4035 W Mcnab Rd Unit F311

Pompano Beach, FL 33069

$149,900C+

2 bd · 1.5 ba · 1,035 sqft · Built 2006 · Condo · Pending · 109 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,229/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$250
• HOA: −$493
• Vac / Maint / Mgmt: −$468
• Net cashflow: $232/mo
• Annual: $2,779/yr
• Cap rate: 8.15%
• Cash-on-cash: 6.62%
• DSCR: 1.29
• 1% rule: 1.49%
• Cash to close: $41,972

Investor read

• This is a 2-bed/1.5-bath condo listed at $150k.
• At list price, monthly cash flow is $232 ($3k/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 109 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (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 $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: schools D+, 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.
• Watch-outs: HOA is 22% of rent.
• Market conditions: Rents soft (-0.3%/yr); 438 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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.
• 6 sale attempts since 9y ago; this cycle's ask has dropped $35k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $111k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 8.1% 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 45% 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 109 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?