50 NW 204th St Unit H7 · Miami Gardens, FL 33169

$90,000

1 bd · 1.0 ba · 576 sqft · Condo · 44 Days on market

Built 1966 Average condition $220/mo HOA · 13% of rent ↓ 5% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Condition / age +2.8/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Move into a unit with GREAT BONES, and even better location, and remodeled to suit your taste. First floor terrace on the canal on a quiet street. 1/1 priced TO SELL!

Key facts

• Quiet street
• First floor terrace
• Canal

Tags

• FIRST FLOOR TERRACE
• CANAL
• QUIET STREET

Property features AI

Finance

• Other: Pets allowed with restrictions
• HOA & community: Monthly association fee ($220) covering laundry, grounds maintenance, and pool(s); Senior community

Exterior

• Parking: Assigned parking (one space)
• Utilities: Has heating and cooling
• Home design: Attached property; 2-story building; Entry on level 1; Has a view
• Construction: Block construction; Resale property
• Exterior features: Patio; Canal-front waterfront

Interior

• Kitchen: Electric range; Refrigerator
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall furnace heating; Wall/window cooling units
• Interior features: First-floor entry; Bedroom on main level
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $90k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $61 ($735/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.8% vs local median 3.1% in Miami Gardens — 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 72/100 on livability (#338 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D+, crime 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.
• Market conditions: Rents soft (-1.6%/yr); 232 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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).
• This rent runs 32% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k 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 44 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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 5→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — 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. Crime grade is D 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 1.87% ✓
• Cap rate: 12.80%
• Cash-on-cash: 23.23%
• DSCR: 2.03
• GRM: 4.5

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: -18.1%
• Equity multiple: 0.40×
• Total profit: $-15,195
• Equity at exit: $13,419

10-year hold

• IRR: -33.1%
• Equity multiple: -0.01×
• Total profit: $-25,556
• Equity at exit: $7,782

Cash invested: $25,200 (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 33169

• Home prices YoY: -20.6%
• Rents YoY: -1.6%
• Active inventory: 232
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,683 high
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$220
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $61

Break-even live

Break-even rent $1,606

Max offer price $90,000

Occupancy floor 91%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6012 SW 38th St Unit 4 Miramar, FL	1.0	1.0	500	$1,525	$3.05	5d	1	0.87mi
6012 SW 38th St Unit 4 Miramar, FL	1.0	1.0	500	$1,525	$3.05	24d	1	0.87mi
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,699	$2.08	20d	3	0.98mi
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,650	$2.02	4d	4	0.98mi
5521 SW 34th St Unit 2 Pembroke Park, FL	2.0	1.0	692	$1,750	$2.53	24d	1	1.27mi

HOA detail condo

• Monthly dues: $220 · $2,640/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   days on market $90,000 Active 44 DOM
2. 2026-06-17
   days on market $90,000 Active 43 DOM
3. 2026-06-16
   days on market $90,000 Active 42 DOM
4. 2026-06-15
   days on market $90,000 Active 41 DOM
5. 2026-06-13
   days on market $90,000 Active 39 DOM
6. 2026-06-09
   days on market $90,000 Active 35 DOM
7. 2026-06-08
   days on market $90,000 Active 34 DOM
8. 2026-06-07
   days on market $90,000 Active 33 DOM
9. 2026-06-04
   days on market $90,000 Active 30 DOM
10. 2026-06-03
    days on market $90,000 Active 29 DOM
11. 2026-06-02
    days on market $90,000 Active 28 DOM
12. 2026-06-01
    days on market $90,000 Active 27 DOM
13. 2026-05-31
    days on market $90,000 Active 26 DOM
14. 2026-05-05
    listed $90,000 Active
15. 2025-12-31
    historical
16. 2025-11-10
    status Active
17. 2025-04-29
    historical Active Under Contract
18. 2025-01-21
    listed $110,000 Active
19. 2024-12-31
    historical
20. 2024-08-24
    price $105,000
21. 2024-06-30
    listed $120,000 Active
22. 2023-12-31
    historical
23. 2023-10-24
    listed $110,000 Active
24. 2023-02-28
    historical
25. 2023-02-24
    status Active
26. 2023-01-20
    listed $95,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone AE · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 5 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,199
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$5,568
• − Repairs & maintenance: −$1,616
• − Management: −$1,616
• − HOA: −$2,640
• − Depreciation: −$2,618
• Taxable loss: −$251
• Est. tax savings @ 24.0%: +$60
• After-tax cash flow: $795/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.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

A move-in ready condo with average condition, requiring minor repairs and updates to enhance its resale and rental value.

Repairs flagged

• Minor exterior paint — Visible wear on exterior
• Minor bathroom tiles — Yellow tiles, dated fixtures
• Minor kitchen cabinets — Basic cabinets, dated flooring
• Minor interior paint — Painted walls, some wear

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace bathroom tiles — Modernizes space and adds value
• Both Update kitchen cabinets — Modernizes space and adds value
• Both Paint interior walls — Enhances appearance and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Visible wear on exterior	Minor	$500–3,000
bathroom tiles · Yellow tiles, dated fixtures	Minor	$500–3,000
kitchen cabinets · Basic cabinets, dated flooring	Minor	$500–3,000
interior paint · Painted walls, some wear	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace bathroom tiles — Modernizes space and adds value ↑
• Both Update kitchen cabinets — Modernizes space and adds value ↑
• Both Paint interior walls — Enhances appearance and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 Gardens

• Score: 72/100
• State rank: #338
• US rank: #5854

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Gardens, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 81,592
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 43,702
• Household income: $62,562
• Rent vs Own: 47.1% rent · 52.9% own
• Severe rent burden: 2480.0

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: Predominantly Black (76%)
• Race & ethnicity: Black 76% Hispanic / Latino 17% Two or more races 10% White 4%
• Hispanic origin (detail): Puerto Rican 2% Cuban 6% Dominican 2%
• Common ancestry: Hispanic 18%
• Foreign-born: 35% · Canada, Jamaica, Dominican Republic
• Languages at home: 62% English-only · French/Haitian/Cajun 19% Spanish 16%

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: ▼ -135.91%
• Current HPI: 524.9052
• Rent YoY: ▼ -1.61%
• 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

-5.3% since first listed

13 events — show timeline

• 2026-05-05 Listed $90,000 MARMLS
• 2025-12-31 Listing Removed — MARMLS
• 2025-11-10 Relisted — MARMLS
• 2025-04-29 Contingent — MARMLS
• 2025-01-21 Listed $110,000 MARMLS
• 2024-12-31 Listing Removed — MARMLS
• 2024-08-24 Price Changed $105,000 MARMLS
• 2024-06-30 Listed $120,000 MARMLS
• 2023-12-31 Listing Removed — MARMLS
• 2023-10-24 Listed $110,000 MARMLS
• 2023-02-28 Listing Removed — MARMLS
• 2023-02-24 Relisted — MARMLS
• 2023-01-20 Listed $95,000 MARMLS