2800 N 46th Ave Unit A302

Hollywood, FL 33021

$224,900D-

1 bd · 1.5 ba · 1,008 sqft · Built 1980 · Condo · Active · 152 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,059/mo
• Mortgage (P&I): −$1,179
• Tax + insurance: −$375
• HOA: −$659
• Vac / Maint / Mgmt: −$432
• Net cashflow: $-587/mo
• Annual: $-7,041/yr
• Cap rate: 3.16%
• Cash-on-cash: -11.18%
• DSCR: 0.50
• 1% rule: 0.92%
• Cash to close: $62,972

Investor read

• This is a 1-bed/1.5-bath condo listed at $225k. Condition is rated good.
• At list price, monthly cash flow is $-587 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (37.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (8.5% below list).
• It's been on market 152 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (37.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.
• Zoned schools: Stirling Elementary School (math 31% / reading 43%, grade F, #1,609 of 2,144 statewide, top 77%, 535 students, 74% FRL); Attucks Middle School (math 35% / reading 46%, grade F, #360 of 571 statewide, top 64%, 738 students, 75% FRL); Hollywood Hills High School (math 14% / reading 31%, grade F, #539 of 667 statewide, top 81%, 1,718 students, 68% FRL) — zoned schools average 72% FRL vs 51% district-wide (21 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.
• Watch-outs: HOA is 32% of rent.
• Market conditions: Rents rising (+2.4%/yr); 734 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 69d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 since 4y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $87k; list at $225k implies a 159% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 35% of the median local income ($71k/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 152 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• 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.
• 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.