1405 Miami Rd #23 · Fort Lauderdale, FL 33316

$179,000

1 bd · 1.0 ba · 609 sqft · Condo public records · 51 Days on market

Built 1977 $447/mo HOA · 24% of rent ↓ 9% 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 +11.4/30.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• 1% rule +5.5/10.0
• Schools +4.1/10.0
• Livability +4.1/5.0
• Rent growth +3.6/5.0
• DSCR +3.3/10.0
• Condition / age +2.5/5.0

Listing remarks

Great little boutique bulding in east Fort Lauderdale. Reminds me of Melrose Place. Cute 1/1 on the 2nd floor, center, overlooking the pool. Spacious walk in closet and another regular closet. Community has deck, pool & grilling area, laundry facilities, bike storage and guest parking. Gated/secured entrance. 1 assigned parking space. Walking distance to many restaurants, shopping, 17th St Causeway and close to beach and airport. Easy to apply. Rapid approvals available if needed. Parking lot newly milled & repaved. New pool resurfacing and new pool furniture, too, as well as great neighbors. Low maintentance includes exterior, roof, trash & water. Please use show assist.

Key facts

• $447 HOA
• Parking
• Community pool

Property features AI

Finance

• Financial info: Pets allowed with restrictions or conditions
• HOA & community: Monthly association fee; Association fee covers common areas, laundry, grounds maintenance, structure maintenance, parking, pool(s), roof, trash and water; Association amenities: laundry, barbecue, picnic area, pool

Exterior

• Parking: Guest parking; One assigned space
• Security: Complex fenced; Key card entry; Exterior lighting
• Utilities: Water included in association; Trash included in association; Power (electric)
• Home design: Attached property; 2-story building; Entry on level 2
• Construction: Block construction; Resale property
• Exterior features: Courtyard; Deck; Fence; Association pool

Interior

• Kitchen: Electric range; Self-cleaning oven; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Ceramic tile; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning; Ceiling fans; Electric cooling
• Interior features: Dining area; Walk-in closet(s); Bedroom on main level
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $179k.

Deal economics

• At list price, monthly cash flow is $-61 ($-737/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (6.1% below list).
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $168k (6.1% below list) — sets the bar for cash-flow.
• Cap rate 5.9% 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: 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); Fort Lauderdale High School (math 38% / reading 67%, grade C-, #154 of 667 statewide, top 24%, 2,228 students, 57% FRL).
• Market conditions: Rents rising fast (+4.5%/yr); 406 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); solid renter incomes; 2,111 units permitted in Broward County in 2024 (1,265 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($1k loan paydown + $7k appreciation (4.2% local appreciation)).
• Broward County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.2% appreciation + 4.5% rent growth), your $50k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• 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 $168,149 (6.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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. 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: 1.05% ✓
• Cap rate: 5.88%
• Cash-on-cash: -1.47%
• DSCR: 0.93
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.15% appreciation · 4.54% rent growth · sell at horizon

5-year hold

• IRR: 10.3%
• Equity multiple: 1.64×
• Total profit: $31,946
• Equity at exit: $92,304

10-year hold

• IRR: 12.9%
• Equity multiple: 3.22×
• Total profit: $111,065
• Equity at exit: $152,218

Cash invested: $50,120 (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 33316

• Home prices YoY: 1.3%
• Rents YoY: 4.5%
• Active inventory: 406
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,885 high
• Mortgage (P&I): −$939
• Tax from tax record: −$90 /mo · $1,083/yr
• Insurance: −$75
• HOA: −$447
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $-61

Break-even live

Break-even rent $1,963

Max offer price $168,149

Occupancy floor 98%

Sensitivity live

Price	-10% $40	-5% $-11	+0% $-61	+5% $-112	+10% $-163
Rent	-10% $-210	-5% $-136	+0% $-61	+5% $13	+10% $87
Rate	-1.0pp $29	-0.5pp $-16	base $-61	+0.5pp $-108	+1.0pp $-155

