2100 NE 38th St #243 · Lighthouse Point, FL 33064

$120,000

1 bd · 2.0 ba · 800 sqft · Condo public records · 21 Days on market

Built 1965 $515/mo HOA · 25% of rent

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +23.6/30.0
• 1% rule +10.0/10.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Wonderful, extremely well managed 55+ building East of US1. Close to major highways, restaurants, etc. Co-op, minimum credit score of 700 required by Association. Laundry facilities in building. No leasing first 3 years.

Key facts

• $515 HOA
• Garage
• Community pool

Property features AI

Finance

• Other: Pets not allowed
• HOA & community: Homeowners association with monthly fee ($515) managed by Ratliff Management Services; HOA includes maintenance of grounds, trash, water, sewer, common areas, and pool service; Community amenities include pool, community room and recreation facilities; Senior community; Land lease in place ($29 monthly, expires 2035-01-01)

Exterior

• Parking: Assigned parking; Detached parking; Guest parking; One open parking space (1 total)
• Utilities: Public water; Public sewer; Cable available; Sewer connected; Water available
• Home design: Condominium; One level (building has 2 stories); Entry level 1; Faces north
• Construction: Built with CBS construction materials; Other roof
• Exterior features: First-floor entry; Not waterfront

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: One main-level bedroom
• Flooring: Carpet; Ceramic tile
• Bathrooms: 1 full bathroom; 1 half bathroom (2 total bathrooms)
• Heating & cooling: Central heating; Central individual cooling
• Interior features: Walk-in closet(s); Storm windows
• Laundry & utility: Laundry: see remarks

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 2.4% in Lighthouse Point — 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.

Location & tenants

• Location reads 71/100 on livability (#384 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A+; Watch: amenities F, commute F, cost of living 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: Norcrest Elementary School (math 39% / reading 43%, grade F, #1,454 of 2,144 statewide, top 69%, 672 students, 71% FRL); Deerfield Beach Middle School (math 30% / reading 39%, grade F, #421 of 571 statewide, top 74%, 1,140 students, 72% FRL); Deerfield Beach High School (math 12% / reading 37%, grade F, #505 of 667 statewide, top 79%, 2,251 students, 69% FRL) — zoned schools average 71% FRL vs 51% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 33% at this address vs 48% district-wide (-14 pts) — the specific schools serving this property underperform the Broward average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.8%/yr); 591 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,111 units permitted in Broward County in 2024 (1,265 in 5+ unit buildings).
• This rent runs 34% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Broward County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• Climate carrying-cost: major flood risk; 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.

Recommended offer $118,200 (1.5% below list)

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.68% ✓
• Cap rate: 8.55%
• Cash-on-cash: 8.05%
• DSCR: 1.36
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.75% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.78×
• Total profit: $-7,245
• Equity at exit: $17,892

10-year hold

• IRR: 1.6%
• Equity multiple: 1.11×
• Total profit: $3,595
• Equity at exit: $10,375

Cash invested: $33,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33064

• Home prices YoY: -18.7%
• Rents YoY: 1.8%
• Active inventory: 591
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $2,022 high
• Mortgage (P&I): −$629
• Tax from tax record: −$177 /mo · $2,129/yr
• Insurance: −$50
• HOA: −$515
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $225

