1765 Normandy Dr · Miami Beach, FL 33141

$1,399,000

6 bd · 4.0 ba · 3,024 sqft · MultiFamily public records · 138 Days on market

Built 1949

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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 +26.9/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +2.6/5.0
• 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: 4 units. confirmed

Listing remarks MLS

Amazing Investment opportunity in the heart of Isle of Normandy. This is a fully renovated Fourplex. All units have procelain floors, stainless steel appliances, impact windows. This building rents fast.

Key facts

• Fourplex
• Totally remodeled
• Newer central a/c

Tags

• FOURPLEX
• TOTALLY REMODELED
• WASHER AND DRYER IN UNIT
• NEWER CENTRAL A/C
• IMPACT GLASS WINDOWS
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Financial info: Rent covers pest control, sewer, trash collection, and water
• HOA & community: Monthly association fees

Exterior

• Security: Security/high impact doors
• Utilities: Cable available; Public water; Public sewer
• Home design: Single-story home; Resale property; Composition roof; Block construction
• Construction: Block construction; Composition roof
• Exterior features: Security/high impact doors; Exterior lighting; Open porch

Interior

• Flooring: Ceramic tile
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Impact glass windows; Ceramic tile flooring

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/?-bath units multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $3k ($42k/yr) — positive. Per door: $865/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.40M).
• Recommended offer: $1.23M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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.
• Market conditions: Rents flat; 644 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $16,578/mo this rent would consume 289% of the median local household income ($69k/yr) (locally 3521% 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 $42k 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 138 days — a 12% lower offer ($1.23M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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.
• Current owner paid $950k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• 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 $1,231,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.18% ✓
• Cap rate: 9.63%
• Cash-on-cash: 11.91%
• DSCR: 1.53
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.44% rent growth · sell at horizon

5-year hold

• IRR: -3.3%
• Equity multiple: 0.88×
• Total profit: $-47,757
• Equity at exit: $208,595

10-year hold

• IRR: 3.2%
• Equity multiple: 1.21×
• Total profit: $80,766
• Equity at exit: $120,960

Cash invested: $391,720 (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 33141

• Rents YoY: 0.4%
• Active inventory: 644
• Price-to-rent: 28.1×

Monthly cashflow live

• Estimated rent: $16,578 medium
• Mortgage (P&I): −$7,337
• Tax from tax record: −$1,291 /mo · $15,492/yr
• Insurance: −$583
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,481
• Net cashflow: $3,460

Break-even live

Break-even rent $12,199

Max offer price $1,399,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	—	$16,576
Total (4 units)			$16,578

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: $349,750
• Closing costs: $41,970
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1625 Daytonia Rd Miami Beach, FL	5.0	3.0	2690	$18,000	$6.69	24d	1	0.75mi
7972 Biscayne Point Cir Miami Beach, FL	5.0	5.0	3989	$60,000	$15.04	24d	1	0.82mi
7939 East Dr Unit 1272352P North Bay Village, FL	6.0	4.0	2992	$26,437	$8.84	20d	1	1.13mi
7811 Carlyle Ave Miami Beach, FL	6.0	5.5	3405	$50,000	$14.68	24d	1	1.15mi
1151 Stillwater Dr Miami Beach, FL	5.0	3.0	3237	$18,000	$5.56	17d	1	1.21mi
1131 Stillwater Dr Unit SFH Miami Beach, FL	5.0	3.5	3980	$19,000	$4.77	24d	1	1.22mi
1365 Bay Ter North Bay Village, FL	5.0	4.0	3094	$40,000	$12.93	24d	1	1.28mi
5800 Lagorce Dr Unit SFH Miami Beach, FL	5.0	4.5	3741	$36,000	$9.62	24d	1	1.34mi
1249 Biscaya Dr Surfside, FL	5.0	4.5	4486	$26,900	$6.00	24d	1	1.49mi

