3045 SW 21st St · Miami, FL 33145

$1,025,000

3 bd · 2.0 ba · 1,850 sqft · MultiFamily public records · 59 Days on market

Built 1938

---

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 +25.7/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Investor Opportunity – Fully Rented Triplex in Prime Miami Location. Turnkey income-generating property featuring three fully leased units across two updated buildings. . One unit with 2 Bed / 1 Bath - Studio with 1 Bath/ 1 Bed / 1 Bath – Fully remodeled with New HVAC system, New kitchen with modern cabinets and appliances, Updated flooring, Fresh paint inside and out, New water heater, New roof, Artificial turf for low-maintenance outdoor space. Located in a desirable central Miami neighborho. od with strong rental demand and easy access to major highways, Coral Gables, and Downtown

Key facts

• Updated buildings
• Fully remodeled
• New kitchen

Tags

• FULLY RENTED TRIPLEX
• THREE FULLY LEASED UNITS
• UPDATED BUILDINGS
• FULLY REMODELED
• NEW HVAC SYSTEM
• NEW KITCHEN

Property features AI

Finance

• Financial info: Three rental units with current rents: $1,500; $2,000; $2,900 (all units leased)

Exterior

• Parking: Total of 4 parking spaces; Open parking for each unit
• Utilities: Cable available; Public water; Public sewer
• Home design: Single-story building; Resale property; Flat and tile roofing
• Construction: Block construction
• Exterior features: Less than quarter acre lot

Interior

• Bedrooms: One 1-bedroom unit (leased)
• Flooring: Laminate
• Bathrooms: Three units with one full bathroom each
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Laminate flooring

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3.0-bath units multifamily listed at $1.02M.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $815/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $1.02M).
• Recommended offer: $994k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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.

Location & tenants

• 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.
• Market conditions: Rents rising (+2.7%/yr); 225 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $11,625/mo this rent would consume 189% of the median local household income ($74k/yr) (locally 1517% 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 $7k of loan paydown is wiped out by about $31k 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 59 days — a 3% lower offer ($994k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask is 3% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $692k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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.

Recommended offer $994,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.13% ✓
• Cap rate: 9.16%
• Cash-on-cash: 10.23%
• DSCR: 1.45
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.73% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.95×
• Total profit: $-13,512
• Equity at exit: $152,831

10-year hold

• IRR: 8.2%
• Equity multiple: 1.61×
• Total profit: $175,808
• Equity at exit: $88,623

Cash invested: $287,000 (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 33145

• Rents YoY: 2.7%
• Active inventory: 225
• Price-to-rent: 22.0×

Monthly cashflow live

• Estimated rent: $11,625 medium
• Mortgage (P&I): −$5,375
• Tax from tax record: −$936 /mo · $11,229/yr
• Insurance: −$427
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,441
• Net cashflow: $2,446

Break-even live

Break-even rent $8,529

Max offer price $1,025,000

Occupancy floor 74%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	3	$11,625
Total (3 units)			$11,625

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: $256,250
• Closing costs: $30,750
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1710 SW 27th Ave Unit 1272101P Miami, FL	1.0–5.0	1.0–4.0	1716	$11,847	$6.90	7d	3	0.37mi
2601 Salzedo St Coral Gables, FL	2.0–3.0	2.5–4.5	2236	$25,000	$11.18	2d	78	1.13mi
2645 S Bayshore Dr #1403 Miami, FL	3.0	3.5	2240	$21,000	$9.38	24d	1	1.45mi

Listing history 27 events

1. 2026-06-18
   days on market $1,025,000 Active 59 DOM
2. 2026-06-17
   days on market $1,025,000 Active 58 DOM
3. 2026-06-16
   days on market $1,025,000 Active 57 DOM
4. 2026-06-15
   days on market $1,025,000 Active 56 DOM
5. 2026-06-13
   days on market $1,025,000 Active 54 DOM
6. 2026-06-09
   days on market $1,025,000 Active 50 DOM
7. 2026-06-08
   days on market $1,025,000 Active 49 DOM
8. 2026-06-07
   days on market $1,025,000 Active 48 DOM
9. 2026-06-04
   days on market $1,025,000 Active 45 DOM
10. 2026-06-03
    days on market $1,025,000 Active 44 DOM
11. 2026-06-02
    days on market $1,025,000 Active 43 DOM
12. 2026-06-01
    days on market $1,025,000 Active 42 DOM
13. 2026-05-31
    days on market $1,025,000 Active 41 DOM
14. 2026-04-20
    listed $1,025,000 Active
15. 2026-04-20
    historical
16. 2026-04-20
    listed $995,000 Active
17. 2026-02-17
    historical
18. 2025-12-02
    status Active
19. 2025-11-24
    status Pending
20. 2025-10-01
    price $995,000
21. 2025-10-01
    price $945,000
22. 2025-07-25
    listed $1,025,000 Active
23. 2023-07-27
    soldstatus $692,000
24. 2023-07-13
    soldstatus $692,000 Closed
25. 2023-06-19
    historical Active Under Contract
26. 2023-05-10
    listed $690,000 Active
27. 1971-05-01
    soldstatus $29,500

ⓘ 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: $11,229 · $936/mo
• Projected year-2 tax: $11,229 · $936/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 29 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: $139,500
• − Mortgage interest: −$57,416
• − Property taxes: −$11,229
• − Insurance: −$5,125
• − Repairs & maintenance: −$11,160
• − Management: −$11,160
• − Depreciation: −$29,818
• Taxable income: $13,592
• Est. tax owed @ 24.0%: −$3,262
• After-tax cash flow: $26,087/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

• Score: 78/100
• State rank: #177
• US rank: #2724

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment C- Housing B- Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 827,308
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 29,761
• Household income: $73,995
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 1517.0

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 (79%)
• Race & ethnicity: Hispanic / Latino 79% Two or more races 51% White 16% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 41% Dominican 2% Salvadoran 2%
• Common ancestry: Estonian 2% Scotch-Irish 1% Italian 1%
• Foreign-born: 59% · Canada, Jamaica, Dominican Republic
• Languages at home: 13% English-only · Spanish 83% Other Indo-European 2% Russian/Polish/Slavic 1%

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: ▼ -657.80%
• Current HPI: 485.4573
• Rent YoY: ▲ 2.73%
• 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

+3272.9% since first listed

14 events — show timeline

• 2026-04-20 Listed $995,000 MARMLS
• 2026-04-20 Listing Removed — MARMLS
• 2026-04-20 Listed $1,025,000 MARMLS
• 2026-02-17 Listing Removed — MARMLS
• 2025-12-02 Relisted — MARMLS
• 2025-11-24 Pending — MARMLS
• 2025-10-01 Price Changed $995,000 MARMLS
• 2025-10-01 Price Changed $945,000 MARMLS
• 2025-07-25 Listed $1,025,000 MARMLS
• 2023-07-27 Sold (Public Records) $692,000 Public Records
• 2023-07-13 Sold (MLS) $692,000 MARMLS
• 2023-06-19 Contingent — MARMLS
• 2023-05-10 Listed $690,000 MARMLS
• 1971-05-01 Sold (Public Records) $29,500 Public Records

Property tax history

+11.3%/yr

Latest (2025): $11,229 · +1.5% YoY. Source: county tax records.