871 NE 207 Ln Unit 203-15 · Ives Estates, FL 33179

$215,000

2 bd · 2.0 ba · 970 sqft · Condo · 4 Days on market

Built 1984 $231/mo HOA · 11% of rent ↓ 4% since listing

---

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 +13.2/30.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• Schools +4.2/10.0
• DSCR +4.0/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Monterey II 2nd floor updated condo ideal for an investor or end-user. Impressive BRAND NEW wood kitchen with quartz counters has ample pantry and opens out to the living & dining area. BRAND NEW AC system, in-unit washer & dryer with tile flooring throughout and private screened balcony. This 2/2 unit has a tenant in place month to month. Tenant can stay or go. One (1) assigned parking space near the building. Two pools in the community. See virtual tour!

Key facts

• Quartz counters
• Wood kitchen
• Two pools

Tags

• WOOD KITCHEN
• QUARTZ COUNTERS
• IN UNIT WASHER
• PRIVATE SCREENED BALCONY
• ASSIGNED PARKING SPACE
• TWO POOLS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $215k.

Deal economics

• At list price, monthly cash flow is $-5 ($-58/yr) — negative.
• To cash-flow at today's rent, offer at most $214k (0.3% below list).
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $214k (0.3% below list) — sets the bar for cash-flow.
• Cap rate 6.3% vs local median 3.6% in Ives Estates — 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 77/100 on livability (#191 in FL, #3,061 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living A-; Watch: employment C-, amenities 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: Madie Ives K-8 Preparatory Academy (math 34% / reading 47%, grade F, #1,471 of 2,144 statewide, top 69%, 1,042 students, 64% FRL); Highland Oaks Middle School (math 28% / reading 51%, grade F, #373 of 571 statewide, top 66%, 774 students, 50% FRL); Dr. Michael M. Krop Senior High (math 21% / reading 46%, grade F, #400 of 667 statewide, top 61%, 2,235 students, 49% FRL).
• Market conditions: Rents flat; 573 active listings in the ZIP; 31 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).
• This rent runs 40% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $214,297 (0.3% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
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: 1.01% ✓
• Cap rate: 6.27%
• Cash-on-cash: -0.10%
• DSCR: 1.00
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.22% rent growth · sell at horizon

5-year hold

• IRR: -20.0%
• Equity multiple: 0.32×
• Total profit: $-40,872
• Equity at exit: $32,057

10-year hold

• IRR: -22.1%
• Equity multiple: 0.03×
• Total profit: $-58,171
• Equity at exit: $18,589

Cash invested: $60,200 (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 33179

• Rents YoY: 0.2%
• Active inventory: 573
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,167 high
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$231
• Vacancy / Maint / Mgmt: −$455
• Net cashflow: $-5

Break-even live

Break-even rent $2,173

Max offer price $214,297

Occupancy floor 95%

Sensitivity live

Price	-10% $144	-5% $69	+0% $-5	+5% $-79	+10% $-153
Rent	-10% $-176	-5% $-90	+0% $-5	+5% $81	+10% $166
Rate	-1.0pp $103	-0.5pp $50	base $-5	+0.5pp $-61	+1.0pp $-117