Listing history 24 events

1. 2026-06-18
   days on market $1,399,000 Active 138 DOM
2. 2026-06-17
   days on market $1,399,000 Active 137 DOM
3. 2026-06-16
   days on market $1,399,000 Active 136 DOM
4. 2026-06-15
   days on market $1,399,000 Active 135 DOM
5. 2026-06-13
   days on market $1,399,000 Active 133 DOM
6. 2026-06-09
   days on market $1,399,000 Active 129 DOM
7. 2026-06-08
   days on market $1,399,000 Active 128 DOM
8. 2026-06-07
   days on market $1,399,000 Active 127 DOM
9. 2026-06-04
   days on market $1,399,000 Active 124 DOM
10. 2026-06-03
    days on market $1,399,000 Active 123 DOM
11. 2026-06-02
    days on market $1,399,000 Active 122 DOM
12. 2026-06-01
    days on market $1,399,000 Active 121 DOM
13. 2026-05-31
    days on market $1,399,000 Active 120 DOM
14. 2026-01-31
    listed $1,399,000 Active
15. 2020-12-29
    soldstatus $950,000
16. 2020-12-11
    soldstatus $950,000 Closed 203-char remark

    Show marketing remark (203 chars)

    Amazing Investment opportunity in the heart of Isle of Normandy. This is a fully renovated Fourplex. All units have procelain floors, stainless steel appliances, impact windows. This building rents fast.

17. 2020-10-19
    historical Active Under Contract 203-char remark

    Show marketing remark (203 chars)

    Amazing Investment opportunity in the heart of Isle of Normandy. This is a fully renovated Fourplex. All units have procelain floors, stainless steel appliances, impact windows. This building rents fast.

18. 2020-07-28
    listed $1,100,000 Active 203-char remark

    Show marketing remark (203 chars)

    Amazing Investment opportunity in the heart of Isle of Normandy. This is a fully renovated Fourplex. All units have procelain floors, stainless steel appliances, impact windows. This building rents fast.

19. 2020-02-21
    soldstatus $1,789,275
20. 2020-02-21
    soldstatus $432,150
21. 2018-04-11
    soldstatus $615,000
22. 2005-02-04
    soldstatus $495,000
23. 2004-10-27
    soldstatus $360,000
24. 1978-08-01
    soldstatus $55,000

ⓘ 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: $15,492 · $1,291/mo
• Projected year-2 tax: $15,492 · $1,291/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 ≥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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $198,936
• − Mortgage interest: −$78,366
• − Property taxes: −$15,492
• − Insurance: −$12,114
• − Repairs & maintenance: −$15,915
• − Management: −$15,915
• − Depreciation: −$40,698
• Taxable income: $20,437
• Est. tax owed @ 24.0%: −$4,905
• After-tax cash flow: $36,611/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 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): 36,438
• Household income: $68,738
• Rent vs Own: 62.5% rent · 37.5% own
• Severe rent burden: 3521.0

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: Predominantly Hispanic (67%)
• Race & ethnicity: Hispanic / Latino 67% Two or more races 36% White 20% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 27% Salvadoran 6%
• Common ancestry: Scotch-Irish 2% Romanian 2% Armenian 1%
• Foreign-born: 62% · Canada, Jamaica, Dominican Republic
• Languages at home: 18% English-only · Spanish 69% Other Indo-European 4% 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: ▼ -472.71%
• Current HPI: 336.7298
• Rent YoY: ▲ 0.44%
• 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

+2443.6% since first listed

11 events — show timeline

• 2026-01-31 Listed $1,399,000 MARMLS
• 2020-12-29 Sold (Public Records) $950,000 Public Records
• 2020-12-11 Sold (MLS) $950,000 MARMLS
• 2020-10-19 Contingent — MARMLS
• 2020-07-28 Listed $1,100,000 MARMLS
• 2020-02-21 Sold (Public Records) $432,150 Public Records
• 2020-02-21 Sold (Public Records) $1,789,275 Public Records
• 2018-04-11 Sold (Public Records) $615,000 Public Records
• 2005-02-04 Sold (Public Records) $495,000 Public Records
• 2004-10-27 Sold (Public Records) $360,000 Public Records
• 1978-08-01 Sold (Public Records) $55,000 Public Records

Property tax history

+8.4%/yr

Latest (2025): $15,492 · +5.9% YoY. Source: county tax records.