2331 W 66th Pl #201

Hialeah, FL 33016

$249,000D

2 bd · 1.0 ba · 825 sqft · Built 1985 · Condo · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,305/mo
• Mortgage (P&I): −$1,306
• Tax + insurance: −$481
• HOA: −$45
• Vac / Maint / Mgmt: −$484
• Net cashflow: $-11/mo
• Annual: $-132/yr
• Cap rate: 6.56%
• Cash-on-cash: 0.95%
• DSCR: 1.04
• 1% rule: 0.93%
• Cash to close: $69,720

Investor read

• This is a 2-bed/1.0-bath condo listed at $249k.
• At list price, monthly cash flow is $-11 ($-132/yr) — negative.
• To cash-flow at today's rent, offer at most $247k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (7.4% below list).
• It's been on market 42 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $231k (7.4% 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 $7k 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: Ben Sheppard Elementary School (math 48% / reading 54%, grade C-, #1,043 of 2,144 statewide, top 49%, 897 students, 77% FRL); Palm Springs Middle School (math 32% / reading 40%, grade F, #410 of 571 statewide, top 72%, 782 students, 72% FRL); Hialeah Gardens Senior High School (math 24% / reading 56%, grade F, #296 of 667 statewide, top 45%, 2,756 students, 59% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents flat; 148 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $180k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe flood risk; 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.
• Cap rate 6.6% vs local median 3.5% in Hialeah — 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 $2,305/mo this rent would consume 47% of the median local household income ($58k/yr) (locally 2779% 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 42 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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?
• 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.