31 SE 5th St #2205 · Miami, FL 33131

$418,700

1 bd · 1.0 ba · 757 sqft · Condo public records · 11 Days on market

Built 2006 $860/mo HOA · 21% of rent

---

Why this score? — see what drove the D- 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 +7.5/30.0
• ARV discount +7.5/15.0
• 1% rule +4.9/10.0
• Schools +4.2/10.0
• Appreciation +4.0/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• DSCR +1.6/10.0

Listing remarks MLS

Elegant & impecable 1/1 unit in desirable and well managed Brickell Building. Spectacular view of the river and city, marble & wood floors, European wood kitchen cabinets, SS appliances; BLDG has 2 pools, 5 stories wellness center, clubhouse w kitchen faci lities, walking distance to financial district, restaurants & entertainment; Unit currently rented until 10.31.2013 , great investment opportunity; no shortsale or foreclosure, solid owners. Please call 24 hours in advance for showings.

Key facts

• Two swimming pools
• Fitness center
• Private balcony

Tags

• PRIVATE BALCONY
• WALK-IN CLOSET
• MODERN FINISHES
• RESORT-STYLE AMENITIES
• TWO SWIMMING POOLS
• FITNESS CENTER

Property features AI

Finance

• Other: Association-managed pool
• Financial info: Pets allowed
• HOA & community: Monthly association fee; Association fee includes amenities; Community amenities: bike storage, business center, clubhouse, elevators, fitness center, barbecue/picnic area, pool, sauna, spa/hot tub

Exterior

• Parking: Assigned covered parking; Garage with one space and garage door opener
• Security: Doorman; Key card entry
• Utilities: Has cooling; Has heating
• Home design: Attached property; 22nd floor entry/level; 42 total stories
• Construction: Brick and block construction; Effective year built
• Exterior features: Balcony; Barbecue; Security/high impact doors; Canal-front waterfront; Open balcony/patio

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Flooring: Tile
• Bathrooms: One full bathroom
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Walk-in closet(s); Elevator; Other interior features
• Laundry & utility: Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $419k.

Deal economics

• At list price, monthly cash flow is $-517 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $327k (21.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $415k (1.0% below list).
• Recommended offer: $327k (21.8% below list) — sets the bar for cash-flow.
• Cap rate 4.8% 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.
• Zoned schools: Southside Preparatory Academy (math 54% / reading 61%, grade C+, #764 of 2,144 statewide, top 36%, 929 students, 39% FRL); Shenandoah Middle School (math 34% / reading 44%, grade F, #381 of 571 statewide, top 67%, 1,296 students, 72% FRL); Booker T. Washington Senior High (math 12% / reading 19%, grade F, #604 of 667 statewide, top 91%, 1,014 students, 60% FRL).
• Zoned-school proficiency averages 37% at this address vs 50% district-wide (-12 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.0%/yr); 1019 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• This rent runs 35% of the median local income ($144k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-2.1%/yr); year-one equity from $3k of loan paydown is wiped out by about $9k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y 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.
• Current owner paid $300k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $327,454 (21.8% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.99% ✗
• Cap rate: 4.81%
• Cash-on-cash: -5.29%
• DSCR: 0.76
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.09% appreciation · 2.04% rent growth · sell at horizon

5-year hold

• IRR: -19.9%
• Equity multiple: 0.25×
• Total profit: $-88,027
• Equity at exit: $79,526

10-year hold

• IRR: -15.0%
• Equity multiple: -0.01×
• Total profit: $-118,219
• Equity at exit: $66,262

Cash invested: $117,236 (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 33131

• Home prices YoY: -0.7%
• Rents YoY: 2.0%
• Active inventory: 1019
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $4,146 medium
• Mortgage (P&I): −$2,196
• Tax from tax record: −$562 /mo · $6,740/yr
• Insurance: −$174
• HOA: −$860
• Vacancy / Maint / Mgmt: −$871
• Net cashflow: $-517

Break-even live

Break-even rent $4,800

Max offer price $327,454

Occupancy floor —

Sensitivity live

Price	-10% $-280	-5% $-398	+0% $-517	+5% $-635	+10% $-754
Rent	-10% $-844	-5% $-680	+0% $-517	+5% $-353	+10% $-189
Rate	-1.0pp $-306	-0.5pp $-410	base $-517	+0.5pp $-625	+1.0pp $-735

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: $104,675
• Closing costs: $12,561
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
601 NE 1st Ave Unit 1227496P Miami, FL	3.0	1.0–3.0	904	$8,354	$9.24	0d	4	0.73mi

HOA detail condo

• Monthly dues: $860 · $10,320/yr
• Likely covers: cablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-21
   days on market $418,700 Active 11 DOM
2. 2026-06-18
   days on market $418,700 Active 8 DOM
3. 2026-06-17
   days on market $418,700 Active 7 DOM
4. 2026-06-16
   days on market $418,700 Active 6 DOM
5. 2026-06-15
   days on market $418,700 Active 5 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $418,700 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: $6,740 · $562/mo
• Projected year-2 tax: $6,740 · $562/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $49,752
• − Mortgage interest: −$23,454
• − Property taxes: −$6,740
• − Insurance: −$2,094
• − Repairs & maintenance: −$3,980
• − Management: −$3,980
• − HOA: −$10,320
• − Depreciation: −$12,180
• Taxable loss: −$12,996
• Est. tax savings @ 24.0%: +$3,119
• After-tax cash flow: $-3,079/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): 23,095
• Household income: $144,138
• Rent vs Own: 63.0% rent · 37.0% own
• Severe rent burden: 1866.0

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 0.61)
• Race & ethnicity: Hispanic / Latino 52% Two or more races 35% White 33% Asian 4% Black 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4% Cuban 8% Dominican 1% Salvadoran 3%
• Common ancestry: Romanian 2% Scotch-Irish 2% Estonian 2%
• Foreign-born: 54% · Canada, Jamaica, Dominican Republic
• Languages at home: 30% English-only · Spanish 53% Other Indo-European 6% French/Haitian/Cajun 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: ▼ -2.09%
• Current HPI: 281.1156
• Rent YoY: ▲ 2.04%
• 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

+39.6% since first listed

9 events — show timeline

• 2026-06-10 Listed $418,700 MARMLS
• 2026-05-19 Listing Removed — MARMLS
• 2026-04-30 Price Changed $419,700 MARMLS
• 2025-11-19 Listed $424,700 MARMLS
• 2024-07-03 Rental Removed $3,100 MARMLS
• 2024-05-13 Listed for Rent $3,100 MARMLS
• 2013-09-25 Sold (Public Records) $300,000 Public Records
• 2013-09-13 Sold (MLS) $300,000 MARMLS
• 2013-07-29 Pending — MARMLS

Property tax history

+5.3%/yr

Latest (2025): $6,740 · +5.9% YoY. Source: county tax records.