1 bd · 1.0 ba ·
790 sqft ·
Built 1970
· Condo
· Active
· 335 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$3,319/mo
Mortgage (P&I)
−$629
Tax + insurance
−$568
HOA
−$492
Vac / Maint / Mgmt
−$697
Net cashflow
$933/mo
Annual
$11,191/yr
Cap rate
19.88%
Cash-on-cash
48.54%
DSCR
3.16
1% rule
2.77%
Cash to close
$33,600
Investor read
This is a 1-bed/1.0-bath condo listed at $120k.
At list price, monthly cash flow is $933 ($11k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($3k rent vs $120k).
It's been on market 335 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
Location reads 82/100 on livability (#71 in FL, #1,177 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D+, crime 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.
Watch-outs: flood insurance adds $427/mo.
Market conditions: Rents soft (-1.6%/yr); 286 active listings in the ZIP; 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.
6 sale attempts since 12y ago; this cycle's ask is 9131% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
Current owner paid $85k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.
At projected returns (-3.0% appreciation + 0.0% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.
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.
Cap rate 19.9% vs local median 5.2% in North 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.
At $3,319/mo this rent would consume 66% of the median local household income ($61k/yr) (locally 2509% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.
Questions for listing agent
It's been on market 335 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
Crime grade is F 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?
CashFlowRE · CFR-57CWG34ZEBDYW5
· Data 3 days agocashflowre.app · 2026-05-29