8040 Tatum Waterway Dr #3 · Miami Beach, FL 33141

$180,000

1 bd · 1.0 ba · 639 sqft · Condo public records · 224 Days on market

Built 1963 $605/mo HOA · 16% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

JUST 3 BLOCKS TO THE BEACH AND ACROSS THE STREET FROM TATUM PARK WHICH HAS A BASKET BALL COURT, VOLLEY BALL AND KIDS PLAYGROUND. THIS IS A WATERFRONT BUILDING WHERE YOU CAN FISH OR THROW YOUR KAYAK. LEASING IS PERMITTED BUT NOT AIR BNB PERFECT FOR AN INVESTOR. CLOSE TO PUBLIC TRANSPORTATION AND THE NORTH BEACH TROLLEY.

Key facts

• New roofing system
• New paint job
• Creek club condo

Tags

• CREEK CLUB CONDO
• MIAMI BEACH GARDEN STYLE
• NEW ROOFING SYSTEM
• NEW PAINT JOB
• BEACH VOLLEYBALL COURTS
• CHILDREN'S PLAY AREAS

Property features AI

Finance

• Other: Annual tax information available
• Financial info: Pets allowed with restrictions or possible restrictions (conditional)
• HOA & community: Monthly association fee; Association fee covers management, insurance, laundry, grounds maintenance, structure maintenance, reserve fund, sewer, trash and water; Community of 20 units

Exterior

• Parking: Guest parking; On-street parking
• Security: Complex fenced; Exterior lighting
• Utilities: Water included in association; Sewer included in association; Trash included in association
• Home design: 2-story property; First floor entry; Attached property
• Construction: Block construction; Resale property
• Exterior features: Fence; Canal access waterfront

Interior

• Kitchen: Dishwasher; Disposal; Gas range; Refrigerator
• Bedrooms: Bedroom located on main level
• Flooring: Tile flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall furnace heating; Wall/window cooling units
• Interior features: First floor entry; Bedroom on main level
• Laundry & utility: Laundry included in association amenities

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $585 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $180k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.0% 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.
• Market conditions: Rents flat; 644 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,674/mo this rent would consume 64% of the median local household income ($69k/yr) (locally 3521% 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 $5k 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 224 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 13y ago; this cycle's ask has dropped $45k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $145k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $158,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 224 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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?
9. 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.
10. 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.
11. 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: 2.04% ✓
• Cap rate: 13.04%
• Cash-on-cash: 24.09%
• DSCR: 2.07
• GRM: 4.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.44% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-416
• Equity at exit: $26,839

10-year hold

• IRR: 4.8%
• Equity multiple: 1.29×
• Total profit: $14,554
• Equity at exit: $15,563

Cash invested: $50,400 (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 33141

• Rents YoY: 0.4%
• Active inventory: 644
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $3,674 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$267 /mo · $3,201/yr
• Insurance: −$75
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$605
• Vacancy / Maint / Mgmt: −$772
• Net cashflow: $585

Break-even live

Break-even rent $2,933

Max offer price $180,000

Occupancy floor 79%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $605 · $7,260/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-04-09
   price $180,000
2. 2026-04-02
   price $190,000
3. 2026-02-09
   price $210,000
4. 2026-01-09
   price $215,000
5. 2025-10-16
   listed $225,000 Active
6. 2025-09-15
   historical $1,650
7. 2025-09-10
   listed $1,675
8. 2025-09-02
   historical $1,685
9. 2025-08-26
   price $1,685
10. 2025-08-23
    price $1,700
11. 2025-08-13
    price $1,750
12. 2025-07-30
    price $1,800
13. 2025-07-23
    price $1,875
14. 2025-07-18
    price $1,900
15. 2025-07-06
    price $2,000
16. 2025-06-27
    listed $2,100
17. 2023-12-15
    historical $1,875
18. 2023-11-30
    price $1,875
19. 2023-11-20
    price $1,900
20. 2023-11-17
    listed $1,950
21. 2021-01-19
    soldstatus $145,000
22. 2021-01-12
    soldstatus $145,000 Closed 320-char remark

