2861 Somerset Dr #104 · Lauderdale Lakes, FL 33311

$99,000

2 bd · 2.0 ba · 1,010 sqft · Condo public records · 95 Days on market

Built 1975 $450/mo HOA · 23% of rent

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Well priced for quick sale !!! Beautiful, freshly painted first floor unit in immaculate condition available at a desirable location. Unit is close to pool , club house, tennis courts , restaurants, stores . 2 bedrooms, 2 bathrooms , screened patio . The condo is situated in a safe and guarded 55+ community . Unit is very spacious and ready to move in any time. Best priced first floor unit available .

Key facts

• Screened patio
• Close to club house
• Close to pool

Tags

• FIRST FLOOR UNIT
• SCREENED PATIO
• SAFE AND GUARDED COMMUNITY
• CLOSE TO POOL
• CLOSE TO CLUB HOUSE
• CLOSE TO TENNIS COURTS

Property features AI

Finance

• Other: Association pool is heated
• Financial info: Pets allowed with restrictions
• HOA & community: Monthly association fee; Association fee covers amenities, sewer, trash and water; Association amenities: business center, clubhouse, elevator(s), fitness center, hobby room, laundry, library, pool, tennis courts; Senior community

Exterior

• Parking: Assigned parking (one space)
• Security: Secured elevator; Security guard
• Utilities: Water included in association fee; Sewer included in association fee; Trash service included in association fee; Has cooling; Has heating
• Home design: Attached property; 3-story building; Entry on level 1
• Construction: Block construction; Resale property
• Exterior features: Barbecue; Association pool (heated)

Interior

• Kitchen: Dishwasher; Electric range; Self-cleaning oven; Microwave; Disposal; Refrigerator
• Bedrooms: At least one bedroom on the main level
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air; Ceiling fan(s); Electric heating
• Interior features: Elevator; First-floor entry; Bedroom on main level; Tile flooring; Smoke detector(s)
• Laundry & utility: Washer and dryer in common laundry area; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $99k.

Deal economics

• At list price, monthly cash flow is $220 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 5.6% in Lauderdale Lakes — 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.

Location & tenants

• Location reads 81/100 on livability (#100 in FL, #1,527 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: schools C-, crime 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.
• Market conditions: Rents rising (+2.8%/yr); 585 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); 2,111 units permitted in Broward County in 2024 (1,265 in 5+ unit buildings).
• This rent runs 44% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Broward County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $65k; list at $99k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $152/mo; HOA is 23% of rent.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $90,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.99% ✓
• Cap rate: 10.81%
• Cash-on-cash: 16.12%
• DSCR: 1.72
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.78% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-2,018
• Equity at exit: $14,761

10-year hold

• IRR: 7.8%
• Equity multiple: 1.59×
• Total profit: $16,283
• Equity at exit: $8,560

Cash invested: $27,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33311

• Rents YoY: 2.8%
• Active inventory: 585
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,975 high
• Mortgage (P&I): −$519
• Tax from tax record: −$178 /mo · $2,131/yr
• Insurance: −$41
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$450
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $220

