805 N Franklin Ave Unit 805C · Homestead, FL 33034

$186,000

2 bd · 1.0 ba · 863 sqft · Condo public records · 102 Days on market

Built 1985 $425/mo HOA · 21% of rent

---

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 +11.9/30.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• DSCR +3.5/10.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome Home! 2 bedroom condo located on the first floor in a gated community. One parking space designed in front of the unit with several visitor parking spaces. The community offers 2 community pools, security patrol and gated entrance. There are two associations.

Key facts

• Gated community
• Security patrol
• Gated entrance

Tags

• GATED COMMUNITY
• COMMUNITY POOLS
• SECURITY PATROL
• GATED ENTRANCE

Property features AI

Finance

• Other: Pets allowed with no restrictions
• HOA & community: Monthly HOA fee of $425; HOA covers grounds and structure maintenance and common areas; Association amenities: jogging path, playground, pool, parking, security

Exterior

• Parking: Association provides parking
• Security: Security fence; Entry phone/intercom; Security patrol; Association security
• Utilities: Water and sewer details not specified; Electricity details not specified
• Home design: Condominium; 2 stories; Resale condition; Entry on first floor; East of US-1 location
• Construction: Block construction
• Exterior features: Fenced; First-floor entry

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile
• Bathrooms: 1 full bathroom; 1 half bathroom (2 total)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Dishwasher; Microwave; Refrigerator; Tile flooring

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $186k.

Deal economics

• At list price, monthly cash flow is $-47 ($-566/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (4.5% below list).
• Meets the 1% rule at list price ($2k rent vs $186k).
• Recommended offer: $169k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 3.5% in Homestead — 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 (#158 in FL, #2,408 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-.
• 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: Gateway Environmental K-8 Learning Center (math 23% / reading 34%, grade F, #1,943 of 2,144 statewide, top 91%, 1,355 students, 74% FRL); Homestead Middle School (math 23% / reading 25%, grade F, #532 of 571 statewide, top 94%, 666 students, 81% FRL); Homestead Senior High School (math 24% / reading 23%, grade F, #533 of 667 statewide, top 80%, 2,020 students, 74% FRL).
• Zoned-school proficiency averages 25% at this address vs 50% district-wide (-24 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-2.9%/yr); 615 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); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $2,049/mo this rent would consume 52% of the median local household income ($47k/yr) (locally 1516% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k 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

• It's been on market 102 days — a 9% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $49k; list at $186k implies a 280% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→33/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,260 (9.0% 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 102 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.10% ✓
• Cap rate: 5.99%
• Cash-on-cash: -1.09%
• DSCR: 0.95
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -22.4%
• Equity multiple: 0.25×
• Total profit: $-38,882
• Equity at exit: $27,733

10-year hold

• IRR: -31.6%
• Equity multiple: -0.15×
• Total profit: $-59,852
• Equity at exit: $16,082

Cash invested: $52,080 (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 33034

• Home prices YoY: -5.9%
• Rents YoY: -2.9%
• Active inventory: 615
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,049 high
• Mortgage (P&I): −$975
• Tax from tax record: −$188 /mo · $2,252/yr
• Insurance: −$78
• HOA: −$425
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $-47

Break-even live

Break-even rent $2,108

Max offer price $177,671

Occupancy floor 97%

Sensitivity live

Price	-10% $58	-5% $5	+0% $-47	+5% $-100	+10% $-152
Rent	-10% $-209	-5% $-128	+0% $-47	+5% $34	+10% $115
Rate	-1.0pp $47	-0.5pp $0	base $-47	+0.5pp $-95	+1.0pp $-144

