1881 Washington Ave · Miami Beach, FL 33139

$425,000

2 bd · 2.0 ba · 940 sqft · MultiFamily · 1 Days on market

Built 1966 Good condition $1165/mo HOA · 31% 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Appreciation +3.9/10.0
• Rent growth +2.4/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Steps from the sand and surrounded by everything South Beach has to offer - Lincoln Road, Convention Center, world-class dining and nightlife - this updated 2BD/2BA condo delivers a lifestyle that's hard to beat at this price point. Inside, new laminate floors, generous open floor plan, a renovated kitchen and in-unit washer/dryer adds everyday convenience rare in this market. What truly sets this building apart: 12x year (30 day min) rental policy, pet-friendly up to 75 lbs, gated parking, 24-hour manned lobby, fully funded reserves, pool, gym, and sauna — amenities that rival buildings at twice the price.

Key facts

• Updated condo
• Renovated kitchen
• In-unit washer dryer

Tags

• UPDATED CONDO
• RENOVATED KITCHEN
• IN-UNIT WASHER DRYER
• PET FRIENDLY
• ASSIGNED PARKING
• 24 HOUR MANNED LOBBY

Property features AI

Finance

• Other: Pets allowed (restrictions may apply)
• Financial info: Land lease not applicable
• HOA & community: Has association: Octagon Towers Condominium Association; Monthly association fee; Association amenities include elevator(s), fitness center, parking, pool, sauna, trash chute, bike storage, lobby, and security; Association fee covers cable TV, insurance, grounds maintenance, security, sewer, trash, water, common areas, elevator, and pool service

Exterior

• Parking: 1 parking space (open/guest/attached options indicated); Secured garage/parking
• Security: Building security with attended lobby; Closed-circuit cameras; Fire alarm and sprinkler system; Smoke detectors; Security system; Secure elevator access
• Utilities: Public water; Public sewer; Cable connected; Sewer connected; Water connected
• Home design: Condominium; One level; Resale; Faces west; Located in Octagon Towers (16-story building)
• Construction: Constructed with CBS (concrete block/stucco) materials; Concrete roof; 940 building area (assessor)
• Exterior features: No waterfront; East of US-1 road frontage

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Laminate; Other
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air; Ductless cooling
• Interior features: Split bedroom layout; Unfurnished
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $425k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $10k ($122k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $425k).
• Cap rate 36.2% vs local median 1.5% in Miami 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 80/100 on livability (#108 in FL, #1,672 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: housing C-, amenities D-, 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: Miami Beach Feinberg/Fisher K-8 (math 37% / reading 34%, grade F, #1,684 of 2,144 statewide, top 79%, 842 students, 61% FRL); North Miami Beach Senior High (math 13% / reading 24%, grade F, #568 of 667 statewide, top 85%, 1,149 students, 66% FRL) — zoned schools at 64% FRL track the district average.
• Zoned-school proficiency averages 27% at this address vs 50% district-wide (-22 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 soft (-0.4%/yr); 1208 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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).
• At $18,614/mo this rent would consume 320% of the median local household income ($70k/yr) (locally 4052% 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 (-2.2%/yr); year-one equity from $3k of loan paydown is wiped out by about $9k 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 (-2.2% appreciation + 0.0% rent growth), your $119k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 18 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.

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→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $425,000

Questions for the listing agent

1. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 4.38% ✓
• Cap rate: 36.23%
• Cash-on-cash: 106.92%
• DSCR: 5.76
• GRM: 1.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.19% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 5.54×
• Total profit: $540,598
• Equity at exit: $78,916

10-year hold

• IRR: —
• Equity multiple: 10.35×
• Total profit: $1,112,537
• Equity at exit: $64,017

Cash invested: $119,000 (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 33139

• Home prices YoY: -0.8%
• Rents YoY: -0.4%
• Active inventory: 1208
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $18,614 medium
• Mortgage (P&I): −$2,229
• Tax est. 1.5%: −$531 /mo · $6,375/yr
• Insurance: −$177
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,165
• Vacancy / Maint / Mgmt: −$3,909
• Net cashflow: $10,176

Break-even live

Break-even rent $5,732

Max offer price $425,000

Occupancy floor 40%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	2	$18,615
Total (5 units)			$18,614

