1407 NE 56th St #201 · Fort Lauderdale, FL 33334

$209,900

2 bd · 2.0 ba · 890 sqft · Condo public records · 74 Days on market

Built 1980 $599/mo HOA · 19% of rent

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +22.1/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• Schools +4.1/10.0
• Livability +4.1/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

2/2 REMODELED UNIT, JUST MINUTES FROM DOWNTOWN FT. LAUDERDALE. 40 YEAR RECERTIFICATION PASSED. CAN BE RENTED AFTER ONE MONTH OF OWNERSHIP.

Key facts

• Remodeled unit
• $599 HOA
• Community pool

Tags

• REMODELED UNIT
• 40 YEAR RECERTIFICATION PASSED

Property features AI

Finance

• HOA & community: Community pool; Picnic area; Parking included as an association amenity; Monthly HOA fee of 599; HOA covers insurance, grounds maintenance, structure maintenance, sewer, trash, water, common areas, elevator, legal/accounting, and reserve funds

Exterior

• Parking: Parking available (association amenity)
• Security: Security fence
• Utilities: Cable available
• Home design: Condominium; 4-story building; Resale condition; Facing north
• Construction: Block construction
• Exterior features: Fenced property; Waterfront property with other waterfront features

Interior

• Kitchen: Disposal; Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Parquet flooring; Tile flooring
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Accessible elevator installed; Security fence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $210k.

Deal economics

• At list price, monthly cash flow is $339 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Recommended offer: $197k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 2.2% in Fort Lauderdale — 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.

Location & tenants

• Location reads 82/100 on livability (#78 in FL, #1,293 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, health & safety A+; Watch: 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.
• Market conditions: Rents rising (+2.0%/yr); 355 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,111 units permitted in Broward County in 2024 (1,265 in 5+ unit buildings).
• At $3,183/mo this rent would consume 51% of the median local household income ($75k/yr) (locally 1755% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Broward County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 10664% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $107k; list at $210k implies a 96% gain — meaningful room to come down on a strong offer.

Recommended offer $197,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.52% ✓
• Cap rate: 8.23%
• Cash-on-cash: 6.92%
• DSCR: 1.31
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.01% rent growth · sell at horizon

5-year hold

• IRR: -7.0%
• Equity multiple: 0.74×
• Total profit: $-15,086
• Equity at exit: $31,297

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $4,018
• Equity at exit: $18,148

Cash invested: $58,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33334

• Home prices YoY: -34.6%
• Rents YoY: 2.0%
• Active inventory: 355
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $3,183 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$389 /mo · $4,668/yr
• Insurance: −$87
• HOA: −$599
• Vacancy / Maint / Mgmt: −$669
• Net cashflow: $339

Break-even live

Break-even rent $2,755

Max offer price $209,900

Occupancy floor 84%

Sensitivity live

Price	-10% $458	-5% $398	+0% $339	+5% $279	+10% $220
Rent	-10% $87	-5% $213	+0% $339	+5% $464	+10% $590
Rate	-1.0pp $444	-0.5pp $392	base $339	+0.5pp $284	+1.0pp $229

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
540 NE 59th Ct Fort Lauderdale, FL	3.0	2.0	964	$3,400	$3.53	24d	1	0.61mi
5841 NE 3rd Ave Fort Lauderdale, FL	3.0	2.0	834	$3,200	$3.84	24d	1	0.77mi
5365 N Andrews Ave Fort Lauderdale, FL	3.0	2.0	1016	$3,500	$3.44	24d	1	1.05mi
6500 N Andrews Ave Fort Lauderdale, FL	2.0	1.0–2.0	943	$3,146	$3.34	3d	31	1.11mi
4601 NE 4th Ave Unit 1261561P Fort Lauderdale, FL	3.0	2.0	1097	$4,430	$4.04	24d	1	1.12mi
1156 SW 4th Ave Pompano Beach, FL	2.0	1.0	945	$3,300	$3.49	5d	1	1.22mi
261 NE 45th St Fort Lauderdale, FL	3.0	2.0	997	$3,247	$3.26	24d	1	1.26mi
160 SE 12th St Pompano Beach, FL	2.0	2.0	950	$5,390	$5.67	24d	1	1.37mi
351 NE 41st St Oakland Park, FL	2.0	1.0	900	$3,400	$3.78	24d	1	1.47mi

