2851 NE 183 Unit 2203-05 · Aventura, FL 33160

$360,000

3 bd · 2.0 ba · 2,100 sqft · Condo · 97 Days on market

Built 1974 $1098/mo HOA · 22% of rent ↓ 35% since listing

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Why this score? — see what drove the C 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 +18.8/30.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• Appreciation +5.3/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0

Listing remarks

Fantastic views of the Intracoastal, Ocean to the E, Williams Island and Maule lake from this Penthouse unit. Ample living space with 2100 sq ft under air, 2/2+ office. Washer/dryer inside. Security attendant in the lobby, lots of amenities. Walking distance to shops and synagogues. Just minutes to Aventura Mall and 30 min to Miami. The unit has 2 parking spaces close to the entrance, 1 covered and the other half covered.

Key facts

• Views of maule lake
• Washer dryer inside
• Views of the ocean

Tags

• VIEWS OF THE INTRACOASTAL
• VIEWS OF THE OCEAN
• VIEWS OF WILLIAMS ISLAND
• VIEWS OF MAULE LAKE
• WASHER DRYER INSIDE
• WALKING DISTANCE TO SHOPS

Property features AI

Finance

• Other: No waterfront
• Financial info: Pets allowed with breed restrictions
• HOA & community: Monthly association fee; Association amenities include clubhouse, picnic area, parking, lobby, and maintenance; HOA fee covers insurance, grounds maintenance, structure maintenance, sewer, common areas, elevator, and legal/accounting

Exterior

• Parking: Parking available (association-managed)
• Security: Closed-circuit cameras; Security system; Attended lobby
• Utilities: Sewer included in association fees
• Home design: Condominium; Resale property; Accessible elevator installed; 22-story building; Building name: E; East of US-1 frontage
• Construction: CBS construction
• Exterior features: Fenced; First-floor entry

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: One main-level bedroom
• Flooring: Parquet flooring
• Bathrooms: Two full bathrooms (one on the main level)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Built-in features; Kitchen island; Closet cabinetry
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $360k.

Deal economics

• At list price, monthly cash flow is $-63 ($-753/yr) — negative.
• To cash-flow at today's rent, offer at most $351k (2.5% below list).
• Meets the 1% rule at list price ($5k rent vs $360k).
• Recommended offer: $328k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 2.6% in Aventura — 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 (#127 in FL, #1,834 nationally) — a professional / high-income tenant draw. Strengths: health & safety A+, amenities A, commute A; Watch: crime 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.
• Zoned schools: Seminole Elementary School (math 70% / reading 70%, grade A-, #345 of 2,144 statewide, top 17%, 522 students, 64% FRL); West Miami Middle School (math 23% / reading 41%, grade F, #448 of 571 statewide, top 79%, 655 students, 67% FRL); South Miami Senior High School (math 19% / reading 35%, grade F, #478 of 667 statewide, top 73%, 1,507 students, 59% FRL) — zoned schools at 63% FRL track the district average.
• Market conditions: Rents flat; 1870 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $5,000/mo this rent would consume 89% of the median local household income ($67k/yr) (locally 3106% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $4k of equity ($2k loan paydown + $2k appreciation (0.5% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($328k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 22% of rent.
• 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 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $327,600 (9.0% 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 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — 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. Crime grade is D 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?
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: 1.39% ✓
• Cap rate: 7.51%
• Cash-on-cash: 4.33%
• DSCR: 1.19
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.53% appreciation · 0.94% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.85×
• Total profit: $-14,662
• Equity at exit: $114,118

10-year hold

• IRR: 0.4%
• Equity multiple: 1.04×
• Total profit: $3,858
• Equity at exit: $145,078

Cash invested: $100,800 (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 33160

• Home prices YoY: 0.2%
• Rents YoY: 0.9%
• Active inventory: 1870
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $5,000 medium
• Mortgage (P&I): −$1,888
• Tax est. 1.5%: −$450 /mo · $5,400/yr
• Insurance: −$150
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,098
• Vacancy / Maint / Mgmt: −$1,050
• Net cashflow: $-63

