	0.06mi
2821 Somerset Dr #217 Lauderdale Lakes, FL	1.0	1.0	748	$1,400	$1.87	2d	1	0.13mi
2811 Somerset Dr #412 Lauderdale Lakes, FL	2.0	2.0	865	$1,700	$1.97	7d	1	0.17mi
2801 Somerset Dr Lauderdale Lakes, FL	2.0	2.0	865	$1,775	$2.05	24d	2	0.20mi
2841 Somerset Dr Lauderdale Lakes, FL	1.0	1.0	696	$1,598	$2.30	11d	3	0.22mi
2851 Somerset Dr Lauderdale Lakes, FL	1.0–2.0	1.0–2.0	827	$1,700	$2.06	3d	2	0.23mi
2725 Somerset Dr Lauderdale Lakes, FL	1.0–2.0	1.0–2.0	990	$2,250	$2.27	24d	1	0.27mi
3390 NW 30th St Unit 3 Lauderdale Lakes, FL	2.0	1.0	800	$1,650	$2.06	24d	1	0.37mi
3115 Oakland Shores Dr Unit E208 Oakland Park, FL	1.0	1.0	760	$1,600	$2.11	5d	1	0.43mi
3115 Oakland Shores Dr Unit E208 Oakland Park, FL	1.0	1.0	760	$1,700	$2.24	24d	1	0.43mi
3529 NW 29th Pl Lauderdale Lakes, FL	3.0	2.5	1474	$3,200	$2.17	24d	1	0.47mi
3123 Oakland Shores Dr Unit D112 Oakland Park, FL	1.0	1.0	760	$1,450	$1.91	10d	1	0.48mi
3123 Oakland Shores Dr Unit D112 Oakland Park, FL	1.0	1.0	760	$1,450	$1.91	20d	1	0.48mi
3119 Oakland Shores Dr Unit C110 Oakland Park, FL	2.0	2.0	1050	$1,800	$1.71	7d	1	0.49mi
3119 Oakland Shores Dr Unit C212 Oakland Park, FL	1.0	1.0	760	$1,380	$1.82	24d	1	0.49mi
3082 S Oakland Forest Dr #1301 Oakland Park, FL	2.0	2.5	1098	$1,975	$1.80	20d	1	0.53mi
3541 NW 30th Pl Lauderdale Lakes, FL	1.0–3.0	1.0–2.0	865	$2,076	$2.40	1d	14	0.56mi
2721 NW 25th St Fort Lauderdale, FL	3.0	2.0	1015	$3,000	$2.96	2d	1	0.58mi
3064 S Oakland Forest Dr #1001 Oakland Park, FL	3.0	2.0	1156	$2,850	$2.47	24d	1	0.62mi
3621 NW 30th Ct Oakland Park, FL	2.0	2.5	1104	$2,695	$2.44	14d	1	0.63mi
3076 S Oakland Forest Dr #503 Oakland Park, FL	3.0	2.0	1244	$2,900	$2.33	24d	1	0.63mi
2040 NW 29th Ter Unit 2040 Fort Lauderdale, FL	2.0	1.0	916	$2,400	$2.62	7d	1	0.65mi
2040 NW 29th Ter Unit 2040 Fort Lauderdale, FL	2.0	1.0	916	$2,600	$2.84	15d	1	0.65mi
2829 S Oakland Forest Dr Oakland Park, FL	2.0–3.0	2.0	1295	$2,275	$1.76	2d	10	0.66mi
2720 S Oakland Forest Dr Oakland Park, FL	2.0	2.0	1100	$2,050	$1.86	24d	1	0.66mi
3430 NW 34th St Lauderdale Lakes, FL	2.0	2.0	1259	$2,306	$1.83	14d	1	0.67mi
3048 NW 20th St Unit n/a Fort Lauderdale, FL	3.0	2.0	1107	$2,800	$2.53	24d	1	0.67mi
2631 NW 25th St Fort Lauderdale, FL	3.0	2.0	1446	$2,700	$1.87	24d	1	0.67mi
2662 NW 33rd St #2505 Oakland Park, FL	2.0	2.0	1256	$2,495	$1.99	2d	1	0.72mi
3684 NW 29th Ct Lauderdale Lakes, FL	3.0	2.5	1478	$2,700	$1.83	24d	1	0.72mi
2890 NW 20th St Fort Lauderdale, FL	3.0	1.0	1326	$2,560	$1.93	24d	1	0.73mi
2642 NW 33rd St #1910 Oakland Park, FL	2.0	2.0	1250	$2,250	$1.80	24d	1	0.76mi
2733 S Oakland Forest Dr Oakland Park, FL	2.0	2.0	1050	$2,200	$2.10	24d	1	0.76mi
3540 NW 34th Ter Lauderdale Lakes, FL	2.0	1.0	1056	$1,200	$1.14	17d	1	0.77mi
2740 NW 21st St Unit 1261589P Fort Lauderdale, FL	3.0	2.0	1097	$3,396	$3.10	24d	1	0.77mi
2890 N Oakland Forest Dr #204 Oakland Park, FL	2.0	2.0	992	$2,000	$2.02	19d	1	0.78mi
2890 N Oakland Forest Dr #111 Oakland Park, FL	2.0	2.0	1038	$2,000	$1.93	7d	1	0.78mi
2627 NW 33rd St #2213 Oakland Park, FL	2.0	2.0	1256	$2,300	$1.83	24d	1	0.78mi
2850 N Oakland Forest Dr Oakland Park, FL	1.0	1.0	786	$1,675	$2.13	19d	2	0.78mi

HOA detail condo

• Monthly dues: $864 · $10,368/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-04-06
   status Pending
2. 2026-03-31
   price $19,900
3. 2026-03-16
   status Active
4. 2026-03-06
   status Pending
5. 2026-02-27
   price $24,500
6. 2026-02-09
   status Active
7. 2026-02-03
   status Pending
8. 2026-01-20
   price $32,500
9. 2025-12-19
   listed $39,900 Active
10. 1999-07-07
    soldstatus $33,000

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

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 · 26 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: $24,482
• − Mortgage interest: −$1,115
• − Property taxes: −$298
• − Insurance: −$1,924
• − Repairs & maintenance: −$1,959
• − Management: −$1,959
• − HOA: −$10,368
• − Depreciation: −$579
• Taxable income: $6,281
• Est. tax owed @ 24.0%: −$1,507
• After-tax cash flow: $3,990/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

-39.7% since first listed

10 events — show timeline

• 2026-04-06 Pending — MARMLS
• 2026-03-31 Price Changed $19,900 MARMLS
• 2026-03-16 Relisted — MARMLS
• 2026-03-06 Pending — MARMLS
• 2026-02-27 Price Changed $24,500 MARMLS
• 2026-02-09 Relisted — MARMLS
• 2026-02-03 Pending — MARMLS
• 2026-01-20 Price Changed $32,500 MARMLS
• 2025-12-19 Listed $39,900 MARMLS
• 1999-07-07 Sold (Public Records) $33,000 Public Records

Property tax history

+21.1%/yr

Latest (2025): $2,890 · +7.7% YoY. Source: county tax records.