848 NW 2nd Ave · Fort Lauderdale, FL 33311

$975,000

24 bd · 3.0 ba · 1,936 sqft · MultiFamily public records · 294 Days on market

Built 1972

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Why this score? — see what drove the D- 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 +9.0/30.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +4.1/5.0
• Rent growth +3.2/5.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Prime 5-unit multifamily in booming Progresso Village, just minutes from Flagler Village, the Brightline station, and the beach. Fully occupied and cash flowing from day one, the property features three 1-bed/1-bath units and two studios, all rented to long-term tenants—most over 5 years. Current monthly income is $8,774 with room for additional upside through future rent increases or improvements, delivering an attractive 8.83% cap rate. Interiors have been lightly updated, and the property includes separate electric meters and low-maintenance operations. Zoned RMM-25 with redevelopment potential in one of Fort Lauderdale’s fastest-growing corridors. Rare seller financing offer

Key facts

• Long-term tenants
• Lightly updated
• Brightline station

Tags

• PROGRESSO VILLAGE
• BRIGHTLINE STATION
• FULLY OCCUPIED
• CASH FLOWING
• LONG-TERM TENANTS
• LIGHTLY UPDATED

Property features AI

Finance

• Other: Annual tax amount available
• Financial info: Rent includes gardener, hot water, pest control, sewer, trash collection, and water; Actual rent listed: $8,200 (unit reported as leased)

Exterior

• Parking: 8 parking spaces (open)
• Utilities: Public sewer; Cable available
• Home design: Single-story building; Zoned RMM-25
• Construction: Block construction; Built-up and shingle roof; Resale property
• Exterior features: Less than quarter-acre lot; Open parking

Interior

• Bedrooms: 3 bedrooms per unit
• Flooring: Tile; Vinyl
• Bathrooms: 5 full bathrooms per unit
• Heating & cooling: Wall furnace heating; Wall/window air conditioning units
• Interior features: Tile and vinyl flooring

What this means for you Summary

Snapshot

• This is a 5 × 1-bed/1-bath units multifamily listed at $975k.

Deal economics

• At list price, monthly cash flow is $-921 ($-11k/yr) — negative. Per door: $-184/mo.
• To cash-flow at today's rent, offer at most $812k (16.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $723k (25.8% below list).
• Recommended offer: $723k (25.8% below list) — sets the bar for 1% rule.
• Cap rate 5.3% 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.

Location & tenants

• 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.
• Market conditions: Rents rising (+2.8%/yr); 585 active listings in the ZIP; 2,111 units permitted in Broward County in 2024 (1,265 in 5+ unit buildings).
• At $7,230/mo this rent would consume 161% of the median local household income ($54k/yr) (locally 5068% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $29k 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 294 days — a 12% lower offer ($858k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $75k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $152/mo.
• 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 $723,000 (25.8% below list)

Questions for the listing agent

1. 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?
2. It's been on market 294 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.74% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.38%
• DSCR: 0.85
• GRM: 11.2

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: -23.4%
• Equity multiple: 0.20×
• Total profit: $-218,215
• Equity at exit: $145,376

10-year hold

• IRR: -18.7%
• Equity multiple: 0.00×
• Total profit: $-271,909
• Equity at exit: $84,300

Cash invested: $273,000 (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: 56.2×

Monthly cashflow live

• Estimated rent: $7,230 high
• Mortgage (P&I): −$5,113
• Tax from tax record: −$962 /mo · $11,539/yr
• Insurance: −$406
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,518
• Net cashflow: $-921

Break-even live

Break-even rent $8,396

Max offer price $812,269

Occupancy floor —

Sensitivity live

Price	-10% $-369	-5% $-645	+0% $-921	+5% $-1,197	+10% $-1,473
Rent	-10% $-1,492	-5% $-1,207	+0% $-921	+5% $-636	+10% $-350
Rate	-1.0pp $-430	-0.5pp $-673	base $-921	+0.5pp $-1,174	+1.0pp $-1,431

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$7,230
Total (5 units)			$7,230

