1900 S Ocean Dr #812

Fort Lauderdale, FL 33316

$365,000D+

3 bd · 2.0 ba · 1,293 sqft · Built 1962 · Condo · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,747/mo
• Mortgage (P&I): −$1,914
• Tax + insurance: −$701
• HOA: −$1,901
• Vac / Maint / Mgmt: −$997
• Net cashflow: $-766/mo
• Annual: $-9,193/yr
• Cap rate: 5.18%
• Cash-on-cash: -3.99%
• DSCR: 0.82
• 1% rule: 1.30%
• Cash to close: $102,200

Investor read

• This is a 3-bed/2.0-bath condo listed at $365k.
• At list price, monthly cash flow is $-766 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (37.1% below list).
• Meets the 1% rule at list price ($5k rent vs $365k).
• It's been on market 102 days — a 9% lower offer ($332k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $230k (37.1% below list) — sets the bar for cash-flow.
• In year one you build about $18k of equity ($3k loan paydown + $15k appreciation (4.2% 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.
• 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); Fort Lauderdale High School (math 38% / reading 67%, grade C-, #154 of 667 statewide, top 24%, 2,228 students, 57% FRL).
• Watch-outs: flood insurance adds $427/mo; HOA is 40% of rent.
• Market conditions: Rents rising fast (+4.5%/yr); 406 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• By year 3, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.2% 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.
• At $4,747/mo this rent would consume 59% of the median local household income ($97k/yr) (locally 770% 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 102 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.