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: $46,500
• Closing costs: $5,580
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
820 N Franklin Ave Unit 820I Homestead, FL	2.0	1.5	863	$1,850	$2.14	21d	1	0.04mi
1100 Constitution Dr Unit 1100C Homestead, FL	2.0	2.0	960	$1,700	$1.77	16d	1	0.05mi
1002 Adams Ave Unit 1002D Homestead, FL	2.0	1.5	863	$1,750	$2.03	25d	1	0.14mi
1071 Adams Ave Unit 1071F Homestead, FL	1.0	1.0	685	$1,650	$2.41	25d	1	0.14mi
1022 Adams Ave Unit 1022C Homestead, FL	2.0	2.0	960	$2,150	$2.24	12d	1	0.15mi
980 Constitution Dr Homestead, FL	2.0	1.5	960	$2,200	$2.29	23d	1	0.17mi
980 Constitution Dr Unit 980F Homestead, FL	2.0	2.0	685	$2,100	$3.07	25d	1	0.17mi
1126 SE 13th Ter Homestead, FL	2.0	2.0	952	$2,400	$2.52	12d	1	0.20mi
1126 SE 13th Ter Homestead, FL	2.0	2.0	952	$2,400	$2.52	3d	1	0.20mi
1017 Washington Cir Unit 1017D Homestead, FL	2.0	1.5	863	$1,800	$2.09	17d	1	0.21mi
1362 Pelican Ct Homestead, FL	2.0	2.0	999	$2,600	$2.60	25d	1	0.22mi
910 Constitution Dr Unit 910C Homestead, FL	2.0	2.0	960	$1,750	$1.82	25d	1	0.23mi
1024 S Independence Dr Homestead, FL	3.0	2.0	970	$2,100	$2.16	25d	1	0.27mi
1139 Independence Trl Unit 1139F Homestead, FL	2.0	1.5	863	$1,750	$2.03	16d	1	0.28mi
1280 S Franklin Ave Unit 1280F Homestead, FL	2.0	2.0	970	$2,100	$2.16	21d	1	0.29mi
802 Constitution Dr Unit 802B Homestead, FL	2.0	2.0	970	$1,800	$1.86	16d	1	0.31mi
1301 S Franklin Ave Unit 1301F Homestead, FL	1.0	1.0	685	$1,500	$2.19	25d	1	0.31mi
1151 N Liberty Ave Unit 1151F Homestead, FL	1.0	1.0	685	$1,700	$2.48	16d	1	0.34mi
800 Independence Dr Unit 800F Homestead, FL	2.0	2.0	960	$2,099	$2.19	20d	1	0.35mi
800 Independence Dr Unit 800L Homestead, FL	2.0	2.0	970	$2,000	$2.06	25d	1	0.35mi
800 Independence Dr Unit 800I Homestead, FL	2.0	1.5	863	$1,900	$2.20	25d	1	0.35mi
1150 N Liberty Ave Unit 1150H Homestead, FL	1.0	1.0	685	$1,650	$2.41	23d	1	0.36mi
1361 Sandpiper Blvd Homestead, FL	2.0	1.5	1060	$1,900	$1.79	25d	1	0.38mi
800 Independence Dr Homestead, FL	2.0	2.0	970	$2,100	$2.16	25d	1	0.38mi
1210 San Remo Cir Homestead, FL	3.0	2.0	1125	$2,300	$2.04	19d	1	0.48mi
1408 San Remo Cir Homestead, FL	3.0	2.0	1125	$2,400	$2.13	25d	1	0.48mi
1511 San Remo Cir Unit 1511 Homestead, FL	3.0	2.0	1125	$2,300	$2.04	8d	1	0.52mi
3214 San Remo Cir Homestead, FL	2.0	2.0	951	$2,000	$2.10	25d	1	0.59mi
2915 San Remo Cir Homestead, FL	2.0	2.0	951	$2,200	$2.31	25d	1	0.59mi
31 NE 13th Ave #5 Homestead, FL	2.0	2.0	919	$2,000	$2.18	11d	1	0.60mi
2901 San Remo Cir Homestead, FL	2.0	2.0	951	$2,000	$2.10	17d	1	0.61mi
400 NE 18th Ave #206 Homestead, FL	2.0	2.0	856	$1,700	$1.99	25d	1	0.95mi
488 NE 18th Ave #208 Homestead, FL	2.0	2.0	856	$1,800	$2.10	23d	1	0.98mi
488 NE 18th Ave Homestead, FL	2.0	2.0	856	$1,775	$2.07	25d	2	0.99mi
1250 SE 26th St #204 Homestead, FL	2.0	2.0	815	$1,875	$2.30	25d	1	1.10mi
1543 SE 25th St #100 Homestead, FL	3.0	2.0	1060	$2,300	$2.17	20d	1	1.11mi
1543 SE 25th St Homestead, FL	3.0	2.0	1121	$2,125	$1.90	25d	2	1.11mi
1536 SE 25th St #206 Homestead, FL	2.0	2.0	930	$1,780	$1.91	25d	1	1.11mi
1535 SE 26th St #206 Homestead, FL	2.0	2.0	930	$1,790	$1.92	8d	1	1.14mi
1535 SE 26th St #206 Homestead, FL	2.0	2.0	930	$1,790	$1.92	25d	1	1.14mi

