1470 NE 123 Street NE 1470 Ne 123 St Unit A1415 · North Miami, FL 33161

$259,900

2 bd · 2.0 ba · 1,260 sqft · Condo public records · 127 Days on market

Built 1981 $883/mo HOA · 23% of rent

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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 +18.8/30.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

2/2 CORNER UNIT WITH STUNNING INTRACOASTAL WATER AND CITY VIEWS FROM EVERY ROOM, WRAPAROUND BALCONY, EAT IN KITCHEN, 2 HUGE WALK-IN CLOSETS IN MAIN BEDROOM, 3 PARKING SPACES ASSIGNED (2 IN THE GARAGE AND 1 OUTSIDE). GATED COMMUNITY WITH 2 POOLS, GYM AND DOG PARK. LOCATED JUST 1 1/2 MILE TO BEACH, 1 BLOCK TO WHOLE FOODS, NEAR AVENTURA MALL AND MIAMI BEACH. LOTS OF GREAT RESTAURANTS IN THE AREA AND EASY ACCESS TO I95. 1 PET UNDER 25 LBS IS ALLOWED, CAN BE RENTED RIGHT AWAY. THERE IS A MONTH TO MONTH TENANT IN THE UNIT THAT CAN LEAVE OR STAY. 40 YEARS INSPECTION IS DONE WITH A CURRENT SPECIAL ASSESSMENT FOR 5 YEARS (JAN/26) ($395 PER MONTH). SELLER IS VERY MOTIVATED AND NEEDS TO SALE.

Key facts

• Gated community
• Eat in kitchen
• Walk-in closets

Tags

• CORNER UNIT
• WRAPAROUND BALCONY
• EAT IN KITCHEN
• WALK-IN CLOSETS
• GATED COMMUNITY
• 2 POOLS

Property features AI

Finance

• Financial info: Pets allowed with size limit (more than 20 lbs allowed)
• HOA & community: Monthly association fee; Association amenities include elevator(s), fitness center, laundry, pool, spa/hot tub; Association fee covers management, common areas, hot water, insurance, parking, pest control, reserves, sewer, trash and water

Exterior

• Parking: Assigned detached garage; Two covered parking spaces (2-car total)
• Security: Complex fenced; Secured elevator; Intercom; Smoke detectors
• Utilities: Cable available
• Home design: Attached property in a multi-story building; Entry on level 14; Total building stories: 15
• Construction: Block construction; Year built: Unknown
• Exterior features: Balcony (open); Association pool

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Eat-in kitchen layout
• Bedrooms: Bedroom on main level; Storage room
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Blinds and sliding window treatments; Built-in features; Eat-in kitchen; Open living/dining area; Main living area on entry level; Tub with shower; Walk-in closet(s); Unfurnished
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $260k.

Deal economics

• At list price, monthly cash flow is $-165 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (11.2% below list).
• Meets the 1% rule at list price ($4k rent vs $260k).
• Recommended offer: $229k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 4.1% in North 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 83/100 on livability (#51 in FL, #914 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment D.
• 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: David Lawrence Jr. K-8 Center (math 43% / reading 50%, grade D-, #1,223 of 2,144 statewide, top 57%, 1,282 students, 55% FRL); North Miami Middle School (math 25% / reading 31%, grade F, #486 of 571 statewide, top 86%, 807 students, 71% FRL); Alonzo & Tracy Mourning Senior High School (math 38% / reading 50%, grade F, #244 of 667 statewide, top 37%, 1,597 students, 48% FRL).
• Market conditions: Rents soft (-0.7%/yr); 340 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,758/mo this rent would consume 77% of the median local household income ($58k/yr) (locally 3226% 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 $2k of loan paydown is wiped out by about $8k 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 127 days — a 12% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y 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 $140k; list at $260k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 23% of rent.
• 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.

Recommended offer $228,712 (12.0% 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. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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.
10. 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.
11. 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: 1.45% ✓
• Cap rate: 7.50%
• Cash-on-cash: 4.31%
• DSCR: 1.19
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -26.8%
• Equity multiple: 0.14×
• Total profit: $-62,764
• Equity at exit: $38,752

10-year hold

• IRR: -62.8%
• Equity multiple: -0.47×
• Total profit: $-107,186
• Equity at exit: $22,471

Cash invested: $72,772 (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 33161

• Rents YoY: -0.7%
• Active inventory: 340
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $3,758 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$353 /mo · $4,240/yr
• Insurance: −$108
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$883
• Vacancy / Maint / Mgmt: −$789
• Net cashflow: $-165

Break-even live

Break-even rent $3,967

Max offer price $230,738

Occupancy floor 99%

Sensitivity live

Price	-10% $-18	-5% $-92	+0% $-165	+5% $-239	+10% $-312
Rent	-10% $-462	-5% $-314	+0% $-165	+5% $-17	+10% $132
Rate	-1.0pp $-34	-0.5pp $-99	base $-165	+0.5pp $-232	+1.0pp $-301

