1605 Michigan Ave #929 · Miami Beach, FL 33139

$250,000

1 bd · 1.0 ba · 655 sqft · Condo public records · 17 Days on market

Built 1938 $1001/mo HOA · 27% of rent

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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 +16.2/30.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Appreciation +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks

PRICE IS FIRM!!! PLEASE NO LOW BALL OFFERS * * PRICED TO SELL. CASH OFFERS ONLY. Property has open permits related to completed improvements; buyer must agree to assume responsibility for the open permits as part of the purchase. Motivated seller—DISCLOSURE OF THE VIOLATIONS IS ATTACHED ON THE MLS. * * Beautifully renovated 1-bedroom, 1-bath Art Deco villa, completely brand new inside and never occupied since completion. This charming residence features all-new appliances, a discreet full-size washer and dryer, central A/C installed in 2024, and sleek modern finishes throughout. The spacious layout includes a bright living area, separate kitchen and dining space, and a generous

Key facts

• Built 1938
• Listed 17 days

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Monthly association fee of $1,001; HOA covers common areas, insurance, grounds maintenance, structure maintenance, reserve fund, sewer, trash, and water

Exterior

• Parking: On-street parking
• Security: Smoke detector(s)
• Home design: Attached property; 1 story; Entry level 1
• Construction: Block construction; Resale property
• Exterior features: Courtyard; Open porch; Porch

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator
• Flooring: Hardwood; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: First-floor entry; Bedroom on main level; Hardwood / wood flooring
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $-296 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $198k (20.9% below list).
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $198k (20.9% below list) — sets the bar for cash-flow.
• Cap rate 6.9% 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.
• 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: Miami Beach Feinberg/Fisher K-8 (math 37% / reading 34%, grade F, #1,684 of 2,144 statewide, top 79%, 842 students, 61% FRL); Miami Beach Nautilus Middle School (math 46% / reading 58%, grade C+, #217 of 571 statewide, top 40%, 918 students, 44% FRL); Miami Beach Senior High School (math 21% / reading 48%, grade F, #386 of 667 statewide, top 59%, 2,175 students, 40% FRL) — zoned schools average 48% FRL vs 64% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-0.4%/yr); 1216 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,736/mo this rent would consume 64% of the median local household income ($70k/yr) (locally 4052% 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 (-2.2%/yr); year-one equity from $2k 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 17 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 9y 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 27% of rent; built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• 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 8→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $197,717 (20.9% 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. Built in 1938 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.49% ✓
• Cap rate: 6.92%
• Cash-on-cash: 2.24%
• DSCR: 1.10
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.19% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -24.4%
• Equity multiple: 0.13×
• Total profit: $-60,723
• Equity at exit: $46,421

10-year hold

• IRR: -32.6%
• Equity multiple: -0.54×
• Total profit: $-107,848
• Equity at exit: $37,657

Cash invested: $70,000 (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 33139

• Home prices YoY: -0.8%
• Rents YoY: -0.4%
• Active inventory: 1216
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $3,736 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$405 /mo · $4,859/yr
• Insurance: −$104
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,001
• Vacancy / Maint / Mgmt: −$785
• Net cashflow: $-296

Break-even live

Break-even rent $4,111

Max offer price $197,717

Occupancy floor —

Sensitivity live

Price	-10% $-154	-5% $-225	+0% $-296	+5% $-367	+10% $-437
Rent	-10% $-591	-5% $-444	+0% $-296	+5% $-148	+10% $-1
Rate	-1.0pp $-170	-0.5pp $-232	base $-296	+0.5pp $-361	+1.0pp $-427

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1602 Meridian Ave Miami Beach, FL	4.0	1.0–3.0	917	$6,932	$7.56	16d	1	0.07mi
2201 Collins Ave Miami Beach, FL	1.0–3.0	1.0–2.0	1121	$22,000	$19.62	26d	2	0.89mi