Break-even live

Break-even rent $1,736

Max offer price $120,000

Occupancy floor 84%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3700 NE 22nd Ave Unit 3720-11 Lighthouse Point, FL	1.0	1.0	650	$1,825	$2.81	24d	1	0.06mi
3850 NE 21st Way #53 Lighthouse Point, FL	2.0	2.0	780	$1,900	$2.44	24d	1	0.12mi
2121 NE 36th Ct Lighthouse Point, FL	1.0	1.0	800	$1,975	$2.47	11d	1	0.13mi
2121 NE 36th Ct Lighthouse Point, FL	1.0	1.0	800	$1,975	$2.47	24d	1	0.13mi
2120 NE 41st St Unit C Lighthouse Point, FL	1.0	1.0	650	$1,675	$2.58	24d	1	0.30mi
3837 NE 17th Ave Pompano Beach, FL	1.0	1.0	800	$2,100	$2.62	11d	1	0.40mi
1671 NE 33rd St Unit 3 Pompano Beach, FL	2.0	2.0	750	$2,200	$2.93	24d	1	0.49mi
1671 NE 33rd St Apt 1 Pompano Beach, FL	1.0	1.0	750	$1,650	$2.20	24d	1	0.49mi
2121 NE 42nd Ct Unit 103C Lighthouse Point, FL	2.0	2.0	960	$1,795	$1.87	24d	1	0.50mi
2115 NE 42nd Ct Unit 206N Lighthouse Point, FL	1.0	1.0	560	$1,600	$2.86	24d	1	0.53mi
1530 NE 33rd St Unit 1530 Pompano Beach, FL	2.0	1.0	893	$2,100	$2.35	24d	1	0.61mi
1751 NE 31st St Pompano Beach, FL	1.0	1.0	642	$1,595	$2.48	15d	1	0.61mi
1480 E Sample Rd #207 Pompano Beach, FL	1.0	1.0	640	$1,600	$2.50	24d	1	0.61mi
1480 E Sample Rd Pompano Beach, FL	1.0	1.0	640	$1,550	$2.42	15d	2	0.61mi
4411 N Federal Hwy Pompano Beach, FL	1.0–3.0	1.0–2.0	1039	$1,939	$1.87	1d	20	0.62mi
1510 NE 32nd Pl Pompano Beach, FL	2.0	1.0	893	$2,650	$2.97	24d	1	0.66mi
4500 N Federal Hwy Unit 316B Lighthouse Point, FL	2.0	2.0	984	$1,950	$1.98	24d	1	0.67mi
4350 NE 18th Ave Pompano Beach, FL	2.0	1.0	920	$2,500	$2.72	16d	1	0.67mi
1901 NE 29th St #2 Lighthouse Point, FL	1.0	1.0	700	$1,600	$2.29	24d	1	0.69mi
4502 N Federal Hwy Unit 167H Lighthouse Point, FL	2.0	2.0	984	$2,800	$2.85	11d	1	0.69mi
4502 N Federal Hwy Unit 336D Lighthouse Point, FL	2.0	2.0	984	$2,830	$2.88	24d	1	0.69mi
2900 NE 17th Ave Pompano Beach, FL	1.0	1.0	650	$1,745	$2.68	11d	1	0.71mi
4611 N Federal Hwy Pompano Beach, FL	1.0–3.0	1.0–2.0	969	$2,110	$2.18	1d	9	0.80mi
2731 NE 28th Ct Unit 3 Lighthouse Point, FL	2.0	2.0	1000	$3,200	$3.20	24d	1	0.81mi
1911 NE 27th Ct Unit 3 Lighthouse Point, FL	2.0	1.0	900	$2,000	$2.22	24d	1	0.82mi
1150 E Sample Rd #202 Pompano Beach, FL	1.0	1.0	640	$1,650	$2.58	24d	1	0.86mi
1035 Hillsboro Mile #31 Hillsboro Beach, FL	2.0	2.0	850	$6,500	$7.65	24d	1	0.88mi
1960 NE 48th St Unit 9 Pompano Beach, FL	1.0	1.0	700	$1,500	$2.14	22d	1	0.90mi
1850 NE 48th St Pompano Beach, FL	1.0–3.0	1.0–1.5	827	$1,650	$1.99	24d	1	0.91mi
1051 Hillsboro Mile Unit 507E Hillsboro Beach, FL	2.0	2.0	1000	$2,900	$2.90	24d	1	0.93mi
1051 Hillsboro Mile Unit 407E Hillsboro Beach, FL	2.0	2.0	1000	$4,950	$4.95	15d	1	0.93mi
1512 NE 28th St Pompano Beach, FL	2.0	1.0	624	$2,500	$4.01	24d	1	0.94mi
2755 NE 28th Ave Unit C1 Lighthouse Point, FL	2.0	2.0	890	$2,690	$3.02	5d	1	0.95mi
3300 NE 10th Ter Pompano Beach, FL	1.0	1.0	674	$1,525	$2.26	15d	1	0.96mi
1069 Hillsboro Mile #507 Hillsboro Beach, FL	2.0	2.0	1026	$3,100	$3.02	24d	1	0.98mi
3180 NE 10th Ter Pompano Beach, FL	2.0	1.0	991	$2,700	$2.72	24d	1	0.98mi
2748 NE 28th Ave #2 Lighthouse Point, FL	2.0	2.0	850	$2,550	$3.00	24d	1	0.99mi
2933 NE 12th Ter Pompano Beach, FL	2.0	1.0	824	$2,700	$3.28	24d	1	1.00mi
1433 NE 27th St Pompano Beach, FL	2.0	1.0	816	$2,900	$3.55	24d	1	1.01mi
2757 NE 29th Ave #4 Lighthouse Point, FL	2.0	2.0	1100	$2,800	$2.55	12d	1	1.01mi