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2020 NE 135th St #904 North Miami, FL	2.0	2.0	963	$23,509	$24.41	17d	1	1.16mi
2020 NE 135th St North Miami, FL	2.0	2.0	963	$23,509	$24.41	15d	1	1.16mi

HOA detail condo

• Monthly dues: $883 · $10,596/yr
• Likely covers: waterpoolgymsecurity
• ⚠ Special-assessment mentions:

  …AWAY. THERE IS A MONTH TO MONTH TENANT IN THE UNIT THAT CAN LEAVE OR STAY. 40 YEARS INSPECTION IS DONE WITH A CURRENT SPECIAL ASSESSMENT FOR 5 YEARS (JAN/26) ($395 PER MONTH). SELLER IS VERY MOTIVATED AND NEEDS TO SALE.

Listing history 27 events

1. 2026-06-21
   days on market $259,900 Active 127 DOM
2. 2026-06-18
   days on market $259,900 Active 124 DOM
3. 2026-06-17
   days on market $259,900 Active 123 DOM
4. 2026-06-16
   days on market $259,900 Active 122 DOM
5. 2026-06-15
   days on market $259,900 Active 121 DOM
6. 2026-06-13
   days on market $259,900 Active 119 DOM
7. 2026-06-09
   days on market $259,900 Active 115 DOM
8. 2026-06-08
   days on market $259,900 Active 114 DOM
9. 2026-06-07
   days on market $259,900 Active 113 DOM
10. 2026-06-04
    days on market $259,900 Active 110 DOM
11. 2026-06-03
    days on market $259,900 Active 109 DOM
12. 2026-06-02
    days on market $259,900 Active 108 DOM
13. 2026-06-01
    days on market $259,900 Active 107 DOM
14. 2026-05-31
    days on market $259,900 Active 106 DOM
15. 2026-02-14
    listed $259,900 Active
16. 2026-02-12
    historical $2,300
17. 2026-02-06
    historical
18. 2025-12-06
    listed $2,300
19. 2025-08-06
    listed $259,900 Active
20. 2025-06-30
    historical
21. 2024-12-07
    price $265,000
22. 2024-03-18
    price $285,000
23. 2023-12-03
    listed $320,000 Active
24. 2019-03-04
    historical
25. 2018-12-20
    listed $185,000 Active
26. 2003-09-12
    soldstatus $140,000
27. 1981-06-01
    soldstatus $113,500

ⓘ 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: $4,240 · $353/mo
• Projected year-2 tax: $4,240 · $353/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 ≥103°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,099
• − Mortgage interest: −$14,558
• − Property taxes: −$4,240
• − Insurance: −$6,418
• − Repairs & maintenance: −$3,608
• − Management: −$3,608
• − HOA: −$10,596
• − Depreciation: −$7,561
• Taxable loss: −$5,490
• Est. tax savings @ 24.0%: +$1,318
• After-tax cash flow: $-663/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 — North Miami

• Score: 83/100
• State rank: #51
• US rank: #914

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 99,437
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 54,814
• Household income: $58,325
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 3226.0

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 0.58)
• Race & ethnicity: Black 56% Hispanic / Latino 31% Two or more races 18% White 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 7% Dominican 4% Salvadoran 1%
• Common ancestry: Hispanic 35% Estonian 1% Lithuanian 1%
• Foreign-born: 51% · Canada, Jamaica, Dominican Republic
• Languages at home: 25% English-only · French/Haitian/Cajun 41% Spanish 30% Other Indo-European 2%

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: ▼ -492.86%
• Current HPI: 630.6932
• Rent YoY: ▼ -0.73%
• 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

+129.0% since first listed

13 events — show timeline

• 2026-02-14 Listed $259,900 MARMLS
• 2026-02-12 Rental Removed $2,300 MARMLS
• 2026-02-06 Listing Removed — MARMLS
• 2025-12-06 Listed for Rent $2,300 MARMLS
• 2025-08-06 Listed $259,900 MARMLS
• 2025-06-30 Listing Removed — MARMLS
• 2024-12-07 Price Changed $265,000 MARMLS
• 2024-03-18 Price Changed $285,000 MARMLS
• 2023-12-03 Listed $320,000 MARMLS
• 2019-03-04 Listing Removed — MARMLS
• 2018-12-20 Listed $185,000 MARMLS
• 2003-09-12 Sold (Public Records) $140,000 Public Records
• 1981-06-01 Sold (Public Records) $113,500 Public Records

Property tax history

+7.9%/yr

Latest (2025): $4,240 · +3.4% YoY. Source: county tax records.