2644 SW 28th Ct · Miami, FL 33133

$529,000

2 bd · 2.0 ba · 1,344 sqft · MultiFamily public records · 19 Days on market

Built 1963

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Why this score? — see what drove the B- 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 +29.6/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Location, Location, Location! Close to Coconut Grove, the Beaches inside the City of Miami. Great opportunity to own this magnificent 1 story duplex in the desirable South Bay Community in the heart of Miami. This income-producing property is a two unit duplex with 1/1 each side, tenants pay for water, electricity and cable. making it an excellent investment opportunity. Seller is retiring. CASH BUYERS ONLY! Property is tenant-occupied. Please call listing agent for appointments and additional details. A minimum 48-hour notice is required for all showings. Please do not disturb the tenants.

Key facts

• Two unit duplex
• 4 parking spots
• Built 1963

Tags

• INCOME-PRODUCING PROPERTY
• TWO UNIT DUPLEX

Property features AI

Finance

• Financial info: Rent includes trash collection; Units are rented month-to-month; Typical rent shown: $1,500 per unit

Exterior

• Parking: Total of 4 parking spaces
• Utilities: Public water; Septic tank sewer; Cable available
• Home design: Single-story building; Hotel-room style units; Resale property; Barrel roof
• Construction: Block construction; Barrel roof
• Exterior features: Less than quarter acre lot

Interior

• Kitchen: Kitchens in units
• Bedrooms: Four 1-bedroom hotel-style units (each unit described as a hotel room)
• Flooring: Ceramic tile
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Wall furnaces; Wall/window air conditioning units
• Interior features: Ceramic tile flooring
• Laundry & utility: Parking space and utility areas per unit (unit descriptions note parking space)

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $529k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $952/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $529k).
• Recommended offer: $521k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 1.9% in Miami — 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 78/100 on livability (#177 in FL, #2,724 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F, 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.
• Market conditions: Rents rising (+2.7%/yr); 452 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).
• At $6,989/mo this rent would consume 81% of the median local household income ($103k/yr) (locally 2105% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $148k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($521k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $32k; list at $529k implies a 1528% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $521,065 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.32% ✓
• Cap rate: 10.61%
• Cash-on-cash: 15.43%
• DSCR: 1.69
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.72% rent growth · sell at horizon

5-year hold

• IRR: 5.9%
• Equity multiple: 1.23×
• Total profit: $33,685
• Equity at exit: $78,876

10-year hold

• IRR: 15.0%
• Equity multiple: 2.20×
• Total profit: $177,828
• Equity at exit: $45,738

Cash invested: $148,120 (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 33133

• Rents YoY: 2.7%
• Active inventory: 452
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $6,989 medium
• Mortgage (P&I): −$2,774
• Tax from tax record: −$622 /mo · $7,469/yr
• Insurance: −$220
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,468
• Net cashflow: $1,904

Break-even live

Break-even rent $4,578

Max offer price $529,000

Occupancy floor 68%

Sensitivity live

Price	-10% $2,204	-5% $2,054	+0% $1,904	+5% $1,755	+10% $1,605
Rent	-10% $1,352	-5% $1,628	+0% $1,904	+5% $2,180	+10% $2,456
Rate	-1.0pp $2,171	-0.5pp $2,039	base $1,904	+0.5pp $1,767	+1.0pp $1,628

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$6,990
Total (2 units)			$6,989

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: $132,250
• Closing costs: $15,870
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2669 S Bayshore Dr Unit 702N Miami, FL	3.0	3.5	1845	$23,500	$12.74	25d	1	0.87mi
2678 Tigertail Ave #301 Miami, FL	3.0	3.5	1711	$20,500	$11.98	25d	1	0.87mi
1710 SW 27th Ave Unit 1272101P Miami, FL	1.0–5.0	1.0–4.0	1716	$7,851	$4.57	9d	3	0.88mi
2601 Salzedo St Coral Gables, FL	2.0–3.0	2.5–4.5	2236	$8,200	$3.67	0d	77	1.29mi

Listing history 9 events

1. 2026-06-08
   status $529,000 Pending 19 DOM
2. 2026-06-07
   days on market $529,000 Active 19 DOM
3. 2026-06-04
   days on market $529,000 Active 16 DOM
4. 2026-06-03
   days on market $529,000 Active 15 DOM
5. 2026-06-02
   days on market $529,000 Active 14 DOM
6. 2026-06-01
   days on market $529,000 Active 13 DOM
7. 2026-05-31
   days on market $529,000 Active 12 DOM
8. 2026-05-19
   listed $529,000 Active
9. 1973-02-01
   soldstatus $32,500

ⓘ 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: $7,469 · $622/mo
• Projected year-2 tax: $7,469 · $622/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 6 d/yr ≥104°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: $83,868
• − Mortgage interest: −$29,632
• − Property taxes: −$7,469
• − Insurance: −$2,645
• − Repairs & maintenance: −$6,709
• − Management: −$6,709
• − Depreciation: −$15,389
• Taxable income: $15,314
• Est. tax owed @ 24.0%: −$3,675
• After-tax cash flow: $19,177/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

• Score: 78/100
• State rank: #177
• US rank: #2724

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 827,308
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 36,789
• Household income: $103,420
• Rent vs Own: 47.5% rent · 52.5% own
• Severe rent burden: 2105.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 57% Two or more races 38% White 28% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 22% Salvadoran 2%
• Common ancestry: Lithuanian 3% Romanian 2% Scotch-Irish 2%
• Foreign-born: 42% · Canada, Jamaica, Dominican Republic
• Languages at home: 37% English-only · Spanish 53% Other Indo-European 4% French/Haitian/Cajun 3%

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: ▼ -997.74%
• Current HPI: 460.9475
• Rent YoY: ▲ 2.72%
• 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

+1527.7% since first listed

2 events — show timeline

• 2026-05-19 Listed $529,000 MARMLS
• 1973-02-01 Sold (Public Records) $32,500 Public Records

Property tax history

+7.1%/yr

Latest (2025): $7,469 · +11.5% YoY. Source: county tax records.