1239 SW 46th Ave #906

Pompano Beach, FL 33069

$150,000D+

1 bd · 1.0 ba · 785 sqft · Built 1987 · Condo · Pending · 184 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,733/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$385
• HOA: −$150
• Vac / Maint / Mgmt: −$364
• Net cashflow: $48/mo
• Annual: $573/yr
• Cap rate: 6.68%
• Cash-on-cash: 1.37%
• DSCR: 1.06
• 1% rule: 1.16%
• Cash to close: $42,000

Investor read

• This is a 1-bed/1.0-bath condo listed at $150k.
• At list price, monthly cash flow is $48 ($573/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 184 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% 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 $4k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#284 in FL, #4,541 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living B+; 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: Cypress Elementary School (math 26% / reading 30%, grade F, #1,951 of 2,144 statewide, top 91%, 740 students, 80% FRL); Pompano Beach Middle School (math 29% / reading 40%, grade F, #421 of 571 statewide, top 74%, 1,040 students, 73% FRL); Blanche Ely High School (math 7% / reading 29%, grade F, #570 of 667 statewide, top 86%, 1,906 students, 75% FRL) — zoned schools average 76% FRL vs 51% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 48% district-wide (-21 pts) — the specific schools serving this property underperform the Broward average; the district grade overstates school quality for this exact location.
• Watch-outs: property tax is 2.6% of price.
• Market conditions: Rents soft (-0.3%/yr); 445 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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.
• 7 sale attempts since 8y ago; this cycle's ask is 9275% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Cap rate 6.7% vs local median 3.1% in Pompano 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 35% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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?