Property Overview

• List Price: $330,000
• Full Address: 2303 SW 87th Ter # 2303, Miramar, FL 33025-2017
• Property Status: Pending
• Property Type: Townhouse
• Bedrooms: 3
• Bathrooms: 2.5
• City: Miramar
• State: Florida
• Zipcode: 33025
• Country: USA
• Neighborhood: Montego Bay
• Community: University Park Parcel 12
• Property Size: 1,570 Sq Ft (Living Area)
• Lot Size: Not specified
• Year Built: 2007

Description

Corner Unit Townhouse in the family-friendly gated community of Montego Bay. This 3-bedroom, 2.5-bathroom home offers spacious living and dining areas, perfect for relaxing or entertaining. Upstairs, enjoy a generously sized primary suite with a walk-in closet and ensuite bath. The home also features a one-car garage, with additional parking for two cars, and a patio area. Community amenities include 24-hour security, a pool, and a playground. This vacant property is ready for a new owner with minor TLC required. The seller is offering concessions for roof replacement and appliances.

Buy & Hold Analysis

• Purchase Price: $330,000
• Rental Income (Post-Renovation): $3,200 – $3,300/month
• Annual Gross Income: $38,400 – $39,600
• Annual Operating Expenses (30% of gross income): $11,520 – $11,880
• Net Operating Income (NOI): $26,880 – $27,720
• Cap Rate (NOI / Purchase Price): 8.1%

Realtor Inputs & Market Insights

• Comparable Sales:
  • 2370 SW 87th Way – Sold for $440,000 (1,430 Sq Ft)
  • 2321 SW 87th Way – Sold for $435,000 (1,474 Sq Ft)
  • 8654 SW 23rd Ct – Sold for $427,000 (1,520 Sq Ft)
  • 2303 SW 85th Way – Sold for $420,000 (1,340 Sq Ft)
• ARV (After Repair Value): $430,000 – $440,000
• Predicted Appreciation (5-10 Years): 1.8% annually
• Rental Income: $3,200 – $3,300/month
• Rental Comparison:
  • 3-bed units range from $3,200 – $3,300/month

Operating Expenses: Estimated at 30% of gross income

Investor Strategy

• Primary Strategy: Buy & Hold – High rental demand in the area ensures stable cash flow.
• Secondary Strategy: Fix & Flip – Minimal repairs required to bring the property to market value.
• Occupancy: Vacant
• Current Condition: Minor TLC needed
• Estimated Repair Costs: $10,000 – $15,000

Permits & Compliance

• No known liens or violations.
• Inspection Reports: Property sold as-is; inspections recommended.

Market Trends & Appreciation

• 33025 Housing Market:
  • Typical Home Values: $410,316
  • 1-Year Value Change: +0.2%
  • Projected 1-Year Growth: +1.8%
  • Median Sale Price: $394,483

Final Takeaway for Investors

This Montego Bay townhouse presents an excellent investment opportunity for first-time buyers or investors looking for cash flow or quick resale. Rental demand is high, and the seller concessions make it an even more attractive deal. Contact your agent today!