2524 SE 19th Pl Unit 204-B · Homestead, FL 33035

$189,000

2 bd · 2.0 ba · 1,160 sqft · Condo public records · 60 Days on market

Built 1989 $808/mo HOA · 35% of rent

---

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 +9.7/30.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +2.4/10.0
• Rent growth +1.7/5.0

Listing remarks

Welcome to this beautifully maintained 2-bedroom, 2-bath upstairs condo in the desirable Keys Gate community. Enter through a welcoming foyer that opens to a bright and spacious living and dining area with elegant tile flooring and a chandelier, creating the perfect setting for entertaining or relaxing. The primary suite features comfortable carpeting, a ceiling fan with light, window blinds, and sliding glass doors leading to the screened patio. The en-suite bath includes a walk-in closet, one vanity, and walk-in shower. A generously sized second bedroom offers carpet flooring, double-door entry, window blinds, ceiling light, and its own walk-in closet. The second bathroom includes a conve

Key facts

• $808 HOA
• Community pool
• Built 1989

Property features AI

Finance

• Other: Association-managed pool
• Financial info: Pets allowed with restrictions (conditional)
• HOA & community: Monthly association fee; Association fee covers management, common areas, ground and structure maintenance, recreation facilities, roof, security, trash, and reserve fund; Community amenities include clubhouse, fitness center, pool, cabana, sauna, tennis courts, shuffleboard, barbecue and picnic areas, and business center

Exterior

• Parking: Has attached property (parking details not specified)
• Security: Security system; Complex fenced; Security guard; Smoke detector(s)
• Utilities: Cable available
• Home design: 2-story building; Entry on level 2; Faces west; Block construction
• Construction: Block construction; Effective year built
• Exterior features: Balcony; Patio; Screened patio; Has view; Property attached

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator; Eat-in kitchen layout
• Bedrooms: Bedroom on main level; Second floor entry; Bedroom (13 x 10)
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Unfurnished; Entrance foyer; Eat-in kitchen; Family/dining room; Pantry; Walk-in closet(s)
• Laundry & utility: Washer; Dryer; Electric water heater; Utility room (6 x 3)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $189k.

Deal economics

• At list price, monthly cash flow is $-124 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $167k (11.6% below list).
• Meets the 1% rule at list price ($2k rent vs $189k).
• Recommended offer: $167k (11.6% below list) — sets the bar for cash-flow.
• Cap rate 5.5% vs local median 3.5% in Homestead — 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 (#158 in FL, #2,408 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-.
• 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: Gateway Environmental K-8 Learning Center (math 23% / reading 34%, grade F, #1,943 of 2,144 statewide, top 91%, 1,355 students, 74% FRL); Homestead Middle School (math 23% / reading 25%, grade F, #532 of 571 statewide, top 94%, 666 students, 81% FRL); Homestead Senior High School (math 24% / reading 23%, grade F, #533 of 667 statewide, top 80%, 2,020 students, 74% FRL).
• Zoned-school proficiency averages 25% at this address vs 50% district-wide (-24 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Market conditions: Rents falling (-3.2%/yr); 466 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 ($68k/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 $6k 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 60 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $82k; list at $189k implies a 130% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $167,150 (11.6% 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 60 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.20% ✓
• Cap rate: 5.51%
• Cash-on-cash: -2.80%
• DSCR: 0.88
• GRM: 6.9

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: -26.0%
• Equity multiple: 0.15×
• Total profit: $-44,762
• Equity at exit: $28,181

10-year hold

• IRR: -49.5%
• Equity multiple: -0.38×
• Total profit: $-73,224
• Equity at exit: $16,341

Cash invested: $52,920 (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 33035

• Home prices YoY: -1.4%
• Rents YoY: -3.2%
• Active inventory: 466
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,276 high
• Mortgage (P&I): −$991
• Tax from tax record: −$44 /mo · $527/yr
• Insurance: −$79
• HOA: −$808
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $-124

Break-even live

Break-even rent $2,433

Max offer price $167,150

Occupancy floor —

Sensitivity live

Price	-10% $-17	-5% $-70	+0% $-124	+5% $-177	+10% $-231
Rent	-10% $-304	-5% $-214	+0% $-124	+5% $-34	+10% $56
Rate	-1.0pp $-29	-0.5pp $-76	base $-124	+0.5pp $-173	+1.0pp $-222

