5005 Collins Ave #523 · Miami Beach, FL 33140

$299,000

1 bd · 1.0 ba · 938 sqft · Condo public records · 185 Days on market

Built 1964 $1467/mo HOA · 31% of rent

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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 +14.4/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• DSCR +4.4/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0

Listing remarks

This is your chance to unlock a true Miami Beach lifestyle. More than a condo, this is a bright, spacious, and flexible space ready to adapt to your rhythm—whether you're looking for a permanent home, a seasonal escape, or an income-producing investment. Located in Carriage Club North, a solid oceanfront building perfectly positioned between Bal Harbour and South Beach, this 1-bedroom, 1-bathroom unit includes a large walk-in closet that can easily be converted into a second bedroom, guest room, or home office. It’s ready to move in and furniture can be included if desired. Enjoy the flexibility of renting up to 3 times per year, and the comfort of knowing your monthly maintenan

Key facts

• Beachfront condo
• Barbecue area
• 24-hour security

Tags

• BEACHFRONT CONDO
• LARGE WALK-IN CLOSET
• SWIMMING POOL
• GYM
• BARBECUE AREA
• 24-HOUR SECURITY

Property features AI

Finance

• Other: Association-maintained heated pool
• Financial info: Lease considered; Pets allowed with restrictions or conditions
• HOA & community: Monthly association fee; Association amenities include billiard room, cabana, fitness center, pool and storage; Association fee includes cable TV and internet

Exterior

• Parking: 1-car garage; 1 covered space; Open parking available
• Security: Doorman
• Utilities: Central air
• Home design: Condominium in a 12-story building; Entry on level 2; Has view; Waterfront with bay front and ocean access/ocean front
• Construction: Block construction; Effective year built
• Exterior features: Balcony; Open balcony

Interior

• Kitchen: Dishwasher
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning
• Interior features: First floor entry; Handicap accessible; Walk-in closet(s); Accessibility features; Unfurnished
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $299k.

Deal economics

• At list price, monthly cash flow is $-5 ($-62/yr) — negative.
• To cash-flow at today's rent, offer at most $298k (0.3% below list).
• Meets the 1% rule at list price ($5k rent vs $299k).
• Recommended offer: $263k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 1.5% in Miami Beach — 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 80/100 on livability (#108 in FL, #1,672 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: housing C-, 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: North Beach Elementary School (math 75% / reading 79%, grade A, #170 of 2,144 statewide, top 9%, 937 students, 24% FRL); Miami Beach Nautilus Middle School (math 46% / reading 58%, grade C+, #217 of 571 statewide, top 40%, 918 students, 44% FRL); Miami Beach Senior High School (math 21% / reading 48%, grade F, #386 of 667 statewide, top 59%, 2,175 students, 40% FRL) — zoned schools average 36% FRL vs 64% district-wide (28 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.5%/yr); 674 active listings in the ZIP; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.0% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.0% appreciation + 3.5% rent growth), your $84k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 185 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• 18 sale attempts since 11y ago; this cycle's ask is 12104% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 31% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $263,120 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 185 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
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: 1.56% ✓
• Cap rate: 6.54%
• Cash-on-cash: 0.88%
• DSCR: 1.04
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.96% appreciation · 3.52% rent growth · sell at horizon

5-year hold

• IRR: 1.9%
• Equity multiple: 1.10×
• Total profit: $8,267
• Equity at exit: $101,528

10-year hold

• IRR: 7.4%
• Equity multiple: 1.92×
• Total profit: $76,797
• Equity at exit: $134,501

Cash invested: $83,720 (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 33140

• Home prices YoY: 0.3%
• Rents YoY: 3.5%
• Active inventory: 674
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $4,663 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$463 /mo · $5,555/yr
• Insurance: −$125
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,467
• Vacancy / Maint / Mgmt: −$979
• Net cashflow: $-5

