11111 Biscayne Blvd #1901 · North Miami, FL 33181

$208,000

2 bd · 2.0 ba · 1,408 sqft · Condo · 102 Days on market

Built 1968 $1928/mo HOA · 47% of rent ↓ 20% since listing

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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 +10.2/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Breathtaking Biscayne Bay views from every window, where sparkling waters meet endless sky and natural light fills the space. Located within a gated waterfront community, this spacious 2-bedroom, 2-bath corner residence offers 1,408 square feet of comfortable living with sweeping views of Biscayne Bay and North Miami. The light-filled layout features an enclosed balcony, tile flooring throughout the main living areas, and carpeted bedrooms. A rare corner unit offering privacy, water views.

Key facts

• Biscayne bay views
• Enclosed balcony
• Water views

Tags

• BISCAYNE BAY VIEWS
• GATED WATERFRONT COMMUNITY
• ENCLOSED BALCONY
• TILE FLOORING
• CORNER UNIT
• WATER VIEWS

Property features AI

Finance

• Other: Association fee paid monthly
• HOA & community: Monthly association fee (covers water, sewer, trash, common areas, elevator and reserve funds); Trash chute; Pets allowed with breed restrictions

Exterior

• Security: Attended lobby
• Utilities: Water included in association; Sewer included in association; Trash service included in association; Elevator service included in association
• Home design: Condominium; Resale; 21-story building
• Construction: Block construction
• Exterior features: Waterfront property (no specific waterfront features listed)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Walk-in closets; Split bedroom layout

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $208k.

Deal economics

• At list price, monthly cash flow is $-117 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (8.2% below list).
• Meets the 1% rule at list price ($4k rent vs $208k).
• Recommended offer: $189k (9.0% below list) — sets the bar for market timing.
• Cap rate 5.6% vs local median 4.1% in North 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.

Location & tenants

• Location reads 83/100 on livability (#51 in FL, #914 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: 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: David Lawrence Jr. K-8 Center (math 43% / reading 50%, grade D-, #1,223 of 2,144 statewide, top 57%, 1,282 students, 55% FRL); North Miami Middle School (math 25% / reading 31%, grade F, #486 of 571 statewide, top 86%, 807 students, 71% FRL); Alonzo & Tracy Mourning Senior High School (math 38% / reading 50%, grade F, #244 of 667 statewide, top 37%, 1,597 students, 48% FRL).
• Market conditions: Rents soft (-0.1%/yr); 340 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,112/mo this rent would consume 78% of the median local household income ($63k/yr) (locally 1914% 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 (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 102 days — a 9% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $17k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 47% of rent.

Recommended offer $189,280 (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 102 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 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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?
10. 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.
11. 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.
12. 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: 1.98% ✓
• Cap rate: 5.62%
• Cash-on-cash: -2.42%
• DSCR: 0.89
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -28.4%
• Equity multiple: 0.11×
• Total profit: $-51,976
• Equity at exit: $31,013

10-year hold

• IRR: -92.6%
• Equity multiple: -0.65×
• Total profit: $-96,378
• Equity at exit: $17,984

Cash invested: $58,240 (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 33181

• Rents YoY: -0.1%
• Active inventory: 340
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $4,112 medium
• Mortgage (P&I): −$1,091
• Tax est. 1.5%: −$260 /mo · $3,120/yr
• Insurance: −$87
• HOA: −$1,928
• Vacancy / Maint / Mgmt: −$863
• Net cashflow: $-117

Break-even live

Break-even rent $4,260

Max offer price $191,032

Occupancy floor 98%

Sensitivity live

Price	-10% $26	-5% $-45	+0% $-117	+5% $-189	+10% $-261
Rent	-10% $-442	-5% $-280	+0% $-117	+5% $45	+10% $208
Rate	-1.0pp $-13	-0.5pp $-64	base $-117	+0.5pp $-171	+1.0pp $-226

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: $52,000
• Closing costs: $6,240
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $1,928 · $23,136/yr
• Likely covers: watersecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-21
   days on market $208,000 Active 102 DOM
2. 2026-06-18
   days on market $208,000 Active 99 DOM
3. 2026-06-17
   days on market $208,000 Active 98 DOM
4. 2026-06-16
   days on market $208,000 Active 97 DOM
5. 2026-06-15
   days on market $208,000 Active 96 DOM
6. 2026-06-13
   days on market $208,000 Active 94 DOM
7. 2026-06-09
   days on market $208,000 Active 90 DOM
8. 2026-06-08
   days on market $208,000 Active 89 DOM
9. 2026-06-07
   days on market $208,000 Active 88 DOM
10. 2026-06-04
    days on market $208,000 Active 85 DOM
11. 2026-06-03
    days on market $208,000 Active 84 DOM
12. 2026-06-02
    days on market $208,000 Active 83 DOM
13. 2026-06-01
    days on market $208,000 Active 82 DOM
14. 2026-05-31
    days on market $208,000 Active 81 DOM
15. 2026-05-23
    price $208,000
16. 2025-12-18
    listed $225,000 Active
17. 2025-12-13
    historical
18. 2025-10-21
    listed $230,000
19. 2025-10-20
    historical
20. 2025-04-23
    listed $260,000

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

Taxation est. · year 1

• Rental income: $49,339
• − Mortgage interest: −$11,651
• − Property taxes: −$3,120
• − Insurance: −$1,040
• − Repairs & maintenance: −$3,947
• − Management: −$3,947
• − HOA: −$23,136
• − Depreciation: −$6,051
• Taxable loss: −$3,553
• Est. tax savings @ 24.0%: +$853
• After-tax cash flow: $-554/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 — North Miami

• Score: 83/100
• State rank: #51
• US rank: #914

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Miami-Dade County · 2,697,751 people
• City population: 99,437
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 20,848
• Household income: $63,275
• Rent vs Own: 62.4% rent · 37.6% own
• Severe rent burden: 1914.0

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 0.67)
• Race & ethnicity: Hispanic / Latino 44% Black 29% Two or more races 23% White 22% Asian 1%
• Hispanic origin (detail): Puerto Rican 2% Cuban 8% Dominican 2% Salvadoran 3%
• Common ancestry: Hispanic 18% Lithuanian 3% Italian 1%
• Foreign-born: 51% · Canada, Jamaica, Dominican Republic
• Languages at home: 28% English-only · Spanish 44% French/Haitian/Cajun 18% Other Indo-European 4%

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: ▼ -334.57%
• Current HPI: 341.3285
• Rent YoY: ▼ -0.11%
• 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

-20.0% since first listed

6 events — show timeline

• 2026-05-23 Price Changed $208,000 Beaches MLS
• 2025-12-18 Listed $225,000 Beaches MLS
• 2025-12-13 Listing Removed — Beaches MLS
• 2025-10-21 Listed $230,000 Beaches MLS
• 2025-10-20 Listing Removed — Beaches MLS
• 2025-04-23 Listed $260,000 Beaches MLS