2 bd · 2.0 ba ·
1,080 sqft ·
Built 1966
· Condo
· Active
· 94 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$4,089/mo
Mortgage (P&I)
−$1,589
Tax + insurance
−$596
HOA
−$740
Vac / Maint / Mgmt
−$859
Net cashflow
$306/mo
Annual
$3,667/yr
Cap rate
7.50%
Cash-on-cash
4.32%
DSCR
1.19
1% rule
1.35%
Cash to close
$84,840
Investor read
This is a 2-bed/2.0-bath condo listed at $303k.
At list price, monthly cash flow is $306 ($4k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($4k rent vs $303k).
It's been on market 94 days — a 9% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $276k (9.0% 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 $9k of value loss. Plan a longer hold.
Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
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: Mcnab Elementary School (math 51% / reading 63%, grade C+, #781 of 2,144 statewide, top 38%, 614 students, 56% FRL); Pompano Beach Middle School (math 29% / reading 40%, grade F, #421 of 571 statewide, top 74%, 1,040 students, 73% FRL); Northeast High School (math 12% / reading 37%, grade F, #505 of 667 statewide, top 79%, 1,552 students, 69% FRL).
Market conditions: Rents soft (-0.4%/yr); 843 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); solid renter incomes; 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 7.5% vs local median 2.0% in Lauderdale-by-the-Sea — 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 $4,089/mo this rent would consume 59% of the median local household income ($84k/yr) (locally 1298% 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 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
Built in 1966 — 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.
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.
CashFlowRE · CFR-RYVRBG4H79QF94
· Data 1 week agocashflowre.app · 2026-05-29