3 bd · 2.0 ba ·
1,028 sqft ·
Built 1937
· MultiFamily
· Active
· 147 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$9,694/mo
Mortgage (P&I)
−$8,312
Tax + insurance
−$2,144
HOA
−$0
Vac / Maint / Mgmt
−$2,036
Net cashflow
$-2,798/mo
Annual
$-33,574/yr
Cap rate
4.50%
Cash-on-cash
-6.41%
DSCR
0.71
1% rule
0.61%
Cash to close
$443,800
Investor read
This is a 5 × 1-bed/?-bath units multifamily listed at $1.58M.
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).
It's been on market 147 days — a 12% lower offer ($1.39M) is reasonable based on typical stale-listing flexibility.
Recommended offer: $969k (38.8% below list) — sets the bar for 1% rule.
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.
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: flood insurance adds $427/mo; built in 1937 — expect roof / HVAC / electrical / plumbing capex.
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).
Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
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.
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.
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.
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.
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 147 days. Have you received any prior offers? Is the seller open to a 39% 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 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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.
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· Data 2 weeks agocashflowre.app · 2026-05-29