1450 Meridian Ave #104

Miami Beach, FL 33139

$245,000C+

1 bd · 1.0 ba · 467 sqft · Built 2015 · Condo · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,371/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$818
• HOA: −$600
• Vac / Maint / Mgmt: −$708
• Net cashflow: $-40/mo
• Annual: $-475/yr
• Cap rate: 8.19%
• Cash-on-cash: 6.77%
• DSCR: 1.30
• 1% rule: 1.38%
• Cash to close: $68,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $245k.
• At list price, monthly cash flow is $-40 ($-475/yr) — negative.
• To cash-flow at today's rent, offer at most $238k (2.9% below list).
• Meets the 1% rule at list price ($3k rent vs $245k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $238k (2.9% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents soft (-0.4%/yr); 1214 active listings in the ZIP; 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.
• 5 sale attempts since 10y ago; this cycle's ask has dropped $35k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $180k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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.
• Cap rate 8.2% 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.
• At $3,371/mo this rent would consume 58% 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.

Questions for listing agent

• 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.