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2525 SE 19th Pl Unit 105B Homestead, FL	3.0	2.0	1220	$2,200	$1.80	26d	1	0.03mi
2629 SE 19th Ct Homestead, FL	2.0	2.0	1070	$2,000	$1.87	26d	1	0.07mi
2622 SE 19th Ct Unit 207B Homestead, FL	3.0	2.0	1310	$2,200	$1.68	4d	1	0.07mi
2601 SE 19th Ct Homestead, FL	2.0	2.0	1070	$2,300	$2.15	26d	1	0.07mi
2518 SE 20th Pl Unit 203B Homestead, FL	2.0	2.0	1040	$2,000	$1.92	4d	1	0.07mi
2518 SE 20th Pl Unit 203B Homestead, FL	2.0	2.0	1040	$2,000	$1.92	5d	1	0.07mi
2732 SE 26th Ave Unit 2732 Homestead, FL	3.0	2.5	1414	$2,500	$1.77	26d	1	0.08mi
2637 SE 17th St Unit Na Homestead, FL	3.0	2.5	1483	$2,290	$1.54	22d	1	0.13mi
2603 SE 20th Ct Unit 102A Homestead, FL	2.0	2.0	1070	$2,000	$1.87	26d	1	0.14mi
2603 SE 20th Ct Unit 102A Homestead, FL	2.0	2.0	1070	$2,000	$1.87	9d	1	0.14mi
2644 SE 15th Ct Unit Galo Homestead, FL	3.0	2.5	1483	$2,450	$1.65	22d	1	0.15mi
2644 SE 15th Ct Unit 2644 Homestead, FL	3.0	2.5	1483	$2,450	$1.65	4d	1	0.15mi
1857 SE 26th Ter Homestead, FL	3.0	3.0	1328	$2,550	$1.92	26d	1	0.16mi
2764 SE 26th Ave Unit 2764 Homestead, FL	3.0	2.5	1483	$2,450	$1.65	4d	1	0.16mi
2764 SE 26th Ave Unit 2764 Homestead, FL	3.0	2.5	1483	$2,499	$1.69	26d	1	0.16mi
2201 SE 24th Pl #2201 Homestead, FL	2.0	2.5	1370	$1,850	$1.35	26d	1	0.17mi
2621 SE 21st Ct Unit 105B Homestead, FL	2.0	2.0	1070	$2,100	$1.96	26d	1	0.17mi
2424 SE 19th Ct Unit 2424 Homestead, FL	2.0	2.5	1431	$2,200	$1.54	14d	1	0.19mi
2424 SE 19th Ct Unit 2424 Homestead, FL	2.0	2.5	1431	$2,150	$1.50	0d	1	0.19mi
2277 SE 27th Dr Homestead, FL	2.0	2.0	1070	$2,200	$2.06	26d	1	0.21mi
2414 SE 21st St Homestead, FL	2.0	2.5	1431	$2,500	$1.75	26d	1	0.21mi
2699 SE 19th St Unit 2699 Homestead, FL	3.0	3.0	1328	$2,500	$1.88	26d	1	0.22mi
1791 SE 27th Ter Unit 1791 Homestead, FL	3.0	2.5	1483	$2,500	$1.69	9d	1	0.23mi
1879 SE 27th Ter Homestead, FL	3.0	2.5	1393	$2,500	$1.79	7d	1	0.24mi
1879 SE 27th Ter Homestead, FL	3.0	2.5	1393	$2,500	$1.79	26d	1	0.24mi
2702 SE 15th St Homestead, FL	3.0	3.0	1328	$3,200	$2.41	26d	1	0.24mi
1864 SE 27th Rd Unit 1864 Homestead, FL	3.0	2.5	1483	$2,350	$1.58	26d	1	0.26mi
1541 SE 27th Rd Homestead, FL	3.0	3.0	1328	$2,500	$1.88	26d	1	0.27mi
1541 SE 27th Rd Homestead, FL	3.0	3.0	1328	$2,500	$1.88	19d	1	0.27mi
1537 SE 27th Rd Homestead, FL	3.0	2.5	1393	$2,500	$1.79	26d	1	0.27mi
1695 SE 27th Rd #1695 Homestead, FL	3.0	2.5	1483	$2,400	$1.62	26d	1	0.27mi
2205 SE 23rd Rd Homestead, FL	3.0	2.5	1452	$2,600	$1.79	26d	1	0.27mi
2731 SE 15th St Unit 2731 Homestead, FL	3.0	3.0	1328	$2,400	$1.81	26d	1	0.27mi
2731 SE 15th St Unit 2731 Homestead, FL	3.0	3.0	1328	$2,300	$1.73	9d	1	0.27mi
1845 SE 27th Rd Homestead, FL	3.0	2.5	1483	$2,500	$1.69	26d	1	0.27mi
1845 SE 27th Rd Homestead, FL	3.0	2.5	1483	$2,500	$1.69	0d	1	0.27mi
1521 SE 27th Rd Homestead, FL	3.0	2.5	1393	$2,500	$1.79	26d	1	0.28mi
2373 SE 23rd Dr #2373 Homestead, FL	3.0	2.5	1458	$2,150	$1.47	3d	1	0.30mi
2373 SE 23rd Dr #2373 Homestead, FL	3.0	2.5	1458	$2,300	$1.58	26d	1	0.30mi
2320 SE 23rd Rd #2320 Homestead, FL	3.0	2.5	1452	$2,250	$1.55	26d	1	0.31mi

