5609 Coral Lk #109 · Margate, FL 33063

$210,000

2 bd · 2.0 ba · 1,090 sqft · Condo public records · 102 Days on market

Built 1979 $616/mo HOA · 27% of rent

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Why this score? — see what drove the D 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 +10.6/30.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• DSCR +3.0/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS GORGEOUS FIRST FLOOR LAKEFRONT CONDO IN CORAL GATE IS JUST STEPS AWAY FROM THE POOL. IT OFFERS A LARGE REMODELED KITCHEN WITH TILE THRU OUT UNIT EXCEPT FOR THE MASTER BEDROOM. NEWER VANITIES IN BOTH BATHROOMS AND THE A/C THAT IS 2 YRS OLD, BRAND NEW WASHER & DRYER. THIS UNIT HAS A GREAT VIEW AND IS IN MOVE IN CONDITION. JUST BRING YOUR SUIT CASES.

Key facts

• Ample storage space
• Split floor plan
• First floor unit

Tags

• FIRST FLOOR UNIT
• VIEW OF LAKE
• SPLIT FLOOR PLAN
• UPDATED KITCHEN
• NEWLY REMODELED BATHROOM
• AMPLE STORAGE SPACE

Property features AI

Finance

• HOA & community: Community pool; Monthly association fee of $616; Association fees cover grounds maintenance, sewer, trash, water, roof repairs, and pool service; Senior community; Pets allowed with breed restrictions

Exterior

• Parking: Detached carport; Detached garage; Guest parking; Garage
• Utilities: Cable available
• Home design: Condominium; Resale; First-floor entry; Three-story building
• Construction: Block construction
• Exterior features: Screened porch; Porch; Waterfront property (other waterfront features)

Interior

• Kitchen: Disposal; Dishwasher; Microwave; Refrigerator
• Bedrooms: Two bedrooms on the main level
• Flooring: Carpet; Tile
• Bathrooms: Two full bathrooms, both on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Split bedroom layout; Negotiable furnishings

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 $-106 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (8.9% below list).
• Meets the 1% rule at list price ($2k rent vs $210k).
• Recommended offer: $191k (9.0% below list) — sets the bar for market timing.
• Cap rate 5.7% vs local median 4.3% in Margate — 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 81/100 on livability (#85 in FL, #1,398 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: 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); Monarch High School (math 26% / reading 50%, grade F, #328 of 667 statewide, top 50%, 2,344 students, 54% FRL).
• Market conditions: Rents rising (+1.9%/yr); 560 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).
• This rent runs 44% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 102 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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 $121k; list at $210k implies a 74% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.

Recommended offer $191,100 (9.0% below list)

Questions for the listing agent

1. 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?
2. 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?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 1.10% ✓
• Cap rate: 5.69%
• Cash-on-cash: -2.15%
• DSCR: 0.90
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.94% rent growth · sell at horizon

5-year hold

• IRR: -21.3%
• Equity multiple: 0.27×
• Total profit: $-42,866
• Equity at exit: $31,312

10-year hold

• IRR: -18.0%
• Equity multiple: 0.07×
• Total profit: $-54,458
• Equity at exit: $18,157

Cash invested: $58,800 (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 33063

• Home prices YoY: -18.1%
• Rents YoY: 1.9%
• Active inventory: 560
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,318 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$132 /mo · $1,586/yr
• Insurance: −$88
• HOA: −$616
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $-106

Break-even live

Break-even rent $2,452

Max offer price $191,351

Occupancy floor 100%

Sensitivity live

Price	-10% $13	-5% $-46	+0% $-106	+5% $-165	+10% $-224
Rent	-10% $-289	-5% $-197	+0% $-106	+5% $-14	+10% $78
Rate	-1.0pp $0	-0.5pp $-52	base $-106	+0.5pp $-160	+1.0pp $-215