    Show marketing remark (320 chars)

    JUST 3 BLOCKS TO THE BEACH AND ACROSS THE STREET FROM TATUM PARK WHICH HAS A BASKET BALL COURT, VOLLEY BALL AND KIDS PLAYGROUND. THIS IS A WATERFRONT BUILDING WHERE YOU CAN FISH OR THROW YOUR KAYAK. LEASING IS PERMITTED BUT NOT AIR BNB PERFECT FOR AN INVESTOR. CLOSE TO PUBLIC TRANSPORTATION AND THE NORTH BEACH TROLLEY.

23. 2020-11-25
    historical Active Under Contract 320-char remark

    Show marketing remark (320 chars)

    JUST 3 BLOCKS TO THE BEACH AND ACROSS THE STREET FROM TATUM PARK WHICH HAS A BASKET BALL COURT, VOLLEY BALL AND KIDS PLAYGROUND. THIS IS A WATERFRONT BUILDING WHERE YOU CAN FISH OR THROW YOUR KAYAK. LEASING IS PERMITTED BUT NOT AIR BNB PERFECT FOR AN INVESTOR. CLOSE TO PUBLIC TRANSPORTATION AND THE NORTH BEACH TROLLEY.

24. 2020-11-17
    price $155,500 320-char remark

    Show marketing remark (320 chars)

    JUST 3 BLOCKS TO THE BEACH AND ACROSS THE STREET FROM TATUM PARK WHICH HAS A BASKET BALL COURT, VOLLEY BALL AND KIDS PLAYGROUND. THIS IS A WATERFRONT BUILDING WHERE YOU CAN FISH OR THROW YOUR KAYAK. LEASING IS PERMITTED BUT NOT AIR BNB PERFECT FOR AN INVESTOR. CLOSE TO PUBLIC TRANSPORTATION AND THE NORTH BEACH TROLLEY.

25. 2020-06-25
    price $159,500 320-char remark

    Show marketing remark (320 chars)

    JUST 3 BLOCKS TO THE BEACH AND ACROSS THE STREET FROM TATUM PARK WHICH HAS A BASKET BALL COURT, VOLLEY BALL AND KIDS PLAYGROUND. THIS IS A WATERFRONT BUILDING WHERE YOU CAN FISH OR THROW YOUR KAYAK. LEASING IS PERMITTED BUT NOT AIR BNB PERFECT FOR AN INVESTOR. CLOSE TO PUBLIC TRANSPORTATION AND THE NORTH BEACH TROLLEY.

26. 2020-02-22
    listed $160,000 Active 320-char remark

    Show marketing remark (320 chars)

    JUST 3 BLOCKS TO THE BEACH AND ACROSS THE STREET FROM TATUM PARK WHICH HAS A BASKET BALL COURT, VOLLEY BALL AND KIDS PLAYGROUND. THIS IS A WATERFRONT BUILDING WHERE YOU CAN FISH OR THROW YOUR KAYAK. LEASING IS PERMITTED BUT NOT AIR BNB PERFECT FOR AN INVESTOR. CLOSE TO PUBLIC TRANSPORTATION AND THE NORTH BEACH TROLLEY.

27. 2013-05-17
    soldstatus $114,500 Sold 308-char remark

    Show marketing remark (308 chars)

    Footsteps to the sea. Take morning walks to the beach which is only 3 blocks away. An idyllic beach condo on a canal with boat dock and across from a park. It has a lushly landscaped garden entry and a large garden patio area at the canal. Updated kitche n and bath. It's your chance for an endless vacation.

28. 2013-05-17
    status Active 308-char remark

    Show marketing remark (308 chars)

    Footsteps to the sea. Take morning walks to the beach which is only 3 blocks away. An idyllic beach condo on a canal with boat dock and across from a park. It has a lushly landscaped garden entry and a large garden patio area at the canal. Updated kitche n and bath. It's your chance for an endless vacation.

