650 NE 149th St Unit 505F · Golden Glades, FL 33161

$220,000

2 bd · 1.0 ba · 860 sqft · Condo public records · 51 Days on market

Built 1982 $975/mo HOA · 26% of rent

---

Why this score? — see what drove the C+ 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 +25.6/30.0
• 1% rule +10.0/10.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment. Two bedrooms one and half bathroom updated condo on the 5th floor. Must use key or gate control to access the building. Currently rented month to month to a long-time tenant. Rented under market value. No rental restrictions. Seller will pay assessment.

Key facts

• $975 HOA
• Parking
• Built 1982

Property features AI

Finance

• Other: Pets allowed with restrictions or possible restrictions (conditional)
• HOA & community: Monthly association fee of $975; Association fee covers common areas, hot water, laundry, grounds maintenance, and pest control; Association amenities include a business center

Exterior

• Parking: Assigned parking (one space)
• Security: Doorman
• Utilities: Central heating and cooling; Hot water provided (included in association fee)
• Home design: Attached property; 5-story building; Unit located on the 5th floor
• Construction: Block construction; Resale property
• Exterior features: Balcony (open); Doorman

Interior

• Kitchen: Electric range; Refrigerator
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: First-floor entry; Ceramic tile floors
• Laundry & utility: Laundry service included in association amenities

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $95 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 3.5% in Golden Glades — 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 74/100 on livability (#281 in FL, #4,513 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing B+, health & safety B+; Watch: employment D, amenities 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 (-0.7%/yr); 338 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,698/mo this rent would consume 76% of the median local household income ($58k/yr) (locally 3226% 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 $2k of loan paydown is wiped out by about $7k 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 51 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 $147k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 26% of rent.
• 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.68% ✓
• Cap rate: 9.14%
• Cash-on-cash: 10.17%
• DSCR: 1.45
• GRM: 5.0

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: -19.3%
• Equity multiple: 0.36×
• Total profit: $-39,557
• Equity at exit: $32,803

10-year hold

• IRR: -33.2%
• Equity multiple: -0.06×
• Total profit: $-65,026
• Equity at exit: $19,022

Cash invested: $61,600 (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 33161

• Rents YoY: -0.7%
• Active inventory: 338
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $3,698 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$179 /mo · $2,154/yr
• Insurance: −$92
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$975
• Vacancy / Maint / Mgmt: −$777
• Net cashflow: $95

Break-even live

Break-even rent $3,578

Max offer price $220,000

Occupancy floor 92%

Sensitivity live

Price	-10% $220	-5% $158	+0% $95	+5% $33	+10% $-29
Rent	-10% $-197	-5% $-51	+0% $95	+5% $241	+10% $388
Rate	-1.0pp $206	-0.5pp $151	base $95	+0.5pp $38	+1.0pp $-20

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $975 · $11,700/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-18
   days on market $220,000 Active 51 DOM
2. 2026-06-17
   days on market $220,000 Active 50 DOM
3. 2026-06-16
   days on market $220,000 Active 49 DOM
4. 2026-06-15
   days on market $220,000 Active 48 DOM
5. 2026-06-13
   days on market $220,000 Active 46 DOM
6. 2026-06-09
   days on market $220,000 Active 42 DOM
7. 2026-06-08
   days on market $220,000 Active 41 DOM
8. 2026-06-07
   days on market $220,000 Active 40 DOM
9. 2026-06-04
   days on market $220,000 Active 37 DOM
10. 2026-06-03
    days on market $220,000 Active 36 DOM
11. 2026-06-02
    days on market $220,000 Active 35 DOM
12. 2026-06-01
    days on market $220,000 Active 34 DOM
13. 2026-05-31
    days on market $220,000 Active 33 DOM
14. 2026-04-28
    listed $220,000 Active
15. 2025-03-27
    historical $1,700
16. 2025-02-25
    price $1,700
17. 2025-02-11
    price $1,900
18. 2025-01-31
    listed $2,200
19. 2025-01-07
    soldstatus $147,000 Closed 271-char remark

    Show marketing remark (271 chars)

    Great investment. Two bedrooms one and half bathroom updated condo on the 5th floor. Must use key or gate control to access the building. Currently rented month to month to a long-time tenant. Rented under market value. No rental restrictions. Seller will pay assessment.

20. 2024-11-27
    historical Active Under Contract 271-char remark

    Show marketing remark (271 chars)

    Great investment. Two bedrooms one and half bathroom updated condo on the 5th floor. Must use key or gate control to access the building. Currently rented month to month to a long-time tenant. Rented under market value. No rental restrictions. Seller will pay assessment.

