133 NE 2nd Ave #912 · Miami, FL 33132

$469,000

2 bd · 2.0 ba · 1,036 sqft · Condo public records · 90 Days on market

Built 2007 $966/mo HOA · 21% of rent

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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 +8.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Appreciation +3.7/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0

Listing remarks

Welcome to this stunning FULLY FURNISHED CORNER unit, a true gem in one of the most desirable lines in the building. This 2-bedroom, 2-bathroom residence boasts a spacious wraparound balcony, offering breathtaking panoramic views. Located in a vibrant area, this property offers convenient access to major expressways, the Kaseya Center, and the newly revitalized Flagler Street, known for its diverse selection of restaurants and shops. Whether you're looking for a primary residence or an investment opportunity, this unit is an investor's dream with the option for short-term rentals.

Key facts

• Convenient access
• Wraparound balcony
• Panoramic views

Tags

• FULLY FURNISHED CORNER UNIT
• WRAPAROUND BALCONY
• PANORAMIC VIEWS
• CONVENIENT ACCESS
• OPTION FOR SHORT TERM RENTALS

Property features AI

Finance

• Financial info: Pets allowed with restrictions
• HOA & community: Monthly association fee; Association fee includes cable TV and internet; Association amenities: billiard room, business center, cabana, clubhouse, elevators, fitness center, pool, sauna, spa/hot tub, trash service

Exterior

• Parking: 1 covered garage space; One parking space
• Security: Doorman; Elevator secured; Key card entry; Fire sprinkler system; Smoke detectors
• Utilities: Water included in association fee
• Home design: Attached property; 36 total stories; Entry on level 9; Has a view
• Construction: Block construction
• Exterior features: Balcony; Open balcony; Security/high impact doors; Association pool

Interior

• Kitchen: Dishwasher; Electric range; Disposal; Icemaker; Microwave; Refrigerator
• Flooring: Parquet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Impact glass windows; Furnished; Built-in features; Family/dining room; High ceilings; Living/dining room; Split bedrooms; Elevator
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $469k.

Deal economics

• At list price, monthly cash flow is $-477 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $385k (18.0% below list).
• Meets the 1% rule at list price ($5k rent vs $469k).
• Recommended offer: $385k (18.0% below list) — sets the bar for cash-flow.
• Cap rate 5.1% 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.
• Market conditions: Rents flat; 869 active listings in the ZIP; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,708/mo this rent would consume 52% 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

• It's been on market 90 days — a 6% lower offer ($441k) is reasonable based on typical stale-listing flexibility.
• 5 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.
• Current owner paid $405k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $384,798 (18.0% 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 90 days. Have you received any prior offers? Is the seller open to a 18% 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. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.00% ✓
• Cap rate: 5.07%
• Cash-on-cash: -4.36%
• DSCR: 0.81
• GRM: 8.3

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: -23.1%
• Equity multiple: 0.19×
• Total profit: $-106,805
• Equity at exit: $79,890

10-year hold

• IRR: -24.2%
• Equity multiple: -0.24×
• Total profit: $-162,354
• Equity at exit: $57,868

Cash invested: $131,320 (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: 869
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $4,708 medium
• Mortgage (P&I): −$2,459
• Tax from tax record: −$575 /mo · $6,899/yr
• Insurance: −$195
• HOA: −$966
• Vacancy / Maint / Mgmt: −$989
• Net cashflow: $-477

Break-even live

Break-even rent $5,311

Max offer price $384,798

Occupancy floor —

Sensitivity live

Price	-10% $-211	-5% $-344	+0% $-477	+5% $-609	+10% $-742
Rent	-10% $-849	-5% $-663	+0% $-477	+5% $-291	+10% $-105
Rate	-1.0pp $-240	-0.5pp $-357	base $-477	+0.5pp $-598	+1.0pp $-722

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: $117,250
• Closing costs: $14,070
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $966 · $11,592/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-18
   days on market $469,000 Active 90 DOM
2. 2026-06-17
   days on market $469,000 Active 89 DOM
3. 2026-06-16
   days on market $469,000 Active 88 DOM
4. 2026-06-15
   days on market $469,000 Active 87 DOM
5. 2026-06-13
   days on market $469,000 Active 85 DOM
6. 2026-06-09
   days on market $469,000 Active 81 DOM
7. 2026-06-08
   days on market $469,000 Active 80 DOM
8. 2026-06-07
   days on market $469,000 Active 79 DOM
9. 2026-06-04
   days on market $469,000 Active 76 DOM
10. 2026-06-03
    days on market $469,000 Active 75 DOM
11. 2026-06-02
    days on market $469,000 Active 74 DOM
12. 2026-06-01
    days on market $469,000 Active 73 DOM
13. 2026-05-31
    days on market $469,000 Active 72 DOM
14. 2026-03-20
    listed $469,000 Active
15. 2026-03-10
    historical
16. 2026-01-23
    listed $469,000 Active
17. 2025-08-27
    historical
18. 2025-08-09
    historical $3,600
19. 2025-06-28
    listed $3,600
20. 2025-03-13
    listed $450,000 Active
21. 2024-01-16
    soldstatus $405,000
22. 2024-01-12
    soldstatus $405,000 Closed
23. 2023-12-19
    historical Active Under Contract
24. 2023-10-27
    price $440,000
25. 2023-10-26
    price $445,000
26. 2023-09-26
    price $465,000
27. 2023-09-01
    price $470,000
28. 2023-07-17
    listed $490,000 Active
29. 2008-02-26
    soldstatus $220,000
30. 2008-02-09
    soldstatus $220,000

ⓘ 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: $6,899 · $575/mo
• Projected year-2 tax: $6,899 · $575/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 · 26 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: $56,493
• − Mortgage interest: −$26,271
• − Property taxes: −$6,899
• − Insurance: −$2,345
• − Repairs & maintenance: −$4,519
• − Management: −$4,519
• − HOA: −$11,592
• − Depreciation: −$13,644
• Taxable loss: −$13,296
• Est. tax savings @ 24.0%: +$3,191
• After-tax cash flow: $-2,529/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

+113.2% since first listed

17 events — show timeline

• 2026-03-20 Listed $469,000 MARMLS
• 2026-03-10 Listing Removed — MARMLS
• 2026-01-23 Listed $469,000 MARMLS
• 2025-08-27 Listing Removed — MARMLS
• 2025-08-09 Rental Removed $3,600 MARMLS
• 2025-06-28 Listed for Rent $3,600 MARMLS
• 2025-03-13 Listed $450,000 MARMLS
• 2024-01-16 Sold (Public Records) $405,000 Public Records
• 2024-01-12 Sold (MLS) $405,000 MARMLS
• 2023-12-19 Contingent — MARMLS
• 2023-10-27 Price Changed $440,000 MARMLS
• 2023-10-26 Price Changed $445,000 MARMLS
• 2023-09-26 Price Changed $465,000 MARMLS
• 2023-09-01 Price Changed $470,000 MARMLS
• 2023-07-17 Listed $490,000 MARMLS
• 2008-02-26 Sold (Public Records) $220,000 Public Records
• 2008-02-09 Sold (MLS) $220,000 MARMLS

Property tax history

+10.1%/yr

Latest (2025): $6,899 · -2.4% YoY. Source: county tax records.