1405 SE 2nd St · Fort Lauderdale, FL 33301

$1,250,000

3 bd · 3.0 ba · 2,046 sqft · MultiFamily public records · 62 Days on market

Built 1941 6,075 sqft lot

---

Why this score? — see what drove the C 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 +18.7/30.0
• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Schools +4.1/10.0
• Livability +4.1/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Rare investment opportunity just steps from Las Olas Boulevard in Fort Lauderdale. This well-maintained 4-plex offers strong, consistent rental income with high tenant demand in a prime walkable location near dining, shopping, and entertainment. Each updated unit provides comfortable living, making it ideal for both long- and short-term rental strategies. The property can be bought with two adjacent parcels, creating exceptional potential for expansion, redevelopment, or assembling a larger footprint. A perfect blend of immediate cash flow and long-term upside in one of South Florida's most sought-after areas. Other addresses available are 1415 and 1407 SE 2nd St.

Key facts

• Updated unit
• Strong rental income
• High tenant demand

Tags

• INVESTMENT OPPORTUNITY
• STRONG RENTAL INCOME
• HIGH TENANT DEMAND
• PRIME WALKABLE LOCATION
• UPDATED UNIT
• EXCEPTIONAL POTENTIAL

Property features AI

Finance

• Financial info: Total of 2 units in the building; Part of a 4-unit community; Tenants pay cable TV, electricity, sewer and water; Pets allowed with no restrictions

Exterior

• Utilities: Public water; Public sewer; Electricity connected
• Home design: Quadruplex; Two stories; Resale property
• Construction: Block, brick, stucco (CBS) construction; Concrete and tile roof; Built (year not provided)
• Exterior features: No waterfront; Cable available

Interior

• Flooring: Tile
• Heating & cooling: Electric heating (central, individual units); Central air conditioning (electric)
• Interior features: Tile flooring

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/2.0-bath units multifamily listed at $1.25M.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $308/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.25M (0.1% below list).
• Recommended offer: $1.18M (6.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 2.2% in Fort Lauderdale — 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 82/100 on livability (#78 in FL, #1,293 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, health & safety A+; Watch: cost of living 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: Harbordale Elementary School (math 64% / reading 74%, grade A-, #399 of 2,144 statewide, top 19%, 487 students, 38% FRL); Sunrise Middle School (math 50% / reading 52%, grade C, #237 of 571 statewide, top 43%, 1,242 students, 64% FRL); Fort Lauderdale High School (math 38% / reading 67%, grade C-, #154 of 667 statewide, top 24%, 2,228 students, 57% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: Rents rising (+3.0%/yr); 469 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,111 units permitted in Broward County in 2024 (1,265 in 5+ unit buildings).

Forward outlook

• In year one you build about $66k of equity ($9k loan paydown + $57k appreciation (4.6% local appreciation)).
• Broward County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $350k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$106k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($1.18M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $650k; list at $1.25M implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $1,175,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 1.00% ✗
• Cap rate: 7.48%
• Cash-on-cash: 4.22%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.58% appreciation · 3.02% rent growth · sell at horizon

5-year hold

• IRR: 15.5%
• Equity multiple: 1.96×
• Total profit: $337,201
• Equity at exit: $676,638

10-year hold

• IRR: 16.2%
• Equity multiple: 3.76×
• Total profit: $967,400
• Equity at exit: $1,142,365

Cash invested: $350,000 (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 33301

• Home prices YoY: 1.6%
• Rents YoY: 3.0%
• Active inventory: 469
• Price-to-rent: 33.4×

Monthly cashflow live

• Estimated rent: $12,490 high
• Mortgage (P&I): −$6,555
• Tax from tax record: −$1,559 /mo · $18,708/yr
• Insurance: −$521
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,623
• Net cashflow: $1,232

Break-even live

Break-even rent $10,930

Max offer price $1,250,000

Occupancy floor 85%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	2	$12,488
Total (4 units)			$12,490

