6124 Pembroke Rd

Miramar, FL 33023

$1,350,000C

16 bd · 64.0 ba · 3,670 sqft · Built 1975 · MultiFamily · Active · 175 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $15,248/mo
• Mortgage (P&I): −$7,080
• Tax + insurance: −$2,692
• HOA: −$0
• Vac / Maint / Mgmt: −$3,202
• Net cashflow: $2,274/mo
• Annual: $27,287/yr
• Cap rate: 8.31%
• Cash-on-cash: 7.22%
• DSCR: 1.32
• 1% rule: 1.13%
• Cash to close: $378,000

Investor read

• This is a 8 × 2-bed/8.0-bath units multifamily listed at $1.35M.
• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $284/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.35M).
• It's been on market 175 days — a 12% lower offer ($1.19M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.19M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $40k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#111 in FL, #1,721 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime A; Watch: commute D+, cost of living D+, amenities D.
• 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; 286 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.
• Current owner paid $200k; list at $1.35M implies a 575% 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 6→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.3% vs local median 3.3% in Miramar — 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 $15,248/mo this rent would consume 245% 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

• It's been on market 175 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.