418 NW 9th Ave · Miami, FL 33128

$1,585,000

3 bd · 2.0 ba · 1,028 sqft · MultiFamily public records · 147 Days on market

Built 1937

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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 +6.9/30.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Appreciation +2.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• 1% rule +1.1/10.0
• DSCR +1.1/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Exceptional opportunity to acquire a fully renovated LEGAL 5-unit multifamily property in the heart of Little Havana. Featuring a desirable mix of spacious 3/1 and 2/1 units, the property has been thoughtfully updated with modern finishes and upgraded systems, minimizing maintenance and maximizing tenant appeal. Ideally located just minutes from Downtown and Brickell also to mention its close to the Miami River, this turn-key asset offers immediate cash flow with strong rental demand and long-term upside in one of Miami’s most dynamic rental markets. Financing Options are now available.

Key facts

• Fully renovated
• Turn-key asset
• Upgraded systems

Tags

• FULLY RENOVATED
• 5-UNIT MULTIFAMILY PROPERTY
• MODERN FINISHES
• UPGRADED SYSTEMS
• CLOSE TO MIAMI RIVER
• TURN-KEY ASSET

Property features AI

Finance

• Other: Property listed as resale; Zoning code: 3900
• Financial info: Actual total monthly rent reported as $10,030; Rent includes water and trash collection
• HOA & community: No HOA information provided

Exterior

• Parking: 5 parking spaces (open parking)
• Security: No security features provided
• Utilities: Public sewer; Cable not available
• Home design: 2-story building; Multifamily property (5 units); Open parking; Entry level information not provided; Facing direction not provided
• Construction: Block construction; Concrete and shingle roof
• Exterior features: Less than quarter acre lot

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Total of 11 bedrooms across units
• Flooring: Ceramic tile
• Bathrooms: Total of 5 full bathrooms across units
• Heating & cooling: Central heating; Central air
• Interior features: Ceramic tile flooring; Central air conditioning; Central heating
• Laundry & utility: No laundry or utility room details provided

What this means for you Summary

Snapshot

• This is a 5 × 1-bed/?-bath units multifamily listed at $1.58M.

Deal economics

• At list price, monthly cash flow is $-3k ($-34k/yr) — negative. Per door: $-560/mo.
• To cash-flow at today's rent, offer at most $1.09M (31.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $969k (38.8% below list).
• Recommended offer: $969k (38.8% below list) — sets the bar for 1% rule.
• Cap rate 4.5% 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 soft (-2.1%/yr); 81 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $9,694/mo this rent would consume 272% of the median local household income ($43k/yr) (locally 1087% 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 (-3.0%/yr); year-one equity from $11k of loan paydown is wiped out by about $48k 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 147 days — a 12% lower offer ($1.39M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 16y 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 $1.15M; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• 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 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $969,400 (38.8% 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 147 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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?
12. 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.
13. 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.
14. 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: 0.61% ✗
• Cap rate: 4.50%
• Cash-on-cash: -6.41%
• DSCR: 0.71
• GRM: 13.6

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: -32.7%
• Equity multiple: -0.04×
• Total profit: $-463,605
• Equity at exit: $236,329

10-year hold

• IRR: -59.0%
• Equity multiple: -0.68×
• Total profit: $-743,595
• Equity at exit: $137,042

Cash invested: $443,800 (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 33128

• Home prices YoY: -1.1%
• Rents YoY: -2.1%
• Active inventory: 81
• Price-to-rent: 68.1×

Monthly cashflow live

• Estimated rent: $9,694 medium
• Mortgage (P&I): −$8,312
• Tax from tax record: −$1,057 /mo · $12,687/yr
• Insurance: −$660
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,036
• Net cashflow: $-2,798

Break-even live

Break-even rent $13,236

Max offer price $1,090,745

Occupancy floor —

Sensitivity live

Price	-10% $-1,901	-5% $-2,349	+0% $-2,798	+5% $-3,246	+10% $-3,695
Rent	-10% $-3,564	-5% $-3,181	+0% $-2,798	+5% $-2,415	+10% $-2,032
Rate	-1.0pp $-2,000	-0.5pp $-2,395	base $-2,798	+0.5pp $-3,209	+1.0pp $-3,626

