2644 SW 28th Ct

Miami, FL 33133

$529,000B-

2 bd · 2.0 ba · 1,344 sqft · Built 1963 · MultiFamily · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,989/mo
• Mortgage (P&I): −$2,774
• Tax + insurance: −$843
• HOA: −$0
• Vac / Maint / Mgmt: −$1,468
• Net cashflow: $1,904/mo
• Annual: $22,852/yr
• Cap rate: 10.61%
• Cash-on-cash: 15.43%
• DSCR: 1.69
• 1% rule: 1.32%
• Cash to close: $148,120

Investor read

• This is a 2 × 1-bed/1-bath units multifamily listed at $529k.
• 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).
• It's been on market 19 days — a 2% lower offer ($521k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $521k (1.5% below list) — sets the bar for market timing.
• 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.
• 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.
• Zoned schools: Silver Bluff Elementary School (math 27% / reading 42%, grade F, #1,709 of 2,144 statewide, top 81%, 399 students, 61% FRL); Ponce De Leon Middle School (math 36% / reading 55%, grade D+, #305 of 571 statewide, top 54%, 888 students, 60% FRL); Coral Gables Senior High School (math 31% / reading 53%, grade F, #275 of 667 statewide, top 42%, 2,824 students, 52% FRL).
• Market conditions: Rents rising (+2.7%/yr); 453 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).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $32k; list at $529k implies a 1528% gain — meaningful room to come down on a strong offer.
• 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.
• 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.
• 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.
• 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.