1320 Drexel Ave #301 · Miami Beach, FL 33139

$314,000

1 bd · 2.0 ba · 570 sqft · Condo public records · 71 Days on market

Built 1925 $799/mo HOA · 22% of rent

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Why this score? — see what drove the D+ 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 +12.9/30.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• DSCR +3.9/10.0
• Appreciation +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks

Live the South Beach dream in this stunning, fully furnished top-floor 2BD/2BA! This bright, sunny condo offers the perfect blend of modern comfort & stylish design. Modern and stylish bathrooms with a sleek kitchen with stainless teel appliances, gas stove, large sink, and modern cabinetry, hurricane-impact windows, and modern cozy wood floors, this home is made for easy living. Private master suite with a walk-in closet & second bedroom. Prime South Beach location. Just 2 blocks to the beach, 2 blocks to Espanola Way & 3 blocks to Lincoln Road, you'll be immersed in the best of South Beach living. Ideal condo to make it your home, pied-a-terre, and investment as well it

Key facts

• Private master suite
• Walk-in closet
• $799 HOA

Tags

• HURRICANE-IMPACT WINDOWS
• PRIVATE MASTER SUITE
• WALK-IN CLOSET
• PRIME SOUTH BEACH LOCATION
• 2 BLOCKS TO THE BEACH
• 2 BLOCKS TO ESPANOLA WAY

Property features AI

Finance

• Financial info: Pets allowed with restrictions or possible restrictions (conditional)
• HOA & community: Monthly association fee of $799; Association covers water and sewer; Association laundry amenity

Exterior

• Parking: On-street parking
• Security: Intercom; Fenced complex; High-impact doors
• Utilities: Water included in association fee; Sewer included in association fee; Electric service available
• Home design: 3-story building; Property attached (attached unit); Entry located on level 3; Resale property
• Construction: Block construction
• Exterior features: Security/high-impact doors; Complex is fenced; Intercom

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Flooring: Hardwood floors; Wood floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Other interior features
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $314k.

Deal economics

• At list price, monthly cash flow is $-449 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $235k (25.3% below list).
• Meets the 1% rule at list price ($4k rent vs $314k).
• Recommended offer: $235k (25.3% below list) — sets the bar for cash-flow.
• Cap rate 6.2% 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.
• Market conditions: Rents soft (-0.4%/yr); 1214 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,688/mo this rent would consume 63% of the median local household income ($70k/yr) (locally 4052% 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 (-2.2%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 10y 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 $259k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 22% of rent; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $234,672 (25.3% 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 71 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1925 — 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. 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?
11. 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.
12. 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.
13. 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: 1.17% ✓
• Cap rate: 6.21%
• Cash-on-cash: -0.31%
• DSCR: 0.99
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.19% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -25.0%
• Equity multiple: 0.10×
• Total profit: $-78,704
• Equity at exit: $58,305

10-year hold

• IRR: -30.3%
• Equity multiple: -0.53×
• Total profit: $-134,391
• Equity at exit: $47,297

Cash invested: $87,920 (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 33139

• Home prices YoY: -0.8%
• Rents YoY: -0.4%
• Active inventory: 1214
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $3,688 medium
• Mortgage (P&I): −$1,647
• Tax from tax record: −$360 /mo · $4,315/yr
• Insurance: −$131
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$799
• Vacancy / Maint / Mgmt: −$774
• Net cashflow: $-449

Break-even live

Break-even rent $4,256

Max offer price $234,672

Occupancy floor —

Sensitivity live

Price	-10% $-271	-5% $-360	+0% $-449	+5% $-538	+10% $-627
Rent	-10% $-740	-5% $-595	+0% $-449	+5% $-303	+10% $-158
Rate	-1.0pp $-291	-0.5pp $-369	base $-449	+0.5pp $-530	+1.0pp $-613

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: $78,500
• Closing costs: $9,420
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1602 Meridian Ave Miami Beach, FL	4.0	1.0–3.0	917	$6,932	$7.56	15d	1	0.38mi
2201 Collins Ave Miami Beach, FL	1.0–3.0	1.0–2.0	1121	$22,000	$19.62	25d	2	0.95mi