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6729 Coral Lake Dr #6729 Margate, FL	2.0	2.0	1090	$1,995	$1.83	12d	1	0.10mi
5533 Courtyard Dr #5533 Margate, FL	2.0	2.0	970	$1,995	$2.06	26d	1	0.12mi
5555 Celebration Point Ln Margate, FL	1.0–3.0	1.0–2.0	970	$2,480	$2.56	0d	9	0.25mi
5380 Jubilee Way #200 Margate, FL	2.0	1.5	1110	$2,500	$2.25	26d	1	0.30mi
5448 Jubilee Way #217 Margate, FL	1.0	1.5	1010	$1,950	$1.93	4d	1	0.30mi
3357 Cocoplum Cir #33133 Coconut Creek, FL	2.0	2.5	1182	$2,550	$2.16	15d	1	0.34mi
3357 Cocoplum Cir #33133 Coconut Creek, FL	2.0	2.5	1182	$2,500	$2.12	26d	1	0.34mi
3417 Merrick Ct #1206 Margate, FL	3.0	2.5	1371	$2,650	$1.93	26d	1	0.37mi
3439 Cocoplum Cir #3420 Coconut Creek, FL	2.0	2.0	982	$2,250	$2.29	9d	1	0.37mi
3781 Cocoplum Cir #3579 Coconut Creek, FL	2.0	2.0	982	$2,300	$2.34	20d	1	0.37mi
5295 Jamboree Pl Margate, FL	2.0	2.5	1110	$2,500	$2.25	26d	1	0.40mi
3287 Cocoplum Cir #3321 Coconut Creek, FL	3.0	2.0	1100	$2,500	$2.27	19d	1	0.42mi
3050 Toscana Ln W Margate, FL	1.0–3.0	1.0–2.0	1075	$2,550	$2.37	0d	1	0.44mi
3757 Cocoplum Cir #3567 Coconut Creek, FL	2.0	2.0	982	$2,100	$2.14	26d	1	0.46mi
2474 NW 49th Ter #766 Coconut Creek, FL	2.0	2.0	974	$2,300	$2.36	14d	1	0.47mi
2486 NW 49th Ter #762 Coconut Creek, FL	3.0	2.0	1116	$2,350	$2.11	9d	1	0.47mi
3831 Cocoplum Cir #3592 Coconut Creek, FL	3.0	2.0	1115	$2,450	$2.20	16d	1	0.47mi
3933 Cocoplum Cir #3518 Coconut Creek, FL	2.0	2.0	982	$2,200	$2.24	20d	1	0.53mi
3950 Cocoplum Cir #3638 Coconut Creek, FL	3.0	2.5	1388	$3,200	$2.31	26d	1	0.55mi
3950 Cocoplum Cir Coconut Creek, FL	3.0	2.5	1388	$3,200	$2.31	12d	1	0.55mi
5755 Winfield Blvd Margate, FL	2.0	1.0	1200	$2,200	$1.83	9d	1	0.57mi
3961 Cocoplum Cir Unit F Coconut Creek, FL	2.0	2.5	1208	$2,200	$1.82	26d	1	0.58mi
3953 Cocoplum Cir #3611 Coconut Creek, FL	2.0	2.0	1140	$2,700	$2.37	3d	1	0.58mi
3953 Cocoplum Cir #3611 Coconut Creek, FL	2.0	2.0	1140	$2,700	$2.37	7d	1	0.58mi
5100 W Sample Rd Margate, FL	1.0–2.0	1.0–2.0	975	$2,236	$2.29	0d	16	0.62mi
6073 NW 27th St Unit 6073 Margate, FL	3.0	2.0	914	$2,700	$2.95	16d	1	0.64mi
3427 NW 47th Ave #3190 Coconut Creek, FL	2.0	2.0	955	$2,300	$2.41	24d	1	0.66mi
3427 NW 47th Ave #3190 Coconut Creek, FL	2.0	2.0	955	$2,300	$2.41	9d	1	0.66mi
5800 W Sample Rd #207 Coral Springs, FL	2.0	2.0	1076	$2,500	$2.32	26d	1	0.67mi
5880 W Sample Rd #105 Coral Springs, FL	2.0	2.0	1064	$2,450	$2.30	9d	1	0.67mi
5820 W Sample Rd #105 Coral Springs, FL	2.0	2.0	1134	$2,250	$1.98	26d	1	0.67mi
5880 W Sample Rd Coral Springs, FL	2.0	2.0	1070	$2,400	$2.24	4d	2	0.67mi
5800 W Sample Rd Coral Springs, FL	2.0–3.0	2.0	1216	$2,450	$2.01	22d	2	0.67mi
6020 W Sample Rd #303 Coral Springs, FL	2.0	2.0	1123	$2,250	$2.00	26d	1	0.67mi
5980 W Sample Rd #203 Coral Springs, FL	2.0	2.0	1076	$2,250	$2.09	12d	1	0.67mi
4854 Fishermans Dr Coconut Creek, FL	1.0–2.0	1.0–2.0	800	$2,433	$3.04	0d	13	0.68mi
4821 NW 22nd St Coconut Creek, FL	2.0	2.5	1244	$2,595	$2.09	4d	1	0.69mi
4821 NW 22nd St Coconut Creek, FL	2.0	2.5	1244	$2,595	$2.09	16d	1	0.69mi
4820 NW 22nd St #4134 Coconut Creek, FL	2.0	2.5	1244	$2,700	$2.17	14d	1	0.69mi
4820 NW 22nd St #4134 Coconut Creek, FL	2.0	2.5	1244	$2,700	$2.17	9d	1	0.69mi

HOA detail condo

• Monthly dues: $616 · $7,392/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-21
   days on market $210,000 Active 102 DOM
2. 2026-06-18
   days on market $210,000 Active 99 DOM
3. 2026-06-17
   days on market $210,000 Active 98 DOM
4. 2026-06-16
   days on market $210,000 Active 97 DOM
5. 2026-06-15
   days on market $210,000 Active 96 DOM
6. 2026-06-13
   days on market $210,000 Active 94 DOM
7. 2026-06-09
   days on market $210,000 Active 90 DOM
8. 2026-06-07
   days on market $210,000 Active 88 DOM
9. 2026-06-04
   days on market $210,000 Active 85 DOM
10. 2026-06-03
    days on market $210,000 Active 84 DOM
11. 2026-06-02
    days on market $210,000 Active 83 DOM
12. 2026-06-01
    days on market $210,000 Active 82 DOM
13. 2026-05-31
    days on market $210,000 Active 81 DOM
14. 2024-08-20
    listed $210,000 Active
15. 2018-05-17
    soldstatus $121,000 358-char remark

