121 NW 28th Ct

Pompano Beach, FL 33064

$254,900C-

2 bd · 1.0 ba · 1,044 sqft · Built 1969 · SingleFamily · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,420/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$336
• HOA: −$298
• Vac / Maint / Mgmt: −$508
• Net cashflow: $-59/mo
• Annual: $-712/yr
• Cap rate: 6.73%
• Cash-on-cash: 1.56%
• DSCR: 1.07
• 1% rule: 0.95%
• Cash to close: $71,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $255k.
• At list price, monthly cash flow is $-59 ($-712/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $242k (5.1% below list).
• It's been on market 102 days — a 9% lower offer ($232k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $232k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#284 in FL, #4,541 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living B+; Watch: employment D+, amenities 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: Palmview Elementary School (math 24% / reading 41%, grade F, #1,787 of 2,144 statewide, top 84%, 532 students, 82% FRL); Crystal Lake Middle School (math 24% / reading 38%, grade F, #462 of 571 statewide, top 81%, 1,055 students, 74% FRL); Blanche Ely High School (math 7% / reading 29%, grade F, #570 of 667 statewide, top 86%, 1,906 students, 75% FRL) — zoned schools average 77% FRL vs 51% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 48% district-wide (-20 pts) — the specific schools serving this property underperform the Broward average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $152/mo.
• Market conditions: Rents rising (+1.8%/yr); 591 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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.
• Current owner paid $138k; list at $255k implies a 85% gain — meaningful room to come down on a strong offer.
• 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 6→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% vs local median 3.1% in Pompano Beach — 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 41% of the median local income ($71k/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 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1969 — 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?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?