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: $243,750
• Closing costs: $29,250
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-18
   days on market $975,000 Active 294 DOM
2. 2026-06-17
   days on market $975,000 Active 293 DOM
3. 2026-06-16
   days on market $975,000 Active 292 DOM
4. 2026-06-15
   days on market $975,000 Active 291 DOM
5. 2026-06-13
   days on market $975,000 Active 289 DOM
6. 2026-06-09
   days on market $975,000 Active 285 DOM
7. 2026-06-07
   days on market $975,000 Active 283 DOM
8. 2026-06-04
   days on market $975,000 Active 280 DOM
9. 2026-06-03
   days on market $975,000 Active 279 DOM
10. 2026-06-02
    days on market $975,000 Active 278 DOM
11. 2026-06-01
    days on market $975,000 Active 277 DOM
12. 2026-05-31
    days on market $975,000 Active 276 DOM
13. 2026-03-30
    status Active
14. 2026-03-29
    historical Active Under Contract
15. 2026-03-29
    status Active
16. 2026-03-05
    status Pending
17. 2026-01-23
    historical Active Under Contract
18. 2026-01-05
    price $975,000
19. 2025-08-03
    listed $1,050,000 Active
20. 2023-11-21
    historical
21. 2023-08-16
    price $1,175,000
22. 2023-06-12
    listed $1,250,000 Active
23. 2023-05-01
    historical
24. 2023-04-05
    price $1,275,000
25. 2022-12-14
    listed $1,300,000 Active
26. 2019-06-20
    soldstatus $1,184,000
27. 2015-05-12
    soldstatus $262,000
28. 2013-05-02
    soldstatus $215,000
29. 2012-10-15
    soldstatus $200,000
30. 2009-05-15
    soldstatus $125,000
31. 2009-04-13
    soldstatus $96,900
32. 2003-01-07
    soldstatus $185,000
33. 2001-02-05
    soldstatus $110,000
34. 1998-06-19
    soldstatus $168,000
35. 1998-06-19
    soldstatus $168,000
36. 1998-06-11
    soldstatus $91,500
37. 1988-01-12
    soldstatus $65,000

ⓘ 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: $11,539 · $962/mo
• Projected year-2 tax: $11,539 · $962/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 4/10 Moderate FEMA zone AH · 22% 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $86,760
• − Mortgage interest: −$54,615
• − Property taxes: −$11,539
• − Insurance: −$6,700
• − Repairs & maintenance: −$6,941
• − Management: −$6,941
• − Depreciation: −$28,364
• Taxable loss: −$28,339
• Est. tax savings @ 24.0%: +$6,801
• After-tax cash flow: $-4,253/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 — Fort Lauderdale

• Score: 82/100
• State rank: #78
• US rank: #1293

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Lauderdale, FL
• County: Broward County · 1,963,430 people
• City population: 235,769
• 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

+1400.0% since first listed

25 events — show timeline

• 2026-03-30 Relisted — MARMLS
• 2026-03-29 Contingent — MARMLS
• 2026-03-29 Relisted — MARMLS
• 2026-03-05 Pending — MARMLS
• 2026-01-23 Contingent — MARMLS
• 2026-01-05 Price Changed $975,000 MARMLS
• 2025-08-03 Listed $1,050,000 MARMLS
• 2023-11-21 Listing Removed — MARMLS
• 2023-08-16 Price Changed $1,175,000 MARMLS
• 2023-06-12 Listed $1,250,000 MARMLS
• 2023-05-01 Listing Removed — MARMLS
• 2023-04-05 Price Changed $1,275,000 MARMLS
• 2022-12-14 Listed $1,300,000 MARMLS
• 2019-06-20 Sold (Public Records) $1,184,000 Public Records
• 2015-05-12 Sold (Public Records) $262,000 Public Records
• 2013-05-02 Sold (Public Records) $215,000 Public Records
• 2012-10-15 Sold (Public Records) $200,000 Public Records
• 2009-05-15 Sold (Public Records) $125,000 Public Records
• 2009-04-13 Sold (Public Records) $96,900 Public Records
• 2003-01-07 Sold (Public Records) $185,000 Public Records
• 2001-02-05 Sold (Public Records) $110,000 Public Records
• 1998-06-19 Sold (Public Records) $168,000 Public Records
• 1998-06-19 Sold (Public Records) $168,000 Public Records
• 1998-06-11 Sold (Public Records) $91,500 Public Records
• 1988-01-12 Sold (Public Records) $65,000 Public Records

Property tax history

+12.2%/yr

Latest (2025): $11,539 · +7.0% YoY. Source: county tax records.