2855 Leonard Dr Unit H506 · Aventura, FL 33160

$190,000

2 bd · 1.0 ba · 965 sqft · Condo public records · 84 Days on market

Built 1968 $615/mo HOA · 18% of rent

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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
• Appreciation +5.3/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0

Listing remarks

Corner waterfront condo with lagoon views and two screened balconies in Point East, a 55+ community. This well-maintained residence overlooks the peaceful lagoon where residents often spot manatees, large fish, and other marine life, and enjoy kayak access through the lagoon toward the ocean. The layout flows from the original kitchen with newer stove and refrigerator through the dining and living areas and out to the main screened balcony. Tile flooring runs throughout. The primary bedroom features a walk-in closet, vanity area, and its own private screened patio facing the lagoon. While the interior remains original, it has been well maintained and offers a great opportunity to update to

Key facts

• $615 HOA
• Parking
• Community pool

Property features AI

Finance

• Financial info: Has association
• HOA & community: Association: point east two; Monthly association fee; Association fee includes cable TV, insurance, internet, grounds and structure maintenance, pest control, security, sewer, trash, water, common areas, elevator, roof repairs, recreation facility, and pool service; Community amenities include billiard room, clubhouse, elevators, fitness center, game room, jogging path, laundry, on-site management, parking, pool (heated), trash chute, community room, courtesy bus, internet included, library, maintained community, street lights, gated access, and security; Pets allowed (restrictions possible); Manager on site

Exterior

• Parking: 1 open parking space (total parking 1); No carport
• Security: Gated community with guard
• Utilities: Public water; Public sewer; Three phase electric; Cable available; Water available; Sewer available
• Home design: Condominium; Resale unit; 6-story building; Faces northeast
• Construction: Concrete/CBS construction; Flat roof
• Exterior features: Screened patio; Patio; Ocean access waterfront

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 2 bedrooms on main level
• Flooring: Tile flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Walk-in closets; Unfurnished
• Laundry & utility: Common area laundry; Building laundry room; Multiple laundry locations; Laundry sink; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $307 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 2.6% in Aventura — 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 80/100 on livability (#127 in FL, #1,834 nationally) — a professional / high-income tenant draw. Strengths: health & safety A+, amenities A, commute A; Watch: crime 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.
• Zoned schools: Aventura Waterways K-8 Center (math 56% / reading 65%, grade B-, #664 of 2,144 statewide, top 32%, 2,168 students, 32% FRL); Highland Oaks Middle School (math 28% / reading 51%, grade F, #373 of 571 statewide, top 66%, 774 students, 50% FRL); Dr. Michael M. Krop Senior High (math 21% / reading 46%, grade F, #400 of 667 statewide, top 61%, 2,235 students, 49% FRL) — zoned schools average 44% FRL vs 64% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 1870 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($1k loan paydown + $1k appreciation (0.5% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.5% appreciation + 0.9% rent growth), your $53k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 6 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 $41k; list at $190k implies a 363% 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $178,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — 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 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?
9. Crime grade is D 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?
10. 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.
11. 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.
12. 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: 1.79% ✓
• Cap rate: 10.92%
• Cash-on-cash: 16.54%
• DSCR: 1.74
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.53% appreciation · 0.94% rent growth · sell at horizon

5-year hold

• IRR: 4.9%
• Equity multiple: 1.24×
• Total profit: $12,549
• Equity at exit: $60,229

10-year hold

• IRR: 7.5%
• Equity multiple: 1.79×
• Total profit: $42,239
• Equity at exit: $76,569

Cash invested: $53,200 (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 33160

• Home prices YoY: 0.2%
• Rents YoY: 0.9%
• Active inventory: 1870
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $3,392 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$256 /mo · $3,068/yr
• Insurance: −$79
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$615
• Vacancy / Maint / Mgmt: −$712
• Net cashflow: $307