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: $312,500
• Closing costs: $37,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1403 SE 2nd St Fort Lauderdale, FL	3.0	2.0	2100	$4,800	$2.29	8d	1	0.01mi
1403 SE 2nd St Unit 1 Fort Lauderdale, FL	3.0	2.0	2055	$4,900	$2.38	17d	1	0.01mi
1403 SE 2nd St Unit 1 Fort Lauderdale, FL	3.0	2.0	2055	$4,900	$2.38	24d	1	0.01mi
101 SE 15th Ave Unit E Fort Lauderdale, FL	3.0	2.5	1774	$4,500	$2.54	24d	1	0.04mi
1505 SE 2nd Ct Unit 3 Fort Lauderdale, FL	2.0	1.0	1634	$2,500	$1.53	19d	1	0.06mi
1505 SE 2nd Ct Unit 3 Fort Lauderdale, FL	2.0	1.0	1634	$2,500	$1.53	5d	1	0.06mi
1312 SE 2nd Ct Fort Lauderdale, FL	3.0	3.0	2974	$15,000	$5.04	24d	1	0.08mi
1211 SE 1st St Fort Lauderdale, FL	4.0	3.5	2486	$8,500	$3.42	2d	1	0.13mi
1606 SE 1st St Fort Lauderdale, FL	3.0	2.0	1893	$15,000	$7.92	19d	1	0.13mi
1612 SE 2nd St Fort Lauderdale, FL	4.0	3.0	2186	$12,000	$5.49	22d	1	0.15mi
1206 NE 1st St #1206 Fort Lauderdale, FL	4.0	3.5	2992	$12,995	$4.34	8d	1	0.20mi
1615 SE 4th St Fort Lauderdale, FL	3.0	2.0	1948	$5,500	$2.82	5d	1	0.22mi
15 S Victoria Park Rd Fort Lauderdale, FL	2.0	2.0	1651	$4,200	$2.54	8d	1	0.25mi
200 NE 16th Ave Unit 1369656P Fort Lauderdale, FL	3.0	2.0	2497	$6,472	$2.59	2d	1	0.28mi
1416 NE 4th Ct #1416 Fort Lauderdale, FL	3.0	2.5	2214	$5,800	$2.62	24d	1	0.38mi
1004 NE 3rd St Fort Lauderdale, FL	2.0	1.0	2373	$3,600	$1.52	24d	1	0.38mi
215 SE 8th Ave Fort Lauderdale, FL	1.0–3.0	1.0–3.0	1330	$7,772	$5.84	1d	17	0.42mi
45 Hendricks Isle #403 Fort Lauderdale, FL	3.0	3.0	2100	$12,500	$5.95	5d	1	0.42mi
820 NE 2nd St Unit 1 Fort Lauderdale, FL	3.0	3.5	2064	$10,500	$5.09	5d	1	0.44mi
924 NE 4th St Fort Lauderdale, FL	3.0	2.5	1642	$6,500	$3.96	24d	1	0.45mi
1628 NE 4th Pl Fort Lauderdale, FL	2.0	2.0	1400	$2,975	$2.12	24d	1	0.48mi
1409 NE 4th Pl Unit 1541792P Fort Lauderdale, FL	3.0	3.5	2863	$5,190	$1.81	14d	1	0.48mi
106 S Federal Hwy Fort Lauderdale, FL	3.0	1.0–2.0	1038	$4,561	$4.39	2d	19	0.49mi
1252 N Rio Vista Blvd Fort Lauderdale, FL	3.0	3.0	2790	$8,000	$2.87	12d	1	0.52mi
201 S Federal Hwy Fort Lauderdale, FL	1.0–3.0	1.0–3.5	1641	$15,552	$9.48	2d	13	0.53mi
520 E Las Olas Blvd Unit 2600 Fort Lauderdale, FL	2.0	3.0	2100	$12,900	$6.14	24d	1	0.54mi
500 E Las Olas Blvd Fort Lauderdale, FL	2.0–3.0	2.5–3.0	1649	$8,104	$4.91	8d	7	0.57mi
133 Isle of Venice Dr Fort Lauderdale, FL	3.0	3.5	2849	$17,000	$5.97	19d	1	0.59mi
614 SE 5th Ct Fort Lauderdale, FL	3.0	2.0	1688	$6,400	$3.79	24d	1	0.60mi
561 NE 15th Ave Fort Lauderdale, FL	3.0	3.5	2145	$4,500	$2.10	18d	1	0.60mi
561 NE 15th Ave Fort Lauderdale, FL	3.0	3.5	2145	$4,500	$2.10	24d	1	0.60mi
549 NE 14th Ave Unit 1369642P Fort Lauderdale, FL	3.0	3.0	2992	$9,703	$3.24	24d	1	0.61mi
419 SE 2nd St Fort Lauderdale, FL	3.0	1.0–3.0	1186	$5,188	$4.37	2d	22	0.62mi
540 NE 17th Ave Fort Lauderdale, FL	4.0	3.5	2660	$6,999	$2.63	24d	1	0.65mi
520 SE 5th Ave #2403 Fort Lauderdale, FL	3.0	2.0	1447	$3,050	$2.11	5d	1	0.66mi
520 SE 5th Ave #2211 Fort Lauderdale, FL	3.0	2.0	1447	$3,900	$2.70	24d	1	0.66mi
444 Hendricks Isle #301 Fort Lauderdale, FL	3.0	3.5	2300	$8,500	$3.70	24d	1	0.66mi
405 NE 2nd St Fort Lauderdale, FL	3.0	1.0–2.0	998	$4,320	$4.33	2d	20	0.67mi
601 NE 11th Ave Fort Lauderdale, FL	3.0	3.5	2042	$5,250	$2.57	24d	1	0.67mi
347 N New River Dr E Fort Lauderdale, FL	2.0–3.0	2.0	1336	$5,350	$4.00	15d	3	0.69mi

