3341 NW 47th Ter #408

Lauderdale Lakes, FL 33319

$104,000D

1 bd · 2.0 ba · 750 sqft · Built 1981 · Condo · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,637/mo
• Mortgage (P&I): −$545
• Tax + insurance: −$218
• HOA: −$640
• Vac / Maint / Mgmt: −$344
• Net cashflow: $-110/mo
• Annual: $-1,325/yr
• Cap rate: 5.02%
• Cash-on-cash: -4.55%
• DSCR: 0.80
• 1% rule: 1.57%
• Cash to close: $29,120

Investor read

• This is a 1-bed/2.0-bath condo listed at $104k.
• At list price, monthly cash flow is $-110 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $84k (18.8% below list).
• Meets the 1% rule at list price ($2k rent vs $104k).
• It's been on market 21 days — a 2% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (18.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $719 of loan paydown is wiped out by about $3k 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: crime D+, amenities F, employment 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: Park Lakes Elementary School (math 35% / reading 44%, grade F, #1,513 of 2,144 statewide, top 73%, 970 students, 82% FRL); Lauderdale Lakes Middle School (math 21% / reading 26%, grade F, #536 of 571 statewide, top 95%, 816 students, 79% FRL); Boyd H. Anderson High School (math 10% / reading 14%, grade F, #622 of 667 statewide, top 93%, 2,038 students, 72% FRL) — zoned schools average 78% FRL vs 51% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 48% district-wide (-22 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 39% of rent.
• Market conditions: Rents soft (-1.4%/yr); 834 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $46k; list at $104k implies a 126% gain — meaningful room to come down on a strong offer.
• This rent runs 34% of the median local income ($58k/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?
• 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.
• 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?
• 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?
• 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.