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2201 Collins Ave Miami Beach, FL	1.0–3.0	1.0–2.0	1121	$22,500	$20.06	24d	2	0.34mi
102 24th St Miami Beach, FL	1.0–3.0	1.0–3.0	1479	$37,000	$25.02	19d	9	0.46mi
102 24th St Miami Beach, FL	1.0–3.0	1.0–3.0	1479	$37,000	$25.02	10d	9	0.46mi
1602 Meridian Ave Miami Beach, FL	4.0	1.0–3.0	917	$11,900	$12.97	14d	1	0.50mi

HOA detail

• Monthly dues: $1,165 · $13,980/yr
• Likely covers: poolgymsecurity

Listing history 2 events

1. 2026-06-08
   remarks 614-char remark
2. 2026-06-08
   listed $425,000 Active 1 DOM

ⓘ 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 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥101°F today · 30 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: $223,368
• − Mortgage interest: −$23,807
• − Property taxes: −$6,375
• − Insurance: −$7,244
• − Repairs & maintenance: −$17,869
• − Management: −$17,869
• − HOA: −$13,980
• − Depreciation: −$12,364
• Taxable income: $123,860
• Est. tax owed @ 24.0%: −$29,726
• After-tax cash flow: $92,391/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This updated 2BD/2BA condo in Miami Beach offers a prime location and modern amenities, making it a great investment opportunity.

Value-add opportunities

• Both renovate kitchen cabinets — modernize and increase value
• Both install smart home devices — enhance convenience and appeal
• Both upgrade lighting fixtures — improve ambiance and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both renovate kitchen cabinets — modernize and increase value ↑
• Both install smart home devices — enhance convenience and appeal ↑
• Both upgrade lighting fixtures — improve ambiance and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 Beach

• Score: 80/100
• State rank: #108
• US rank: #1672

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,533
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 33,753
• Household income: $69,793
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 4052.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 51% White 40% Two or more races 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 15% Salvadoran 3%
• Common ancestry: Lithuanian 3% Scotch-Irish 2% Romanian 2%
• Foreign-born: 56% · Canada, Jamaica, Dominican Republic
• Languages at home: 37% English-only · Spanish 49% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▼ -2.19%
• Current HPI: 277.9321
• Rent YoY: ▼ -0.36%
• 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

+10797.4% since first listed

35 events — show timeline

• 2026-06-06 Listed $425,000 Beaches MLS
• 2025-07-31 Rental Removed $2,200 SHOWMOJO
• 2025-06-05 Listed for Rent $2,200 SHOWMOJO
• 2025-04-17 Rental Removed $6,000 RENTALBEAST
• 2025-04-15 Listed for Rent $6,000 RENTALBEAST
• 2024-06-30 Rental Removed $3,900 REALLYO
• 2024-06-25 Rental Removed $3,900 REALLYO
• 2024-06-25 Listed for Rent $3,900 REALLYO
• 2024-06-23 Listed for Rent $3,900 REALLYO
• 2024-06-23 Rental Removed $3,900 REALLYO
• 2024-06-14 Rental Removed $3,900 REALLYO
• 2024-06-14 Listed for Rent $3,900 REALLYO
• 2024-06-11 Rental Removed $3,900 REALLYO
• 2024-06-11 Listed for Rent $3,900 REALLYO
• 2024-06-02 Listed for Rent $3,900 REALLYO
• 2024-06-02 Rental Removed $3,900 REALLYO
• 2024-05-25 Listed for Rent $3,900 REALLYO
• 2024-05-25 Rental Removed $3,900 REALLYO
• 2024-05-22 Listed for Rent $3,900 REALLYO
• 2024-05-22 Rental Removed $3,900 REALLYO
• 2024-05-19 Listed for Rent $3,900 REALLYO
• 2024-05-19 Rental Removed $3,900 REALLYO
• 2024-05-15 Listed for Rent $3,900 REALLYO
• 2024-05-15 Rental Removed $3,900 REALLYO
• 2024-05-12 Listed for Rent $3,900 REALLYO
• 2024-05-12 Rental Removed $3,900 REALLYO
• 2024-05-08 Listed for Rent $3,900 REALLYO
• 2024-05-08 Rental Removed $3,900 REALLYO
• 2024-05-05 Rental Removed $3,900 REALLYO
• 2024-05-05 Listed for Rent $3,900 REALLYO
• 2024-05-04 Listed for Rent $3,900 REALLYO
• 2024-05-04 Rental Removed $3,900 REALLYO
• 2024-05-01 Listed for Rent $3,900 REALLYO
• 2024-05-01 Rental Removed $3,900 REALLYO
• 2024-05-01 Listed for Rent $3,900 REALLYO