5381 SW 35th St

Davie, FL 33314

$32,000D+

2 bd · 2.0 ba · 924 sqft · Built 1994 · Manufactured · Active · 369 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,227/mo
• Mortgage (P&I): −$168
• Tax + insurance: −$53
• HOA: −$0
• Vac / Maint / Mgmt: −$468
• Net cashflow: $1,538/mo
• Annual: $18,456/yr
• Cap rate: 63.97%
• Cash-on-cash: 205.98%
• DSCR: 10.17
• 1% rule: 6.96%
• Cash to close: $8,960

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $32k.
• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $32k).
• It's been on market 369 days — a 12% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $28k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $221 of loan paydown is wiped out by about $960 of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#68 in FL, #1,159 nationally) — a professional / high-income tenant draw. Strengths: crime A+, housing A+, health & safety A+; Watch: cost of living D, amenities 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: Davie Elementary School (math 27% / reading 37%, grade F, #1,797 of 2,144 statewide, top 86%, 680 students, 78% FRL); New River Middle School (math 36% / reading 44%, grade F, #368 of 571 statewide, top 65%, 1,587 students, 70% FRL); Stranahan High School (math 18% / reading 36%, grade F, #478 of 667 statewide, top 73%, 1,438 students, 77% FRL) — zoned schools average 75% FRL vs 51% district-wide (24 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 (+1.4%/yr); 187 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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.
• 2 sale attempts; this cycle's ask has dropped $48k (60%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 1.4% rent growth), your $9k cash investment doubles in ~1 year — after that, you're playing with house money.
• 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 64.0% vs local median 3.4% in Davie — 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 40% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 369 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.