1198 NW 61st St · Miami, FL 33127

$337,000

8 bd · 4.0 ba · 3,952 sqft · MultiFamily public records · 54 Days on market

Built 1979 10,102 sqft lot

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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 +13.6/30.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Schools +4.2/10.0
• DSCR +4.1/10.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Prime investment opportunity in a rapidly developing Miami corridor. This 0.21-acre site, located within the Rev Plat of Northwood subdivision, is being offered by a highly motivated seller seeking a straightforward cash transaction. The property is being sold in shell condition. Sale of the property will entail, inheriting it with all the violations which the buyer will need to mitigate. The property has the 40 year recertification plans ready to go as well as an engineering report. Also the commercial dumpster violation has a permit that’s ready to go as well. The property will be conveyed via a special warranty deed. Cash sale, NO contingencies, preferably close within 15-30 days.

Key facts

• Major transit routes
• 0.21-acre site
• 0.23 acre lot

Tags

• 0.21-ACRE SITE
• MAJOR TRANSIT ROUTES
• CONVENIENT ACCESS TO WYNWOOD
• STRONG SURROUNDING GROWTH
• ONGOING REDEVELOPMENT ACTIVITY

Property features AI

Exterior

• Parking: Carport with 12 covered spaces
• Utilities: Public sewer
• Home design: Faces northwest; Property type: Block construction
• Construction: Block construction; Year built: Unknown
• Exterior features: Patio; Quarter- to half-acre lot

Interior

• Flooring: Ceramic tile flooring
• Bathrooms: 4 full bathrooms
• Heating & cooling: Electric cooling
• Interior features: Handicap access; Other interior features

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath multifamily listed at $337k.

Deal economics

• At list price, monthly cash flow is $-134 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $313k (7.0% below list).
• Meets the 1% rule at list price ($3k rent vs $337k).
• Recommended offer: $313k (7.0% below list) — sets the bar for cash-flow.
• Cap rate 6.4% 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.
• Market conditions: Rents rising (+2.3%/yr); 296 active listings in the ZIP; lower-income renter base — watch delinquency; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,467/mo this rent would consume 101% of the median local household income ($41k/yr) (locally 2523% 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 $10k 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 54 days — a 3% lower offer ($327k) is reasonable based on typical stale-listing flexibility.
• 16 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; flood insurance adds $152/mo.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $313,383 (7.0% 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 54 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
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: 1.03% ✓
• Cap rate: 6.36%
• Cash-on-cash: 0.23%
• DSCR: 1.01
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.26% rent growth · sell at horizon

5-year hold

• IRR: -20.0%
• Equity multiple: 0.31×
• Total profit: $-65,299
• Equity at exit: $50,248

10-year hold

• IRR: -14.7%
• Equity multiple: 0.19×
• Total profit: $-76,615
• Equity at exit: $29,138

Cash invested: $94,360 (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 33127

• Home prices YoY: -30.1%
• Rents YoY: 2.3%
• Active inventory: 296
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $3,467 medium
• Mortgage (P&I): −$1,767
• Tax from tax record: −$813 /mo · $9,751/yr
• Insurance: −$140
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$728
• Net cashflow: $-134

Break-even live

Break-even rent $3,636

Max offer price $313,383

Occupancy floor 99%

Sensitivity live

Price	-10% $57	-5% $-38	+0% $-134	+5% $-229	+10% $-324
Rent	-10% $-408	-5% $-271	+0% $-134	+5% $3	+10% $140
Rate	-1.0pp $36	-0.5pp $-48	base $-134	+0.5pp $-221	+1.0pp $-310

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: $84,250
• Closing costs: $10,110
• Reserves months: —
• Total cash needed: —

