1531 SE 15th #6

Fort Lauderdale, FL 33316

$309,000B-

2 bd · 3.0 ba · 1,960 sqft · Built 1974 · Condo · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,540/mo
• Mortgage (P&I): −$1,620
• Tax + insurance: −$1,000
• HOA: −$1,000
• Vac / Maint / Mgmt: −$953
• Net cashflow: $-34/mo
• Annual: $-402/yr
• Cap rate: 7.82%
• Cash-on-cash: 5.45%
• DSCR: 1.24
• 1% rule: 1.47%
• Cash to close: $86,520

Investor read

• This is a 2-bed/3.0-bath condo listed at $309k.
• At list price, monthly cash flow is $-34 ($-402/yr) — negative.
• To cash-flow at today's rent, offer at most $303k (1.9% below list).
• Meets the 1% rule at list price ($5k rent vs $309k).
• It's been on market 99 days — a 9% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $281k (9.0% below list) — sets the bar for market timing.
• In year one you build about $15k of equity ($2k loan paydown + $13k appreciation (4.2% local appreciation)).
• 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.
• Zoned schools: Harbordale Elementary School (math 64% / reading 74%, grade A-, #399 of 2,144 statewide, top 19%, 487 students, 38% FRL); Sunrise Middle School (math 50% / reading 52%, grade C, #237 of 571 statewide, top 43%, 1,242 students, 64% FRL); Fort Lauderdale High School (math 38% / reading 67%, grade C-, #154 of 667 statewide, top 24%, 2,228 students, 57% FRL) — zoned schools at 53% FRL track the district average.
• Watch-outs: flood insurance adds $427/mo; HOA is 22% of rent.
• Market conditions: Rents rising fast (+4.5%/yr); 400 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• Broward County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 21y ago; this cycle's ask is 12260% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (4.2% appreciation + 4.5% rent growth), your $87k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 7.8% 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.

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 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.