3581 SW 117th Ave Unit 5-206

Westchester, FL 33175

$257,000D-

1 bd · 1.0 ba · 760 sqft · Built 1981 · Condo · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,294/mo
• Mortgage (P&I): −$1,348
• Tax + insurance: −$451
• HOA: −$339
• Vac / Maint / Mgmt: −$482
• Net cashflow: $-325/mo
• Annual: $-3,902/yr
• Cap rate: 5.08%
• Cash-on-cash: -4.31%
• DSCR: 0.81
• 1% rule: 0.89%
• Cash to close: $71,960

Investor read

• This is a 1-bed/1.0-bath condo listed at $257k.
• At list price, monthly cash flow is $-325 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $200k (22.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (10.7% below list).
• It's been on market 37 days — a 3% lower offer ($249k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $200k (22.4% below list) — sets the bar for cash-flow.
• 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 85/100 on livability (#26 in FL, #589 nationally) — a professional / high-income tenant draw. Strengths: crime A+, health & safety A+, commute A-; Watch: cost of living 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: Royal Palm Elementary School (math 63% / reading 70%, grade B+, #473 of 2,144 statewide, top 23%, 461 students, 72% FRL); Riviera Middle School (math 46% / reading 58%, grade C+, #217 of 571 statewide, top 40%, 504 students, 63% FRL); Southwest Miami Senior High (math 20% / reading 39%, grade F, #447 of 667 statewide, top 68%, 2,415 students, 58% FRL) — zoned schools at 64% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+4.2%/yr); 188 active listings in the ZIP; 40 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.
• 3 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.
• 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 5.1% vs local median 3.4% in Westchester — 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.
• This rent runs 35% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 37 days. Have you received any prior offers? Is the seller open to a 22% 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.
• 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?
• 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?