18151 NE 31st Ct #505

Aventura, FL 33160

$190,000A-

1 bd · 1.0 ba · 918 sqft · Built 1981 · Condo · Active · 202 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,389/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$294
• HOA: −$793
• Vac / Maint / Mgmt: −$712
• Net cashflow: $594/mo
• Annual: $7,126/yr
• Cap rate: 10.04%
• Cash-on-cash: 13.40%
• DSCR: 1.60
• 1% rule: 1.78%
• Cash to close: $53,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $190k. Condition is rated poor.
• At list price, monthly cash flow is $594 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• It's been on market 202 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($1k loan paydown + $1k appreciation (0.5% local appreciation)).
• Location reads 80/100 on livability (#127 in FL, #1,834 nationally) — a professional / high-income tenant draw. Strengths: health & safety A+, amenities A, commute A; Watch: crime D+, 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: Aventura Waterways K-8 Center (math 56% / reading 65%, grade B-, #664 of 2,144 statewide, top 32%, 2,168 students, 32% FRL); Highland Oaks Middle School (math 28% / reading 51%, grade F, #373 of 571 statewide, top 66%, 774 students, 50% FRL); Dr. Michael M. Krop Senior High (math 21% / reading 46%, grade F, #400 of 667 statewide, top 61%, 2,235 students, 49% FRL) — zoned schools average 44% FRL vs 64% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents flat; 2541 active listings in the ZIP; 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.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (0.5% appreciation + 0.9% rent growth), your $53k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 10.0% vs local median 2.8% in Aventura — 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 $3,389/mo this rent would consume 61% of the median local household income ($67k/yr) (locally 17% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 202 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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 A-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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Visible discoloration and potential damage on the roof.
• Major: exterior walls — Weathered and in need of repainting.
• Major: flooring — Worn and dated, indicating a need for replacement.
• Major: interior walls — In need of fresh paint and updates.
• Major: windows — Old and in need of replacement.
• Major: HVAC/mechanical systems — No photos provided, but the overall condition suggests a need for updates.