1238 SW 4th St · Miami, FL 33135

$1,850,000

15 bd · 9.0 ba · — sqft · MultiFamily · 331 Days on market

Built 1923 ↓ 7% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks

Investor’s Dream! Multifamily property featuring 8 fully rented units in the heart of Little Havana, just steps from the iconic Calle Ocho, and minutes from Brickell, Downtown, and the Health District. This income-producing asset offers strong cash flow with long-term tenants, additional laundry income, impact windows, and a new roof. Prime walkable location with consistent rental demand—don’t miss this rare opportunity! T5-0 zoning in Miami establishes a dynamic, mixed-use environment optimized for walkable urban communities, allowing a wide range of uses by right—including residential, commercial, entertainment, and lodging.

Key facts

• New roof
• Walkable location
• Fully rented units

Tags

• FULLY RENTED UNITS
• INCOME PRODUCING ASSET
• ADDITIONAL LAUNDRY INCOME
• IMPACT WINDOWS
• NEW ROOF
• WALKABLE LOCATION

Property features AI

Finance

• Other: All units listed as unfurnished
• Financial info: Total actual rent for the property reported as $15,400; Operating expenses reported as $48,554; Unit rents reported: 4-bed unit $6,000; 3-bed unit $2,700; 2-bed units $2,000 each; 1-bed units $1,700 each
• HOA & community: No HOA information provided

Exterior

• Parking: Total of 2 parking spaces; Some units list on-street parking; one unit lists parking space
• Security: No specific security features provided
• Utilities: Cable available
• Home design: 2-story building; Resale property; Shingle roof; Block construction
• Construction: Block construction; Shingle roof
• Exterior features: Less than quarter-acre lot

Interior

• Kitchen: Some units include range and refrigerator
• Bedrooms: One 4-bedroom unit (leased); Three 1-bedroom units (leased); Two 2-bedroom units (leased); One 3-bedroom unit (leased)
• Flooring: Ceramic tile; Hardwood; Wood
• Bathrooms: Units include 1–2 full bathrooms depending on unit type
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Impact glass windows
• Laundry & utility: No specific laundry or utility details provided

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/?-bath units multifamily listed at $1.85M.

Deal economics

• At list price, monthly cash flow is $60k ($724k/yr) — positive. Per door: $12k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($93k rent vs $1.85M).
• Recommended offer: $1.63M (12.0% below list) — sets the bar for market timing.
• Cap rate 45.4% 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 (-1.4%/yr); 171 active listings in the ZIP; lower-income renter base — watch delinquency; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $92,518/mo this rent would consume 2737% of the median local household income ($41k/yr) (locally 4755% 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 $13k of loan paydown is wiped out by about $56k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $518k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 331 days — a 12% lower offer ($1.63M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $140k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,628,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 331 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 5.00% ✓
• Cap rate: 45.41%
• Cash-on-cash: 139.70%
• DSCR: 7.22
• GRM: 1.7

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: —
• Equity multiple: 7.32×
• Total profit: $3,271,295
• Equity at exit: $275,841

10-year hold

• IRR: —
• Equity multiple: 14.03×
• Total profit: $6,752,089
• Equity at exit: $159,954

Cash invested: $518,000 (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 33135

• Home prices YoY: -27.6%
• Rents YoY: -1.4%
• Active inventory: 171
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $92,518 high
• Mortgage (P&I): −$9,702
• Tax est. 1.5%: −$2,312 /mo · $27,750/yr
• Insurance: −$771
• HOA: −$0
• Vacancy / Maint / Mgmt: −$19,429
• Net cashflow: $60,304

Break-even live

Break-even rent $16,183

Max offer price $1,850,000

Occupancy floor 30%

Sensitivity live

Price	-10% $61,583	-5% $60,944	+0% $60,304	+5% $59,665	+10% $59,026
Rent	-10% $52,995	-5% $56,650	+0% $60,304	+5% $63,959	+10% $67,613
Rate	-1.0pp $61,236	-0.5pp $60,775	base $60,304	+0.5pp $59,825	+1.0pp $59,337

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	—	$92,520
Total (5 units)			$92,518

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: $462,500
• Closing costs: $55,500
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $1,850,000 Active 331 DOM
2. 2026-06-17
   days on market $1,850,000 Active 330 DOM
3. 2026-06-16
   days on market $1,850,000 Active 329 DOM
4. 2026-06-15
   days on market $1,850,000 Active 328 DOM
5. 2026-06-13
   days on market $1,850,000 Active 326 DOM
6. 2026-06-09
   days on market $1,850,000 Active 322 DOM
7. 2026-06-08
   days on market $1,850,000 Active 321 DOM
8. 2026-06-08
   days on market $1,850,000 Active 320 DOM
9. 2026-06-04
   days on market $1,850,000 Active 317 DOM
10. 2026-06-03
    days on market $1,850,000 Active 316 DOM
11. 2026-06-02
    days on market $1,850,000 Active 315 DOM
12. 2026-06-01
    days on market $1,850,000 Active 314 DOM
13. 2026-05-31
    days on market $1,850,000 Active 313 DOM
14. 2026-04-14
    status Active
15. 2026-01-12
    price $1,850,000
16. 2025-12-16
    price $1,799,000
17. 2025-12-11
    status Active
18. 2025-12-03
    historical Active Under Contract
19. 2025-11-07
    price $1,835,000
20. 2025-08-27
    price $1,900,000
21. 2025-07-15
    listed $1,989,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 30 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: $1,110,216
• − Mortgage interest: −$103,629
• − Property taxes: −$27,750
• − Insurance: −$9,250
• − Repairs & maintenance: −$88,817
• − Management: −$88,817
• − Depreciation: −$53,818
• Taxable income: $738,134
• Est. tax owed @ 24.0%: −$177,152
• After-tax cash flow: $546,499/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): 36,143
• Household income: $40,567
• Rent vs Own: 77.3% rent · 22.7% own
• Severe rent burden: 4755.0

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 (94%)
• Race & ethnicity: Hispanic / Latino 94% Two or more races 62% White 4% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2% Cuban 48% Dominican 2% Salvadoran 1%
• Common ancestry: Hispanic 1%
• Foreign-born: 74% · Canada, Jamaica, Dominican Republic
• Languages at home: 6% English-only · Spanish 92% French/Haitian/Cajun 1% Other Indo-European 0%

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: ▼ -219.59%
• Current HPI: 574.7898
• Rent YoY: ▼ -1.37%
• 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

-7.0% since first listed

8 events — show timeline

• 2026-04-14 Relisted — MARMLS
• 2026-01-12 Price Changed $1,850,000 MARMLS
• 2025-12-16 Price Changed $1,799,000 MARMLS
• 2025-12-11 Relisted — MARMLS
• 2025-12-03 Contingent — MARMLS
• 2025-11-07 Price Changed $1,835,000 MARMLS
• 2025-08-27 Price Changed $1,900,000 MARMLS
• 2025-07-15 Listed $1,989,900 MARMLS