5904 SW 27th St

West Park, FL 33023

$598,000D-

6 bd · 3.0 ba · 2,100 sqft · Built 1990 · MultiFamily · Active · 165 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,218/mo
• Mortgage (P&I): −$3,136
• Tax + insurance: −$1,170
• HOA: −$0
• Vac / Maint / Mgmt: −$1,096
• Net cashflow: $-184/mo
• Annual: $-2,208/yr
• Cap rate: 5.92%
• Cash-on-cash: -1.32%
• DSCR: 0.94
• 1% rule: 0.87%
• Cash to close: $167,440

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $598k.
• At list price, monthly cash flow is $-184 ($-2k/yr) — negative. Per door: $-92/mo.
• To cash-flow at today's rent, offer at most $565k (5.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $522k (12.7% below list).
• It's been on market 165 days — a 12% lower offer ($526k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $522k (12.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#280 in FL, #4,501 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living 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.
• Market conditions: Rents flat; 288 active listings in the ZIP; 2 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.
• 6 sale attempts since 4y ago; this cycle's ask is 27082% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $360k; list at $598k implies a 66% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $5,218/mo this rent would consume 84% of the median local household income ($75k/yr) (locally 2567% 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 165 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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?
• 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?