960 Crystal Lake Dr #201

Deerfield Beach, FL 33064

$145,000D

2 bd · 2.0 ba · 800 sqft · Built 1965 · Condo · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,060/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$354
• HOA: −$560
• Vac / Maint / Mgmt: −$433
• Net cashflow: $-46/mo
• Annual: $-557/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.37%
• DSCR: 0.94
• 1% rule: 1.42%
• Cash to close: $40,600

Investor read

• This is a 2-bed/2.0-bath condo listed at $145k.
• At list price, monthly cash flow is $-46 ($-557/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (5.7% below list).
• Meets the 1% rule at list price ($2k rent vs $145k).
• It's been on market 56 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $137k (5.7% 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 75/100 on livability (#250 in FL, #3,970 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities D-, 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.
• Zoned schools: Quiet Waters Elementary School (math 40% / reading 48%, grade F, #1,330 of 2,144 statewide, top 63%, 1,128 students, 62% FRL); Crystal Lake Middle School (math 24% / reading 38%, grade F, #462 of 571 statewide, top 81%, 1,055 students, 74% FRL); Blanche Ely High School (math 7% / reading 29%, grade F, #570 of 667 statewide, top 86%, 1,906 students, 75% FRL) — zoned schools average 70% FRL vs 51% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 31% at this address vs 48% district-wide (-16 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 27% of rent.
• Market conditions: Rents rising (+1.8%/yr); 598 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 27d 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.
• Current owner paid $80k; list at $145k implies a 81% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 4.2% in Deerfield 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.
• This rent runs 35% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 56 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?