1885 NE 121st St #3 · North Miami, FL 33181

$169,900

1 bd · 1.0 ba · 1,080 sqft · Condo public records · 261 Days on market

Built 1963 $563/mo HOA · 18% of rent ↓ 13% since listing

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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 +4.2/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a Fannie Mae property Open and spacious 1 bedroom/1.5 bath property. Property has an updated kitchen, double vanity in the master bath, room for dining area and LARGE living room space. Property has a common pool area, assigned parking and common washer/dryer on each floor. COME AND SEE QUICK

Key facts

• Laundry facilities
• Tile floors
• Garden views

Tags

• ASSIGNED PARKING
• GARDEN VIEWS
• TILE FLOORS
• WELL-MAINTAINED COMMUNITY
• POOL
• LAUNDRY FACILITIES

Property features AI

Finance

• Financial info: Lease considered; Pets allowed with restrictions
• HOA & community: Monthly association fee; Association amenities include clubhouse, laundry, pool, trash, and elevators; Association fee covers common areas, insurance, laundry, structure maintenance, parking, pest control, pool(s), sewer, trash and water; Community of 149 units

Exterior

• Parking: Assigned parking
• Security: Complex fenced; Exterior lighting
• Utilities: Has cooling (central air)
• Home design: Attached property; 3 stories; South-facing; Entry on level 1
• Construction: Block construction; Resale property
• Exterior features: Fence; Association pool

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning
• Interior features: Unfurnished; Bedroom on main level; Dual sinks; First floor entry
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $170k.

Deal economics

• At list price, monthly cash flow is $213 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.8% 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: schools D+, 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.
• Market conditions: Rents soft (-0.1%/yr); 335 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 $3,072/mo this rent would consume 58% 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 $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 261 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask is 9084% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $84k; list at $170k implies a 102% gain — meaningful room to come down on a strong offer.

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→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 261 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 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. 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: 1.81% ✓
• Cap rate: 10.81%
• Cash-on-cash: 16.13%
• DSCR: 1.72
• GRM: 4.6

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: -13.7%
• Equity multiple: 0.53×
• Total profit: $-22,286
• Equity at exit: $25,333

10-year hold

• IRR: -17.3%
• Equity multiple: 0.29×
• Total profit: $-33,949
• Equity at exit: $14,690

Cash invested: $47,572 (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: 335
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $3,072 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$262 /mo · $3,149/yr
• Insurance: −$71
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$563
• Vacancy / Maint / Mgmt: −$645
• Net cashflow: $213

Break-even live

Break-even rent $2,802

Max offer price $169,900

Occupancy floor 88%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2020 NE 135th St #904 North Miami, FL	2.0	2.0	963	$23,509	$24.41	15d	1	0.88mi
2020 NE 135th St North Miami, FL	2.0	2.0	963	$23,509	$24.41	14d	1	0.88mi

HOA detail condo

• Monthly dues: $563 · $6,756/yr
• Likely covers: poolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $169,900 Active 261 DOM
2. 2026-06-17
   days on market $169,900 Active 260 DOM
3. 2026-06-16
   days on market $169,900 Active 259 DOM
4. 2026-06-15
   days on market $169,900 Active 258 DOM
5. 2026-06-13
   days on market $169,900 Active 256 DOM
6. 2026-06-09
   days on market $169,900 Active 252 DOM
7. 2026-06-08
   days on market $169,900 Active 251 DOM
8. 2026-06-08
   days on market $169,900 Active 250 DOM
9. 2026-06-04
   days on market $169,900 Active 247 DOM
10. 2026-06-03
    days on market $169,900 Active 246 DOM
11. 2026-06-02
    days on market $169,900 Active 245 DOM
12. 2026-06-01
    days on market $169,900 Active 244 DOM
13. 2026-05-31
    days on market $169,900 Active 243 DOM
14. 2026-01-27
    price $169,900
15. 2026-01-06
    historical $1,750
16. 2026-01-05
    price $174,900
17. 2025-11-18
    price $1,750
18. 2025-10-28
    price $179,900
19. 2025-10-15
    price $1,800
20. 2025-10-01
    listed $1,850
21. 2025-09-29
    listed $185,000 Active
22. 2025-08-12
    historical $1,850
23. 2025-07-23
    listed $1,850
24. 2014-11-10
    soldstatus $84,000 Sold 302-char remark

    Show marketing remark (302 chars)

    This is a Fannie Mae property Open and spacious 1 bedroom/1.5 bath property. Property has an updated kitchen, double vanity in the master bath, room for dining area and LARGE living room space. Property has a common pool area, assigned parking and common washer/dryer on each floor. COME AND SEE QUICK

25. 2014-09-22
    status Pending 302-char remark

    Show marketing remark (302 chars)

    This is a Fannie Mae property Open and spacious 1 bedroom/1.5 bath property. Property has an updated kitchen, double vanity in the master bath, room for dining area and LARGE living room space. Property has a common pool area, assigned parking and common washer/dryer on each floor. COME AND SEE QUICK

26. 2014-08-06
    listed $85,900 Active 302-char remark

    Show marketing remark (302 chars)

    This is a Fannie Mae property Open and spacious 1 bedroom/1.5 bath property. Property has an updated kitchen, double vanity in the master bath, room for dining area and LARGE living room space. Property has a common pool area, assigned parking and common washer/dryer on each floor. COME AND SEE QUICK

27. 2007-06-28
    soldstatus $195,000

ⓘ 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: $3,149 · $262/mo
• Projected year-2 tax: $3,149 · $262/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 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 30 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: $36,860
• − Mortgage interest: −$9,517
• − Property taxes: −$3,149
• − Insurance: −$5,968
• − Repairs & maintenance: −$2,949
• − Management: −$2,949
• − HOA: −$6,756
• − Depreciation: −$4,943
• Taxable income: $630
• Est. tax owed @ 24.0%: −$151
• After-tax cash flow: $2,404/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

• Census place: North Miami, FL
• 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

-12.9% since first listed

14 events — show timeline

• 2026-01-27 Price Changed $169,900 MARMLS
• 2026-01-06 Rental Removed $1,750 MARMLS
• 2026-01-05 Price Changed $174,900 MARMLS
• 2025-11-18 Price Changed $1,750 MARMLS
• 2025-10-28 Price Changed $179,900 MARMLS
• 2025-10-15 Price Changed $1,800 MARMLS
• 2025-10-01 Listed for Rent $1,850 MARMLS
• 2025-09-29 Listed $185,000 MARMLS
• 2025-08-12 Rental Removed $1,850 MARMLS
• 2025-07-23 Listed for Rent $1,850 MARMLS
• 2014-11-10 Sold (MLS) $84,000 MARMLS
• 2014-09-22 Pending — MARMLS
• 2014-08-06 Listed $85,900 MARMLS
• 2007-06-28 Sold (Public Records) $195,000 Public Records

Property tax history

+10.4%/yr

Latest (2025): $3,149 · -3.2% YoY. Source: county tax records.