1032 NW 83 Ave Unit D58

Plantation, FL 33322

$223,900D

2 bd · 2.0 ba · 1,114 sqft · Built 1977 · Condo · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,481/mo
• Mortgage (P&I): −$1,174
• Tax + insurance: −$373
• HOA: −$513
• Vac / Maint / Mgmt: −$521
• Net cashflow: $-100/mo
• Annual: $-1,205/yr
• Cap rate: 5.75%
• Cash-on-cash: -1.92%
• DSCR: 0.91
• 1% rule: 1.11%
• Cash to close: $62,692

Investor read

• This is a 2-bed/2.0-bath condo listed at $224k.
• At list price, monthly cash flow is $-100 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $209k (6.5% below list).
• Meets the 1% rule at list price ($2k rent vs $224k).
• It's been on market 99 days — a 9% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $204k (9.0% below list) — sets the bar for market timing.
• 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 82/100 on livability (#70 in FL, #1,174 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities C-, cost of living 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: Mirror Lake Elementary School (math 33% / reading 48%, grade F, #1,471 of 2,144 statewide, top 69%, 610 students, 68% FRL); Plantation Middle School (math 20% / reading 39%, grade F, #469 of 571 statewide, top 84%, 572 students, 72% FRL); Plantation High School (math 14% / reading 36%, grade F, #501 of 667 statewide, top 75%, 1,818 students, 68% FRL) — zoned schools average 70% FRL vs 51% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 32% at this address vs 48% district-wide (-16 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 21% of rent.
• Market conditions: Rents flat; 559 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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.
• 3 sale attempts 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 $135k; list at $224k implies a 66% 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 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.8% vs local median 3.4% in Plantation — 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.

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 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are B-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?