5501 NW Miami Ct

Miami, FL 33127

$1,100,000F

4 bd · 4.0 ba · 2,890 sqft · Built 1947 · MultiFamily · Active · 480 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,819/mo
• Mortgage (P&I): −$5,769
• Tax + insurance: −$1,266
• HOA: −$0
• Vac / Maint / Mgmt: −$1,642
• Net cashflow: $-858/mo
• Annual: $-10,294/yr
• Cap rate: 5.36%
• Cash-on-cash: -3.34%
• DSCR: 0.85
• 1% rule: 0.71%
• Cash to close: $308,000

Investor read

• This is a 3 × 1-bed/?-bath units multifamily listed at $1.10M.
• At list price, monthly cash flow is $-858 ($-10k/yr) — negative. Per door: $-286/mo.
• To cash-flow at today's rent, offer at most $948k (13.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $782k (28.9% below list).
• It's been on market 480 days — a 12% lower offer ($968k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $782k (28.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.3%/yr); 295 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $400k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $1.10M implies a 1275% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% 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.
• At $7,819/mo this rent would consume 228% of the median local household income ($41k/yr) (locally 2523% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• It's been on market 480 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?