5300 NW 87th Ave #1302

Doral, FL 33178

$114,000C+

1 bd · 1.0 ba · 705 sqft · Built 2008 · Condo · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,486/mo
• Mortgage (P&I): −$598
• Tax + insurance: −$343
• HOA: −$1,056
• Vac / Maint / Mgmt: −$522
• Net cashflow: $-33/mo
• Annual: $-393/yr
• Cap rate: 7.55%
• Cash-on-cash: 4.49%
• DSCR: 1.20
• 1% rule: 2.18%
• Cash to close: $31,920

Investor read

• This is a 1-bed/1.0-bath condo listed at $114k.
• At list price, monthly cash flow is $-33 ($-393/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $114k).
• It's been on market 29 days — a 2% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (1.5% below list) — sets the bar for market timing.
• In year one you build about $495 of equity ($788 loan paydown + $-293 appreciation (-0.3% local appreciation)).
• Location reads 80/100 on livability (#122 in FL, #1,868 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D, 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.
• Zoned schools: John I. Smith K-8 Center (math 57% / reading 58%, grade C+, #764 of 2,144 statewide, top 36%, 1,001 students, 31% FRL); Ruben Dario Middle School (math 32% / reading 45%, grade F, #384 of 571 statewide, top 68%, 549 students, 62% FRL); Ronald W. Reagan/Doral Senior High School (math 23% / reading 45%, grade F, #394 of 667 statewide, top 60%, 1,591 students, 30% FRL) — zoned schools average 41% FRL vs 64% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $152/mo; HOA is 42% of rent.
• Market conditions: Rents soft (-1.1%/yr); 483 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 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.
• 9 sale attempts since 10y ago; this cycle's ask has dropped $20k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.5% vs local median 2.8% in Doral — 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.
• This rent runs 31% of the median local income ($97k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.
• 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.