6101 Garfield St

Hollywood, FL 33024

$1,690,000B

48 bd · 48.0 ba · 3,683 sqft · Built 1974 · MultiFamily · Active · 513 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $43,735/mo
• Mortgage (P&I): −$8,863
• Tax + insurance: −$2,353
• HOA: −$0
• Vac / Maint / Mgmt: −$9,184
• Net cashflow: $23,336/mo
• Annual: $280,027/yr
• Cap rate: 22.86%
• Cash-on-cash: 59.18%
• DSCR: 3.63
• 1% rule: 2.59%
• Cash to close: $473,200

Investor read

• This is a 16 × 3-bed/?-bath units multifamily listed at $1.69M.
• At list price, monthly cash flow is $23k ($280k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($44k rent vs $1.69M).
• It's been on market 513 days — a 12% lower offer ($1.49M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.49M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $51k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#232 in FL, #3,548 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, crime B+; Watch: 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.
• Market conditions: Rents rising (+1.0%/yr); 326 active listings in the ZIP; solid renter incomes; 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.
• 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.
• Current owner paid $195k; list at $1.69M implies a 767% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 1.0% rent growth), your $473k cash investment doubles in ~2 years — 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 22.9% vs local median 3.2% in Hollywood — 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.
• At $43,735/mo this rent would consume 656% of the median local household income ($80k/yr) (locally 2813% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 513 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.