1102 NW 103rd St

Pinewood, FL 33150

$745,000D-

5 bd · 2.0 ba · 2,195 sqft · Built 1945 · MultiFamily · Active · 232 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,938/mo
• Mortgage (P&I): −$3,907
• Tax + insurance: −$1,193
• HOA: −$0
• Vac / Maint / Mgmt: −$1,247
• Net cashflow: $-409/mo
• Annual: $-4,909/yr
• Cap rate: 5.63%
• Cash-on-cash: -2.35%
• DSCR: 0.90
• 1% rule: 0.80%
• Cash to close: $208,600

Investor read

• This is a 3 × 2-bed/1.5-bath units multifamily listed at $745k.
• At list price, monthly cash flow is $-409 ($-5k/yr) — negative. Per door: $-136/mo.
• To cash-flow at today's rent, offer at most $673k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $594k (20.3% below list).
• It's been on market 232 days — a 12% lower offer ($656k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $594k (20.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#124 in FL, #1,871 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, cost of living A; Watch: employment D, 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.
• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.8%/yr); 179 active listings in the ZIP; lower-income renter base — watch delinquency; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 15 sale attempts since 12y ago; this cycle's ask has dropped $154k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $5,938/mo this rent would consume 174% of the median local household income ($41k/yr) (locally 2384% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 232 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?