129 SE 5th St · Hallandale Beach, FL 33009

$3,200,000

None bd · 104.0 ba · 13,990 sqft · MultiFamily · 48 Days on market

Built 1977 Good condition

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Why this score? — see what drove the C 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 +23.5/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

This is 14 units in Hallandale Beach, an A+ rated location! Property consists of 10 efficiencies, 2-2/2s, and 2-1/1s. The property was run as an Assisted Living faciitly prior to 2019 and can still function as one with a license. The city will allow for up to 20 residents for an ALF. Its currenty functioning as regular rental property. 1st building: Consists of 10 efficiencies-rented at 1300/mo month to month (3200 sq ft) 2nd building: Consists of 2-2/2s-rented at 2300/mo each unit and 2-1/1s rented at 1800/mo each unit. (3200 sq ft) NOI=221,067 If you have or acquire an ALF license, you can get 4-5k per resident have up to 20 residents. Possible Pro Forma NOI running as an ALF=$545,090

Key facts

• New roofs
• A rated location
• 8 parking spots

Tags

• A RATED LOCATION
• NEW ROOFS

Property features AI

Finance

• Financial info: Multiple rental units with existing income: a 2-bedroom unit currently rents for $2,300; two 1-bedroom units rent for $1,800 each; ten efficiency units generate $13,000 total; Some units are month-to-month; Rent may include electricity, gardener, sewer and water

Exterior

• Parking: Open parking with capacity for 8 vehicles
• Utilities: Public sewer; Cable not available
• Home design: Single-story building; Resale property; Shingle roof; Zoned CENTRAL
• Construction: Block construction; Shingle roof
• Exterior features: Less than quarter acre lot

Interior

• Kitchen: Each unit includes a kitchen
• Bedrooms: One 2-bedroom unit (includes kitchen and AC); Two 1-bedroom units (each includes kitchen and AC); Ten efficiency units (each includes kitchen and AC)
• Flooring: Ceramic tile
• Bathrooms: One 2-bath unit; Two 1-bath units; Ten 1-bath efficiency units
• Heating & cooling: Central heating; Central air conditioning plus wall/window AC units
• Interior features: Ceramic tile flooring; Central air conditioning and wall/window units
• Laundry & utility: Utilities: electricity, sewer, water (may be included with some rents)

What this means for you Summary

Snapshot

• This is a ?-bed/104.0-bath multifamily listed at $3.20M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $6k ($71k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($36k rent vs $3.20M).
• Recommended offer: $3.10M (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 5.2% in Hallandale Beach — 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 81/100 on livability (#86 in FL, #1,400 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, crime B+; Watch: schools C-, employment 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.
• Market conditions: Rents flat; 1380 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,111 units permitted in Broward County in 2024 (1,265 in 5+ unit buildings).
• At $35,532/mo this rent would consume 819% of the median local household income ($52k/yr) (locally 3293% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $22k of loan paydown is wiped out by about $96k of value loss. Plan a longer hold.
• Broward County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($3.10M) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.06M; list at $3.20M implies a 202% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,104,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.11% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.98%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.43% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.74×
• Total profit: $-232,449
• Equity at exit: $477,130

10-year hold

• IRR: -1.2%
• Equity multiple: 0.93×
• Total profit: $-66,231
• Equity at exit: $276,678

Cash invested: $896,000 (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 33009

• Rents YoY: 0.4%
• Active inventory: 1380
• Price-to-rent: 106.9×

Monthly cashflow live

• Estimated rent: $35,532 high
• Mortgage (P&I): −$16,781
• Tax est. 1.5%: −$4,000 /mo · $48,000/yr
• Insurance: −$1,333
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,462
• Net cashflow: $5,889

Break-even live

Break-even rent $28,077

Max offer price $3,200,000

Occupancy floor 78%

Sensitivity live

Price	-10% $8,101	-5% $6,995	+0% $5,889	+5% $4,784	+10% $3,678
Rent	-10% $3,082	-5% $4,486	+0% $5,889	+5% $7,293	+10% $8,696
Rate	-1.0pp $7,501	-0.5pp $6,703	base $5,889	+0.5pp $5,060	+1.0pp $4,217

14-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 12× units	1	1	$29,928
▸ 2× units	2	2	$5,606
Total (14 units)			$35,532

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: $800,000
• Closing costs: $96,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
932 SW 10th St Unit 3 Hallandale Beach, FL	3.0	2.5	11530	$3,200	$0.28	25d	1	0.95mi

