1105 Bahama Bnd Unit B1

Coconut Creek, FL 33066

$125,000D

2 bd · 2.0 ba · 938 sqft · Built 1974 · Condo · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,929/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$340
• HOA: −$650
• Vac / Maint / Mgmt: −$405
• Net cashflow: $-121/mo
• Annual: $-1,456/yr
• Cap rate: 5.13%
• Cash-on-cash: -4.16%
• DSCR: 0.81
• 1% rule: 1.54%
• Cash to close: $35,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $125k.
• At list price, monthly cash flow is $-121 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (17.1% below list).
• Meets the 1% rule at list price ($2k rent vs $125k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $104k (17.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#30 in FL, #617 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: 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.
• Zoned schools: Coconut Creek Elementary School (math 31% / reading 40%, grade F, #1,684 of 2,144 statewide, top 79%, 475 students, 66% FRL); Margate Middle School (math 25% / reading 34%, grade F, #469 of 571 statewide, top 84%, 1,094 students, 77% FRL); Coconut Creek High School (math 13% / reading 26%, grade F, #562 of 667 statewide, top 85%, 1,892 students, 72% FRL) — zoned schools average 72% FRL vs 51% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 48% district-wide (-19 pts) — the specific schools serving this property underperform the Broward average; the district grade overstates school quality for this exact location.
• Watch-outs: property tax is 2.8% of price; HOA is 34% of rent.
• Market conditions: Rents soft (-0.9%/yr); 332 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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.
• Current owner paid $70k; list at $125k implies a 80% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.1% vs local median 3.7% in Coconut Creek — 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 41% of the median local income ($57k/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?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 B-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?