Break-even live

Break-even rent $1,696

Max offer price $99,000

Occupancy floor 84%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2851 Somerset Dr Lauderdale Lakes, FL	1.0–2.0	1.0–2.0	827	$1,700	$2.06	2d	2	0.03mi
2801 Somerset Dr Lauderdale Lakes, FL	2.0	2.0	865	$1,775	$2.05	24d	2	0.07mi
2841 Somerset Dr Lauderdale Lakes, FL	1.0	1.0	696	$1,598	$2.30	11d	3	0.08mi
2811 Somerset Dr #412 Lauderdale Lakes, FL	2.0	2.0	865	$1,700	$1.97	7d	1	0.09mi
2821 Somerset Dr #217 Lauderdale Lakes, FL	1.0	1.0	748	$1,400	$1.87	2d	1	0.13mi
2800 Somerset Dr Unit 418J Lauderdale Lakes, FL	2.0	2.0	1010	$1,800	$1.78	15d	1	0.20mi
2725 Somerset Dr Lauderdale Lakes, FL	1.0–2.0	1.0–2.0	990	$2,250	$2.27	24d	1	0.20mi
3390 NW 30th St Unit 3 Lauderdale Lakes, FL	2.0	1.0	800	$1,650	$2.06	24d	1	0.24mi
2830 Somerset Dr Lauderdale Lakes, FL	2.0	2.0	1010	$1,925	$1.91	10d	2	0.27mi
3529 NW 29th Pl Lauderdale Lakes, FL	3.0	2.5	1474	$3,200	$2.17	24d	1	0.28mi
3541 NW 30th Pl Lauderdale Lakes, FL	1.0–3.0	1.0–2.0	865	$2,076	$2.40	1d	14	0.41mi
3621 NW 30th Ct Oakland Park, FL	2.0	2.5	1104	$2,695	$2.44	14d	1	0.44mi
3684 NW 29th Ct Lauderdale Lakes, FL	3.0	2.5	1478	$2,700	$1.83	24d	1	0.49mi
3710 NW 21st St #305 Lauderdale Lakes, FL	2.0	2.0	1100	$1,650	$1.50	24d	1	0.60mi
3115 Oakland Shores Dr Unit E208 Oakland Park, FL	1.0	1.0	760	$1,700	$2.24	24d	1	0.62mi
3115 Oakland Shores Dr Unit E208 Oakland Park, FL	1.0	1.0	760	$1,600	$2.11	5d	1	0.62mi
2700 NW 39th Way Lauderdale Lakes, FL	2.0–3.0	1.0–1.5	858	$1,750	$2.04	3d	6	0.63mi
3610 NW 21st St Lauderdale Lakes, FL	1.0–2.0	1.0–2.0	950	$1,750	$1.84	24d	2	0.63mi
3610 NW 21st St #308 Lauderdale Lakes, FL	2.0	2.0	1100	$1,750	$1.59	22d	1	0.63mi
3610 NW 21st St #413 Lauderdale Lakes, FL	2.0	2.0	1100	$1,750	$1.59	20d	1	0.63mi
3700 NW 21st St #203 Lauderdale Lakes, FL	1.0	1.0	800	$1,500	$1.88	20d	1	0.64mi
3430 NW 34th St Lauderdale Lakes, FL	2.0	2.0	1259	$2,306	$1.83	14d	1	0.64mi
3119 Oakland Shores Dr Unit C110 Oakland Park, FL	2.0	2.0	1050	$1,800	$1.71	7d	1	0.67mi
3119 Oakland Shores Dr Unit C212 Oakland Park, FL	1.0	1.0	760	$1,380	$1.82	24d	1	0.67mi
3123 Oakland Shores Dr Unit D112 Oakland Park, FL	1.0	1.0	760	$1,450	$1.91	20d	1	0.67mi
3123 Oakland Shores Dr Unit D112 Oakland Park, FL	1.0	1.0	760	$1,450	$1.91	10d	1	0.67mi
3082 S Oakland Forest Dr #1301 Oakland Park, FL	2.0	2.5	1098	$1,975	$1.80	20d	1	0.69mi
3048 NW 20th St Unit n/a Fort Lauderdale, FL	3.0	2.0	1107	$2,800	$2.53	24d	1	0.71mi
2040 NW 29th Ter Unit 2040 Fort Lauderdale, FL	2.0	1.0	916	$2,600	$2.84	15d	1	0.74mi
2040 NW 29th Ter Unit 2040 Fort Lauderdale, FL	2.0	1.0	916	$2,400	$2.62	7d	1	0.74mi
3540 NW 34th Ter Lauderdale Lakes, FL	2.0	1.0	1056	$1,200	$1.14	17d	1	0.76mi
3064 S Oakland Forest Dr #1001 Oakland Park, FL	3.0	2.0	1156	$2,850	$2.47	24d	1	0.76mi
3076 S Oakland Forest Dr #503 Oakland Park, FL	3.0	2.0	1244	$2,900	$2.33	24d	1	0.78mi
4121 NW 26th St Unit T16 Lauderhill, FL	1.0	1.5	750	$1,500	$2.00	24d	1	0.79mi
2721 NW 25th St Fort Lauderdale, FL	3.0	2.0	1015	$3,000	$2.96	2d	1	0.79mi
3852 NW 34th St Lauderdale Lakes, FL	1.0	1.0	1443	$950	$0.66	14d	1	0.81mi
2890 NW 20th St Fort Lauderdale, FL	3.0	1.0	1326	$2,560	$1.93	24d	1	0.82mi
2829 S Oakland Forest Dr Oakland Park, FL	2.0–3.0	2.0	1295	$2,275	$1.76	2d	10	0.83mi
3030 NW 43rd Ave Unit 3030-A Lauderdale Lakes, FL	2.0	1.5	1500	$2,000	$1.33	24d	1	0.89mi
2631 NW 25th St Fort Lauderdale, FL	3.0	2.0	1446	$2,700	$1.87	24d	1	0.90mi