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,799	$2.21	5d	4	0.59mi
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,750	$2.15	21d	3	0.59mi
3874 SW 48th Ave #3874 Pembroke Park, FL	2.0	2.0	950	$2,150	$2.26	9d	1	0.62mi
3826 SW 48th Ave Unit 3826 Pembroke Park, FL	2.0	2.0	950	$2,200	$2.32	7d	1	0.64mi
3826 SW 48th Ave Unit 3826 Pembroke Park, FL	2.0	2.0	950	$2,200	$2.32	16d	1	0.64mi
3856 SW 48th Ave #3856 Pembroke Park, FL	2.0	2.0	950	$2,150	$2.26	18d	1	0.65mi
3828 SW 48th Ave Unit D27 Hollywood, FL	2.0	2.0	950	$2,300	$2.42	26d	1	0.66mi
3842 SW 48th Ave Hollywood, FL	2.0	2.0	966	$2,000	$2.07	26d	1	0.68mi
3838 SW 48th Ave Unit 3838 Pembroke Park, FL	2.0	2.0	966	$2,200	$2.28	26d	1	0.68mi
4141 SW 32nd Dr West Park, FL	3.0	1.0	1048	$2,700	$2.58	9d	1	0.71mi
4141 SW 32nd Dr West Park, FL	3.0	1.0	1048	$2,700	$2.58	26d	1	0.71mi
5525 SW 41st St Hollywood, FL	2.0	2.0	1031	$2,145	$2.08	5d	1	0.77mi
3700 SW 52nd Ave Hollywood, FL	2.0	2.0	850	$1,446	$1.70	26d	1	0.83mi
5440 SW 38th Ct West Park, FL	2.0	1.0	768	$1,900	$2.47	9d	1	0.85mi
5440 SW 38th Ct West Park, FL	2.0	1.0	768	$1,900	$2.47	26d	1	0.85mi
5460 SW 38th Ct West Park, FL	2.0	1.0	890	$2,350	$2.64	26d	1	0.86mi
5540 SW 38th Ct West Park, FL	2.0	1.0	768	$2,000	$2.60	12d	1	0.88mi
3721 SW 54th Ave West Park, FL	2.0	1.0	768	$2,100	$2.73	14d	1	0.88mi
5510 SW 38th St West Park, FL	2.0	1.0	855	$2,250	$2.63	3d	1	0.90mi
5510 SW 38th St Unit 5510 West Park, FL	2.0	1.0	822	$2,250	$2.74	5d	1	0.90mi
5510 SW 38th St Unit 5510 West Park, FL	2.0	1.0	822	$2,250	$2.74	6d	1	0.90mi
4628 SW 32nd Dr West Park, FL	3.0	1.0	1082	$2,800	$2.59	26d	1	0.94mi
5721 SW 41st St West Park, FL	3.0	1.0	839	$2,650	$3.16	26d	1	0.97mi
5710 SW 38th St West Park, FL	2.0	1.0	835	$2,400	$2.87	26d	1	1.03mi
3252 SW 52nd Ave Hollywood, FL	1.0–2.0	1.0	827	$1,850	$2.24	0d	5	1.09mi
5521 SW 34th St Unit 2 Pembroke Park, FL	2.0	1.0	692	$1,750	$2.53	26d	1	1.14mi
4030 SW 28th St West Park, FL	2.0	1.0	800	$2,400	$3.00	24d	1	1.19mi
3001 SW 35th Ave West Park, FL	2.0	1.0	1050	$2,400	$2.29	18d	1	1.22mi
920 SW 11th Ave Unit 11D Hallandale Beach, FL	2.0	1.0	848	$1,695	$2.00	26d	1	1.37mi
900 SW 11th Ave Unit 17C Hallandale Beach, FL	1.0	1.0	625	$1,600	$2.56	26d	1	1.39mi
6012 SW 38th St Unit 4 Miramar, FL	1.0	1.0	650	$1,475	$2.27	0d	1	1.41mi

HOA detail condo

• Monthly dues: $231 · $2,772/yr
• Likely covers: poolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-03-09
   status Pending
2. 2026-03-06
   historical Active Under Contract
3. 2026-03-03
   listed $215,000 Active
4. 2026-03-02
   historical
5. 2026-02-03
   price $215,000
6. 2025-10-05
   price $220,000
7. 2025-09-02
   listed $225,000 Active

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 9% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 6 d/yr ≥105°F today · 23 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,004
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,080
• − Management: −$2,080
• − HOA: −$2,772
• − Depreciation: −$6,255
• Taxable loss: −$3,526
• Est. tax savings @ 24.0%: +$846
• After-tax cash flow: $788/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 — Ives Estates

• Score: 77/100
• State rank: #191
• US rank: #3061

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ives Estates, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 51,591
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 51,591
• Household income: $65,211
• Rent vs Own: 43.3% rent · 56.7% own
• Severe rent burden: 3123.0

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 0.67)
• Race & ethnicity: Black 39% Hispanic / Latino 38% Two or more races 23% White 19% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 6% Dominican 3% Salvadoran 3%
• Common ancestry: Hispanic 13% Scotch-Irish 2% Romanian 2%
• Foreign-born: 48% · Canada, Jamaica, Dominican Republic
• Languages at home: 42% English-only · Spanish 37% French/Haitian/Cajun 13% Other Indo-European 2%

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: ▼ -608.34%
• Current HPI: 328.1733
• Rent YoY: ▲ 0.22%
• 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

-4.4% since first listed

7 events — show timeline

• 2026-03-09 Pending — MARMLS
• 2026-03-06 Contingent — MARMLS
• 2026-03-03 Listed $215,000 MARMLS
• 2026-03-02 Listing Removed — MARMLS
• 2026-02-03 Price Changed $215,000 MARMLS
• 2025-10-05 Price Changed $220,000 MARMLS
• 2025-09-02 Listed $225,000 MARMLS