1650 Coral Way #607 · Miami, FL 33145

$450,000

1 bd · 2.0 ba · 1,030 sqft · Condo public records · 28 Days on market

Built 2002

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Why this score? — see what drove the F 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
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• 1% rule +3.0/10.0
• Cash flow +2.7/30.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Live where Miami's most walkable corridor meets effortless urban style. Nestled in Shenandoah along the iconic Coral Way Corridor, this 2025 renovated condo delivers the Miami lifestyle buyers are searching for, without the Brickell price tag. Two bedrooms, two bathrooms, and a generous primary suite anchor a thoughtfully designed layout built for real living. Two oversized balconies face west for stunning sunset views — your private outdoor retreat in the middle of the city. Steps away from The Underline Trail, local dining, and neighborhood boutiques. Minutes to Coconut Grove, Coral Gables, and Brickell. Whether you're commuting, exploring, or simply living well, everything Miami of

Key facts

• Garage
• Built 2002

Property features AI

Exterior

• Parking: Has garage
• Home design: Condo; 9-story building
• Exterior features: Private balcony

Interior

• Kitchen: Dishwasher
• Bedrooms: 2 bedrooms
• Bathrooms: 2 bathrooms
• Heating & cooling: Air conditioning
• Interior features: Building has elevator; Building fitness center

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $450k.

Deal economics

• At list price, monthly cash flow is $-2k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $413k (8.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $361k (19.8% below list).
• Recommended offer: $361k (19.8% below list) — sets the bar for 1% rule.

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.
• Market conditions: Rents rising (+2.7%/yr); 225 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 $3,609/mo this rent would consume 59% of the median local household income ($74k/yr) (locally 1517% 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 $3k of loan paydown is wiped out by about $14k 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 28 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.

Recommended offer $360,930 (19.8% 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. 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 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.80% ✗
• Cap rate: 2.24%
• Cash-on-cash: -14.46%
• DSCR: 0.36
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.73% rent growth · sell at horizon

5-year hold

• IRR: -43.9%
• Equity multiple: -0.35×
• Total profit: $-169,783
• Equity at exit: $67,096

10-year hold

• IRR: -78.7%
• Equity multiple: -1.17×
• Total profit: $-273,003
• Equity at exit: $38,908

Cash invested: $126,000 (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 33145

• Rents YoY: 2.7%
• Active inventory: 225
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $3,609 medium
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA est. from 5 same-building comps: −$1,260
• Vacancy / Maint / Mgmt: −$758
• Net cashflow: $-1,519

Break-even live

Break-even rent $5,531

Max offer price $230,270

Occupancy floor —

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1710 SW 27th Ave Unit 1272101P Miami, FL	1.0–5.0	1.0–4.0	1716	$3,855	$2.25	7d	3	1.15mi

HOA detail condo

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

Listing history 13 events

1. 2026-06-18
   days on market $450,000 Coming Soon 28 DOM
2. 2026-06-17
   days on market $450,000 Coming Soon 27 DOM
3. 2026-06-16
   days on market $450,000 Coming Soon 26 DOM
4. 2026-06-15
   days on market $450,000 Coming Soon 25 DOM
5. 2026-06-13
   days on market $450,000 Coming Soon 23 DOM
6. 2026-06-09
   days on market $450,000 Coming Soon 19 DOM
7. 2026-06-08
   days on market $450,000 Coming Soon 18 DOM
8. 2026-06-07
   days on market $450,000 Coming Soon 17 DOM
9. 2026-06-04
   days on market $450,000 Coming Soon 14 DOM
10. 2026-06-03
    days on market $450,000 Coming Soon 13 DOM
11. 2026-06-02
    days on market $450,000 Coming Soon 12 DOM
12. 2026-06-01
    days on market $450,000 Coming Soon 11 DOM
13. 2026-05-31
    days on market $450,000 Coming Soon 10 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $43,312
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,465
• − Management: −$3,465
• − HOA: −$15,120
• − Depreciation: −$13,091
• Taxable loss: −$26,036
• Est. tax savings @ 24.0%: +$6,249
• After-tax cash flow: $-11,973/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): 29,761
• Household income: $73,995
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 1517.0

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 (79%)
• Race & ethnicity: Hispanic / Latino 79% Two or more races 51% White 16% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 41% Dominican 2% Salvadoran 2%
• Common ancestry: Estonian 2% Scotch-Irish 1% Italian 1%
• Foreign-born: 59% · Canada, Jamaica, Dominican Republic
• Languages at home: 13% English-only · Spanish 83% 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: ▼ -657.80%
• Current HPI: 485.4573
• Rent YoY: ▲ 2.73%
• 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