1800 NW 119th St #104

Westview, FL 33167

$224,900D

2 bd · 2.0 ba · 1,000 sqft · Built 1986 · Condo · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,268/mo
• Mortgage (P&I): −$1,179
• Tax + insurance: −$308
• HOA: −$350
• Vac / Maint / Mgmt: −$476
• Net cashflow: $-46/mo
• Annual: $-548/yr
• Cap rate: 6.05%
• Cash-on-cash: -0.87%
• DSCR: 0.96
• 1% rule: 1.01%
• Cash to close: $62,972

Investor read

• This is a 2-bed/2.0-bath condo listed at $225k.
• At list price, monthly cash flow is $-46 ($-548/yr) — negative.
• To cash-flow at today's rent, offer at most $217k (3.6% below list).
• Meets the 1% rule at list price ($2k rent vs $225k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $217k (3.6% below list) — sets the bar for cash-flow.
• 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.
• Location reads 78/100 on livability (#171 in FL, #2,609 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, cost of living A; Watch: employment C-, 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: Henry E.S. Reeves K-8 Center (math 26% / reading 34%, grade F, #1,882 of 2,144 statewide, top 88%, 900 students, 76% FRL); North Dade Middle School (math 18% / reading 23%, grade F, #556 of 571 statewide, top 98%, 434 students, 79% FRL); Miami Central Senior High School (math 16% / reading 20%, grade F, #570 of 667 statewide, top 86%, 1,398 students, 74% FRL).
• Zoned-school proficiency averages 23% at this address vs 50% district-wide (-27 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Market conditions: 150 active listings in the ZIP; 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 $57k; list at $225k implies a 295% gain — meaningful room to come down on a strong offer.
• 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.
• This rent runs 43% of the median local income ($63k/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 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?