Listing history 6 events

1. 2026-06-01
   status $1,250,000 Pending 62 DOM
2. 2026-05-31
   days on market $1,250,000 Active 62 DOM
3. 2026-03-30
   listed $1,250,000 Active
4. 2018-05-14
   soldstatus $650,000
5. 2002-05-24
   soldstatus $425,000
6. 1976-06-01
   soldstatus $37,400

ⓘ 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: $18,708 · $1,559/mo
• Projected year-2 tax: $18,708 · $1,559/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 X (unshaded) · 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $149,880
• − Mortgage interest: −$70,019
• − Property taxes: −$18,708
• − Insurance: −$6,250
• − Repairs & maintenance: −$11,990
• − Management: −$11,990
• − Depreciation: −$36,364
• Taxable loss: −$5,442
• Est. tax savings @ 24.0%: +$1,306
• After-tax cash flow: $16,091/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 — Fort Lauderdale

• Score: 82/100
• State rank: #78
• US rank: #1293

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Lauderdale, FL
• County: Broward County · 1,963,430 people
• City population: 235,769
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 19,503
• Household income: $124,812
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 1662.0

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 White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 17% Two or more races 14% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 5%
• Common ancestry: Romanian 3% Scotch-Irish 3% Czech 2%
• Foreign-born: 19% · Canada, Jamaica, Dominican Republic
• Languages at home: 75% English-only · Spanish 13% Other Indo-European 3% French/Haitian/Cajun 3%

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: ▲ 4.58%
• Current HPI: 300.8346
• Rent YoY: ▲ 3.02%
• 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

+3242.2% since first listed

4 events — show timeline

• 2026-03-30 Listed $1,250,000 Beaches MLS
• 2018-05-14 Sold (Public Records) $650,000 Public Records
• 2002-05-24 Sold (Public Records) $425,000 Public Records
• 1976-06-01 Sold (Public Records) $37,400 Public Records

Property tax history

+7.3%/yr

Latest (2025): $18,708 · +5.9% YoY. Source: county tax records.