    Show marketing remark (358 chars)

    THIS GORGEOUS FIRST FLOOR LAKEFRONT CONDO IN CORAL GATE IS JUST STEPS AWAY FROM THE POOL. IT OFFERS A LARGE REMODELED KITCHEN WITH TILE THRU OUT UNIT EXCEPT FOR THE MASTER BEDROOM. NEWER VANITIES IN BOTH BATHROOMS AND THE A/C THAT IS 2 YRS OLD, BRAND NEW WASHER & DRYER. THIS UNIT HAS A GREAT VIEW AND IS IN MOVE IN CONDITION. JUST BRING YOUR SUIT CASES.

16. 2018-05-17
    soldstatus $121,000

    Show marketing remark (358 chars)

    THIS GORGEOUS FIRST FLOOR LAKEFRONT CONDO IN CORAL GATE IS JUST STEPS AWAY FROM THE POOL. IT OFFERS A LARGE REMODELED KITCHEN WITH TILE THRU OUT UNIT EXCEPT FOR THE MASTER BEDROOM. NEWER VANITIES IN BOTH BATHROOMS AND THE A/C THAT IS 2 YRS OLD, BRAND NEW WASHER & DRYER. THIS UNIT HAS A GREAT VIEW AND IS IN MOVE IN CONDITION. JUST BRING YOUR SUIT CASES.

17. 2018-02-15
    listed $124,900 358-char remark

    Show marketing remark (358 chars)

    THIS GORGEOUS FIRST FLOOR LAKEFRONT CONDO IN CORAL GATE IS JUST STEPS AWAY FROM THE POOL. IT OFFERS A LARGE REMODELED KITCHEN WITH TILE THRU OUT UNIT EXCEPT FOR THE MASTER BEDROOM. NEWER VANITIES IN BOTH BATHROOMS AND THE A/C THAT IS 2 YRS OLD, BRAND NEW WASHER & DRYER. THIS UNIT HAS A GREAT VIEW AND IS IN MOVE IN CONDITION. JUST BRING YOUR SUIT CASES.

18. 2011-07-08
    soldstatus $58,500 443-char remark

    Show marketing remark (443 chars)

    * * * * If you are searching for a home in Margate - Ft Lauderdale Area this piece of real estate may just be what you are looking for! * * * * Beautifully remodeled kitchen, new appliances, master bath, stackable washer and dryer in unit, carpet in master. Tile f looring in living area. Unit is ready to move in. Beautiful lake views from screened porch. Active 55+ community, association requires 15% down to purchase. Sorry, no pets.

19. 2002-07-02
    soldstatus $78,000
20. 1979-06-01
    soldstatus $44,200

ⓘ 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: $1,586 · $132/mo
• Projected year-2 tax: $1,743 · $145/mo
• Expected delta: +$157/yr (+$13/mo · 9.9%)

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

Taxation est. · year 1

• Rental income: $27,819
• − Mortgage interest: −$11,763
• − Property taxes: −$1,586
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,225
• − Management: −$2,225
• − HOA: −$7,392
• − Depreciation: −$6,109
• Taxable loss: −$4,533
• Est. tax savings @ 24.0%: +$1,088
• After-tax cash flow: $-179/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 — Margate

• Score: 81/100
• State rank: #85
• US rank: #1398

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Margate, FL
• County: Broward County · 1,963,430 people
• City population: 55,466
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 55,466
• Household income: $62,918
• Rent vs Own: 26.3% rent · 73.7% own
• Severe rent burden: 2290.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 34% Hispanic / Latino 29% Black 28% Two or more races 18% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 7% Cuban 3% Dominican 3%
• Common ancestry: Hispanic 6% Romanian 2% Estonian 2%
• Foreign-born: 36% · Canada, Jamaica, Vietnam
• Languages at home: 61% English-only · Spanish 24% French/Haitian/Cajun 7% Other Indo-European 4%

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: ▼ -87.17%
• Current HPI: 393.9225
• Rent YoY: ▲ 1.94%
• 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

+375.1% since first listed

7 events — show timeline

• 2024-08-20 Listed $210,000 Beaches MLS
• 2018-05-17 Sold (Public Records) $121,000 Public Records
• 2018-05-17 Sold (MLS) $121,000 Beaches MLS
• 2018-02-15 Listed $124,900 Beaches MLS
• 2011-07-08 Sold (MLS) $58,500 MARMLS
• 2002-07-02 Sold (Public Records) $78,000 Public Records
• 1979-06-01 Sold (Public Records) $44,200 Public Records

Property tax history

+1.5%/yr

Latest (2025): $1,586 · +3.9% YoY. Source: county tax records.