HOA detail condo

• Monthly dues: $450 · $5,400/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-06-18
   days on market $99,000 Active 95 DOM
2. 2026-06-17
   days on market $99,000 Active 94 DOM
3. 2026-06-16
   days on market $99,000 Active 93 DOM
4. 2026-06-15
   remarks 404-char remark
5. 2026-06-15
   listed $99,000 Active 92 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $2,131 · $178/mo
• Projected year-2 tax: $2,131 · $178/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AH · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 28 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,700
• − Mortgage interest: −$5,546
• − Property taxes: −$2,131
• − Insurance: −$2,320
• − Repairs & maintenance: −$1,896
• − Management: −$1,896
• − HOA: −$5,400
• − Depreciation: −$2,880
• Taxable income: $1,632
• Est. tax owed @ 24.0%: −$392
• After-tax cash flow: $2,251/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Broward
• NCES district ID: 1200180
• Math proficiency: 42% ▼ -18.00%
• Reading proficiency: 53% ▼ -5.00%
• Median HH income: $52,139
• Composite: 40.88/100
• National rank: #3621
• State rank: #46 of 73 in FL

Livability — Lauderdale Lakes

• Score: 81/100
• State rank: #100
• US rank: #1527

Category grades

Amenities F Commute A+ Cost of living A+ Crime D+ Employment F Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lauderdale Lakes, FL
• County: Broward County · 1,963,430 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 74,898
• Household income: $53,973
• Rent vs Own: 52.8% rent · 47.2% own
• Severe rent burden: 5068.0

Population outlook (Broward County) Hauer SSP2

• Today (2025): 2,207,033 people
• By 2030: 2,360,704 · +7.0%
• By 2040: 2,661,208 · +20.6%
• By 2050: 2,946,698 · +33.5%
• By 2075: 3,602,273 · +63.2%
• By 2100: 3,970,984 · +79.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (77%)
• Race & ethnicity: Black 77% Two or more races 9% White 9% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1%
• Common ancestry: Hispanic 15% Lithuanian 1% Romanian 0%
• Foreign-born: 24% · Canada, Jamaica
• Languages at home: 78% English-only · French/Haitian/Cajun 14% Spanish 6% Other Indo-European 1%

Political lean MEDSL · Broward

• 2024 margin: D (+17.0) · D 58.0% · R 41.0%
• 2008→2024 swing: -17.8pp toward R · 2008: 34.7pp · 2024: 17.0pp
• All cycles: 2024: D+17.0 2020: D+29.8 2016: D+35.0 2012: D+34.9 2008: D+34.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -300.68%
• Current HPI: 535.2504
• Rent YoY: ▲ 2.78%
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+289.8% since first listed

10 events — show timeline

• 2026-06-15 Relisted — MARMLS
• 2026-02-18 Listed $99,000 MARMLS
• 2026-02-15 Listing Removed — MARMLS
• 2026-01-23 Price Changed $99,000 MARMLS
• 2025-06-09 Price Changed $110,000 MARMLS
• 2025-05-02 Listed $125,000 MARMLS
• 2018-08-08 Sold (Public Records) $65,000 Public Records
• 2009-08-06 Sold (Public Records) $35,000 Public Records
• 2004-02-13 Sold (Public Records) $50,000 Public Records
• 1977-12-01 Sold (Public Records) $25,400 Public Records

Property tax history

+3.8%/yr

Latest (2025): $2,131 · +3.9% YoY. Source: county tax records.