9821 Sunrise Lakes Blvd #210

Sunrise, FL 33322

$99,000B

1 bd · 2.0 ba · 830 sqft · Built 1980 · Condo · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,983/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$70
• HOA: −$536
• Vac / Maint / Mgmt: −$416
• Net cashflow: $441/mo
• Annual: $5,295/yr
• Cap rate: 11.64%
• Cash-on-cash: 19.10%
• DSCR: 1.85
• 1% rule: 2.00%
• Cash to close: $27,720

Investor read

• This is a 1-bed/2.0-bath condo listed at $99k.
• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• It's been on market 39 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#56 in FL, #986 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-, 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.
• Zoned schools: Horizon Elementary School (math 40% / reading 45%, grade F, #1,383 of 2,144 statewide, top 65%, 568 students, 74% FRL); Bair Middle School (math 23% / reading 38%, grade F, #465 of 571 statewide, top 82%, 766 students, 72% FRL); Piper High School (math 12% / reading 35%, grade F, #533 of 667 statewide, top 80%, 2,310 students, 65% FRL) — zoned schools average 70% FRL vs 51% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 32% at this address vs 48% district-wide (-15 pts) — the specific schools serving this property underperform the Broward average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 27% of rent.
• Market conditions: Rents flat; 559 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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.
• Current owner paid $72k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 0.6% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.6% vs local median 4.9% in Sunrise — 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 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• 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.