5103 NW 35th St #606

Lauderdale Lakes, FL 33319

$58,000C

1 bd · 1.0 ba · 684 sqft · Built 1972 · Condo · Pending · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,506/mo
• Mortgage (P&I): −$304
• Tax + insurance: −$200
• HOA: −$625
• Vac / Maint / Mgmt: −$316
• Net cashflow: $60/mo
• Annual: $720/yr
• Cap rate: 7.53%
• Cash-on-cash: 4.43%
• DSCR: 1.20
• 1% rule: 2.60%
• Cash to close: $16,240

Investor read

• This is a 1-bed/1.0-bath condo listed at $58k.
• At list price, monthly cash flow is $60 ($720/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $58k).
• It's been on market 84 days — a 6% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $55k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $401 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#100 in FL, #1,527 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: schools C-, crime D+, 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.
• Watch-outs: property tax is 3.6% of price; HOA is 42% of rent.
• Market conditions: Rents soft (-1.4%/yr); 827 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 11y ago; this cycle's ask has dropped $8k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 7.5% vs local median 5.6% in Lauderdale Lakes — 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 31% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?