HOA detail condo

• Monthly dues: $1,001 · $12,012/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-21
   days on market $250,000 Active 17 DOM
2. 2026-06-18
   days on market $250,000 Active 14 DOM
3. 2026-06-17
   days on market $250,000 Active 13 DOM
4. 2026-06-16
   days on market $250,000 Active 12 DOM
5. 2026-06-15
   days on market $250,000 Active 11 DOM
6. 2026-06-13
   days on market $250,000 Active 9 DOM
7. 2026-06-09
   days on market $250,000 Active 5 DOM
8. 2026-06-08
   days on market $250,000 Active 4 DOM
9. 2026-06-07
   remarks 693-char remark
10. 2026-06-07
    listed $250,000 Active 3 DOM

ⓘ 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: $4,859 · $405/mo
• Projected year-2 tax: $4,859 · $405/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 3/10 Moderate
• 🌡 Heat 10/10 Extreme 8 d/yr ≥101°F today · 31 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,836
• − Mortgage interest: −$14,004
• − Property taxes: −$4,859
• − Insurance: −$6,368
• − Repairs & maintenance: −$3,587
• − Management: −$3,587
• − HOA: −$12,012
• − Depreciation: −$7,273
• Taxable loss: −$6,854
• Est. tax savings @ 24.0%: +$1,645
• After-tax cash flow: $-1,907/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 — 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): 33,753
• Household income: $69,793
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 4052.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 51% White 40% Two or more races 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 15% Salvadoran 3%
• Common ancestry: Lithuanian 3% Scotch-Irish 2% Romanian 2%
• Foreign-born: 56% · Canada, Jamaica, Dominican Republic
• Languages at home: 37% English-only · Spanish 49% Other Indo-European 5% 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: ▼ -2.19%
• Current HPI: 277.9321
• Rent YoY: ▼ -0.36%
• 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

+257.1% since first listed

41 events — show timeline

• 2026-06-03 Listed $250,000 MARMLS
• 2026-05-24 Listing Removed — MARMLS
• 2026-05-24 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-05-24 Listing Removed — Beaches MLS
• 2026-02-22 Listed $364,999 Stellar MLS as Distributed by MLS Grid
• 2026-02-20 Listing Removed — MARMLS
• 2026-02-20 Listed $364,999 MARMLS
• 2026-02-20 Listed $364,999 Beaches MLS
• 2025-12-29 Listed $350,000 MARMLS
• 2025-12-24 Listing Removed — MARMLS
• 2025-12-23 Price Changed $349,999 MARMLS
• 2025-12-01 Listed $350,000 MARMLS
• 2025-08-07 Listing Removed — MARMLS
• 2025-07-30 Price Changed $350,000 MARMLS
• 2025-07-23 Price Changed $364,999 MARMLS
• 2025-06-12 Price Changed $365,000 MARMLS
• 2025-05-28 Price Changed $374,999 MARMLS
• 2025-05-19 Price Changed $379,999 MARMLS
• 2025-05-01 Price Changed $389,999 MARMLS
• 2025-04-22 Price Changed $399,999 MARMLS
• 2025-04-10 Listed $410,000 MARMLS
• 2024-08-21 Sold (Public Records) $345,000 Public Records
• 2024-08-16 Sold (MLS) $345,000 MARMLS
• 2024-08-01 Pending — MARMLS
• 2024-07-19 Price Changed $349,000 MARMLS
• 2024-05-24 Listed $359,000 MARMLS
• 2022-04-18 Sold (Public Records) $305,000 Public Records
• 2019-05-07 Sold (Public Records) $225,000 Public Records
• 2019-05-01 Sold (MLS) $225,000 MARMLS
• 2019-03-30 Pending — MARMLS
• 2019-03-25 Price Changed $225,000 MARMLS
• 2019-01-28 Relisted — MARMLS
• 2019-01-22 Pending — MARMLS
• 2019-01-11 Listed $239,000 MARMLS
• 2018-03-27 Listing Removed — MARMLS
• 2018-01-03 Price Changed $249,000 MARMLS
• 2017-10-23 Price Changed $259,000 MARMLS
• 2017-07-20 Listed $270,000 MARMLS
• 2002-10-23 Sold (Public Records) $130,000 Public Records
• 1999-09-21 Sold (Public Records) $95,000 Public Records
• 1995-05-01 Sold (Public Records) $70,000 Public Records

Property tax history

+4.3%/yr

Latest (2025): $4,859 · +9.8% YoY. Source: county tax records.