6780 W 2nd Ct #304

Hialeah, FL 33012

$265,000F

2 bd · 1.0 ba · 943 sqft · Built 1973 · Condo · Active · 331 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,074/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$162
• HOA: −$648
• Vac / Maint / Mgmt: −$436
• Net cashflow: $-561/mo
• Annual: $-6,729/yr
• Cap rate: 3.75%
• Cash-on-cash: -9.07%
• DSCR: 0.60
• 1% rule: 0.78%
• Cash to close: $74,200

Investor read

• This is a 2-bed/1.0-bath condo listed at $265k.
• At list price, monthly cash flow is $-561 ($-7k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (21.7% below list).
• It's been on market 331 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $207k (21.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#288 in FL, #4,774 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+; Watch: amenities F, employment D-.
• 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: Palm Springs Elementary School (math 39% / reading 52%, grade D-, #1,247 of 2,144 statewide, top 59%, 559 students, 58% FRL); Hialeah Middle School (math 30% / reading 42%, grade F, #410 of 571 statewide, top 72%, 878 students, 68% FRL); Hialeah Senior High School (math 16% / reading 37%, grade F, #489 of 667 statewide, top 74%, 1,732 students, 67% FRL) — zoned schools at 65% FRL track the district average.
• Zoned-school proficiency averages 36% at this address vs 50% district-wide (-14 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 31% of rent.
• Market conditions: Rents soft (-1.5%/yr); 199 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.
• 2 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $60k; list at $265k implies a 342% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate flood risk; 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.
• At $2,074/mo this rent would consume 48% of the median local household income ($51k/yr) (locally 4195% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 331 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?