9330 Lime Bay Blvd #209

Tamarac, FL 33321

$54,900D

1 bd · 2.0 ba · 750 sqft · Built 1974 · Condo · Active · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,864/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$216
• HOA: −$995
• Vac / Maint / Mgmt: −$391
• Net cashflow: $-27/mo
• Annual: $-323/yr
• Cap rate: 5.70%
• Cash-on-cash: -2.10%
• DSCR: 0.91
• 1% rule: 3.39%
• Cash to close: $15,372

Investor read

• This is a 1-bed/2.0-bath condo listed at $55k.
• At list price, monthly cash flow is $-27 ($-323/yr) — negative.
• To cash-flow at today's rent, offer at most $50k (8.7% below list).
• Meets the 1% rule at list price ($2k rent vs $55k).
• It's been on market 75 days — a 6% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $50k (8.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#239 in FL, #3,785 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: employment C-, amenities F, commute 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: Challenger Elementary School (math 37% / reading 53%, grade D-, #1,271 of 2,144 statewide, top 60%, 909 students, 62% FRL); Nova Middle School (math 44% / reading 53%, grade C-, #274 of 571 statewide, top 50%, 1,284 students, 68% FRL); J. P. Taravella High School (math 19% / reading 45%, grade F, #415 of 667 statewide, top 63%, 2,586 students, 54% FRL).
• Watch-outs: property tax is 4.2% of price; HOA is 53% of rent.
• Market conditions: Rents soft (-1.9%/yr); 592 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $44k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.7% vs local median 3.9% in Tamarac — 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 36% of the median local income ($62k/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 75 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1974 — 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.