160 NE 203rd Ter #18 · Miami Gardens, FL 33179

$150,000

2 bd · 2.0 ba · 902 sqft · Condo public records · 515 Days on market

Built 1970 $355/mo HOA · 16% 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 +24.8/30.0
• 1% rule +9.4/10.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

LARGE CORNER UNIT 2/2 APARTMENT FOR SALE, OWNER OCCUPIED. DO NOT DISTURB OWNER, THIS UNIT HOPA VERIFIED. THIS CONDOMINIUM HAS "NO RESERVES"

Key facts

• $355 HOA
• Garage
• Community pool

Property features AI

Finance

• Other: Association-managed pool
• Financial info: Pets allowed with restrictions
• HOA & community: Monthly association fee; Association amenities include clubhouse, community kitchen, fitness center, hobby room, laundry, and pool; Association fee covers amenities, structure maintenance, and pool(s)

Exterior

• Parking: Detached garage with 1 assigned covered space
• Utilities: Cable available
• Home design: Attached property; 2 stories; Entry on level 2; Faces north; Has a view
• Construction: Block construction; Effective year built
• Exterior features: Balcony; Open balcony/porch

Interior

• Kitchen: Gas range; Refrigerator; Some gas appliances
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Second-floor entry; Combined living and dining area; Unfurnished
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $-111 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $134k (10.7% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 3.1% in Miami Gardens — 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 72/100 on livability (#338 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D+, crime D-, amenities 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 flat; 572 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• This rent runs 40% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 515 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 9 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 $150k implies a 267% 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 4→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $132,000 (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 515 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
11. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
12. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
13. 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.
14. 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.
15. 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: 1.44% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.01%
• DSCR: 1.40
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.22% rent growth · sell at horizon

5-year hold

• IRR: -27.1%
• Equity multiple: 0.12×
• Total profit: $-36,753
• Equity at exit: $22,365

10-year hold

• IRR: -59.8%
• Equity multiple: -0.47×
• Total profit: $-61,861
• Equity at exit: $12,969

Cash invested: $42,000 (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 33179

• Rents YoY: 0.2%
• Active inventory: 572
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,161 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$355
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $-111

Break-even live

Break-even rent $2,301

Max offer price $133,918

Occupancy floor —

Sensitivity live

Price	-10% $-7	-5% $-59	+0% $-111	+5% $-163	+10% $-215
Rent	-10% $-282	-5% $-196	+0% $-111	+5% $-26	+10% $60
Rate	-1.0pp $-36	-0.5pp $-73	base $-111	+0.5pp $-150	+1.0pp $-190

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5721 SW 41st St West Park, FL	3.0	1.0	839	$2,650	$3.16	24d	1	0.77mi
5525 SW 41st St Hollywood, FL	2.0	2.0	1031	$2,145	$2.08	3d	1	0.83mi
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,799	$2.21	4d	4	0.89mi
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,750	$2.15	20d	3	0.89mi
5540 SW 38th Ct West Park, FL	2.0	1.0	768	$2,000	$2.60	11d	1	0.91mi
5460 SW 38th Ct West Park, FL	2.0	1.0	890	$2,350	$2.64	24d	1	0.92mi
5440 SW 38th Ct West Park, FL	2.0	1.0	768	$1,900	$2.47	8d	1	0.92mi
5440 SW 38th Ct West Park, FL	2.0	1.0	768	$1,900	$2.47	24d	1	0.92mi
5710 SW 38th St West Park, FL	2.0	1.0	835	$2,400	$2.87	24d	1	0.92mi
5510 SW 38th St West Park, FL	2.0	1.0	855	$2,250	$2.63	2d	1	0.96mi
5510 SW 38th St Unit 5510 West Park, FL	2.0	1.0	822	$2,250	$2.74	4d	1	0.96mi
5510 SW 38th St Unit 5510 West Park, FL	2.0	1.0	822	$2,250	$2.74	4d	1	0.96mi
3721 SW 54th Ave West Park, FL	2.0	1.0	768	$2,100	$2.73	13d	1	1.02mi
3700 SW 52nd Ave Hollywood, FL	2.0	2.0	850	$1,446	$1.70	24d	1	1.04mi
3842 SW 48th Ave Hollywood, FL	2.0	2.0	966	$2,000	$2.07	24d	1	1.05mi
3856 SW 48th Ave #3856 Pembroke Park, FL	2.0	2.0	950	$2,150	$2.26	17d	1	1.06mi
3838 SW 48th Ave Unit 3838 Pembroke Park, FL	2.0	2.0	966	$2,200	$2.28	24d	1	1.06mi
3828 SW 48th Ave Unit D27 Hollywood, FL	2.0	2.0	950	$2,300	$2.42	24d	1	1.08mi
3874 SW 48th Ave #3874 Pembroke Park, FL	2.0	2.0	950	$2,150	$2.26	8d	1	1.08mi
3826 SW 48th Ave Unit 3826 Pembroke Park, FL	2.0	2.0	950	$2,200	$2.32	15d	1	1.10mi
3826 SW 48th Ave Unit 3826 Pembroke Park, FL	2.0	2.0	950	$2,200	$2.32	5d	1	1.10mi
6112 SW 37th St Unit B Miramar, FL	2.0	1.0	850	$1,800	$2.12	22d	1	1.11mi
5521 SW 34th St Unit 2 Pembroke Park, FL	2.0	1.0	692	$1,750	$2.53	24d	1	1.29mi
6033 SW 35th St Unit 101 Miramar, FL	2.0	2.0	1000	$1,995	$2.00	24d	1	1.32mi
4141 SW 32nd Dr West Park, FL	3.0	1.0	1048	$2,700	$2.58	8d	1	1.48mi
4141 SW 32nd Dr West Park, FL	3.0	1.0	1048	$2,700	$2.58	24d	1	1.48mi
4628 SW 32nd Dr West Park, FL	3.0	1.0	1082	$2,800	$2.59	24d	1	1.49mi

