200 178th Dr #504 · Sunny Isles Beach, FL 33160

$277,000

1 bd · 1.0 ba · 1,000 sqft · Condo public records · 406 Days on market

Built 1976 $756/mo HOA · 19% of rent

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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 +23.7/30.0
• 1% rule +9.4/10.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• Appreciation +5.3/10.0
• Livability +4.3/5.0
• Schools +4.2/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0

Listing remarks

Great opportunity for short term rentals. Beautiful updated and remodeled unit located in the heart of Sunny Isles Beach, next to the park, across from the beach, walking distance to shops, plazas, restaurants, K-8 school, houses of worship. Large and spacious 1bd 1.5 bath unit with plenty of closet space, 1000 sf, boutique building, only 60units, covered parking space and plenty of guest parking. Low maintenance fee. No rental restrictions, Airbnb is allowed. Great for investment, second home or primary residence. Building passed 40 year certification - Please see attachments regarding special assessments please call agent for showing instructions. Investor opportunity

Key facts

• Next to the park
• $756 HOA
• Garage

Tags

• UPDATED AND REMODELED UNIT
• HEART OF SUNNY ISLES BEACH
• NEXT TO THE PARK
• ACROSS FROM THE BEACH
• WALKING DISTANCE TO SHOPS
• WALKING DISTANCE TO K-8 SCHOOL

Property features AI

Finance

• Financial info: Lease considered; Pets allowed conditionally; restrictions may apply; Annual tax amount available
• HOA & community: Monthly association fee of $756; Association fee covers amenities and common areas; Association-managed pool

Exterior

• Parking: Detached garage; Guest parking; One covered parking space (1 garage space)
• Security: Key card entry; Phone entry
• Home design: 8-story building; Resale unit; Entry level: 5
• Construction: Block construction
• Exterior features: Association pool; Property is attached; Entry located on level 5

Interior

• Kitchen: Electric range; Microwave
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Bedroom on main level; First floor entry; Ceramic tile flooring

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $277k.

Deal economics

• At list price, monthly cash flow is $103 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $277k).
• Recommended offer: $244k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 0.8% in Sunny Isles Beach — 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 86/100 on livability (#20 in FL, #434 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, health & safety A+, crime A; Watch: housing C-, 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.
• Zoned schools: Norman S. Edelcup/Sunny Isles Beach K-8 (math 68% / reading 69%, grade B+, #409 of 2,144 statewide, top 20%, 2,231 students, 30% FRL); Highland Oaks Middle School (math 28% / reading 51%, grade F, #373 of 571 statewide, top 66%, 774 students, 50% FRL); Alonzo & Tracy Mourning Senior High School (math 38% / reading 50%, grade F, #244 of 667 statewide, top 37%, 1,597 students, 48% FRL) — zoned schools average 43% FRL vs 64% district-wide (21 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 1879 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($2k loan paydown + $1k appreciation (0.5% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 406 days — a 12% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 8y ago; this cycle's ask is 12491% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $210k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $243,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 406 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-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?
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: 1.44% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.19%
• DSCR: 1.36
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.53% appreciation · 0.94% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.97×
• Total profit: $-2,004
• Equity at exit: $87,807

10-year hold

• IRR: 2.7%
• Equity multiple: 1.29×
• Total profit: $22,122
• Equity at exit: $111,630

Cash invested: $77,560 (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 33160

• Home prices YoY: 0.2%
• Rents YoY: 0.9%
• Active inventory: 1879
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $4,001 medium
• Mortgage (P&I): −$1,453
• Tax from tax record: −$308 /mo · $3,692/yr
• Insurance: −$115
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$756
• Vacancy / Maint / Mgmt: −$840
• Net cashflow: $103

Break-even live

Break-even rent $3,871

Max offer price $277,000

Occupancy floor 92%

Sensitivity live

Price	-10% $259	-5% $181	+0% $103	+5% $24	+10% $-54
Rent	-10% $-214	-5% $-56	+0% $103	+5% $261	+10% $419
Rate	-1.0pp $242	-0.5pp $173	base $103	+0.5pp $31	+1.0pp $-42

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: $69,250
• Closing costs: $8,310
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15701 Collins Ave Sunny Isles Beach, FL	2.0–4.0	2.5–5.5	2325	$18,000	$7.74	4d	9	1.32mi

HOA detail condo

• Monthly dues: $756 · $9,072/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 48 events

