5383 SW 40th Ave #103

Dania Beach, FL 33314

$200,000C-

2 bd · 2.0 ba · 870 sqft · Built 1981 · Condo · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,311/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$256
• HOA: −$350
• Vac / Maint / Mgmt: −$485
• Net cashflow: $171/mo
• Annual: $2,048/yr
• Cap rate: 7.32%
• Cash-on-cash: 3.66%
• DSCR: 1.16
• 1% rule: 1.16%
• Cash to close: $56,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $200k.
• At list price, monthly cash flow is $171 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• It's been on market 102 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• 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.
• Location reads 77/100 on livability (#180 in FL, #2,806 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A, housing A; Watch: employment D, amenities F.
• 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: Nova Blanche Forman Elementary (math 35% / reading 55%, grade D-, #1,271 of 2,144 statewide, top 60%, 769 students, 72% FRL); Nova Middle School (math 44% / reading 53%, grade C-, #274 of 571 statewide, top 50%, 1,284 students, 68% FRL); Nova High School (math 22% / reading 56%, grade F, #312 of 667 statewide, top 48%, 2,227 students, 59% FRL) — zoned schools average 66% FRL vs 51% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.4%/yr); 186 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.
• 2 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 $125k; list at $200k implies a 60% gain — meaningful room to come down on a strong offer.
• Cap rate 7.3% vs local median 3.8% in Dania Beach — 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 42% 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 102 days. Have you received any prior offers? Is the seller open to a 9% 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.