511 NE 82nd Ter

Miami, FL 33138

$1,800,000B-

8 bd · 8.0 ba · 5,926 sqft · Built 1959 · MultiFamily · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $23,643/mo
• Mortgage (P&I): −$9,439
• Tax + insurance: −$2,603
• HOA: −$0
• Vac / Maint / Mgmt: −$4,965
• Net cashflow: $6,636/mo
• Annual: $79,632/yr
• Cap rate: 11.00%
• Cash-on-cash: 16.82%
• DSCR: 1.75
• 1% rule: 1.31%
• Cash to close: $504,000

Investor read

• This is a 8-bed/8.0-bath multifamily listed at $1.80M. Condition is rated fair.
• At list price, monthly cash flow is $7k ($80k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $1.80M).
• It's been on market 25 days — a 2% lower offer ($1.77M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.77M (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $54k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#177 in FL, #2,724 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F, 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: Phyllis R. Miller Elementary School (math 45% / reading 38%, grade F, #1,437 of 2,144 statewide, top 68%, 503 students, 70% FRL); Horace Mann Middle School (math 23% / reading 31%, grade F, #497 of 571 statewide, top 88%, 528 students, 76% FRL); Miami Edison Senior High School (math 19% / reading 15%, grade F, #597 of 667 statewide, top 90%, 623 students, 72% FRL).
• Zoned-school proficiency averages 28% at this address vs 50% district-wide (-21 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $427/mo; built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 369 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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.
• 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.0% vs local median 1.9% in 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.
• At $23,643/mo this rent would consume 378% of the median local household income ($75k/yr) (locally 2049% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1959 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible wear and tear.
• Major: exterior siding — The exterior siding and paint show significant wear and tear.
• Major: flooring — The flooring appears to be in poor condition, with visible wear and tear.
• Major: interior walls/paint — The interior walls and paint show significant wear and tear.
• Major: windows — The windows appear to be in poor condition, with visible wear and tear.
• Major: foundation/structure — The foundation and structure appear to be in poor condition, with visible wear and tear.