1. 2026-06-22
   days on market $277,000 Active 406 DOM
2. 2026-06-18
   days on market $277,000 Active 403 DOM
3. 2026-06-17
   days on market $277,000 Active 402 DOM
4. 2026-06-16
   days on market $277,000 Active 401 DOM
5. 2026-06-15
   days on market $277,000 Active 400 DOM
6. 2026-06-13
   days on market $277,000 Active 398 DOM
7. 2026-06-09
   days on market $277,000 Active 394 DOM
8. 2026-06-08
   days on market $277,000 Active 393 DOM
9. 2026-06-08
   days on market $277,000 Active 392 DOM
10. 2026-06-04
    days on market $277,000 Active 389 DOM
11. 2026-06-03
    days on market $277,000 Active 388 DOM
12. 2026-06-02
    days on market $277,000 Active 387 DOM
13. 2026-06-01
    days on market $277,000 Active 386 DOM
14. 2026-05-31
    days on market $277,000 Active 385 DOM
15. 2026-04-22
    price $277,000
16. 2026-03-27
    status Active
17. 2025-07-06
    historical $2,200
18. 2025-05-17
    listed $2,200
19. 2025-04-28
    listed $314,000 Active
20. 2025-04-09
    historical
21. 2024-08-12
    price $329,000
22. 2024-02-17
    historical $2,000
23. 2024-02-14
    listed $2,000
24. 2024-01-29
    historical $2,000
25. 2024-01-24
    price $2,000
26. 2024-01-12
    price $2,200
27. 2024-01-11
    price $345,000
28. 2023-12-30
    price $2,300
29. 2023-12-08
    price $369,000
30. 2023-11-28
    listed $379,000 Active
31. 2023-11-28
    listed $2,450
32. 2023-08-24
    status Pending
33. 2023-08-15
    historical
34. 2023-07-24
    listed $379,000 Active
35. 2019-03-02
    soldstatus $210,000
36. 2019-02-22
    soldstatus $210,000 Sold
37. 2019-02-09
    status Pending
38. 2019-01-09
    listed $219,900 Active
39. 2018-12-07
    price $222,000
40. 2018-10-23
    price $229,000
41. 2018-10-06
    status Active
42. 2018-10-03
    historical
43. 2018-10-03
    historical
44. 2018-09-12
    price $234,000
45. 2018-07-22
    listed $237,000 Active
46. 2000-11-28
    soldstatus $74,900
47. 1981-07-01
    soldstatus $63,000
48. 1981-07-01
    soldstatus $56,000

ⓘ 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: $3,692 · $308/mo
• Projected year-2 tax: $3,692 · $308/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 9/10 Extreme FEMA zone AE · 99% 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,012
• − Mortgage interest: −$15,516
• − Property taxes: −$3,692
• − Insurance: −$6,504
• − Repairs & maintenance: −$3,841
• − Management: −$3,841
• − HOA: −$9,072
• − Depreciation: −$8,058
• Taxable loss: −$2,512
• Est. tax savings @ 24.0%: +$603
• After-tax cash flow: $1,833/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 — Sunny Isles Beach

• Score: 86/100
• State rank: #20
• US rank: #434

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sunny Isles Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,324
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 43,718
• Household income: $67,040
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 3106.0

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 0.59)
• Race & ethnicity: Hispanic / Latino 46% White 44% Two or more races 27% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 8% Dominican 1% Salvadoran 4%
• Common ancestry: Scotch-Irish 8% Hispanic 3% Subsaharan African 3%
• Foreign-born: 61% · Canada, Jamaica, Dominican Republic
• Languages at home: 29% English-only · Spanish 45% Russian/Polish/Slavic 12% Other Indo-European 5%

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: ▲ 0.53%
• Current HPI: 284.9293
• Rent YoY: ▲ 0.94%
• 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

+339.7% since first listed

34 events — show timeline

• 2026-04-22 Price Changed $277,000 MARMLS
• 2026-03-27 Relisted — MARMLS
• 2025-07-06 Rental Removed $2,200 MARMLS
• 2025-05-17 Listed for Rent $2,200 MARMLS
• 2025-04-28 Listed $314,000 MARMLS
• 2025-04-09 Listing Removed — MARMLS
• 2024-08-12 Price Changed $329,000 MARMLS
• 2024-02-17 Rental Removed $2,000 MARMLS
• 2024-02-14 Listed for Rent $2,000 MARMLS
• 2024-01-29 Rental Removed $2,000 MARMLS
• 2024-01-24 Price Changed $2,000 MARMLS
• 2024-01-12 Price Changed $2,200 MARMLS
• 2024-01-11 Price Changed $345,000 MARMLS
• 2023-12-30 Price Changed $2,300 MARMLS
• 2023-12-08 Price Changed $369,000 MARMLS
• 2023-11-28 Listed $379,000 MARMLS
• 2023-11-28 Listed for Rent $2,450 MARMLS
• 2023-08-24 Pending — MARMLS
• 2023-08-15 Listing Removed — MARMLS
• 2023-07-24 Listed $379,000 MARMLS
• 2019-03-02 Sold (Public Records) $210,000 Public Records
• 2019-02-22 Sold (MLS) $210,000 MARMLS
• 2019-02-09 Pending — MARMLS
• 2019-01-09 Listed $219,900 MARMLS
• 2018-12-07 Price Changed $222,000 MARMLS
• 2018-10-23 Price Changed $229,000 MARMLS
• 2018-10-06 Relisted — MARMLS
• 2018-10-03 Listing Removed — MARMLS
• 2018-10-03 Listing Removed — MARMLS
• 2018-09-12 Price Changed $234,000 MARMLS
• 2018-07-22 Listed $237,000 MARMLS
• 2000-11-28 Sold (Public Records) $74,900 Public Records
• 1981-07-01 Sold (Public Records) $56,000 Public Records
• 1981-07-01 Sold (Public Records) $63,000 Public Records

Property tax history

+12.5%/yr

Latest (2025): $3,692 · -4.3% YoY. Source: county tax records.