11473 NW 42nd St

Coral Springs, FL 33065

$185,000D

2 bd · 2.0 ba · 835 sqft · Built 1988 · Condo · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,077/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$308
• HOA: −$441
• Vac / Maint / Mgmt: −$436
• Net cashflow: $-78/mo
• Annual: $-941/yr
• Cap rate: 5.78%
• Cash-on-cash: -1.82%
• DSCR: 0.92
• 1% rule: 1.12%
• Cash to close: $51,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $185k. Condition is rated good.
• At list price, monthly cash flow is $-78 ($-941/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (6.1% below list).
• Meets the 1% rule at list price ($2k rent vs $185k).
• It's been on market 37 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $174k (6.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#145 in FL, #2,163 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities F, cost of living 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: Coral Springs Elementary School (math 25% / reading 31%, grade F, #1,951 of 2,144 statewide, top 91%, 466 students, 85% FRL); Coral Springs Middle School (math 46% / reading 53%, grade C, #259 of 571 statewide, top 46%, 1,003 students, 54% FRL); Coral Glades High School (math 24% / reading 46%, grade F, #379 of 667 statewide, top 58%, 2,762 students, 58% FRL).
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents soft (-0.0%/yr); 370 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Cap rate 5.8% vs local median 3.6% in Coral Springs — 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 34% of the median local income ($74k/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 37 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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 A-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?
• 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.