HOA detail condo

• Monthly dues: $808 · $9,696/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $189,000 Active 60 DOM
2. 2026-06-18
   days on market $189,000 Active 57 DOM
3. 2026-06-17
   days on market $189,000 Active 56 DOM
4. 2026-06-16
   days on market $189,000 Active 55 DOM
5. 2026-06-15
   days on market $189,000 Active 54 DOM
6. 2026-06-13
   days on market $189,000 Active 52 DOM
7. 2026-06-09
   days on market $189,000 Active 48 DOM
8. 2026-06-08
   days on market $189,000 Active 47 DOM
9. 2026-06-07
   days on market $189,000 Active 46 DOM
10. 2026-06-04
    days on market $189,000 Active 43 DOM
11. 2026-06-03
    days on market $189,000 Active 42 DOM
12. 2026-06-02
    days on market $189,000 Active 41 DOM
13. 2026-06-01
    days on market $189,000 Active 40 DOM
14. 2026-05-31
    days on market $189,000 Active 39 DOM
15. 2026-04-22
    listed $189,000 Active
16. 2002-11-22
    soldstatus $82,000
17. 2000-09-19
    soldstatus $72,000
18. 1997-04-08
    soldstatus $63,600
19. 1989-09-01
    soldstatus $55,100

ⓘ 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: $527 · $44/mo
• Projected year-2 tax: $1,569 · $131/mo
• Expected delta: +$1,041/yr (+$87/mo · 197.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 57% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 32 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: $27,314
• − Mortgage interest: −$10,587
• − Property taxes: −$527
• − Insurance: −$945
• − Repairs & maintenance: −$2,185
• − Management: −$2,185
• − HOA: −$9,696
• − Depreciation: −$5,498
• Taxable loss: −$4,310
• Est. tax savings @ 24.0%: +$1,034
• After-tax cash flow: $-450/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 — Homestead

• Score: 78/100
• State rank: #158
• US rank: #2408

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homestead, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 191,470
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 17,202
• Household income: $68,354
• Rent vs Own: 49.5% rent · 50.5% own
• Severe rent burden: 687.0

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 0.55)
• Race & ethnicity: Hispanic / Latino 63% Two or more races 35% Black 18% White 12%
• Hispanic origin (detail): Mexican 6% Puerto Rican 13% Cuban 25% Dominican 2% Salvadoran 1%
• Common ancestry: Hispanic 6% Lithuanian 3% Estonian 1%
• Foreign-born: 33% · Canada, Dominican Republic, Jamaica
• Languages at home: 32% English-only · Spanish 60% French/Haitian/Cajun 7% Other Indo-European 1%

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: ▼ -5.24%
• Current HPI: 369.3031
• Rent YoY: ▼ -3.20%
• 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

+243.0% since first listed

5 events — show timeline

• 2026-04-22 Listed $189,000 MARMLS
• 2002-11-22 Sold (Public Records) $82,000 Public Records
• 2000-09-19 Sold (Public Records) $72,000 Public Records
• 1997-04-08 Sold (Public Records) $63,600 Public Records
• 1989-09-01 Sold (Public Records) $55,100 Public Records

Property tax history

+4.2%/yr

Latest (2025): $527 · +4.1% YoY. Source: county tax records.