3405 NW 44th St #205

Oakland Park, FL 33309

$149,100D

1 bd · 1.0 ba · 872 sqft · Built 1988 · Condo · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,915/mo
• Mortgage (P&I): −$782
• Tax + insurance: −$321
• HOA: −$481
• Vac / Maint / Mgmt: −$402
• Net cashflow: $-70/mo
• Annual: $-844/yr
• Cap rate: 5.73%
• Cash-on-cash: -2.02%
• DSCR: 0.91
• 1% rule: 1.28%
• Cash to close: $41,748

Investor read

• This is a 1-bed/1.0-bath condo listed at $149k.
• At list price, monthly cash flow is $-70 ($-844/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (8.3% below list).
• Meets the 1% rule at list price ($2k rent vs $149k).
• It's been on market 20 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $137k (8.3% below list) — sets the bar for cash-flow.
• 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.
• Location reads 77/100 on livability (#193 in FL, #3,082 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: 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: Oriole Elementary School (math 23% / reading 27%, grade F, #2,030 of 2,144 statewide, top 95%, 651 students, 87% FRL); Lauderdale Lakes Middle School (math 21% / reading 26%, grade F, #536 of 571 statewide, top 95%, 816 students, 79% FRL); Boyd H. Anderson High School (math 10% / reading 14%, grade F, #622 of 667 statewide, top 93%, 2,038 students, 72% FRL) — zoned schools average 79% FRL vs 51% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 20% at this address vs 48% district-wide (-27 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 25% of rent.
• Market conditions: Rents soft (-0.5%/yr); 341 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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).
• Broward County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $11k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.7% vs local median 3.8% in Oakland Park — 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

• 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?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?