21. 2024-10-30
    price $159,997 271-char remark

    Show marketing remark (271 chars)

    Great investment. Two bedrooms one and half bathroom updated condo on the 5th floor. Must use key or gate control to access the building. Currently rented month to month to a long-time tenant. Rented under market value. No rental restrictions. Seller will pay assessment.

22. 2024-10-19
    status Active 271-char remark

    Show marketing remark (271 chars)

    Great investment. Two bedrooms one and half bathroom updated condo on the 5th floor. Must use key or gate control to access the building. Currently rented month to month to a long-time tenant. Rented under market value. No rental restrictions. Seller will pay assessment.

23. 2024-10-19
    price $164,999 271-char remark

    Show marketing remark (271 chars)

    Great investment. Two bedrooms one and half bathroom updated condo on the 5th floor. Must use key or gate control to access the building. Currently rented month to month to a long-time tenant. Rented under market value. No rental restrictions. Seller will pay assessment.

24. 2024-09-22
    historical 271-char remark

    Show marketing remark (271 chars)

    Great investment. Two bedrooms one and half bathroom updated condo on the 5th floor. Must use key or gate control to access the building. Currently rented month to month to a long-time tenant. Rented under market value. No rental restrictions. Seller will pay assessment.

25. 2024-08-26
    price $178,000 271-char remark

    Show marketing remark (271 chars)

    Great investment. Two bedrooms one and half bathroom updated condo on the 5th floor. Must use key or gate control to access the building. Currently rented month to month to a long-time tenant. Rented under market value. No rental restrictions. Seller will pay assessment.

26. 2024-07-01
    listed $199,999 Active 271-char remark

    Show marketing remark (271 chars)

    Great investment. Two bedrooms one and half bathroom updated condo on the 5th floor. Must use key or gate control to access the building. Currently rented month to month to a long-time tenant. Rented under market value. No rental restrictions. Seller will pay assessment.

27. 1994-10-14
    soldstatus $35,000
28. 1987-10-30
    soldstatus $36,200

ⓘ 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: $2,154 · $179/mo
• Projected year-2 tax: $2,154 · $179/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 AE · 26% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 29 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,381
• − Mortgage interest: −$12,323
• − Property taxes: −$2,154
• − Insurance: −$6,218
• − Repairs & maintenance: −$3,550
• − Management: −$3,550
• − HOA: −$11,700
• − Depreciation: −$6,400
• Taxable loss: −$1,516
• Est. tax savings @ 24.0%: +$364
• After-tax cash flow: $1,508/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 — Golden Glades

• Score: 74/100
• State rank: #281
• US rank: #4513

Category grades

Amenities F Commute A+ Cost of living B Crime B Employment D Housing B+ Health & safety B+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Golden Glades, FL
• County: Miami-Dade County · 2,697,751 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 54,814
• Household income: $58,325
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 3226.0

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 0.58)
• Race & ethnicity: Black 56% Hispanic / Latino 31% Two or more races 18% White 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 7% Dominican 4% Salvadoran 1%
• Common ancestry: Hispanic 35% Estonian 1% Lithuanian 1%
• Foreign-born: 51% · Canada, Jamaica, Dominican Republic
• Languages at home: 25% English-only · French/Haitian/Cajun 41% Spanish 30% Other Indo-European 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: ▼ -492.86%
• Current HPI: 630.6932
• Rent YoY: ▼ -0.73%
• 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

+507.7% since first listed

15 events — show timeline

• 2026-04-28 Listed $220,000 MARMLS
• 2025-03-27 Rental Removed $1,700 MARMLS
• 2025-02-25 Price Changed $1,700 MARMLS
• 2025-02-11 Price Changed $1,900 MARMLS
• 2025-01-31 Listed for Rent $2,200 MARMLS
• 2025-01-07 Sold (MLS) $147,000 MARMLS
• 2024-11-27 Contingent — MARMLS
• 2024-10-30 Price Changed $159,997 MARMLS
• 2024-10-19 Relisted — MARMLS
• 2024-10-19 Price Changed $164,999 MARMLS
• 2024-09-22 Listing Removed — MARMLS
• 2024-08-26 Price Changed $178,000 MARMLS
• 2024-07-01 Listed $199,999 MARMLS
• 1994-10-14 Sold (Public Records) $35,000 Public Records
• 1987-10-30 Sold (Public Records) $36,200 Public Records

Property tax history

+16.5%/yr

Latest (2025): $2,154 · -5.1% YoY. Source: county tax records.