424 SE 10th St #104

Dania Beach, FL 33004

$229,900D

2 bd · 2.0 ba · 1,144 sqft · Built 1979 · Condo · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,576/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$410
• HOA: −$475
• Vac / Maint / Mgmt: −$541
• Net cashflow: $-55/mo
• Annual: $-661/yr
• Cap rate: 6.01%
• Cash-on-cash: -1.03%
• DSCR: 0.95
• 1% rule: 1.12%
• Cash to close: $64,372

Investor read

• This is a 2-bed/2.0-bath condo listed at $230k.
• At list price, monthly cash flow is $-55 ($-661/yr) — negative.
• To cash-flow at today's rent, offer at most $220k (4.2% below list).
• Meets the 1% rule at list price ($3k rent vs $230k).
• It's been on market 62 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $216k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#180 in FL, #2,806 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: 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); South Broward High School (math 24% / reading 49%, grade F, #351 of 667 statewide, top 54%, 2,397 students, 59% FRL).
• Market conditions: Rents soft (-1.7%/yr); 209 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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.
• 3 sale attempts since 2y 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.
• Cap rate 6.0% vs local median 3.8% in Dania 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.
• At $2,576/mo this rent would consume 59% of the median local household income ($53k/yr) (locally 1999% 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?
• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1979 — 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?
• 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?