3475 N Country Club Dr #204

Aventura, FL 33180

$213,500D+

1 bd · 1.0 ba · 741 sqft · Built 1971 · Condo · Active · 656 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,645/mo
• Mortgage (P&I): −$1,120
• Tax + insurance: −$760
• HOA: −$542
• Vac / Maint / Mgmt: −$556
• Net cashflow: $-332/mo
• Annual: $-3,983/yr
• Cap rate: 6.82%
• Cash-on-cash: 1.90%
• DSCR: 1.08
• 1% rule: 1.24%
• Cash to close: $59,780

Investor read

• This is a 1-bed/1.0-bath condo listed at $214k.
• At list price, monthly cash flow is $-332 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (27.5% below list).
• Meets the 1% rule at list price ($3k rent vs $214k).
• It's been on market 656 days — a 12% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $155k (27.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#127 in FL, #1,834 nationally) — a professional / high-income tenant draw. Strengths: schools A+, health & safety A+, amenities A; Watch: crime D+, cost of living F.
• Watch-outs: flood insurance adds $427/mo; HOA is 20% of rent.
• Market conditions: Rents soft (-1.5%/yr); 992 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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.
• 6 sale attempts since 15y ago; this cycle's ask is 10849% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $105k; list at $214k implies a 103% gain — meaningful room to come down on a strong offer.
• 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 6→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.8% 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.
• This rent runs 35% of the median local income ($91k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 656 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.