Break-even live

Break-even rent $4,670

Max offer price $298,081

Occupancy floor 95%

Sensitivity live

Price	-10% $164	-5% $79	+0% $-5	+5% $-90	+10% $-174
Rent	-10% $-374	-5% $-189	+0% $-5	+5% $179	+10% $363
Rate	-1.0pp $145	-0.5pp $71	base $-5	+0.5pp $-83	+1.0pp $-162

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $1,467 · $17,604/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-05-20
   status Pending
2. 2026-04-20
   status Active
3. 2026-03-03
   historical $2,450
4. 2026-03-03
   historical
5. 2026-02-06
   listed $2,450
6. 2026-01-30
   status Active
7. 2026-01-27
   historical $2,450
8. 2026-01-27
   historical
9. 2026-01-20
   listed $2,450
10. 2026-01-20
    historical $2,500
11. 2025-09-26
    listed $299,000 Active
12. 2025-09-26
    historical
13. 2025-09-16
    price $2,500
14. 2025-09-15
    price $300,000
15. 2025-09-04
    price $2,600
16. 2025-08-25
    price $2,700
17. 2025-08-24
    price $319,000
18. 2025-07-08
    price $2,800
19. 2025-06-24
    listed $2,900
20. 2025-06-24
    historical $2,900
21. 2025-06-21
    listed $2,900
22. 2025-06-19
    price $340,000
23. 2025-04-30
    status Active
24. 2025-04-30
    price $349,000
25. 2025-04-28
    historical
26. 2025-04-04
    price $350,000
27. 2025-04-02
    status Active
28. 2025-03-04
    historical $2,900
29. 2025-03-04
    historical Active Under Contract
30. 2025-02-12
    price $2,900
31. 2025-02-04
    price $359,000
32. 2025-01-14
    price $2,750
33. 2024-12-09
    price $363,000
34. 2024-11-18
    listed $2,990
35. 2024-11-14
    price $369,000
36. 2024-11-01
    historical $2,990
37. 2024-09-23
    listed $2,990
38. 2024-08-26
    price $378,000
39. 2024-08-02
    listed $380,000 Active
40. 2024-07-30
    historical $2,800
41. 2024-07-29
    historical
42. 2024-07-09
    listed $2,800
43. 2024-07-03
    historical $2,990
44. 2024-05-29
    listed $2,990
45. 2024-05-10
    price $398,900
46. 2024-01-17
    listed $400,000 Active
47. 2024-01-14
    historical
48. 2022-10-04
    listed $400,000 Active
49. 2022-09-28
    historical
50. 2022-02-07
    price $380,000

ⓘ 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: $5,555 · $463/mo
• Projected year-2 tax: $5,555 · $463/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 10/10 Extreme FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥101°F today · 24 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: $55,955
• − Mortgage interest: −$16,749
• − Property taxes: −$5,555
• − Insurance: −$2,292
• − Repairs & maintenance: −$4,476
• − Management: −$4,476
• − HOA: −$17,604
• − Depreciation: −$8,698
• Taxable loss: −$3,896
• Est. tax savings @ 24.0%: +$935
• After-tax cash flow: $873/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 Beach

• Score: 80/100
• State rank: #108
• US rank: #1672

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,533
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 20,342
• Household income: $107,063
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 870.0

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 0.59)
• Race & ethnicity: White 46% Hispanic / Latino 44% Two or more races 23% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 19% Salvadoran 6%
• Common ancestry: Scotch-Irish 5% Romanian 3% Italian 3%
• Foreign-born: 44% · Canada, Dominican Republic, Jamaica
• Languages at home: 43% English-only · Spanish 45% Other Indo-European 6% French/Haitian/Cajun 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: ▲ 0.96%
• Current HPI: 302.8514
• Rent YoY: ▲ 3.52%
• 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

