241 SE 9th Ave #106

Pompano Beach, FL 33060

$146,000D-

1 bd · 1.0 ba · 480 sqft · Built 2007 · Condo · Active · 196 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,647/mo
• Mortgage (P&I): −$766
• Tax + insurance: −$267
• HOA: −$367
• Vac / Maint / Mgmt: −$346
• Net cashflow: $-98/mo
• Annual: $-1,179/yr
• Cap rate: 5.49%
• Cash-on-cash: -2.88%
• DSCR: 0.87
• 1% rule: 1.13%
• Cash to close: $40,880

Investor read

• This is a 1-bed/1.0-bath condo listed at $146k.
• At list price, monthly cash flow is $-98 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (11.9% below list).
• Meets the 1% rule at list price ($2k rent vs $146k).
• It's been on market 196 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (12.0% 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 rising (+2.1%/yr); 338 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.
• 8 sale attempts since 16y 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 $72k; list at $146k implies a 103% gain — meaningful room to come down on a strong offer.
• Cap rate 5.5% 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 30% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 196 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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?