15600 NW 7th Ave #211

Golden Glades, FL 33169

$99,900B-

1 bd · 1.0 ba · 840 sqft · Built 1972 · Condo · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,833/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$601
• HOA: −$414
• Vac / Maint / Mgmt: −$385
• Net cashflow: $-90/mo
• Annual: $-1,085/yr
• Cap rate: 10.33%
• Cash-on-cash: 14.42%
• DSCR: 1.64
• 1% rule: 1.84%
• Cash to close: $27,972

Investor read

• This is a 1-bed/1.0-bath condo listed at $100k.
• At list price, monthly cash flow is $-90 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $84k (16.0% below list).
• Meets the 1% rule at list price ($2k rent vs $100k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $84k (16.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#281 in FL, #4,513 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing B+, health & safety B+; Watch: employment D, amenities F.
• Miami-Dade (suburban): math 45% / reading 54% proficiency, ranked #40 of 73 in FL (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Biscayne Beach Elementary School (math 42% / reading 49%, grade D-, #1,247 of 2,144 statewide, top 59%, 578 students, 63% FRL); North Dade Middle School (math 18% / reading 23%, grade F, #556 of 571 statewide, top 98%, 434 students, 79% FRL); North Miami Beach Senior High (math 13% / reading 24%, grade F, #568 of 667 statewide, top 85%, 1,149 students, 66% FRL).
• Zoned-school proficiency averages 28% at this address vs 50% district-wide (-21 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $427/mo; HOA is 23% of rent.
• Market conditions: Rents soft (-1.6%/yr); 238 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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 $12k; list at $100k implies a 699% gain — meaningful room to come down on a strong offer.
• 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.3% vs local median 3.6% in Golden Glades — 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.

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?
• Built in 1972 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.