2020 NE 51st Ct #203 · Fort Lauderdale, FL 33308

$149,000

1 bd · 1.0 ba · 600 sqft · Condo public records · 61 Days on market

Built 1963 $233/mo HOA · 9% of rent ↓ 7% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +4.1/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Whether you're looking for an affordable primary residence or a high-yield investment (NO RENTAL RESTRICTIONS, low HOA fee), this turnkey unit is ready for a quick close. Great location! Perfectly situated near Federal Highway for easy access to dining, hospital services (Holy Cross Hospital) and the beach (7 minutes away). Complex is only 2 stories. This 1bed, 1 bath, second floor unit, features durable ceramic tile flooring and essential appliances. Among some of the amenities are: heated pool and courtyard, BBQ/picnic areas, 2 assigned parking spaces and common laundry area. A well-maintained and charming community!

Key facts

• Courtyard
• Heated pool
• Low hoa fee

Tags

• NO RENTAL RESTRICTIONS
• LOW HOA FEE
• EASY ACCESS TO DINING
• EASY ACCESS TO THE BEACH
• HEATED POOL
• COURTYARD

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Quarterly association fee of $700; HOA covers common areas, insurance, laundry, grounds maintenance, structure maintenance, parking, pool(s), sewer, trash, and water; Association amenities include laundry, barbecue, picnic area, pool, and storage

Exterior

• Parking: Assigned parking; Two or more spaces; 2 covered spaces; 2-car garage
• Security: Smoke detectors
• Utilities: Electric water heater
• Home design: Attached property; 2-story building; Second-floor entry
• Construction: Block construction; Resale property
• Exterior features: Barbecue; Heated pool

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: Bedroom located on main level
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall furnace; Ceiling fans; Wall/window AC units
• Interior features: Bedroom on main level; Second-floor entry
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $149k.

Deal economics

• At list price, monthly cash flow is $686 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $140k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.8% 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.
• Market conditions: Rents rising (+3.6%/yr); 739 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 2,111 units permitted in Broward County in 2024 (1,265 in 5+ unit buildings).
• This rent runs 32% of the median local income ($94k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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.

Risks & watch-outs

• 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 $140,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
9. 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.
10. 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: 1.68% ✓
• Cap rate: 11.82%
• Cash-on-cash: 19.74%
• DSCR: 1.88
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.63% rent growth · sell at horizon

5-year hold

• IRR: 12.7%
• Equity multiple: 1.51×
• Total profit: $21,364
• Equity at exit: $22,216

10-year hold

• IRR: 22.3%
• Equity multiple: 2.97×
• Total profit: $82,310
• Equity at exit: $12,883

Cash invested: $41,720 (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 33308

• Rents YoY: 3.6%
• Active inventory: 739
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,496 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$209 /mo · $2,507/yr
• Insurance: −$62
• HOA: −$233
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $686

Break-even live

Break-even rent $1,627

Max offer price $149,000

Occupancy floor 68%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3411 N Federal Hwy Fort Lauderdale, FL	2.0	1.0–2.0	754	$2,885	$3.83	2d	59	1.36mi
3801 Dixie Hwy Oakland Park, FL	2.0	1.0–2.0	944	$2,894	$3.07	14d	45	1.36mi

HOA detail condo

• Monthly dues: $233 · $2,796/yr
• Likely covers: poolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-05-12
   status Pending
2. 2026-04-19
   historical Active Under Contract
3. 2026-03-12
   listed $149,000 Active
4. 2023-11-01
   historical
5. 2023-10-31
   status Active
6. 2023-08-24
   status Active
7. 2023-06-07
   historical
8. 2023-05-31
   listed $159,700 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: $2,507 · $209/mo
• Projected year-2 tax: $2,507 · $209/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,952
• − Mortgage interest: −$8,346
• − Property taxes: −$2,507
• − Insurance: −$745
• − Repairs & maintenance: −$2,396
• − Management: −$2,396
• − HOA: −$2,796
• − Depreciation: −$4,335
• Taxable income: $6,431
• Est. tax owed @ 24.0%: −$1,543
• After-tax cash flow: $6,694/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): 27,935
• Household income: $93,879
• Rent vs Own: 26.6% rent · 73.4% own
• Severe rent burden: 912.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 16% Two or more races 14% Asian 3% Black 2%
• Hispanic origin (detail): Puerto Rican 2% Cuban 3%
• Common ancestry: Romanian 4% Lithuanian 3% Scotch-Irish 3%
• Foreign-born: 24% · Canada, Jamaica, Dominican Republic
• Languages at home: 75% English-only · Spanish 14% Other Indo-European 5% Russian/Polish/Slavic 2%

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: ▼ -417.95%
• Current HPI: 325.3902
• Rent YoY: ▲ 3.63%
• 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

-6.7% since first listed

8 events — show timeline

• 2026-05-12 Pending — MARMLS
• 2026-04-19 Contingent — MARMLS
• 2026-03-12 Listed $149,000 MARMLS
• 2023-11-01 Listing Removed — MARMLS
• 2023-10-31 Relisted — MARMLS
• 2023-08-24 Relisted — MARMLS
• 2023-06-07 Rental Removed — MARMLS
• 2023-05-31 Listed $159,700 MARMLS

Property tax history

+7.2%/yr

Latest (2025): $2,507 · -12.6% YoY. Source: county tax records.