19701 SW 114th Ave #364

South Miami Heights, FL 33157

$149,990C-

2 bd · 2.0 ba · 800 sqft · Built 1974 · Condo · Active · 146 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,016/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$396
• HOA: −$483
• Vac / Maint / Mgmt: −$423
• Net cashflow: $-73/mo
• Annual: $-872/yr
• Cap rate: 6.93%
• Cash-on-cash: 2.27%
• DSCR: 1.10
• 1% rule: 1.34%
• Cash to close: $41,997

Investor read

• This is a 2-bed/2.0-bath condo listed at $150k.
• At list price, monthly cash flow is $-73 ($-872/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (8.6% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 146 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#169 in FL, #2,539 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, commute 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.
• Zoned schools: Bel-Aire Elementary School (math 32% / reading 37%, grade F, #1,709 of 2,144 statewide, top 81%, 319 students, 76% FRL); Cutler Bay Middle (math 30% / reading 36%, grade F, #437 of 571 statewide, top 77%, 1,031 students, 72% FRL); Miami Southridge Senior High (math 23% / reading 30%, grade F, #489 of 667 statewide, top 74%, 2,085 students, 70% FRL).
• Zoned-school proficiency averages 31% at this address vs 50% district-wide (-18 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $152/mo; HOA is 24% of rent.
• Market conditions: Rents soft (-0.8%/yr); 380 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• Current owner paid $24k; list at $150k implies a 525% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AH (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.
• Cap rate 6.9% vs local median 3.5% in South Miami Heights — 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.

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 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1974 — 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.