905 Brickell Bay Dr #623 · Miami, FL 33131

$295,000

1 bd · 1.0 ba · 580 sqft · Condo public records · 7 Days on market

Built 1968 $590/mo HOA · 15% of rent

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Why this score? — see what drove the C+ 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 +22.4/30.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• Schools +5.0/10.0
• Appreciation +4.0/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Fully renovated apartment in desirable Brickell area. Apartment converted from studio into spacious 1/1. Great investment, rents fast. Building on the bay with large pool, Jacuzzi, gym, stores, and restaurants. Prime location! HOA includes power & water. Brand new never used appliances. Includes shutters and additional storage unit.

Key facts

• Beauty salon
• Massage haven
• Pool bar

Tags

• POOL BAR
• GROCERY DELI
• BAKERY
• FLAMINGO THEATER
• BEAUTY SALON
• MASSAGE HAVEN

Property features AI

Finance

• Other: Waterfront property with Intracoastal access
• Financial info: Pets allowed
• HOA & community: Monthly association fee of $590; Association fees cover electricity, water, sewer, trash, and security; Community amenities include fitness center, barbecue, and picnic area

Exterior

• Parking: Detached 1-car garage; One covered parking space
• Security: Key card entry
• Utilities: Water service included with association; Sewer service included with association; Electric service included with association
• Home design: Attached property; Entry on level 6; Resale unit
• Construction: Block construction; 20-story building
• Exterior features: Barbecue; Intracoastal access (waterfront)

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: First-floor entry; Bedroom on main level

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $295k.

Deal economics

• At list price, monthly cash flow is $-176 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $264k (10.5% below list).
• Meets the 1% rule at list price ($4k rent vs $295k).
• Recommended offer: $264k (10.5% below list) — sets the bar for cash-flow.
• Cap rate 8.3% vs local median 1.9% in Miami — 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 78/100 on livability (#177 in FL, #2,724 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F, cost of living F.
• Zoned schools: Southside Preparatory Academy (math 54% / reading 61%, grade C+, #764 of 2,144 statewide, top 36%, 929 students, 39% FRL); Shenandoah Middle School (math 34% / reading 44%, grade F, #381 of 571 statewide, top 67%, 1,296 students, 72% FRL); Booker T. Washington Senior High (math 12% / reading 19%, grade F, #604 of 667 statewide, top 91%, 1,014 students, 60% FRL).
• Market conditions: Rents rising (+2.0%/yr); 1019 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• This rent runs 32% of the median local income ($144k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-2.1%/yr); year-one equity from $2k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $190k; list at $295k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $669/mo.
• Climate carrying-cost: in FEMA flood zone VE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $263,931 (10.5% 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. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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: 1.32% ✓
• Cap rate: 8.30%
• Cash-on-cash: 7.16%
• DSCR: 1.32
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.09% appreciation · 2.04% rent growth · sell at horizon

5-year hold

• IRR: -16.0%
• Equity multiple: 0.39×
• Total profit: $-50,599
• Equity at exit: $56,031

10-year hold

• IRR: -10.4%
• Equity multiple: 0.27×
• Total profit: $-60,149
• Equity at exit: $46,686

Cash invested: $82,600 (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 33131

• Home prices YoY: -0.7%
• Rents YoY: 2.0%
• Active inventory: 1019
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $3,886 medium
• Mortgage (P&I): −$1,547
• Tax from tax record: −$317 /mo · $3,805/yr
• Insurance: −$123
• Flood insurance flood zone: −$669 /mo · $8,028/yr
• HOA: −$590
• Vacancy / Maint / Mgmt: −$816
• Net cashflow: $-176

Break-even live

Break-even rent $4,109

Max offer price $263,931

Occupancy floor 100%

Sensitivity live

Price	-10% $-9	-5% $-92	+0% $-176	+5% $-259	+10% $-343
Rent	-10% $-483	-5% $-329	+0% $-176	+5% $-22	+10% $131
Rate	-1.0pp $-27	-0.5pp $-101	base $-176	+0.5pp $-252	+1.0pp $-330

