1200 Brickell Bay Dr #2304 · Miami, FL 33131

$460,000

1 bd · 1.0 ba · 825 sqft · Condo public records · 45 Days on market

Built 2004 $706/mo HOA · 16% of rent

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Why this score? — see what drove the D 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 +8.5/30.0
• ARV discount +7.5/15.0
• 1% rule +4.5/10.0
• Schools +4.2/10.0
• Appreciation +4.0/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0

Listing remarks MLS

Beautiful unit with a large terrace. Bedroom with walk-in closets. Granite kitchen counters and impact windows. New laminated floor. The building offers full amenities and has a great location, with 24 hr. security. Close to banks, restaurants, and soon to Brickell City Centre.

Key facts

• $706 HOA
• Garage
• Community pool

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Monthly association fee of $706; Association amenities include clubhouse, fitness center, laundry, playground, pool; Association fee covers amenities

Exterior

• Parking: Attached garage with 1 covered space
• Security: Secured elevator
• Home design: Condominium (attached property); Entry on level 23; Total stories: 43
• Construction: Block construction; Resale property
• Exterior features: Security/high-impact doors; Association pool

Interior

• Kitchen: Dishwasher; Electric range; Disposal; Microwave; Refrigerator
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Walk-in closet(s); Other interior features
• Laundry & utility: Washer; Dryer; Laundry in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $460k.

Deal economics

• At list price, monthly cash flow is $-402 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $389k (15.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $439k (4.7% below list).
• Recommended offer: $389k (15.4% below list) — sets the bar for cash-flow.
• Cap rate 5.2% 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.
• 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.
• Market conditions: Rents rising (+2.0%/yr); 1007 active listings in the ZIP; high-income renter base; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• This rent runs 37% 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 $3k of loan paydown is wiped out by about $10k 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

• It's been on market 45 days — a 3% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• 7 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 $350k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $389,039 (15.4% 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. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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: 0.95% ✗
• Cap rate: 5.25%
• Cash-on-cash: -3.74%
• DSCR: 0.83
• GRM: 8.7

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: -17.6%
• Equity multiple: 0.33×
• Total profit: $-86,176
• Equity at exit: $87,370

10-year hold

• IRR: -12.0%
• Equity multiple: 0.17×
• Total profit: $-107,219
• Equity at exit: $72,798

Cash invested: $128,800 (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: 1007
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $4,386 medium
• Mortgage (P&I): −$2,412
• Tax from tax record: −$557 /mo · $6,679/yr
• Insurance: −$192
• HOA: −$706
• Vacancy / Maint / Mgmt: −$921
• Net cashflow: $-402

Break-even live

Break-even rent $4,894

Max offer price $389,039

Occupancy floor —

Sensitivity live

Price	-10% $-141	-5% $-271	+0% $-402	+5% $-532	+10% $-662
Rent	-10% $-748	-5% $-575	+0% $-402	+5% $-228	+10% $-55
Rate	-1.0pp $-170	-0.5pp $-285	base $-402	+0.5pp $-521	+1.0pp $-642

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: $115,000
• Closing costs: $13,800
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $706 · $8,472/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 40 events

1. 2026-06-18
   days on market $460,000 Active 45 DOM
2. 2026-06-17
   days on market $460,000 Active 44 DOM
3. 2026-06-16
   days on market $460,000 Active 43 DOM
4. 2026-06-15
   days on market $460,000 Active 42 DOM
5. 2026-06-13
   days on market $460,000 Active 40 DOM
6. 2026-06-09
   days on market $460,000 Active 36 DOM
7. 2026-06-08
   days on market $460,000 Active 35 DOM
8. 2026-06-07
   days on market $460,000 Active 34 DOM
9. 2026-06-04
   days on market $460,000 Active 31 DOM
10. 2026-06-03
    days on market $460,000 Active 30 DOM
11. 2026-06-02
    days on market $460,000 Active 29 DOM
12. 2026-06-01
    days on market $460,000 Active 28 DOM
13. 2026-05-31
    days on market $460,000 Active 27 DOM
14. 2026-05-04
    listed $460,000 Active
15. 2026-04-30
    soldstatus $350,000
16. 2020-08-04
    soldstatus $265,000
17. 2020-07-30
    soldstatus $265,000 Closed 278-char remark

    Show marketing remark (278 chars)

    Beautiful unit with a large terrace. Bedroom with walk-in closets. Granite kitchen counters and impact windows. New laminated floor. The building offers full amenities and has a great location, with 24 hr. security. Close to banks, restaurants, and soon to Brickell City Centre.

18. 2020-06-30
    historical Active Under Contract 278-char remark

    Show marketing remark (278 chars)

    Beautiful unit with a large terrace. Bedroom with walk-in closets. Granite kitchen counters and impact windows. New laminated floor. The building offers full amenities and has a great location, with 24 hr. security. Close to banks, restaurants, and soon to Brickell City Centre.

