3090 Coral Springs Dr #1

Coral Springs, FL 33065

$125,000D

1 bd · 1.0 ba · 517 sqft · Built 1972 · Condo · Active · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,949/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$264
• HOA: −$715
• Vac / Maint / Mgmt: −$409
• Net cashflow: $-95/mo
• Annual: $-1,143/yr
• Cap rate: 5.38%
• Cash-on-cash: -3.27%
• DSCR: 0.85
• 1% rule: 1.56%
• Cash to close: $35,000

Investor read

• This is a 1-bed/1.0-bath condo listed at $125k.
• At list price, monthly cash flow is $-95 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (13.5% below list).
• Meets the 1% rule at list price ($2k rent vs $125k).
• It's been on market 97 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (13.5% 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 79/100 on livability (#145 in FL, #2,163 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities F, cost of living 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: Parkside Elementary School (math 45% / reading 55%, grade D+, #1,070 of 2,144 statewide, top 51%, 776 students, 63% FRL); Nova Middle School (math 44% / reading 53%, grade C-, #274 of 571 statewide, top 50%, 1,284 students, 68% FRL); Coral Glades High School (math 24% / reading 46%, grade F, #379 of 667 statewide, top 58%, 2,762 students, 58% FRL).
• Watch-outs: HOA is 37% of rent.
• Market conditions: Rents soft (-0.0%/yr); 370 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 27d 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.
• 6 sale attempts since 10y ago; this cycle's ask is 8261% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $73k; list at $125k implies a 71% 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% vs local median 3.6% in Coral Springs — 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 32% of the median local income ($74k/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?
• It's been on market 97 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1972 — 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?
• 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.
• Schools are A-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?