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	1	—	$9,695
Total (5 units)			$9,694

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: $396,250
• Closing costs: $47,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	$19,135	$21.17	0d	4	1.16mi

Listing history 23 events

1. 2026-06-04
   days on market $1,585,000 Active 147 DOM
2. 2026-06-03
   days on market $1,585,000 Active 146 DOM
3. 2026-06-02
   days on market $1,585,000 Active 145 DOM
4. 2026-06-01
   days on market $1,585,000 Active 144 DOM
5. 2026-05-31
   days on market $1,585,000 Active 143 DOM
6. 2026-01-08
   listed $1,585,000 Active
7. 2025-10-14
   price $1,585,000
8. 2025-09-08
   price $1,600,000
9. 2025-04-26
   price $1,649,000
10. 2025-03-17
    price $1,700,000
11. 2025-03-14
    status Active
12. 2025-01-27
    listed $1,750,000 Active
13. 2025-01-27
    historical
14. 2024-11-08
    listed $1,750,000 Active
15. 2024-09-07
    historical
16. 2023-09-06
    listed $1,700,000 Active
17. 2023-08-09
    soldstatus $1,150,000
18. 2014-05-01
    soldstatus $200,000
19. 2011-07-31
    historical
20. 2010-10-11
    listed $179,900
21. 2010-10-10
    historical
22. 2010-09-06
    listed $195,700
23. 2000-05-17
    soldstatus $184,000

ⓘ 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: $12,687 · $1,057/mo
• Projected year-2 tax: $13,156 · $1,096/mo
• Expected delta: +$468/yr (+$39/mo · 3.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 93% 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: $116,328
• − Mortgage interest: −$88,785
• − Property taxes: −$12,687
• − Insurance: −$13,044
• − Repairs & maintenance: −$9,306
• − Management: −$9,306
• − Depreciation: −$46,109
• Taxable loss: −$62,909
• Est. tax savings @ 24.0%: +$15,098
• After-tax cash flow: $-18,476/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): 9,475
• Household income: $42,722
• Rent vs Own: 97.5% rent · 2.5% own
• Severe rent burden: 1087.0

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 Hispanic (86%)
• Race & ethnicity: Hispanic / Latino 86% Two or more races 50% White 8% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Cuban 29% Dominican 1%
• Common ancestry: Lithuanian 2%
• Foreign-born: 70% · Canada, Jamaica, Dominican Republic
• Languages at home: 13% English-only · Spanish 82% Other Indo-European 2% French/Haitian/Cajun 1%

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: ▼ -4.75%
• Current HPI: 436.8124
• Rent YoY: ▼ -2.08%
• 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

+761.4% since first listed

18 events — show timeline

• 2026-01-08 Listed $1,585,000 MARMLS
• 2025-10-14 Price Changed $1,585,000 MARMLS
• 2025-09-08 Price Changed $1,600,000 MARMLS
• 2025-04-26 Price Changed $1,649,000 MARMLS
• 2025-03-17 Price Changed $1,700,000 MARMLS
• 2025-03-14 Relisted — MARMLS
• 2025-01-27 Listing Removed — MARMLS
• 2025-01-27 Listed $1,750,000 MARMLS
• 2024-11-08 Listed $1,750,000 MARMLS
• 2024-09-07 Listing Removed — MARMLS
• 2023-09-06 Listed $1,700,000 MARMLS
• 2023-08-09 Sold (Public Records) $1,150,000 Public Records
• 2014-05-01 Sold (Public Records) $200,000 Public Records
• 2011-07-31 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2010-10-11 Listed $179,900 Stellar MLS as Distributed by MLS Grid
• 2010-10-10 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2010-09-06 Listed $195,700 Stellar MLS as Distributed by MLS Grid
• 2000-05-17 Sold (Public Records) $184,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $12,687 · +9.5% YoY. Source: county tax records.