Break-even live

Break-even rent $3,004

Max offer price $190,000

Occupancy floor 86%

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $615 · $7,380/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-18
   days on market $190,000 Active 84 DOM
2. 2026-06-17
   days on market $190,000 Active 83 DOM
3. 2026-06-16
   days on market $190,000 Active 82 DOM
4. 2026-06-15
   days on market $190,000 Active 81 DOM
5. 2026-06-13
   days on market $190,000 Active 79 DOM
6. 2026-06-09
   days on market $190,000 Active 75 DOM
7. 2026-06-08
   days on market $190,000 Active 74 DOM
8. 2026-06-07
   days on market $190,000 Active 73 DOM
9. 2026-06-04
   days on market $190,000 Active 70 DOM
10. 2026-06-03
    days on market $190,000 Active 69 DOM
11. 2026-06-02
    days on market $190,000 Active 68 DOM
12. 2026-06-01
    days on market $190,000 Active 67 DOM
13. 2026-05-31
    days on market $190,000 Active 66 DOM
14. 2026-03-25
    listed $190,000 Active
15. 2024-08-09
    historical $1,900
16. 2024-07-20
    listed $1,900
17. 2024-05-16
    historical $1,900
18. 2024-05-15
    historical
19. 2024-04-10
    price $255,000
20. 2024-03-28
    price $1,900
21. 2024-03-19
    listed $1,950
22. 2024-03-19
    historical $1,950
23. 2024-02-28
    status Active
24. 2024-02-20
    price $1,950
25. 2024-02-19
    price $260,000
26. 2024-02-14
    historical
27. 2024-01-30
    price $2,000
28. 2024-01-25
    listed $2,100
29. 2024-01-24
    listed $275,000 Active
30. 1996-11-20
    soldstatus $41,000
31. 1992-04-27
    soldstatus $40,000
32. 1992-04-01
    soldstatus $40,000

ⓘ 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: $3,068 · $256/mo
• Projected year-2 tax: $3,068 · $256/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 7/10 Severe FEMA zone AE · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 26 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: $40,702
• − Mortgage interest: −$10,643
• − Property taxes: −$3,068
• − Insurance: −$6,068
• − Repairs & maintenance: −$3,256
• − Management: −$3,256
• − HOA: −$7,380
• − Depreciation: −$5,527
• Taxable income: $1,503
• Est. tax owed @ 24.0%: −$361
• After-tax cash flow: $3,321/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 — Aventura

• Score: 80/100
• State rank: #127
• US rank: #1834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Aventura, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,324
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 43,718
• Household income: $67,040
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 3106.0

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 0.59)
• Race & ethnicity: Hispanic / Latino 46% White 44% Two or more races 27% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 8% Dominican 1% Salvadoran 4%
• Common ancestry: Scotch-Irish 8% Hispanic 3% Subsaharan African 3%
• Foreign-born: 61% · Canada, Jamaica, Dominican Republic
• Languages at home: 29% English-only · Spanish 45% Russian/Polish/Slavic 12% Other Indo-European 5%

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: ▲ 0.53%
• Current HPI: 284.9293
• Rent YoY: ▲ 0.94%
• 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

+375.0% since first listed

19 events — show timeline

• 2026-03-25 Listed $190,000 Beaches MLS
• 2024-08-09 Rental Removed $1,900 GFLMLS
• 2024-07-20 Listed for Rent $1,900 GFLMLS
• 2024-05-16 Rental Removed $1,900 GFLMLS
• 2024-05-15 Listing Removed — Beaches MLS
• 2024-04-10 Price Changed $255,000 Beaches MLS
• 2024-03-28 Price Changed $1,900 GFLMLS
• 2024-03-19 Listed for Rent $1,950 GFLMLS
• 2024-03-19 Rental Removed $1,950 GFLMLS
• 2024-02-28 Relisted — Beaches MLS
• 2024-02-20 Price Changed $1,950 GFLMLS
• 2024-02-19 Price Changed $260,000 Beaches MLS
• 2024-02-14 Listing Removed — Beaches MLS
• 2024-01-30 Price Changed $2,000 GFLMLS
• 2024-01-25 Listed for Rent $2,100 GFLMLS
• 2024-01-24 Listed $275,000 Beaches MLS
• 1996-11-20 Sold (Public Records) $41,000 Public Records
• 1992-04-27 Sold (Public Records) $40,000 Public Records
• 1992-04-01 Sold (Public Records) $40,000 Public Records

Property tax history

+22.7%/yr

Latest (2025): $3,068 · +1.2% YoY. Source: county tax records.