1280 SE 2nd Ct #1

Fort Lauderdale, FL 33301

$335,000D

2 bd · 1.0 ba · 1,000 sqft · Built 1974 · Condo · Pending · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,176/mo
• Mortgage (P&I): −$1,757
• Tax + insurance: −$620
• HOA: −$693
• Vac / Maint / Mgmt: −$667
• Net cashflow: $-561/mo
• Annual: $-6,728/yr
• Cap rate: 4.28%
• Cash-on-cash: -7.17%
• DSCR: 0.68
• 1% rule: 0.95%
• Cash to close: $93,800

Investor read

• This is a 2-bed/1.0-bath condo listed at $335k.
• At list price, monthly cash flow is $-561 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $236k (29.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $318k (5.2% below list).
• It's been on market 44 days — a 3% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $236k (29.6% below list) — sets the bar for cash-flow.
• In year one you build about $18k of equity ($2k loan paydown + $15k appreciation (4.6% local appreciation)).
• Location reads 82/100 on livability (#78 in FL, #1,293 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, health & safety A+; Watch: cost of living 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.
• Watch-outs: HOA is 22% of rent.
• Market conditions: Rents rising (+3.0%/yr); 469 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• 11 sale attempts since 6y ago; this cycle's ask has dropped $45k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 3, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.3% vs local median 2.2% in Fort Lauderdale — 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.
• This rent runs 31% of the median local income ($125k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 44 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• Built in 1974 — 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?
• 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?