419 Golden Isles Dr #305

Hallandale Beach, FL 33009

$192,500B

1 bd · 1.0 ba · 650 sqft · Built 1964 · Condo · Active · 317 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,808/mo
• Mortgage (P&I): −$1,009
• Tax + insurance: −$398
• HOA: −$0
• Vac / Maint / Mgmt: −$590
• Net cashflow: $811/mo
• Annual: $9,726/yr
• Cap rate: 11.35%
• Cash-on-cash: 18.05%
• DSCR: 1.80
• 1% rule: 1.46%
• Cash to close: $53,900

Investor read

• This is a 1-bed/1.0-bath condo listed at $192k.
• At list price, monthly cash flow is $811 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $192k).
• It's been on market 317 days — a 12% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $169k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 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.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $22k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $84k; list at $192k implies a 131% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.4% rent growth), your $54k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 11.3% 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.
• At $2,808/mo this rent would consume 65% 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.

Questions for listing agent

• It's been on market 317 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.