HOA detail condo

• Monthly dues: $799 · $9,588/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-04
   days on market $314,000 Active 71 DOM
2. 2026-06-03
   days on market $314,000 Active 70 DOM
3. 2026-06-02
   days on market $314,000 Active 69 DOM
4. 2026-06-01
   days on market $314,000 Active 68 DOM
5. 2026-05-31
   days on market $314,000 Active 67 DOM
6. 2026-03-25
   listed $314,000 Active
7. 2026-03-04
   historical
8. 2026-01-27
   price $314,000
9. 2026-01-06
   price $319,000
10. 2026-01-06
    listed $318,000 Active
11. 2025-11-04
    historical
12. 2025-09-26
    price $317,000
13. 2025-09-11
    listed $318,000 Active
14. 2025-01-03
    historical
15. 2024-12-08
    listed $324,000 Active
16. 2024-09-24
    historical $2,700
17. 2024-08-09
    listed $2,700
18. 2023-06-08
    soldstatus $259,000
19. 2023-05-24
    soldstatus $259,000 Closed
20. 2023-04-27
    status Pending
21. 2023-04-13
    listed $260,000 Active
22. 2020-08-27
    historical
23. 2020-08-13
    listed $248,000 Active
24. 2016-11-28
    soldstatus $215,000
25. 2016-11-07
    soldstatus $215,000 Sold
26. 2016-08-31
    listed $239,900 Active
27. 2016-08-31
    historical
28. 2016-08-04
    price $242,900
29. 2016-05-20
    price $259,000
30. 2016-05-18
    listed $279,900 Active
31. 2003-12-08
    soldstatus $103,000
32. 2000-02-28
    soldstatus $62,000
33. 1994-08-11
    soldstatus $76,300

ⓘ 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: $4,315 · $360/mo
• Projected year-2 tax: $4,315 · $360/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 8 d/yr ≥101°F today · 31 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: $44,256
• − Mortgage interest: −$17,589
• − Property taxes: −$4,315
• − Insurance: −$6,688
• − Repairs & maintenance: −$3,541
• − Management: −$3,541
• − HOA: −$9,588
• − Depreciation: −$9,135
• Taxable loss: −$10,139
• Est. tax savings @ 24.0%: +$2,433
• After-tax cash flow: $-2,955/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): 33,753
• Household income: $69,793
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 4052.0

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 51% White 40% Two or more races 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 15% Salvadoran 3%
• Common ancestry: Lithuanian 3% Scotch-Irish 2% Romanian 2%
• Foreign-born: 56% · Canada, Jamaica, Dominican Republic
• Languages at home: 37% English-only · Spanish 49% Other Indo-European 5% 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: ▼ -2.19%
• Current HPI: 277.9321
• Rent YoY: ▼ -0.36%
• 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

+311.5% since first listed

28 events — show timeline

• 2026-03-25 Listed $314,000 MARMLS
• 2026-03-04 Listing Removed — MARMLS
• 2026-01-27 Price Changed $314,000 MARMLS
• 2026-01-06 Price Changed $319,000 MARMLS
• 2026-01-06 Listed $318,000 MARMLS
• 2025-11-04 Listing Removed — MARMLS
• 2025-09-26 Price Changed $317,000 MARMLS
• 2025-09-11 Listed $318,000 MARMLS
• 2025-01-03 Listing Removed — MARMLS
• 2024-12-08 Listed $324,000 MARMLS
• 2024-09-24 Rental Removed $2,700 MARMLS
• 2024-08-09 Listed for Rent $2,700 MARMLS
• 2023-06-08 Sold (Public Records) $259,000 Public Records
• 2023-05-24 Sold (MLS) $259,000 MARMLS
• 2023-04-27 Pending — MARMLS
• 2023-04-13 Listed $260,000 MARMLS
• 2020-08-27 Listing Removed — Beaches MLS
• 2020-08-13 Listed $248,000 Beaches MLS
• 2016-11-28 Sold (Public Records) $215,000 Public Records
• 2016-11-07 Sold (MLS) $215,000 MARMLS
• 2016-08-31 Listed $239,900 MARMLS
• 2016-08-31 Listing Removed — MARMLS
• 2016-08-04 Price Changed $242,900 MARMLS
• 2016-05-20 Price Changed $259,000 MARMLS
• 2016-05-18 Listed $279,900 MARMLS
• 2003-12-08 Sold (Public Records) $103,000 Public Records
• 2000-02-28 Sold (Public Records) $62,000 Public Records
• 1994-08-11 Sold (Public Records) $76,300 Public Records

Property tax history

+5.8%/yr

Latest (2025): $4,315 · +12.3% YoY. Source: county tax records.