Listing history 31 events

1. 2026-05-12
   price $3,200,000
2. 2026-04-21
   price $2,700,000
3. 2026-04-10
   listed $3,200,000 Active
4. 2026-03-14
   listed $1,300
5. 2026-01-10
   historical
6. 2026-01-06
   price $3,100,000
7. 2025-12-10
   listed $3,200,000 Active
8. 2025-07-07
   historical
9. 2025-06-13
   price $2,990,000
10. 2025-06-12
    status Active
11. 2025-06-08
    historical
12. 2025-03-07
    listed $3,000,000 Active
13. 2024-11-25
    historical
14. 2024-10-28
    listed $2,800,000 Active
15. 2024-05-03
    historical
16. 2024-03-29
    price $3,200,000
17. 2024-03-29
    price $3,000,000
18. 2024-03-29
    status Active
19. 2024-03-28
    historical
20. 2024-03-04
    price $3,200,000
21. 2023-11-09
    price $3,300,000
22. 2023-11-03
    listed $3,600,000 Active
23. 2023-10-31
    status Pending
24. 2023-10-27
    status Active
25. 2023-10-18
    status Pending
26. 2023-10-18
    historical
27. 2023-08-18
    price $3,200,000
28. 2023-07-26
    listed $3,600,000 Active
29. 2019-02-26
    soldstatus $1,060,000 Sold
30. 2019-01-28
    status Pending
31. 2018-08-24
    listed $1,100,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 29 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $426,384
• − Mortgage interest: −$179,250
• − Property taxes: −$48,000
• − Insurance: −$16,798
• − Repairs & maintenance: −$34,111
• − Management: −$34,111
• − Depreciation: −$93,091
• Taxable income: $21,024
• Est. tax owed @ 24.0%: −$5,046
• After-tax cash flow: $65,626/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.

Condition & rehab AI · 11 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with minimal repairs needed. Painting the exterior and maintaining the HVAC system would significantly enhance its curb appeal and rental value.

Value-add opportunities

• Both Paint exterior walls — Enhances curb appeal and property value
• Both Trim landscaping — Improves curb appeal and adds value
• Both Clean and maintain HVAC system — Ensures comfort and energy efficiency, attracting tenants

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior walls — Enhances curb appeal and property value ↑
• Both Trim landscaping — Improves curb appeal and adds value ↑
• Both Clean and maintain HVAC system — Ensures comfort and energy efficiency, attracting tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Hallandale Beach

• Score: 81/100
• State rank: #86
• US rank: #1400

Category grades

Amenities B Commute A+ Cost of living B+ Crime B+ Employment D- Housing B+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hallandale Beach, FL
• County: Broward County · 1,963,430 people
• City population: 44,021
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 44,502
• Household income: $52,079
• Rent vs Own: 44.4% rent · 55.6% own
• Severe rent burden: 3293.0

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Hispanic / Latino 39% White 39% Two or more races 24% Black 17% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 9% Dominican 3% Salvadoran 2%
• Common ancestry: Scotch-Irish 5% Hispanic 5% Subsaharan African 3%
• Foreign-born: 51% · Canada, Jamaica, Dominican Republic
• Languages at home: 38% English-only · Spanish 36% Russian/Polish/Slavic 12% French/Haitian/Cajun 7%

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: ▼ -299.13%
• Current HPI: 329.9081
• Rent YoY: ▲ 0.43%
• 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

+190.9% since first listed

31 events — show timeline

• 2026-05-12 Price Changed $3,200,000 MARMLS
• 2026-04-21 Price Changed $2,700,000 MARMLS
• 2026-04-10 Listed $3,200,000 MARMLS
• 2026-03-14 Listed for Rent $1,300 SHOWMOJO
• 2026-01-10 Listing Removed — MARMLS
• 2026-01-06 Price Changed $3,100,000 MARMLS
• 2025-12-10 Listed $3,200,000 MARMLS
• 2025-07-07 Listing Removed — MARMLS
• 2025-06-13 Price Changed $2,990,000 MARMLS
• 2025-06-12 Relisted — MARMLS
• 2025-06-08 Listing Removed — MARMLS
• 2025-03-07 Listed $3,000,000 MARMLS
• 2024-11-25 Listing Removed — MARMLS
• 2024-10-28 Listed $2,800,000 MARMLS
• 2024-05-03 Listing Removed — MARMLS
• 2024-03-29 Price Changed $3,200,000 MARMLS
• 2024-03-29 Price Changed $3,000,000 MARMLS
• 2024-03-29 Relisted — MARMLS
• 2024-03-28 Listing Removed — MARMLS
• 2024-03-04 Price Changed $3,200,000 MARMLS
• 2023-11-09 Price Changed $3,300,000 MARMLS
• 2023-11-03 Listed $3,600,000 MARMLS
• 2023-10-31 Pending — MARMLS
• 2023-10-27 Relisted — MARMLS
• 2023-10-18 Pending — MARMLS
• 2023-10-18 Listing Removed — MARMLS
• 2023-08-18 Price Changed $3,200,000 MARMLS
• 2023-07-26 Listed $3,600,000 MARMLS
• 2019-02-26 Sold (MLS) $1,060,000 MARMLS
• 2019-01-28 Pending — MARMLS
• 2018-08-24 Listed $1,100,000 MARMLS