HOA detail condo

• Monthly dues: $515 · $6,180/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $120,000 Active 21 DOM
2. 2026-06-17
   days on market $120,000 Active 20 DOM
3. 2026-06-16
   days on market $120,000 Active 19 DOM
4. 2026-06-15
   days on market $120,000 Active 18 DOM
5. 2026-06-13
   days on market $120,000 Active 16 DOM
6. 2026-06-09
   days on market $120,000 Active 12 DOM
7. 2026-06-08
   days on market $120,000 Active 11 DOM
8. 2026-06-07
   days on market $120,000 Active 10 DOM
9. 2026-06-04
   days on market $120,000 Active 7 DOM
10. 2026-06-03
    days on market $120,000 Active 6 DOM
11. 2026-06-02
    days on market $120,000 Active 5 DOM
12. 2026-06-01
    days on market $120,000 Active 4 DOM
13. 2026-05-31
    days on market $120,000 Active 3 DOM
14. 2026-05-28
    listed $120,000 Active
15. 2025-02-10
    historical $1,300
16. 2025-01-22
    price $1,300
17. 2024-08-27
    listed $1,450
18. 2024-08-05
    historical $1,450
19. 2024-06-07
    listed $1,450

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $2,129 · $177/mo
• Projected year-2 tax: $2,129 · $177/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 52% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,258
• − Mortgage interest: −$6,722
• − Property taxes: −$2,129
• − Insurance: −$600
• − Repairs & maintenance: −$1,941
• − Management: −$1,941
• − HOA: −$6,180
• − Depreciation: −$3,491
• Taxable income: $1,255
• Est. tax owed @ 24.0%: −$301
• After-tax cash flow: $2,402/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Broward
• NCES district ID: 1200180
• Math proficiency: 42% ▼ -18.00%
• Reading proficiency: 53% ▼ -5.00%
• Median HH income: $52,139
• Composite: 40.88/100
• National rank: #3621
• State rank: #46 of 73 in FL

Livability — Lighthouse Point

• Score: 71/100
• State rank: #384
• US rank: #6803

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing C+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lighthouse Point, FL
• County: Broward County · 1,963,430 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 64,563
• Household income: $71,301
• Rent vs Own: 34.7% rent · 65.3% own
• Severe rent burden: 2907.0

Population outlook (Broward County) Hauer SSP2

• Today (2025): 2,207,033 people
• By 2030: 2,360,704 · +7.0%
• By 2040: 2,661,208 · +20.6%
• By 2050: 2,946,698 · +33.5%
• By 2075: 3,602,273 · +63.2%
• By 2100: 3,970,984 · +79.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: White 34% Hispanic / Latino 27% Black 25% Two or more races 24% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4% Cuban 4% Dominican 2%
• Common ancestry: Hispanic 13% Estonian 10% Romanian 1%
• Foreign-born: 43% · Canada, Jamaica, Dominican Republic
• Languages at home: 45% English-only · Spanish 23% French/Haitian/Cajun 16% Other Indo-European 13%

Political lean MEDSL · Broward

• 2024 margin: D (+17.0) · D 58.0% · R 41.0%
• 2008→2024 swing: -17.8pp toward R · 2008: 34.7pp · 2024: 17.0pp
• All cycles: 2024: D+17.0 2020: D+29.8 2016: D+35.0 2012: D+34.9 2008: D+34.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -109.09%
• Current HPI: 474.7007
• Rent YoY: ▲ 1.75%
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+8175.9% since first listed

6 events — show timeline

• 2026-05-28 Listed $120,000 Beaches MLS
• 2025-02-10 Rental Removed $1,300 GFLMLS
• 2025-01-22 Price Changed $1,300 GFLMLS
• 2024-08-27 Listed for Rent $1,450 GFLMLS
• 2024-08-05 Rental Removed $1,450 GFLMLS
• 2024-06-07 Listed for Rent $1,450 GFLMLS

Property tax history

+9.2%/yr

Latest (2025): $2,129 · +13.1% YoY. Source: county tax records.