5657 Grant St

Hollywood, FL 33021

$899,999B-

15 bd · 14.0 ba · 2,200 sqft · Built 1959 · MultiFamily · Active · 418 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,378/mo
• Mortgage (P&I): −$4,720
• Tax + insurance: −$1,500
• HOA: −$0
• Vac / Maint / Mgmt: −$2,389
• Net cashflow: $2,769/mo
• Annual: $33,227/yr
• Cap rate: 9.98%
• Cash-on-cash: 13.19%
• DSCR: 1.59
• 1% rule: 1.26%
• Cash to close: $252,000

Investor read

• This is a 5 × 3-bed/2.8-bath units multifamily listed at $900k.
• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $554/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $900k).
• It's been on market 418 days — a 12% lower offer ($792k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $792k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#232 in FL, #3,548 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, crime B+; Watch: 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: Nova Blanche Forman Elementary (math 35% / reading 55%, grade D-, #1,271 of 2,144 statewide, top 60%, 769 students, 72% FRL); Nova Middle School (math 44% / reading 53%, grade C-, #274 of 571 statewide, top 50%, 1,284 students, 68% FRL); South Broward High School (math 24% / reading 49%, grade F, #351 of 667 statewide, top 54%, 2,397 students, 59% FRL).
• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.4%/yr); 540 active listings in the ZIP; 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.
• 5 sale attempts since 10y ago; this cycle's ask has dropped $100k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $250k; list at $900k implies a 260% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.4% rent growth), your $252k cash investment doubles in ~10 years — after that, you're playing with house money.
• 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.
• Cap rate 10.0% vs local median 3.2% in Hollywood — 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.

Questions for listing agent

• It's been on market 418 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.