404 NW 23rd Ct · Miami, FL 33125

$679,000

3 bd · 2.0 ba · 1,641 sqft · MultiFamily public records · 295 Days on market

Built 1938 ↓ 5% since listing

---

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
• Schools +4.2/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Located in the heart of Miami, this property presents an opportunity for investors, homebuyers, & developers alike. This site combines the rare advantages of a two-unit main residence & an additional efficiency unit in a generously sized lot teeming with possibilities for future growth and customization. The main structure consists of two distinct units, one with a 2/1 ratio and the other a 1/1 ratio. Property Type: Multi-family residential. Units: 2 main units plus 1 efficiency. Lot Size: Spacious lot with growth potential. T3-O Miami Zoning. Expansion, redevelopment, and rental income for 3-unit development sites. Minutes from downtown Miami. Proximity to Wynwood, Brickell, and

Key facts

• T3-o miami zoning
• Expansion potential
• Spacious lot

Tags

• TWO UNIT MAIN RESIDENCE
• ADDITIONAL EFFICIENCY UNIT
• SPACIOUS LOT
• T3-O MIAMI ZONING
• EXPANSION POTENTIAL
• REDEVELOPMENT POTENTIAL

Property features AI

Finance

• Other: Cable service available
• Financial info: Rent includes trash collection; Units are month-to-month

Exterior

• Parking: Total of 4 parking spaces; Designated parking spaces for units
• Security: No specific security features listed
• Utilities: Public water; Public sewer
• Home design: Single-story building; Resale property; Builder model: 2/1 + 1/1
• Construction: Block construction; Shingle roof
• Exterior features: Fenced yard; Exterior lighting; Patio

Interior

• Kitchen: Kitchens in units; Refrigerator included in one unit
• Bedrooms: Two efficiency units with 1 bedroom each (2 units); One 2-bedroom unit (1 unit)
• Flooring: Ceramic tile; Laminate
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Blinds; Ceramic tile and laminate flooring
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $679k.

Deal economics

• At list price, monthly cash flow is $5k ($56k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $679k).
• Recommended offer: $598k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.5% 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 soft (-1.4%/yr); 239 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $11,787/mo this rent would consume 314% of the median local household income ($45k/yr) (locally 5223% 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 $5k of loan paydown is wiped out by about $20k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $190k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 295 days — a 12% lower offer ($598k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 3→12/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $597,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 295 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.74% ✓
• Cap rate: 14.50%
• Cash-on-cash: 29.30%
• DSCR: 2.30
• GRM: 4.8

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: 20.3%
• Equity multiple: 1.80×
• Total profit: $151,231
• Equity at exit: $101,241

10-year hold

• IRR: 26.4%
• Equity multiple: 3.00×
• Total profit: $379,541
• Equity at exit: $58,708

Cash invested: $190,120 (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 33125

• Rents YoY: -1.4%
• Active inventory: 239
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $11,787 medium
• Mortgage (P&I): −$3,561
• Tax from tax record: −$826 /mo · $9,915/yr
• Insurance: −$283
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,475
• Net cashflow: $4,642

Break-even live

Break-even rent $5,911

Max offer price $679,000

Occupancy floor 56%

Sensitivity live

Price	-10% $5,026	-5% $4,834	+0% $4,642	+5% $4,450	+10% $4,257
Rent	-10% $3,711	-5% $4,176	+0% $4,642	+5% $5,107	+10% $5,573
Rate	-1.0pp $4,984	-0.5pp $4,814	base $4,642	+0.5pp $4,466	+1.0pp $4,287

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$11,787
Total (3 units)			$11,787

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: $169,750
• Closing costs: $20,370
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1710 SW 27th Ave Unit 1272101P Miami, FL	1.0–5.0	1.0–4.0	1716	$11,847	$6.90	8d	3	1.50mi

Listing history 16 events

1. 2026-06-18
   days on market $679,000 Active 295 DOM
2. 2026-06-17
   days on market $679,000 Active 294 DOM
3. 2026-06-16
   days on market $679,000 Active 293 DOM
4. 2026-06-15
   days on market $679,000 Active 292 DOM
5. 2026-06-13
   days on market $679,000 Active 290 DOM
6. 2026-06-09
   days on market $679,000 Active 286 DOM
7. 2026-06-08
   days on market $679,000 Active 285 DOM
8. 2026-06-08
   days on market $679,000 Active 284 DOM
9. 2026-06-04
   days on market $679,000 Active 281 DOM
10. 2026-06-03
    days on market $679,000 Active 280 DOM
11. 2026-06-02
    days on market $679,000 Active 279 DOM
12. 2026-06-01
    days on market $679,000 Active 278 DOM
13. 2026-05-31
    days on market $679,000 Active 277 DOM
14. 2026-04-20
    price $679,000
15. 2025-12-04
    price $699,000
16. 2025-08-27
    listed $715,000 Active

ⓘ 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: $9,915 · $826/mo
• Projected year-2 tax: $9,915 · $826/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 3 d/yr ≥104°F today · 12 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: $141,444
• − Mortgage interest: −$38,035
• − Property taxes: −$9,915
• − Insurance: −$3,395
• − Repairs & maintenance: −$11,316
• − Management: −$11,316
• − Depreciation: −$19,753
• Taxable income: $47,715
• Est. tax owed @ 24.0%: −$11,452
• After-tax cash flow: $44,250/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): 56,897
• Household income: $44,979
• Rent vs Own: 74.0% rent · 26.0% own
• Severe rent burden: 5223.0

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: Predominantly Hispanic (92%)
• Race & ethnicity: Hispanic / Latino 92% Two or more races 52% White 4% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 46% Dominican 3% Salvadoran 1%
• Common ancestry: Hispanic 1%
• Foreign-born: 68% · Canada, Jamaica, Dominican Republic
• Languages at home: 9% English-only · Spanish 90%

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: ▼ -402.98%
• Current HPI: 476.1631
• Rent YoY: ▼ -1.39%
• 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

-5.0% since first listed

3 events — show timeline

• 2026-04-20 Price Changed $679,000 MARMLS
• 2025-12-04 Price Changed $699,000 MARMLS
• 2025-08-27 Listed $715,000 MARMLS

Property tax history

+14.0%/yr

Latest (2025): $9,915 · +6.9% YoY. Source: county tax records.