HOA detail condo

• Monthly dues: $355 · $4,260/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-18
   days on market $150,000 Active 515 DOM
2. 2026-06-17
   days on market $150,000 Active 514 DOM
3. 2026-06-16
   days on market $150,000 Active 513 DOM
4. 2026-06-15
   days on market $150,000 Active 512 DOM
5. 2026-06-13
   days on market $150,000 Active 510 DOM
6. 2026-06-09
   days on market $150,000 Active 506 DOM
7. 2026-06-08
   days on market $150,000 Active 505 DOM
8. 2026-06-08
   days on market $150,000 Active 504 DOM
9. 2026-06-04
   days on market $150,000 Active 501 DOM
10. 2026-06-03
    days on market $150,000 Active 500 DOM
11. 2026-06-02
    days on market $150,000 Active 499 DOM
12. 2026-06-01
    days on market $150,000 Active 498 DOM
13. 2026-05-31
    days on market $150,000 Active 497 DOM
14. 2026-04-01
    status Active
15. 2026-03-31
    historical
16. 2025-04-01
    status Active
17. 2025-02-10
    historical Active Under Contract
18. 2025-01-17
    listed $150,000 Active
19. 2025-01-04
    historical $2,200
20. 2024-12-20
    price $2,200
21. 2024-12-17
    status Active
22. 2024-12-16
    historical
23. 2024-11-11
    listed $2,400
24. 2024-11-08
    status Pending
25. 2024-06-21
    listed $150,000 Active
26. 2024-06-15
    historical
27. 2024-05-13
    status Active
28. 2024-04-10
    status Active
29. 2024-03-11
    historical Active Under Contract
30. 2024-02-13
    listed $150,000 Active
31. 2000-08-04
    soldstatus $40,833

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone AE · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 4 d/yr ≥105°F today · 14 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,929
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$5,868
• − Repairs & maintenance: −$2,074
• − Management: −$2,074
• − HOA: −$4,260
• − Depreciation: −$4,364
• Taxable loss: −$3,364
• Est. tax savings @ 24.0%: +$807
• After-tax cash flow: $-526/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 Gardens

• Score: 72/100
• State rank: #338
• US rank: #5854

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Gardens, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 81,592
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 51,591
• Household income: $65,211
• Rent vs Own: 43.3% rent · 56.7% own
• Severe rent burden: 3123.0

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 0.67)
• Race & ethnicity: Black 39% Hispanic / Latino 38% Two or more races 23% White 19% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 6% Dominican 3% Salvadoran 3%
• Common ancestry: Hispanic 13% Scotch-Irish 2% Romanian 2%
• Foreign-born: 48% · Canada, Jamaica, Dominican Republic
• Languages at home: 42% English-only · Spanish 37% French/Haitian/Cajun 13% 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: ▼ -608.34%
• Current HPI: 328.1733
• Rent YoY: ▲ 0.22%
• 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

+267.3% since first listed

18 events — show timeline

• 2026-04-01 Relisted — MARMLS
• 2026-03-31 Listing Removed — MARMLS
• 2025-04-01 Relisted — MARMLS
• 2025-02-10 Contingent — MARMLS
• 2025-01-17 Listed $150,000 MARMLS
• 2025-01-04 Rental Removed $2,200 MARMLS
• 2024-12-20 Price Changed $2,200 MARMLS
• 2024-12-17 Relisted — MARMLS
• 2024-12-16 Listing Removed — MARMLS
• 2024-11-11 Listed for Rent $2,400 MARMLS
• 2024-11-08 Pending — MARMLS
• 2024-06-21 Listed $150,000 MARMLS
• 2024-06-15 Listing Removed — MARMLS
• 2024-05-13 Relisted — MARMLS
• 2024-04-10 Relisted — MARMLS
• 2024-03-11 Contingent — MARMLS
• 2024-02-13 Listed $150,000 MARMLS
• 2000-08-04 Sold (Public Records) $40,833 Public Records

Property tax history

+14.7%/yr

Latest (2025): $288 · +8.3% YoY. Source: county tax records.