Break-even live

Break-even rent $5,079

Max offer price $350,915

Occupancy floor 96%

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5500 Island Estates Dr #507 Aventura, FL	3.0	4.5	2626	$23,500	$8.95	5d	1	0.65mi
5000 Island Estates Dr #606 Aventura, FL	3.0	4.5	2670	$19,900	$7.45	7d	1	0.65mi
5000 Island Estates Dr #606 Aventura, FL	3.0	4.5	2670	$21,000	$7.87	24d	1	0.65mi
5000 Island Estates Dr #606 Aventura, FL	3.0	4.5	2670	$19,900	$7.45	10d	1	0.65mi
5500 Island Estates Dr #507 Aventura, FL	3.0	4.5	2626	$23,500	$8.95	2d	1	0.65mi
3200 NE 165th St North Miami Beach, FL	4.0	2.5	2971	$26,500	$8.92	2d	1	0.95mi
3200 NE 165th St North Miami Beach, FL	4.0	2.5	2971	$26,500	$8.92	21d	1	0.95mi
17901 Collins Ave Sunny Isles Beach, FL	3.0–5.0	4.5–7.5	3228	$38,500	$11.93	24d	3	1.30mi
17875 Collins Ave Sunny Isles Beach, FL	3.0	3.0	2122	$22,000	$10.37	10d	3	1.31mi
18501 Collins Ave Sunny Isles Beach, FL	3.0–4.0	4.5–5.5	3107	$30,000	$9.66	24d	2	1.31mi
18975 Collins Ave Sunny Isles Beach, FL	3.0–5.0	3.0–5.5	3160	$22,000	$6.96	1d	10	1.40mi
18975 Collins Ave Sunny Isles Beach, FL	3.0–5.0	3.0–5.5	2885	$22,000	$7.62	10d	8	1.40mi
17141 Collins Ave #4602 Sunny Isles Beach, FL	2.0	2.5	2042	$25,000	$12.24	5d	1	1.43mi
17141 Collins Ave #4602 Sunny Isles Beach, FL	2.0	2.5	2042	$25,000	$12.24	7d	1	1.43mi
17141 Collins Ave Sunny Isles Beach, FL	3.0	2.5	2042	$19,000	$9.30	24d	1	1.43mi
19955 NE 38th Ct #2106 Aventura, FL	3.0	4.5	2860	$20,000	$6.99	17d	1	1.44mi
17001 Collins Ave #4301 Sunny Isles Beach, FL	4.0	5.5	2871	$22,500	$7.84	14d	1	1.48mi

HOA detail condo

• Monthly dues: $1,098 · $13,176/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-16
   statusdays on market $360,000 Pending 97 DOM
2. 2026-06-15
   days on market $360,000 Active 96 DOM
3. 2026-06-13
   days on market $360,000 Active 94 DOM
4. 2026-06-09
   days on market $360,000 Active 90 DOM
5. 2026-06-08
   days on market $360,000 Active 89 DOM
6. 2026-06-07
   days on market $360,000 Active 88 DOM
7. 2026-06-04
   days on market $360,000 Active 85 DOM
8. 2026-06-03
   days on market $360,000 Active 84 DOM
9. 2026-06-02
   days on market $360,000 Active 83 DOM
10. 2026-06-01
    days on market $360,000 Active 82 DOM
11. 2026-05-31
    days on market $360,000 Active 81 DOM
12. 2026-02-28
    listed $360,000 Active
13. 2025-11-30
    historical
14. 2024-10-05
    listed $395,000
15. 2024-08-02
    historical
16. 2024-02-02
    listed $549,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 97% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 25 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $59,994
• − Mortgage interest: −$20,166
• − Property taxes: −$5,400
• − Insurance: −$6,919
• − Repairs & maintenance: −$4,800
• − Management: −$4,800
• − HOA: −$13,176
• − Depreciation: −$10,473
• Taxable loss: −$5,737
• Est. tax savings @ 24.0%: +$1,377
• After-tax cash flow: $624/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 — Aventura

• Score: 80/100
• State rank: #127
• US rank: #1834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Aventura, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 34,147
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 43,718
• Household income: $67,040
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 3106.0

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 0.59)
• Race & ethnicity: Hispanic / Latino 46% White 44% Two or more races 27% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 8% Dominican 1% Salvadoran 4%
• Common ancestry: Scotch-Irish 8% Hispanic 3% Subsaharan African 3%
• Foreign-born: 61% · Canada, Jamaica, Dominican Republic
• Languages at home: 29% English-only · Spanish 45% Russian/Polish/Slavic 12% Other Indo-European 5%

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: ▲ 0.53%
• Current HPI: 284.9293
• Rent YoY: ▲ 0.94%
• 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

-34.5% since first listed

5 events — show timeline

• 2026-02-28 Listed $360,000 Beaches MLS
• 2025-11-30 Listing Removed — Beaches MLS
• 2024-10-05 Listed $395,000 Beaches MLS
• 2024-08-02 Listing Removed — Beaches MLS
• 2024-02-02 Listed $549,900 Beaches MLS