200 178th Dr #505 · Sunny Isles Beach, FL 33160

$373,777

2 bd · 2.0 ba · 1,290 sqft · Condo public records · 57 Days on market

Built 1976

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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 +11.4/30.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Appreciation +5.3/10.0
• Livability +4.3/5.0
• Schools +4.2/10.0
• DSCR +3.3/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0

Listing remarks

INVESTOR ALERT MULTIMILLION DOLLAR LOCATION ACROSS THE STREET FROM ACQUALINA ESTATE , SECONDS TO THE BEACH , WALK TO :SYNAGOGUE , PARK, CHURCH , A+ SCHOOL. AIRBNB ALLOWED -7 DAYS MINIMUM , BUY TODAY AND START GENERATING INCOME FROM DAY ONE ! BOUTIQUE BUILDING -ONLY 60 UNITS . RARE REDEVELOPMENT POTENTIAL IN PRIME OCEAN -SIDE CORRIDOR . ASSESMENTS ARE FULLY PAID , PRIME TROPHY LOCATION. BUY SMART WHERE WEALTY BUYERS INVEST . THIS IS A DIAMOND IN THE ROUGH IN $40 M NEIGHBORHOOD.

Key facts

• Boutique building
• Walk to a+ school
• Walk to park

Tags

• MULTIMILLION DOLLAR LOCATION
• SECONDS TO THE BEACH
• WALK TO PARK
• WALK TO A+ SCHOOL
• AIRBNB ALLOWED
• BOUTIQUE BUILDING

Property features AI

Finance

• Financial info: Lease considered; Pets allowed with restrictions
• HOA & community: Monthly association fee (includes amenities, cable TV, hot water, insurance, water); Association amenities: Business center, elevators, laundry, storage; Association fee listed monthly

Exterior

• Parking: One covered parking space; One-car garage
• Security: Intercom; Fenced complex
• Home design: 6-story building; Entry on level 5
• Construction: Resale property
• Exterior features: Complex is fenced; Intercom entry

Interior

• Kitchen: Disposal; Microwave
• Flooring: Laminate flooring
• Bathrooms: Two full bathrooms
• Interior features: Built-in features; Other interior features
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $374k.

Deal economics

• At list price, monthly cash flow is $-557 ($-7k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $374k).
• Recommended offer: $363k (3.0% below list) — sets the bar for market timing.
• Cap rate 5.9% 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: schools A+, amenities A+, health & safety 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.
• Market conditions: Rents flat; 1878 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,275/mo this rent would consume 77% of the median local household income ($67k/yr) (locally 3106% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $5k of equity ($3k loan paydown + $2k 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 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($363k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 11y ago; this cycle's ask is 12455% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $260k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 23% of rent.
• 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 $362,563 (3.0% 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 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
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. 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?
10. 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.
11. 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.
12. 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: 1.14% ✓
• Cap rate: 5.87%
• Cash-on-cash: -1.50%
• DSCR: 0.93
• GRM: 7.3

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: -9.0%
• Equity multiple: 0.57×
• Total profit: $-44,841
• Equity at exit: $118,485

10-year hold

• IRR: -4.9%
• Equity multiple: 0.47×
• Total profit: $-55,425
• Equity at exit: $150,630

Cash invested: $104,658 (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: 1878
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $4,275 medium
• Mortgage (P&I): −$1,960
• Tax from tax record: −$417 /mo · $4,999/yr
• Insurance: −$156
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA est. from 7 same-building comps: −$975
• Vacancy / Maint / Mgmt: −$898
• Net cashflow: $-557

Break-even live

Break-even rent $4,980

Max offer price $275,386

Occupancy floor —

Sensitivity live

Price	-10% $-345	-5% $-451	+0% $-557	+5% $-663	+10% $-769
Rent	-10% $-895	-5% $-726	+0% $-557	+5% $-388	+10% $-219
Rate	-1.0pp $-369	-0.5pp $-462	base $-557	+0.5pp $-654	+1.0pp $-752

