3301 Spanish Moss Ter #219

Lauderhill, FL 33319

$150,000D

3 bd · 3.0 ba · 1,440 sqft · Built 1971 · Condo · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,218/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$145
• HOA: −$935
• Vac / Maint / Mgmt: −$466
• Net cashflow: $-115/mo
• Annual: $-1,377/yr
• Cap rate: 5.37%
• Cash-on-cash: -3.28%
• DSCR: 0.85
• 1% rule: 1.48%
• Cash to close: $42,000

Investor read

• This is a 3-bed/3.0-bath condo listed at $150k.
• At list price, monthly cash flow is $-115 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (13.5% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $130k (13.5% below list) — sets the bar for cash-flow.
• 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 79/100 on livability (#139 in FL, #2,059 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: Somerset Village Academy (math 27% / reading 42%, grade F, #1,709 of 2,144 statewide, top 81%, 242 students, 93% FRL, charter); Lauderdale Lakes Middle School (math 21% / reading 26%, grade F, #536 of 571 statewide, top 95%, 816 students, 79% FRL); Piper High School (math 12% / reading 35%, grade F, #533 of 667 statewide, top 80%, 2,310 students, 65% FRL) — zoned schools average 79% FRL vs 51% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 48% district-wide (-20 pts) — the specific schools serving this property underperform the Broward average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 42% of rent.
• Market conditions: Rents soft (-1.4%/yr); 821 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.
• Current owner paid $62k; list at $150k implies a 142% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% vs local median 4.3% in Lauderhill — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $2,218/mo this rent would consume 46% of the median local household income ($58k/yr) (locally 2809% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.