Listing history 45 events

1. 2026-06-21
   days on market $337,000 Active 54 DOM
2. 2026-06-18
   days on market $337,000 Active 51 DOM
3. 2026-06-17
   days on market $337,000 Active 50 DOM
4. 2026-06-16
   days on market $337,000 Active 49 DOM
5. 2026-06-15
   days on market $337,000 Active 48 DOM
6. 2026-06-13
   days on market $337,000 Active 46 DOM
7. 2026-06-09
   days on market $337,000 Active 42 DOM
8. 2026-06-08
   days on market $337,000 Active 41 DOM
9. 2026-06-07
   days on market $337,000 Active 40 DOM
10. 2026-06-04
    days on market $337,000 Active 37 DOM
11. 2026-06-03
    days on market $337,000 Active 36 DOM
12. 2026-06-02
    days on market $337,000 Active 35 DOM
13. 2026-06-01
    days on market $337,000 Active 34 DOM
14. 2026-05-31
    days on market $337,000 Active 33 DOM
15. 2026-04-28
    listed $337,000 Active
16. 2025-07-02
    historical
17. 2025-07-01
    status Active
18. 2025-04-27
    status Active
19. 2025-03-11
    status Active
20. 2025-02-05
    status Active
21. 2024-12-31
    status Active
22. 2024-11-11
    status Active
23. 2024-10-09
    status Active
24. 2024-08-30
    status Active
25. 2024-07-02
    listed $735,000 Active
26. 2019-05-24
    historical
27. 2019-05-23
    status Active
28. 2019-04-23
    historical
29. 2019-04-02
    status Active
30. 2019-02-26
    status Pending
31. 2018-11-14
    price $485,000
32. 2018-11-14
    status Active
33. 2018-09-13
    price $459,000
34. 2018-09-13
    status Active
35. 2018-06-06
    historical
36. 2018-06-06
    historical
37. 2018-06-06
    historical
38. 2018-06-04
    listed $305,000 Active
39. 2016-11-09
    historical
40. 2015-06-15
    listed $305,000 Active
41. 2006-06-15
    soldstatus $418,000
42. 2006-06-06
    soldstatus $418,000
43. 2004-11-23
    soldstatus $295,000
44. 2002-08-15
    soldstatus $200,000
45. 1997-06-10
    soldstatus $94,000

ⓘ 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: $9,751 · $813/mo
• Projected year-2 tax: $9,751 · $813/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 3/10 Moderate FEMA zone AH · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 28 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,599
• − Mortgage interest: −$18,877
• − Property taxes: −$9,751
• − Insurance: −$3,510
• − Repairs & maintenance: −$3,328
• − Management: −$3,328
• − Depreciation: −$9,804
• Taxable loss: −$6,998
• Est. tax savings @ 24.0%: +$1,680
• After-tax cash flow: $75/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): 26,786
• Household income: $41,230
• Rent vs Own: 73.1% rent · 26.9% own
• Severe rent burden: 2523.0

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: Majority Hispanic (55%)
• Race & ethnicity: Hispanic / Latino 55% Black 39% Two or more races 30% White 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Cuban 9% Dominican 5%
• Common ancestry: Hispanic 11%
• Foreign-born: 43% · Canada, Jamaica, Dominican Republic
• Languages at home: 34% English-only · Spanish 53% French/Haitian/Cajun 12%

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: ▼ -293.00%
• Current HPI: 680.1845
• Rent YoY: ▲ 2.26%
• 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

+258.5% since first listed

31 events — show timeline

• 2026-04-28 Listed $337,000 MARMLS
• 2025-07-02 Listing Removed — MARMLS
• 2025-07-01 Relisted — MARMLS
• 2025-04-27 Relisted — MARMLS
• 2025-03-11 Relisted — MARMLS
• 2025-02-05 Relisted — MARMLS
• 2024-12-31 Relisted — MARMLS
• 2024-11-11 Relisted — MARMLS
• 2024-10-09 Relisted — MARMLS
• 2024-08-30 Relisted — MARMLS
• 2024-07-02 Listed $735,000 MARMLS
• 2019-05-24 Listing Removed — MARMLS
• 2019-05-23 Relisted — MARMLS
• 2019-04-23 Listing Removed — MARMLS
• 2019-04-02 Relisted — MARMLS
• 2019-02-26 Pending — MARMLS
• 2018-11-14 Price Changed $485,000 MARMLS
• 2018-11-14 Relisted — MARMLS
• 2018-09-13 Price Changed $459,000 MARMLS
• 2018-09-13 Relisted — MARMLS
• 2018-06-06 Listing Removed — MARMLS
• 2018-06-06 Listing Removed — MARMLS
• 2018-06-06 Listing Removed — MARMLS
• 2018-06-04 Listed $305,000 MARMLS
• 2016-11-09 Listing Removed — MARMLS
• 2015-06-15 Listed $305,000 MARMLS
• 2006-06-15 Sold (Public Records) $418,000 Public Records
• 2006-06-06 Sold (MLS) $418,000 MARMLS
• 2004-11-23 Sold (Public Records) $295,000 Public Records
• 2002-08-15 Sold (Public Records) $200,000 Public Records
• 1997-06-10 Sold (Public Records) $94,000 Public Records

Property tax history

+8.5%/yr

Latest (2025): $9,751 · +1.9% YoY. Source: county tax records.