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: $93,444
• Closing costs: $11,213
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	2387	$19,800	$8.29	19d	8	1.32mi
15701 Collins Ave Sunny Isles Beach, FL	2.0–4.0	2.5–5.5	2387	$19,000	$7.96	6d	8	1.32mi
15701 Collins Ave Sunny Isles Beach, FL	2.0–4.0	2.5–5.5	2325	$18,000	$7.74	3d	9	1.32mi
15701 Collins Ave Sunny Isles Beach, FL	2.0–4.0	2.5–5.5	2387	$19,000	$7.96	4d	8	1.32mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-21
   days on market $373,777 Active 57 DOM
2. 2026-06-18
   days on market $373,777 Active 54 DOM
3. 2026-06-17
   days on market $373,777 Active 53 DOM
4. 2026-06-16
   days on market $373,777 Active 52 DOM
5. 2026-06-15
   days on market $373,777 Active 51 DOM
6. 2026-06-13
   days on market $373,777 Active 49 DOM
7. 2026-06-09
   days on market $373,777 Active 45 DOM
8. 2026-06-08
   days on market $373,777 Active 44 DOM
9. 2026-06-07
   days on market $373,777 Active 43 DOM
10. 2026-06-04
    days on market $373,777 Active 40 DOM
11. 2026-06-03
    days on market $373,777 Active 39 DOM
12. 2026-06-02
    days on market $373,777 Active 38 DOM
13. 2026-06-01
    days on market $373,777 Active 37 DOM
14. 2026-05-31
    days on market $373,777 Active 36 DOM
15. 2026-05-25
    price $373,777
16. 2026-05-21
    price $2,770
17. 2026-05-18
    listed $2,977
18. 2026-04-25
    listed $377,777 Active
19. 2026-03-13
    historical
20. 2025-11-29
    historical $2,700
21. 2025-11-28
    price $399,000
22. 2025-11-08
    listed $2,700
23. 2025-08-29
    historical $2,700
24. 2025-08-28
    listed $2,700
25. 2025-07-21
    price $445,000
26. 2025-05-28
    historical $2,700
27. 2025-05-27
    listed $460,000 Active
28. 2025-02-18
    listed $2,700
29. 2024-04-03
    historical $2,600
30. 2024-04-02
    historical
31. 2024-03-01
    listed $410,000 Active
32. 2024-02-21
    listed $2,600
33. 2017-06-07
    soldstatus $260,000
34. 2017-04-08
    historical
35. 2017-01-19
    price $299,000
36. 2017-01-04
    historical
37. 2017-01-04
    listed $315,000 Active
38. 2016-08-08
    listed $315,000 Active
39. 2016-07-28
    historical
40. 2016-04-14
    price $315,000
41. 2016-03-09
    price $325,900
42. 2016-02-02
    listed $330,000 Active
43. 2016-01-13
    historical
44. 2015-09-30
    price $330,000
45. 2015-08-17
    listed $340,000 Active
46. 1996-12-31
    soldstatus $81,300
47. 1994-03-04
    soldstatus $73,000
48. 1992-11-14
    soldstatus $71,000
49. 1990-03-06
    soldstatus $65,500
50. 1987-10-07
    soldstatus $59,000

ⓘ 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: $4,999 · $417/mo
• Projected year-2 tax: $4,999 · $417/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: $51,296
• − Mortgage interest: −$20,937
• − Property taxes: −$4,999
• − Insurance: −$6,987
• − Repairs & maintenance: −$4,104
• − Management: −$4,104
• − HOA: −$11,700
• − Depreciation: −$10,874
• Taxable loss: −$12,408
• Est. tax savings @ 24.0%: +$2,978
• After-tax cash flow: $-3,706/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
• 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

+533.5% since first listed

37 events — show timeline

• 2026-05-25 Price Changed $373,777 MARMLS
• 2026-05-21 Price Changed $2,770 MARMLS
• 2026-05-18 Listed for Rent $2,977 MARMLS
• 2026-04-25 Listed $377,777 MARMLS
• 2026-03-13 Listing Removed — MARMLS
• 2025-11-29 Rental Removed $2,700 MARMLS
• 2025-11-28 Price Changed $399,000 MARMLS
• 2025-11-08 Listed for Rent $2,700 MARMLS
• 2025-08-29 Rental Removed $2,700 MARMLS
• 2025-08-28 Listed for Rent $2,700 MARMLS
• 2025-07-21 Price Changed $445,000 MARMLS
• 2025-05-28 Rental Removed $2,700 MARMLS
• 2025-05-27 Listed $460,000 MARMLS
• 2025-02-18 Listed for Rent $2,700 MARMLS
• 2024-04-03 Rental Removed $2,600 MARMLS
• 2024-04-02 Listing Removed — MARMLS
• 2024-03-01 Listed $410,000 MARMLS
• 2024-02-21 Listed for Rent $2,600 MARMLS
• 2017-06-07 Sold (Public Records) $260,000 Public Records
• 2017-04-08 Listing Removed — MARMLS
• 2017-01-19 Price Changed $299,000 MARMLS
• 2017-01-04 Listing Removed — MARMLS
• 2017-01-04 Listed $315,000 MARMLS
• 2016-08-08 Listed $315,000 MARMLS
• 2016-07-28 Listing Removed — MARMLS
• 2016-04-14 Price Changed $315,000 MARMLS
• 2016-03-09 Price Changed $325,900 MARMLS
• 2016-02-02 Listed $330,000 MARMLS
• 2016-01-13 Listing Removed — MARMLS
• 2015-09-30 Price Changed $330,000 MARMLS
• 2015-08-17 Listed $340,000 MARMLS
• 1996-12-31 Sold (Public Records) $81,300 Public Records
• 1994-03-04 Sold (Public Records) $73,000 Public Records
• 1992-11-14 Sold (Public Records) $71,000 Public Records
• 1990-03-06 Sold (Public Records) $65,500 Public Records
• 1987-10-07 Sold (Public Records) $59,000 Public Records
• 1987-10-01 Sold (Public Records) $59,000 Public Records

Property tax history

+12.4%/yr

Latest (2025): $4,999 · +2.4% YoY. Source: county tax records.