19. 2020-06-30
    status Pending 278-char remark

    Show marketing remark (278 chars)

    Beautiful unit with a large terrace. Bedroom with walk-in closets. Granite kitchen counters and impact windows. New laminated floor. The building offers full amenities and has a great location, with 24 hr. security. Close to banks, restaurants, and soon to Brickell City Centre.

20. 2020-06-19
    status Active 278-char remark

    Show marketing remark (278 chars)

    Beautiful unit with a large terrace. Bedroom with walk-in closets. Granite kitchen counters and impact windows. New laminated floor. The building offers full amenities and has a great location, with 24 hr. security. Close to banks, restaurants, and soon to Brickell City Centre.

21. 2020-06-18
    historical 278-char remark

    Show marketing remark (278 chars)

    Beautiful unit with a large terrace. Bedroom with walk-in closets. Granite kitchen counters and impact windows. New laminated floor. The building offers full amenities and has a great location, with 24 hr. security. Close to banks, restaurants, and soon to Brickell City Centre.

22. 2020-04-21
    listed $275,000 Active 278-char remark

    Show marketing remark (278 chars)

    Beautiful unit with a large terrace. Bedroom with walk-in closets. Granite kitchen counters and impact windows. New laminated floor. The building offers full amenities and has a great location, with 24 hr. security. Close to banks, restaurants, and soon to Brickell City Centre.

23. 2018-07-16
    historical
24. 2018-04-24
    price $265,000
25. 2017-11-20
    listed $280,000 Active
26. 2017-07-02
    historical
27. 2017-03-27
    price $265,000
28. 2017-01-31
    price $275,000
29. 2016-12-02
    listed $285,000 Active
30. 2015-11-18
    soldstatus $240,000
31. 2015-11-14
    soldstatus $240,000 Sold
32. 2015-10-20
    status Pending
33. 2015-10-02
    listed $249,900 Active
34. 2015-05-29
    historical
35. 2015-05-03
    status Pending
36. 2015-03-07
    price $249,900
37. 2015-01-29
    listed $261,900 Active
38. 2006-08-22
    soldstatus $565,000
39. 2006-05-24
    soldstatus $438,000
40. 2005-08-30
    soldstatus $320,000

ⓘ 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: $6,679 · $557/mo
• Projected year-2 tax: $6,679 · $557/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $52,631
• − Mortgage interest: −$25,767
• − Property taxes: −$6,679
• − Insurance: −$2,300
• − Repairs & maintenance: −$4,210
• − Management: −$4,210
• − HOA: −$8,472
• − Depreciation: −$13,382
• Taxable loss: −$12,390
• Est. tax savings @ 24.0%: +$2,974
• After-tax cash flow: $-1,847/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)

• District: Miami-Dade
• NCES district ID: 1200390
• Math proficiency: 45% ▼ -16.00%
• Reading proficiency: 54% ▼ -5.00%
• Median HH income: $43,928
• Composite: 41.76/100
• National rank: #3397
• State rank: #40 of 73 in FL

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

+43.8% since first listed

27 events — show timeline

• 2026-05-04 Listed $460,000 MARMLS
• 2026-04-30 Sold (Public Records) $350,000 Public Records
• 2020-08-04 Sold (Public Records) $265,000 Public Records
• 2020-07-30 Sold (MLS) $265,000 MARMLS
• 2020-06-30 Contingent — MARMLS
• 2020-06-30 Pending — MARMLS
• 2020-06-19 Relisted — MARMLS
• 2020-06-18 Listing Removed — MARMLS
• 2020-04-21 Listed $275,000 MARMLS
• 2018-07-16 Listing Removed — MARMLS
• 2018-04-24 Price Changed $265,000 MARMLS
• 2017-11-20 Listed $280,000 MARMLS
• 2017-07-02 Listing Removed — MARMLS
• 2017-03-27 Price Changed $265,000 MARMLS
• 2017-01-31 Price Changed $275,000 MARMLS
• 2016-12-02 Listed $285,000 MARMLS
• 2015-11-18 Sold (Public Records) $240,000 Public Records
• 2015-11-14 Sold (MLS) $240,000 MARMLS
• 2015-10-20 Pending — MARMLS
• 2015-10-02 Listed $249,900 MARMLS
• 2015-05-29 Listing Removed — MARMLS
• 2015-05-03 Pending — MARMLS
• 2015-03-07 Price Changed $249,900 MARMLS
• 2015-01-29 Listed $261,900 MARMLS
• 2006-08-22 Sold (Public Records) $565,000 Public Records
• 2006-05-24 Sold (MLS) $438,000 MARMLS
• 2005-08-30 Sold (Public Records) $320,000 Public Records

Property tax history

+6.5%/yr

Latest (2025): $6,679 · +3.5% YoY. Source: county tax records.