10 SW South River Dr #1006 · Miami, FL 33130

$409,000

2 bd · 2.0 ba · 1,009 sqft · Condo public records · 42 Days on market

Built 2004 $1066/mo HOA · 26% of rent

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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).

• ARV discount +7.5/15.0
• Cash flow +6.6/30.0
• 1% rule +5.1/10.0
• Schools +4.2/10.0
• Appreciation +4.1/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• DSCR +0.8/10.0

Listing remarks

Modern 2-bedroom, 2-bath loft-style residence in NeoLofts offering open-concept living, polished concrete floors, and expansive windows with Miami River and city views. Flexible layout allows for multiple living configurations, including a defined primary suite and versatile secondary space ideal for bedroom, office, or den. The kitchen features contemporary cabinetry, stainless steel appliances, and clean, modern finishes. Well-maintained and move-in ready. Full-service building amenities include pool, fitness center, sauna, tennis courts, business center, dog park, and 24-hour concierge. Located along the Miami River just minutes to Brickell, Downtown, dining, and major highways. Unit can

Key facts

• Miami river views
• Expansive windows
• Flexible layout

Tags

• OPEN-CONCEPT LIVING
• POLISHED CONCRETE FLOORS
• EXPANSIVE WINDOWS
• MIAMI RIVER VIEWS
• FLEXIBLE LAYOUT
• DEFINED PRIMARY SUITE

Property features AI

Finance

• Financial info: Pets allowed with restrictions or conditions
• HOA & community: Monthly association fee; Association covers maintenance of structure and parking; Community clubhouse; Fitness center

Exterior

• Parking: Assigned parking; Valet parking; One covered space (1 garage space)
• Security: Doorman; Secured lobby
• Utilities: Public water; Public sewer; Electric service (central systems)
• Home design: Condo/apartment in a high-rise (20 total stories); Entry on level 10; Has attached property; Has a view
• Construction: Block construction; Effective year built
• Exterior features: Balcony; Courtyard; Deck; Fence; Open porch/patio

Interior

• Kitchen: Dishwasher; Electric range
• Flooring: Concrete flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Accessible elevator installed; Closet cabinetry; Eat-in kitchen; Split bedrooms; Other interior features
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $409k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $214k (47.8% below list).
• Meets the 1% rule at list price ($4k rent vs $409k).
• Recommended offer: $214k (47.8% below list) — sets the bar for cash-flow.
• Cap rate 4.3% 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.
• Zoned schools: Riverside Elementary School (math 23% / reading 23%, grade F, #2,070 of 2,144 statewide, top 97%, 993 students, 56% FRL); Jose De Diego Middle School (math 20% / reading 24%, grade F, #549 of 571 statewide, top 97%, 868 students, 68% FRL); Booker T. Washington Senior High (math 12% / reading 19%, grade F, #604 of 667 statewide, top 91%, 1,014 students, 60% FRL) — zoned schools at 61% FRL track the district average.
• Zoned-school proficiency averages 20% at this address vs 50% district-wide (-29 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 (-0.5%/yr); 645 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,130/mo this rent would consume 81% of the median local household income ($61k/yr) (locally 5231% 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 (-1.8%/yr); year-one equity from $3k of loan paydown is wiped out by about $7k 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 42 days — a 3% lower offer ($397k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 4y 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; HOA is 26% 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 6→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,563 (47.8% 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 42 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 1.01% ✓
• Cap rate: 4.30%
• Cash-on-cash: -7.12%
• DSCR: 0.68
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.79% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -30.1%
• Equity multiple: -0.11×
• Total profit: $-126,714
• Equity at exit: $83,448

10-year hold

• IRR: -34.5%
• Equity multiple: -0.96×
• Total profit: $-224,704
• Equity at exit: $75,180

Cash invested: $114,520 (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 33130

• Home prices YoY: -0.5%
• Rents YoY: -0.5%
• Active inventory: 645
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $4,130 medium
• Mortgage (P&I): −$2,145
• Tax from tax record: −$561 /mo · $6,735/yr
• Insurance: −$170
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,066
• Vacancy / Maint / Mgmt: −$867
• Net cashflow: $-1,106

Break-even live

Break-even rent $5,530

Max offer price $213,563

Occupancy floor —

Sensitivity live

Price	-10% $-875	-5% $-991	+0% $-1,106	+5% $-1,222	+10% $-1,338
Rent	-10% $-1,433	-5% $-1,269	+0% $-1,106	+5% $-943	+10% $-780
Rate	-1.0pp $-900	-0.5pp $-1,002	base $-1,106	+0.5pp $-1,212	+1.0pp $-1,320

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: $102,250
• Closing costs: $12,270
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
601 NE 1st Ave Unit 1227496P Miami, FL	3.0	1.0–3.0	904	$13,744	$15.20	1d	4	0.83mi

HOA detail condo

• Monthly dues: $1,066 · $12,792/yr
• Likely covers: poolgymdoorman
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 40 events