HOA detail condo

• Monthly dues: $425 · $5,100/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $186,000 Active 102 DOM
2. 2026-06-18
   days on market $186,000 Active 99 DOM
3. 2026-06-17
   days on market $186,000 Active 98 DOM
4. 2026-06-16
   days on market $186,000 Active 97 DOM
5. 2026-06-15
   days on market $186,000 Active 96 DOM
6. 2026-06-13
   days on market $186,000 Active 94 DOM
7. 2026-06-09
   days on market $186,000 Active 90 DOM
8. 2026-06-08
   days on market $186,000 Active 89 DOM
9. 2026-06-07
   days on market $186,000 Active 88 DOM
10. 2026-06-04
    days on market $186,000 Active 85 DOM
11. 2026-06-03
    days on market $186,000 Active 84 DOM
12. 2026-06-02
    days on market $186,000 Active 83 DOM
13. 2026-06-01
    days on market $186,000 Active 82 DOM
14. 2026-05-31
    days on market $186,000 Active 81 DOM
15. 2026-04-13
    price $186,000
16. 2026-02-23
    listed $190,000 Active
17. 2001-11-29
    soldstatus $49,000
18. 1996-12-10
    soldstatus $38,900

ⓘ 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: $2,252 · $188/mo
• Projected year-2 tax: $2,252 · $188/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 6/10 Major FEMA zone X (unshaded) · 57% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 33 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,584
• − Mortgage interest: −$10,419
• − Property taxes: −$2,252
• − Insurance: −$930
• − Repairs & maintenance: −$1,967
• − Management: −$1,967
• − HOA: −$5,100
• − Depreciation: −$5,411
• Taxable loss: −$3,462
• Est. tax savings @ 24.0%: +$831
• After-tax cash flow: $265/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 — Homestead

• Score: 78/100
• State rank: #158
• US rank: #2408

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homestead, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 191,470
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 23,823
• Household income: $47,170
• Rent vs Own: 64.1% rent · 35.9% own
• Severe rent burden: 1516.0

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: Majority Hispanic (62%)
• Race & ethnicity: Hispanic / Latino 62% Black 28% Two or more races 24% White 8%
• Hispanic origin (detail): Mexican 20% Puerto Rican 5% Cuban 13% Dominican 2%
• Common ancestry: Hispanic 4%
• Foreign-born: 34% · Canada, Dominican Republic, Guatemala
• Languages at home: 38% English-only · Spanish 56% French/Haitian/Cajun 5%

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: ▼ -32.64%
• Current HPI: 521.6856
• Rent YoY: ▼ -2.85%
• 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

+378.1% since first listed

4 events — show timeline

• 2026-04-13 Price Changed $186,000 Beaches MLS
• 2026-02-23 Listed $190,000 Beaches MLS
• 2001-11-29 Sold (Public Records) $49,000 Public Records
• 1996-12-10 Sold (Public Records) $38,900 Public Records

Property tax history

+9.4%/yr

Latest (2025): $2,252 · +4.8% YoY. Source: county tax records.