29-33 SE 4th

Dania Beach, FL 33004

$729,000C+

12 bd · 12.0 ba · 2,340 sqft · Built 1964 · MultiFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,020/mo
• Mortgage (P&I): −$3,823
• Tax + insurance: −$1,215
• HOA: −$0
• Vac / Maint / Mgmt: −$2,314
• Net cashflow: $3,668/mo
• Annual: $44,014/yr
• Cap rate: 12.33%
• Cash-on-cash: 21.56%
• DSCR: 1.96
• 1% rule: 1.51%
• Cash to close: $204,120

Investor read

• This is a 3 × 4-bed/?-bath units multifamily listed at $729k. Condition is rated fair.
• At list price, monthly cash flow is $4k ($44k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $729k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k 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; 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.
• 4 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 $553k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $204k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; 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.
• Cap rate 12.3% 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 $11,020/mo this rent would consume 252% 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

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Worn but not damaged.
• Minor: Bathroom tiles — Worn but not damaged.
• Moderate: Exterior paint — Needs touch-up or repainting.
• Moderate: Driveway — Stained and needs cleaning or resurfacing.