-97.7% since first listed

65 events — show timeline

• 2026-05-20 Pending — MARMLS
• 2026-04-20 Relisted — MARMLS
• 2026-03-03 Rental Removed $2,450 MARMLS
• 2026-03-03 Listing Removed — MARMLS
• 2026-02-06 Listed for Rent $2,450 MARMLS
• 2026-01-30 Relisted — MARMLS
• 2026-01-27 Rental Removed $2,450 MARMLS
• 2026-01-27 Listing Removed — MARMLS
• 2026-01-20 Listed for Rent $2,450 MARMLS
• 2026-01-20 Rental Removed $2,500 MARMLS
• 2025-09-26 Listing Removed — MARMLS
• 2025-09-26 Listed $299,000 MARMLS
• 2025-09-16 Price Changed $2,500 MARMLS
• 2025-09-15 Price Changed $300,000 MARMLS
• 2025-09-04 Price Changed $2,600 MARMLS
• 2025-08-25 Price Changed $2,700 MARMLS
• 2025-08-24 Price Changed $319,000 MARMLS
• 2025-07-08 Price Changed $2,800 MARMLS
• 2025-06-24 Listed for Rent $2,900 MARMLS
• 2025-06-24 Rental Removed $2,900 Avail
• 2025-06-21 Listed for Rent $2,900 Avail
• 2025-06-19 Price Changed $340,000 MARMLS
• 2025-04-30 Relisted — MARMLS
• 2025-04-30 Price Changed $349,000 MARMLS
• 2025-04-28 Listing Removed — MARMLS
• 2025-04-04 Price Changed $350,000 MARMLS
• 2025-04-02 Relisted — MARMLS
• 2025-03-04 Rental Removed $2,900 MARMLS
• 2025-03-04 Contingent — MARMLS
• 2025-02-12 Price Changed $2,900 MARMLS
• 2025-02-04 Price Changed $359,000 MARMLS
• 2025-01-14 Price Changed $2,750 MARMLS
• 2024-12-09 Price Changed $363,000 MARMLS
• 2024-11-18 Listed for Rent $2,990 MARMLS
• 2024-11-14 Price Changed $369,000 MARMLS
• 2024-11-01 Rental Removed $2,990 MARMLS
• 2024-09-23 Listed for Rent $2,990 MARMLS
• 2024-08-26 Price Changed $378,000 MARMLS
• 2024-08-02 Listed $380,000 MARMLS
• 2024-07-30 Rental Removed $2,800 MARMLS
• 2024-07-29 Listing Removed — MARMLS
• 2024-07-09 Listed for Rent $2,800 MARMLS
• 2024-07-03 Rental Removed $2,990 MARMLS
• 2024-05-29 Listed for Rent $2,990 MARMLS
• 2024-05-10 Price Changed $398,900 MARMLS
• 2024-01-17 Listed $400,000 MARMLS
• 2024-01-14 Listing Removed — MARMLS
• 2022-10-04 Listed $400,000 MARMLS
• 2022-09-28 Listing Removed — MARMLS
• 2022-02-07 Price Changed $380,000 MARMLS
• 2021-08-04 Price Changed $377,000 MARMLS
• 2021-01-13 Price Changed $380,000 MARMLS
• 2020-07-22 Price Changed $400,000 MARMLS
• 2017-07-31 Price Changed $444,000 MARMLS
• 2017-05-31 Price Changed $458,000 MARMLS
• 2017-05-25 Price Changed $465,000 MARMLS
• 2017-05-17 Price Changed $467,000 MARMLS
• 2017-05-08 Price Changed $477,000 MARMLS
• 2017-03-15 Price Changed $480,000 MARMLS
• 2017-01-10 Listed $490,000 MARMLS
• 2015-08-11 Sold (MLS) $280,000 MARMLS
• 2015-06-30 Pending — MARMLS
• 2015-06-11 Listed $315,000 MARMLS
• 2003-03-21 Sold (Public Records) $195,000 Public Records
• 1991-10-04 Sold (Public Records) $105,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $5,555 · -3.2% YoY. Source: county tax records.