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
601 NE 1st Ave Unit 1227496P Miami, FL	3.0	1.0–3.0	904	$8,354	$9.24	0d	4	1.16mi

HOA detail condo

• Monthly dues: $590 · $7,080/yr
• Likely covers: waterpoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-21
   days on market $295,000 Active 7 DOM
2. 2026-06-18
   days on market $295,000 Active 4 DOM
3. 2026-06-17
   days on market $295,000 Active 3 DOM
4. 2026-06-16
   days on market $295,000 Active 2 DOM
5. 2026-06-15
   remarks 687-char remark
6. 2026-06-15
   listed $295,000 Active 1 DOM

ⓘ 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: $3,805 · $317/mo
• Projected year-2 tax: $3,805 · $317/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 10/10 Extreme FEMA zone VE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 27 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: $46,635
• − Mortgage interest: −$16,525
• − Property taxes: −$3,805
• − Insurance: −$9,503
• − Repairs & maintenance: −$3,731
• − Management: −$3,731
• − HOA: −$7,080
• − Depreciation: −$8,582
• Taxable loss: −$6,321
• Est. tax savings @ 24.0%: +$1,517
• After-tax cash flow: $-593/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)

No district data.

Livability — Miami

• Score: 78/100
• State rank: #177
• US rank: #2724

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 827,308
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 23,095
• Household income: $144,138
• Rent vs Own: 63.0% rent · 37.0% own
• Severe rent burden: 1866.0

Population outlook (Miami-Dade County) Hauer SSP2

• Today (2025): 3,126,439 people
• By 2030: 3,325,765 · +6.4%
• By 2040: 3,697,561 · +18.3%
• By 2050: 4,012,134 · +28.3%
• By 2075: 4,605,612 · +47.3%
• By 2100: 4,866,598 · +55.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 52% Two or more races 35% White 33% Asian 4% Black 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4% Cuban 8% Dominican 1% Salvadoran 3%
• Common ancestry: Romanian 2% Scotch-Irish 2% Estonian 2%
• Foreign-born: 54% · Canada, Jamaica, Dominican Republic
• Languages at home: 30% English-only · Spanish 53% Other Indo-European 6% French/Haitian/Cajun 4%

Political lean MEDSL · Miami-Dade

• 2024 margin: R (+11.4) · D 43.9% · R 55.4%
• 2008→2024 swing: -27.6pp toward R · 2008: 16.1pp · 2024: -11.4pp
• All cycles: 2024: R+11.4 2020: D+7.3 2016: D+29.6 2012: D+23.7 2008: D+16.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -2.09%
• Current HPI: 281.1156
• Rent YoY: ▲ 2.04%
• 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

+594.1% since first listed

16 events — show timeline

• 2026-06-14 Listed $295,000 MARMLS
• 2023-12-20 Rental Removed — MARMLS
• 2023-11-16 Listed for Rent — MARMLS
• 2023-10-22 Rental Removed — MARMLS
• 2021-08-24 Sold (Public Records) $190,000 Public Records
• 2021-07-31 Listing Removed — MARMLS
• 2021-04-15 Listed $249,000 MARMLS
• 2015-03-06 Sold (Public Records) $190,000 Public Records
• 2015-02-26 Sold (MLS) $190,000 MARMLS
• 2015-02-19 Pending — MARMLS
• 2015-01-14 Listed $199,900 MARMLS
• 2008-07-03 Sold (Public Records) $117,000 Public Records
• 2008-07-01 Sold (MLS) $117,000 MARMLS
• 2004-05-25 Sold (Public Records) $115,000 Public Records
• 1998-03-06 Sold (Public Records) $48,000 Public Records
• 1990-11-30 Sold (Public Records) $42,500 Public Records

Property tax history

+8.3%/yr

Latest (2025): $3,805 · +9.6% YoY. Source: county tax records.