1522 NE 34th Ct #4

Oakland Park, FL 33334

$179,000D

1 bd · 1.0 ba · 659 sqft · Built 1973 · Condo · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,098/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$277
• HOA: −$509
• Vac / Maint / Mgmt: −$440
• Net cashflow: $-67/mo
• Annual: $-808/yr
• Cap rate: 5.84%
• Cash-on-cash: -1.61%
• DSCR: 0.93
• 1% rule: 1.17%
• Cash to close: $50,120

Investor read

• This is a 1-bed/1.0-bath condo listed at $179k.
• At list price, monthly cash flow is $-67 ($-808/yr) — negative.
• To cash-flow at today's rent, offer at most $167k (6.6% below list).
• Meets the 1% rule at list price ($2k rent vs $179k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $167k (6.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#193 in FL, #3,082 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: schools 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.
• Watch-outs: HOA is 24% of rent.
• Market conditions: Rents rising (+2.0%/yr); 355 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• Cap rate 5.8% vs local median 3.8% in Oakland Park — 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 33% of the median local income ($75k/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 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.