1. 2026-06-22
   days on market $409,000 Active 42 DOM
2. 2026-06-21
   days on market $409,000 Active 41 DOM
3. 2026-06-18
   days on market $409,000 Active 38 DOM
4. 2026-06-17
   days on market $409,000 Active 37 DOM
5. 2026-06-16
   days on market $409,000 Active 36 DOM
6. 2026-06-15
   days on market $409,000 Active 35 DOM
7. 2026-06-13
   days on market $409,000 Active 33 DOM
8. 2026-06-09
   days on market $409,000 Active 29 DOM
9. 2026-06-08
   days on market $409,000 Active 28 DOM
10. 2026-06-07
    days on market $409,000 Active 27 DOM
11. 2026-06-04
    days on market $409,000 Active 24 DOM
12. 2026-06-03
    days on market $409,000 Active 23 DOM
13. 2026-06-02
    days on market $409,000 Active 22 DOM
14. 2026-06-01
    days on market $409,000 Active 21 DOM
15. 2026-05-31
    days on market $409,000 Active 20 DOM
16. 2026-05-11
    listed $409,000 Active
17. 2026-02-07
    price $415,000
18. 2025-09-11
    listed $440,000 Active
19. 2025-04-15
    historical
20. 2025-01-22
    listed $480,000 Active
21. 2024-09-21
    historical $3,400
22. 2024-09-07
    listed $3,400
23. 2024-08-18
    historical $3,400
24. 2024-08-05
    historical
25. 2024-07-19
    historical $3,400
26. 2024-07-18
    listed $3,400
27. 2024-07-12
    price $460,000
28. 2024-07-03
    price $3,100
29. 2024-06-15
    listed $3,400
30. 2024-06-14
    historical $3,400
31. 2024-06-14
    listed $470,000 Active
32. 2024-05-16
    listed $3,400
33. 2022-05-06
    soldstatus $377,000
34. 2022-04-21
    soldstatus $377,000 Closed
35. 2022-03-19
    status Pending
36. 2022-03-01
    listed $397,000 Active
37. 2012-01-05
    historical
38. 2008-08-09
    soldstatus $175,000
39. 2005-06-24
    soldstatus $400,000
40. 2004-10-21
    soldstatus $305,000

ⓘ 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: $6,735 · $561/mo
• Projected year-2 tax: $6,735 · $561/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 6 d/yr ≥103°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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,561
• − Mortgage interest: −$22,910
• − Property taxes: −$6,735
• − Insurance: −$7,164
• − Repairs & maintenance: −$3,965
• − Management: −$3,965
• − HOA: −$12,792
• − Depreciation: −$11,898
• Taxable loss: −$19,868
• Est. tax savings @ 24.0%: +$4,768
• After-tax cash flow: $-8,508/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): 34,964
• Household income: $61,009
• Rent vs Own: 83.2% rent · 16.8% own
• Severe rent burden: 5231.0

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 (73%)
• Race & ethnicity: Hispanic / Latino 73% Two or more races 44% White 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 24% Dominican 4%
• Common ancestry: Romanian 2% Estonian 1% Lithuanian 1%
• Foreign-born: 60% · Canada, Jamaica, Guatemala
• Languages at home: 23% English-only · Spanish 70% Other Indo-European 2% Russian/Polish/Slavic 1%

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: ▼ -1.79%
• Current HPI: 344.7752
• Rent YoY: ▼ -0.53%
• 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

+34.1% since first listed

25 events — show timeline

• 2026-05-11 Listed $409,000 MARMLS
• 2026-02-07 Price Changed $415,000 MARMLS
• 2025-09-11 Listed $440,000 MARMLS
• 2025-04-15 Listing Removed — MARMLS
• 2025-01-22 Listed $480,000 MARMLS
• 2024-09-21 Rental Removed $3,400 VLS
• 2024-09-07 Listed for Rent $3,400 VLS
• 2024-08-18 Rental Removed $3,400 VLS
• 2024-08-05 Listing Removed — MARMLS
• 2024-07-19 Rental Removed $3,400 MARMLS
• 2024-07-18 Listed for Rent $3,400 VLS
• 2024-07-12 Price Changed $460,000 MARMLS
• 2024-07-03 Price Changed $3,100 MARMLS
• 2024-06-15 Listed for Rent $3,400 MARMLS
• 2024-06-14 Rental Removed $3,400 MARMLS
• 2024-06-14 Listed $470,000 MARMLS
• 2024-05-16 Listed for Rent $3,400 MARMLS
• 2022-05-06 Sold (Public Records) $377,000 Public Records
• 2022-04-21 Sold (MLS) $377,000 MARMLS
• 2022-03-19 Pending — MARMLS
• 2022-03-01 Listed $397,000 MARMLS
• 2012-01-05 Listing Removed — MARMLS
• 2008-08-09 Sold (MLS) $175,000 MARMLS
• 2005-06-24 Sold (Public Records) $400,000 Public Records
• 2004-10-21 Sold (Public Records) $305,000 Public Records

Property tax history

+12.6%/yr

Latest (2025): $6,735 · -3.6% YoY. Source: county tax records.