29. 2012-06-12
    soldstatus $85,000
30. 2012-06-04
    soldstatus $85,000
31. 2000-02-01
    soldstatus $22,500
32. 1997-01-09
    soldstatus $25,500
33. 1992-12-02
    soldstatus $25,000
34. 1987-03-01
    soldstatus $25,000

ⓘ 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: $3,201 · $267/mo
• Projected year-2 tax: $3,201 · $267/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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 27 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: $44,086
• − Mortgage interest: −$10,083
• − Property taxes: −$3,201
• − Insurance: −$6,018
• − Repairs & maintenance: −$3,527
• − Management: −$3,527
• − HOA: −$7,260
• − Depreciation: −$5,236
• Taxable income: $5,233
• Est. tax owed @ 24.0%: −$1,256
• After-tax cash flow: $5,765/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)

No district data.

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): 36,438
• Household income: $68,738
• Rent vs Own: 62.5% rent · 37.5% own
• Severe rent burden: 3521.0

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: Predominantly Hispanic (67%)
• Race & ethnicity: Hispanic / Latino 67% Two or more races 36% White 20% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 27% Salvadoran 6%
• Common ancestry: Scotch-Irish 2% Romanian 2% Armenian 1%
• Foreign-born: 62% · Canada, Jamaica, Dominican Republic
• Languages at home: 18% English-only · Spanish 69% Other Indo-European 4% 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: ▼ -472.71%
• Current HPI: 336.7298
• Rent YoY: ▲ 0.44%
• 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

+620.0% since first listed

34 events — show timeline

• 2026-04-09 Price Changed $180,000 MARMLS
• 2026-04-02 Price Changed $190,000 MARMLS
• 2026-02-09 Price Changed $210,000 MARMLS
• 2026-01-09 Price Changed $215,000 MARMLS
• 2025-10-16 Listed $225,000 MARMLS
• 2025-09-15 Rental Removed $1,650 MARMLS
• 2025-09-10 Listed for Rent $1,675 MARMLS
• 2025-09-02 Rental Removed $1,685 MARMLS
• 2025-08-26 Price Changed $1,685 MARMLS
• 2025-08-23 Price Changed $1,700 MARMLS
• 2025-08-13 Price Changed $1,750 MARMLS
• 2025-07-30 Price Changed $1,800 MARMLS
• 2025-07-23 Price Changed $1,875 MARMLS
• 2025-07-18 Price Changed $1,900 MARMLS
• 2025-07-06 Price Changed $2,000 MARMLS
• 2025-06-27 Listed for Rent $2,100 MARMLS
• 2023-12-15 Rental Removed $1,875 MARMLS
• 2023-11-30 Price Changed $1,875 MARMLS
• 2023-11-20 Price Changed $1,900 MARMLS
• 2023-11-17 Listed for Rent $1,950 MARMLS
• 2021-01-19 Sold (Public Records) $145,000 Public Records
• 2021-01-12 Sold (MLS) $145,000 MARMLS
• 2020-11-25 Contingent — MARMLS
• 2020-11-17 Price Changed $155,500 MARMLS
• 2020-06-25 Price Changed $159,500 MARMLS
• 2020-02-22 Listed $160,000 MARMLS
• 2013-05-17 Sold (MLS) $114,500 MARMLS
• 2013-05-17 Relisted — MARMLS
• 2012-06-12 Sold (MLS) $85,000 MARMLS
• 2012-06-04 Sold (Public Records) $85,000 Public Records
• 2000-02-01 Sold (Public Records) $22,500 Public Records
• 1997-01-09 Sold (Public Records) $25,500 Public Records
• 1992-12-02 Sold (Public Records) $25,000 Public Records
• 1987-03-01 Sold (Public Records) $25,000 Public Records

Property tax history

+8.5%/yr

Latest (2025): $3,201 · +9.9% YoY. Source: county tax records.