181 NW 41st St · Miami, FL 33127

$1,500,000

None bd · None ba · 1,800 sqft · MultiFamily public records · 188 Days on market

Built 1947 0.33 ac lot

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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 +21.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.5/10.0
• Schools +4.2/10.0
• 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

Miami, FL Development Site of approximately 14,400 SF of land with 100’ front feet on NW 41st Street just east of NW 2nd Ave and 2 blocks to Miami’s Design District, Buena Vista, Midtown Miami, & Wynwood Norte. This is a unique development opportunity in the heart of Miami’s Urban Core. Zoned half T4-O for up to 3-stories & 5 units plus the east half is zoned T3-L for a luxury 2-story home & ancillary unit, allowing for creative income, townhomes & luxury home ideas. Unparalleled connectivity to major employment centers via I-95. One Folio #. Covered land play with an existing 2-unit home & apartment onsite for income.

Key facts

• Zoned t3-l
• Existing 2-unit home
• Zoned half t4-o

Tags

• ZONED HALF T4-O
• ZONED T3-L
• EXISTING 2-UNIT HOME
• APARTMENT ONSITE

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.50M).
• Recommended offer: $1.32M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $15,808/mo this rent would consume 460% 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 $10k of loan paydown is wiped out by about $45k 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 188 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago; this cycle's ask has dropped $400k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; list at $1.50M implies a 1900% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,320,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 188 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 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.05% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.25%
• DSCR: 1.28
• GRM: 7.9

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: -7.5%
• Equity multiple: 0.73×
• Total profit: $-115,238
• Equity at exit: $223,655

10-year hold

• IRR: 1.1%
• Equity multiple: 1.08×
• Total profit: $32,611
• Equity at exit: $129,693

Cash invested: $420,000 (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 33127

• Home prices YoY: -30.1%
• Rents YoY: 2.3%
• Active inventory: 296
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $15,808 high
• Mortgage (P&I): −$7,866
• Tax from tax record: −$1,810 /mo · $21,719/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,320
• Net cashflow: $2,187

Break-even live

Break-even rent $13,039

Max offer price $1,500,000

Occupancy floor 81%

Sensitivity live

Price	-10% $3,036	-5% $2,612	+0% $2,187	+5% $1,763	+10% $1,338
Rent	-10% $938	-5% $1,563	+0% $2,187	+5% $2,812	+10% $3,436
Rate	-1.0pp $2,943	-0.5pp $2,569	base $2,187	+0.5pp $1,799	+1.0pp $1,403

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: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
555 NE 34th St Miami, FL	1.0–4.0	1.5–4.0	2653	$8,846	$3.33	0d	19	0.85mi
2900 Biscayne Blvd Miami, FL	3.0	1.0–3.5	1260	$13,305	$10.56	3d	13	0.88mi
700 NE 26th Ter Unit 260 Miami, FL	3.0	3.0	2141	$20,000	$9.34	25d	1	1.16mi
700 NE 26th Ter #2602 Miami, FL	3.0	3.5	2141	$18,000	$8.41	4d	1	1.16mi
700 NE 26th Ter #3901 Miami, FL	3.0	4.5	2362	$25,500	$10.80	25d	1	1.16mi
700 NE 26th Ter #3901 Miami, FL	3.0	4.5	2362	$24,200	$10.25	9d	1	1.16mi
788 NE 23rd St Unit 3001 Miami, FL	3.0	4.5	2315	$25,000	$10.80	25d	1	1.32mi
788 NE 23rd St Miami, FL	3.0	4.5	2532	$23,500	$9.28	18d	2	1.33mi
788 NE 23rd St Miami, FL	3.0–4.0	4.0–4.5	2322	$24,000	$10.34	25d	2	1.33mi

Listing history 7 events

1. 2026-04-02
   status Pending
2. 2025-11-03
   price $1,500,000
3. 2025-09-26
   listed $1,900,000 Active
4. 2011-10-12
   soldstatus $75,000
5. 2011-05-27
   soldstatus $75,000
6. 2011-03-18
   listed $75,000
7. 2004-03-22
   soldstatus $200,000

ⓘ 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: $21,719 · $1,810/mo
• Projected year-2 tax: $21,719 · $1,810/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 X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 29 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: $189,698
• − Mortgage interest: −$84,023
• − Property taxes: −$21,719
• − Insurance: −$7,500
• − Repairs & maintenance: −$15,176
• − Management: −$15,176
• − Depreciation: −$43,636
• Taxable income: $2,467
• Est. tax owed @ 24.0%: −$592
• After-tax cash flow: $25,656/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

+650.0% since first listed

7 events — show timeline

• 2026-04-02 Pending — MARMLS
• 2025-11-03 Price Changed $1,500,000 MARMLS
• 2025-09-26 Listed $1,900,000 MARMLS
• 2011-10-12 Sold (MLS) $75,000 MARMLS
• 2011-05-27 Sold (Public Records) $75,000 Public Records
• 2011-03-18 Listed $75,000 MARMLS
• 2004-03-22 Sold (Public Records) $200,000 Public Records

Property tax history

+11.7%/yr

Latest (2025): $21,719 · +5.9% YoY. Source: county tax records.