1600 NE 1st Ave #1605 · Miami, FL 33132

$479,000

1 bd · 1.0 ba · 867 sqft · Condo public records · 10 Days on market

Built 2018 $851/mo HOA · 20% of rent ↓ 8% since listing

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.0/30.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• 1% rule +3.7/10.0
• Appreciation +3.7/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• DSCR +0.4/10.0

Listing remarks MLS

Fabulous 1 bedroom plus den apartment at Canvas with an open living floor plan. Live right in the heart of the Arts & Entertainment district of Miami, while enjoying the stunning views of the city and the bay from your balcony. The apartment has top-of-the-line finishes, a gourmet-quality kitchen, and floor-to-ceiling windows. Easily convert this into a 2 bedroom! Amenity-rich lifestyle. 30,000 sq. ft. amenity deck with a sunrise and sunset pool, a 3,000 sq. ft. cutting edge fitness center, zen spa/sauna, yoga garden, glass-enclosed racquetball court, and more a true club experience complementing the rooftop with more features to enjoy - a sky plunge pool, stunning city and bay views. You can live or rent 12 times a year!! JUST DRASTICALLY REDUCED! BEST PRICED IN THE BUILDING!

Key facts

• $851 HOA
• Garage
• Community pool

Property features AI

Finance

• Other: Association-maintained heated pool
• Financial info: Pets allowed (conditional; restrictions may apply)
• HOA & community: Monthly association fee; Association fee covers common areas, insurance, pool(s), sewer, security, trash and water; Association amenities include billiard room, business center, clubhouse, fitness center, pool, sauna, spa/hot tub and elevators

Exterior

• Parking: Covered parking; Detached 1-car garage; One designated parking space
• Security: Secured lobby
• Utilities: Has water; Has sewer; Has power
• Home design: High-rise building (38 stories); Entry on level 16; Attached property; Has a view
• Construction: Block construction; Resale property
• Exterior features: Balcony; Open balcony/patio; Bay front waterfront

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Flooring: Ceramic tile; Tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Built-in features; Walk-in closet(s)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $479k.

Deal economics

• At list price, monthly cash flow is $-910 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $318k (33.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $418k (12.7% below list).
• Recommended offer: $318k (33.6% below list) — sets the bar for cash-flow.
• Cap rate 4.0% 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.
• Zoned schools: Phyllis Wheatley Elementary School (math 17% / reading 17%, grade F, #2,121 of 2,144 statewide, top 99%, 189 students, 88% FRL); Jose De Diego Middle School (math 20% / reading 24%, grade F, #549 of 571 statewide, top 97%, 868 students, 68% FRL); Booker T. Washington Senior High (math 12% / reading 19%, grade F, #604 of 667 statewide, top 91%, 1,014 students, 60% FRL).
• Zoned-school proficiency averages 18% at this address vs 50% district-wide (-31 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 flat; 882 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,181/mo this rent would consume 46% of the median local household income ($109k/yr) (locally 2260% 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 (-2.5%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 6y 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: HOA is 20% of rent.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $318,208 (33.6% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 4.01%
• Cash-on-cash: -8.14%
• DSCR: 0.64
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.52% appreciation · 0.74% rent growth · sell at horizon

5-year hold

• IRR: -29.2%
• Equity multiple: -0.00×
• Total profit: $-134,708
• Equity at exit: $81,593

10-year hold

• IRR: -35.9%
• Equity multiple: -0.62×
• Total profit: $-217,604
• Equity at exit: $59,102

Cash invested: $134,120 (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 33132

• Home prices YoY: -0.8%
• Rents YoY: 0.7%
• Active inventory: 882
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $4,181 medium
• Mortgage (P&I): −$2,512
• Tax from tax record: −$651 /mo · $7,810/yr
• Insurance: −$200
• HOA: −$851
• Vacancy / Maint / Mgmt: −$878
• Net cashflow: $-910

Break-even live

Break-even rent $5,333

Max offer price $318,208

Occupancy floor —

Sensitivity live

Price	-10% $-639	-5% $-775	+0% $-910	+5% $-1,046	+10% $-1,181
Rent	-10% $-1,241	-5% $-1,075	+0% $-910	+5% $-745	+10% $-580
Rate	-1.0pp $-669	-0.5pp $-788	base $-910	+0.5pp $-1,034	+1.0pp $-1,161

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: $119,750
• Closing costs: $14,370
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
601 NE 1st Ave Unit 1227496P Miami, FL	3.0	1.0–3.0	904	$8,354	$9.24	1d	4	0.72mi
2900 Biscayne Blvd Miami, FL	3.0	1.0–3.5	1260	$8,110	$6.44	4d	13	0.96mi
555 NE 34th St Miami, FL	1.0–4.0	1.5–4.0	2653	$3,780	$1.42	0d	19	1.32mi

HOA detail condo

• Monthly dues: $851 · $10,212/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-21
   days on market $479,000 Active 10 DOM
2. 2026-06-18
   days on market $479,000 Active 7 DOM
3. 2026-06-17
   days on market $479,000 Active 6 DOM
4. 2026-06-16
   days on market $479,000 Active 5 DOM
5. 2026-06-15
   days on market $479,000 Active 4 DOM
6. 2026-06-13
   remarks 689-char remark
7. 2026-06-13
   listed $479,000 Active 2 DOM

ⓘ 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: $7,810 · $651/mo
• Projected year-2 tax: $7,810 · $651/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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 28 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,175
• − Mortgage interest: −$26,831
• − Property taxes: −$7,810
• − Insurance: −$2,395
• − Repairs & maintenance: −$4,014
• − Management: −$4,014
• − HOA: −$10,212
• − Depreciation: −$13,935
• Taxable loss: −$19,037
• Est. tax savings @ 24.0%: +$4,569
• After-tax cash flow: $-6,354/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): 20,253
• Household income: $109,109
• Rent vs Own: 74.3% rent · 25.7% own
• Severe rent burden: 2260.0

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 0.63)
• Race & ethnicity: Hispanic / Latino 53% Two or more races 39% White 29% Black 7% Asian 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4% Cuban 9% Dominican 2% Salvadoran 1%
• Common ancestry: Estonian 2% Scotch-Irish 2% Romanian 1%
• Foreign-born: 50% · Canada, Jamaica, Dominican Republic
• Languages at home: 35% English-only · Spanish 49% Other Indo-European 6% Other Asian/Pacific 2%

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: ▼ -2.52%
• Current HPI: 294.3744
• Rent YoY: ▲ 0.74%
• 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

-7.9% since first listed

10 events — show timeline

• 2026-06-11 Listed $479,000 MARMLS
• 2022-04-18 Pending — MARMLS
• 2022-04-18 Sold (MLS) $465,000 MARMLS
• 2022-03-15 Contingent — MARMLS
• 2022-02-25 Price Changed $465,000 MARMLS
• 2021-10-20 Listed $487,000 MARMLS
• 2021-10-18 Listing Removed — MARMLS
• 2021-07-03 Listed $550,000 MARMLS
• 2021-04-13 Listing Removed — MARMLS
• 2020-04-29 Listed $520,000 MARMLS

Property tax history

+3.0%/yr

Latest (2025): $7,810 · -8.4% YoY. Source: county tax records.