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1405 Miami Rd #7 Fort Lauderdale, FL	1.0	1.0	622	$1,800	$2.89	3d	1	0.02mi
820 SE 14th St Unit 1-2 Fort Lauderdale, FL	1.0	1.0	550	$2,200	$4.00	26d	1	0.06mi
1429 Miami Rd Unit 3 Fort Lauderdale, FL	1.0	1.0	600	$1,600	$2.67	26d	1	0.09mi
727 SE 15th St Apt 5 Fort Lauderdale, FL	1.0	1.0	745	$2,185	$2.93	20d	1	0.11mi
1440 Miami Rd Unit 3 Fort Lauderdale, FL	1.0	1.0	650	$1,650	$2.54	26d	1	0.12mi
709 SE 15th St Unit 1 Fort Lauderdale, FL	1.0	1.0	552	$1,598	$2.89	26d	1	0.12mi
749 SE 15th St Unit 10 Fort Lauderdale, FL	1.0	1.0	636	$1,700	$2.67	26d	1	0.12mi
749 SE 15th St Unit 10 Fort Lauderdale, FL	1.0	1.0	636	$1,700	$2.67	4d	1	0.12mi
749 SE 15th St Unit 6 Fort Lauderdale, FL	2.0	1.0	675	$2,000	$2.96	4d	1	0.12mi
604 SE 14th Ct Unit 7 Fort Lauderdale, FL	1.0	1.0	500	$1,600	$3.20	26d	1	0.13mi
717 SE 16th St #2 Fort Lauderdale, FL	1.0	1.0	600	$1,450	$2.42	26d	1	0.18mi
717 SE 16th St #2 Fort Lauderdale, FL	1.0	1.0	650	$1,350	$2.08	12d	1	0.18mi
717 SE 16th St #3 Fort Lauderdale, FL	1.0	1.0	650	$1,350	$2.08	0d	1	0.18mi
417 SE 14th Ct Unit 1 Fort Lauderdale, FL	1.0	1.0	550	$1,650	$3.00	3d	1	0.21mi
417 SE 14th Ct Unit 2 Fort Lauderdale, FL	1.0	1.0	550	$1,660	$3.02	26d	1	0.21mi
417 SE 14th Ct Unit 4 Fort Lauderdale, FL	1.0	1.0	550	$1,680	$3.05	15d	1	0.21mi
1000 SE 15th St #103 Fort Lauderdale, FL	2.0	1.0	670	$2,000	$2.99	21d	1	0.21mi
710 SE 16th St Unit A Fort Lauderdale, FL	1.0	1.0	700	$1,775	$2.54	26d	1	0.21mi
410 SE 13th St Unit 4 Fort Lauderdale, FL	1.0	1.0	650	$2,100	$3.23	20d	1	0.22mi
501 SE 12th Ct Unit W Fort Lauderdale, FL	1.0	1.0	750	$1,495	$1.99	26d	1	0.22mi
1001 SE 16th St Fort Lauderdale, FL	1.0	1.0	550	$1,672	$3.04	9d	2	0.24mi
1001 SE 16th St Fort Lauderdale, FL	1.0	1.0	550	$1,672	$3.04	13d	2	0.24mi
1001 SE 16th St Fort Lauderdale, FL	1.0	1.0	565	$1,738	$3.08	26d	3	0.24mi
1012 SE 15th St #2 Fort Lauderdale, FL	1.0	1.0	580	$1,650	$2.84	26d	1	0.24mi
417 SE 12th Ct #6 Fort Lauderdale, FL	1.0	1.0	700	$1,300	$1.86	0d	1	0.24mi
1020 SE 15th St Unit 1 Fort Lauderdale, FL	1.0	1.0	650	$1,750	$2.69	26d	1	0.25mi
413 SE 16th St #4 Fort Lauderdale, FL	1.0	1.0	450	$1,575	$3.50	26d	1	0.28mi
1541 Cordova Rd #205 Fort Lauderdale, FL	1.0	1.0	600	$1,750	$2.92	26d	1	0.29mi
412 SE 16th St Unit 3 Fort Lauderdale, FL	1.0	1.0	550	$1,650	$3.00	12d	1	0.29mi
410 SE 16th Ct Fort Lauderdale, FL	3.0	1.0–2.0	1175	$2,420	$2.06	0d	1	0.33mi
1424 SE 15th St #11 Fort Lauderdale, FL	1.0	1.0	740	$1,900	$2.57	26d	1	0.36mi
1440 SE 15th St Fort Lauderdale, FL	1.0–2.0	1.0	575	$2,300	$4.00	26d	2	0.38mi
510 SE 9th St Unit 9 Fort Lauderdale, FL	1.0	1.0	750	$1,549	$2.07	26d	1	0.45mi
510 SE 9th St #5 Fort Lauderdale, FL	1.0	1.0	720	$1,599	$2.22	26d	1	0.46mi
1510 SE 15th St Fort Lauderdale, FL	1.0–2.0	1.0–2.0	800	$2,000	$2.50	9d	2	0.46mi
50 SE 12th St Unit 1503963P Fort Lauderdale, FL	1.0	1.0	602	$2,368	$3.93	16d	1	0.49mi
50 SE 12th St Unit 1503928P Fort Lauderdale, FL	1.0–2.0	1.0	693	$2,363	$3.41	0d	2	0.49mi
50 SE 12th St Unit 1504007P Fort Lauderdale, FL	1.0	1.0	602	$2,400	$3.99	9d	1	0.49mi
50 SE 12th St Unit 1503919P Fort Lauderdale, FL	1.0	1.0	602	$2,367	$3.93	14d	1	0.49mi
1525 SE 15th St #2 Fort Lauderdale, FL	1.0	1.0	565	$1,750	$3.10	26d	1	0.52mi

HOA detail condo

• Monthly dues: $447 · $5,364/yr
• Likely covers: watertrashpoolsecurityparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-05-23
   status Pending
2. 2026-05-03
   price $179,000
3. 2026-04-01
   listed $197,000 Active

ⓘ 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: $1,083 · $90/mo
• Projected year-2 tax: $1,486 · $124/mo
• Expected delta: +$403/yr (+$34/mo · 37.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 23% 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: $22,619
• − Mortgage interest: −$10,027
• − Property taxes: −$1,083
• − Insurance: −$895
• − Repairs & maintenance: −$1,810
• − Management: −$1,810
• − HOA: −$5,364
• − Depreciation: −$5,207
• Taxable loss: −$3,576
• Est. tax savings @ 24.0%: +$858
• After-tax cash flow: $121/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): 12,437
• Household income: $96,641
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 770.0

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 (70%)
• Race & ethnicity: White 70% Hispanic / Latino 17% Two or more races 8% Black 7% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 3%
• Common ancestry: Romanian 3% Italian 3% Slovak 3%
• Foreign-born: 22% · Canada, Jamaica, Dominican Republic
• Languages at home: 80% English-only · Spanish 13% Tagalog/Filipino 2% 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: ▲ 4.15%
• Current HPI: 319.5598
• Rent YoY: ▲ 4.54%
• 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

-9.1% since first listed

3 events — show timeline

• 2026-05-23 Pending — MARMLS
• 2026-05-03 Price Changed $179,000 MARMLS
• 2026-04-01 Listed $197,000 MARMLS

Property tax history

+4.0%/yr

Latest (2025): $1,083 · +10.2% YoY. Source: county tax records.