115 SW 115th Ave

Miramar, FL 33025

$119,900B-

3 bd · 2.0 ba · 727 sqft · Built 1973 · Manufactured · Active · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,819/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$200
• HOA: −$1,050
• Vac / Maint / Mgmt: −$592
• Net cashflow: $349/mo
• Annual: $4,183/yr
• Cap rate: 9.78%
• Cash-on-cash: 12.46%
• DSCR: 1.55
• 1% rule: 2.35%
• Cash to close: $33,572

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $120k. Condition is rated excellent.
• At list price, monthly cash flow is $349 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• It's been on market 97 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#111 in FL, #1,721 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime A; Watch: commute D+, cost of living D+, amenities 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.
• Watch-outs: HOA is 37% of rent.
• Market conditions: Rents soft (-0.9%/yr); 438 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.8% vs local median 3.3% in Miramar — 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.
• At $2,819/mo this rent would consume 49% of the median local household income ($69k/yr) (locally 4834% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1973 — 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?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.