HOA detail condo

• Monthly dues: $599 · $7,188/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-04-14
   listed $1,950
2. 2026-03-13
   price $209,900
3. 2025-10-24
   listed $230,000 Active
4. 2015-07-15
   soldstatus $107,000
5. 2003-03-05
   soldstatus $93,500
6. 1997-04-02
   soldstatus $48,000
7. 1981-10-01
   soldstatus $60,300
8. 1981-10-01
   soldstatus $60,300

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $4,668 · $389/mo
• Projected year-2 tax: $4,668 · $389/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $38,201
• − Mortgage interest: −$11,758
• − Property taxes: −$4,668
• − Insurance: −$1,050
• − Repairs & maintenance: −$3,056
• − Management: −$3,056
• − HOA: −$7,188
• − Depreciation: −$6,106
• Taxable income: $1,320
• Est. tax owed @ 24.0%: −$317
• After-tax cash flow: $3,748/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Broward
• NCES district ID: 1200180
• Math proficiency: 42% ▼ -18.00%
• Reading proficiency: 53% ▼ -5.00%
• Median HH income: $52,139
• Composite: 40.88/100
• National rank: #3621
• State rank: #46 of 73 in FL

Livability — Fort Lauderdale

• Score: 82/100
• State rank: #78
• US rank: #1293

Category grades

Amenities A+ Commute C+ Cost of living D- Crime A+ Employment B Housing A- Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Lauderdale, FL
• County: Broward County · 1,963,430 people
• City population: 235,769
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 30,935
• Household income: $75,361
• Rent vs Own: 43.3% rent · 56.7% own
• Severe rent burden: 1755.0

Population outlook (Broward County) Hauer SSP2

• Today (2025): 2,207,033 people
• By 2030: 2,360,704 · +7.0%
• By 2040: 2,661,208 · +20.6%
• By 2050: 2,946,698 · +33.5%
• By 2075: 3,602,273 · +63.2%
• By 2100: 3,970,984 · +79.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 43% Hispanic / Latino 32% Two or more races 25% Black 17% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Cuban 4%
• Common ancestry: Hispanic 5% Lithuanian 3% Romanian 2%
• Foreign-born: 31% · Canada, Jamaica, Vietnam
• Languages at home: 59% English-only · Spanish 28% Other Indo-European 5% French/Haitian/Cajun 5%

Political lean MEDSL · Broward

• 2024 margin: D (+17.0) · D 58.0% · R 41.0%
• 2008→2024 swing: -17.8pp toward R · 2008: 34.7pp · 2024: 17.0pp
• All cycles: 2024: D+17.0 2020: D+29.8 2016: D+35.0 2012: D+34.9 2008: D+34.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -208.58%
• Current HPI: 394.9526
• Rent YoY: ▲ 2.01%
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

-96.8% since first listed

8 events — show timeline

• 2026-04-14 Listed for Rent $1,950 GFLMLS
• 2026-03-13 Price Changed $209,900 Beaches MLS
• 2025-10-24 Listed $230,000 Beaches MLS
• 2015-07-15 Sold (Public Records) $107,000 Public Records
• 2003-03-05 Sold (Public Records) $93,500 Public Records
• 1997-04-02 Sold (Public Records) $48,000 Public Records
• 1981-10-01 Sold (Public Records) $60,300 Public Records
• 1981-10-01 Sold (Public Records) $60,300 Public Records

Property tax history

+12.1%/yr

Latest (2025): $4,668 · +13.8% YoY. Source: county tax records.