111 E Flagler St #909 · Miami, FL 33131

$310,000

2 bd · 1.0 ba · 787 sqft · Condo public records · 78 Days on market

Built 1951 $950/mo HOA · 22% of rent

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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 +19.3/30.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• Schools +4.2/10.0
• Appreciation +4.0/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0

Listing remarks

Prime investment opportunity in the heart of Downtown Miami. This corner, 2-bedrooms, 1-bath apartment offers an unbeatable location and convenience just steps from Miami Dade College, Bayside Marketplace, Bayfront Park, restaurants, shopping, and public transportation. The property is being sold as-is, with pricing that reflects the current special assessment ($308.64/month) and pending city-related permits, creating a strong opportunity for investors and cash buyers looking to capitalize on the continued transformation and redevelopment of Downtown Miami. Flagler Street has undergone a major revitalization, with new retail, restaurants, infrastructure, and ongoing investment rapidly resha

Key facts

• Skyline views
• Strong rental demand
• Corner unit

Tags

• CORNER UNIT
• SKYLINE VIEWS
• IN UNIT LAUNDRY
• UPDATED LIVING SPACE
• STRONG RENTAL DEMAND
• UNBEATABLE LOCATION

Property features AI

Finance

• Financial info: Pets allowed with restrictions/possible restrictions
• HOA & community: Monthly association fee; Association fee covers management, amenities, internet, structural maintenance, reserve fund, security, trash, and water; Community amenities include clubhouse, elevators, and fitness center

Exterior

• Security: Intercom; Lobby secured; Fire sprinkler system
• Utilities: Cable available
• Home design: Condominium in a mid/high-rise (15 stories); Entry located on level 9
• Construction: Block construction; Resale property
• Exterior features: Security/high-impact doors; Has a view; Faces southwest

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Hardwood; Tile; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Blinds; Impact glass windows; Closet cabinetry; Family/Dining room; Main living area on entry level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $310k.

Deal economics

• At list price, monthly cash flow is $341 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $310k).
• Recommended offer: $291k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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.
• Market conditions: Rents rising (+2.0%/yr); 1007 active listings in the ZIP; high-income renter base; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• This rent runs 37% of the median local income ($144k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-2.1%/yr); year-one equity from $2k 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

• It's been on market 78 days — a 6% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $175k; list at $310k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $291,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.42% ✓
• Cap rate: 7.61%
• Cash-on-cash: 4.71%
• DSCR: 1.21
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.09% appreciation · 2.04% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.77×
• Total profit: $-20,171
• Equity at exit: $58,880

10-year hold

• IRR: 1.0%
• Equity multiple: 1.08×
• Total profit: $6,723
• Equity at exit: $49,060

Cash invested: $86,800 (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 33131

• Home prices YoY: -0.7%
• Rents YoY: 2.0%
• Active inventory: 1007
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $4,413 medium
• Mortgage (P&I): −$1,626
• Tax from tax record: −$440 /mo · $5,284/yr
• Insurance: −$129
• HOA: −$950
• Vacancy / Maint / Mgmt: −$927
• Net cashflow: $341

Break-even live

Break-even rent $3,981

Max offer price $310,000

Occupancy floor 87%

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: $77,500
• Closing costs: $9,300
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $950 · $11,400/yr
• ⚠ Special-assessment mentions:

  …shopping, and public transportation. The property is being sold as-is, with pricing that reflects the current special assessment ($308.64/month) and pending city-related permits, creating a strong opportunity for investors and cash buyers looking…

Listing history 21 events

1. 2026-06-18
   days on market $310,000 Active 78 DOM
2. 2026-06-17
   days on market $310,000 Active 77 DOM
3. 2026-06-16
   days on market $310,000 Active 76 DOM
4. 2026-06-15
   days on market $310,000 Active 75 DOM
5. 2026-06-13
   days on market $310,000 Active 73 DOM
6. 2026-06-09
   days on market $310,000 Active 69 DOM
7. 2026-06-08
   days on market $310,000 Active 68 DOM
8. 2026-06-07
   days on marketlisting id $310,000 Active 67 DOM
9. 2026-06-04
   days on market $310,000 Active 2 DOM
10. 2026-06-02
    days on marketlisting id $310,000 Active 1 DOM
11. 2026-06-01
    days on market $310,000 Active 61 DOM
12. 2026-05-31
    days on market $310,000 Active 60 DOM
13. 2026-05-18
    price $310,000
14. 2026-04-27
    price $335,000
15. 2026-04-01
    listed $310,000 Active
16. 2025-07-22
    historical
17. 2025-06-16
    price $330,000
18. 2025-05-27
    price $355,000
19. 2025-04-29
    listed $365,000 Active
20. 2018-07-16
    soldstatus $175,000
21. 2011-07-29
    soldstatus $126,700

ⓘ 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: $5,284 · $440/mo
• Projected year-2 tax: $5,284 · $440/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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 28 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: $52,950
• − Mortgage interest: −$17,365
• − Property taxes: −$5,284
• − Insurance: −$1,550
• − Repairs & maintenance: −$4,236
• − Management: −$4,236
• − HOA: −$11,400
• − Depreciation: −$9,018
• Taxable loss: −$138
• Est. tax savings @ 24.0%: +$33
• After-tax cash flow: $4,122/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): 23,095
• Household income: $144,138
• Rent vs Own: 63.0% rent · 37.0% own
• Severe rent burden: 1866.0

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 0.61)
• Race & ethnicity: Hispanic / Latino 52% Two or more races 35% White 33% Asian 4% Black 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4% Cuban 8% Dominican 1% Salvadoran 3%
• Common ancestry: Romanian 2% Scotch-Irish 2% Estonian 2%
• Foreign-born: 54% · Canada, Jamaica, Dominican Republic
• Languages at home: 30% English-only · Spanish 53% Other Indo-European 6% French/Haitian/Cajun 4%

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: ▼ -2.09%
• Current HPI: 281.1156
• Rent YoY: ▲ 2.04%
• 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

+144.7% since first listed

9 events — show timeline

• 2026-05-18 Price Changed $310,000 MARMLS
• 2026-04-27 Price Changed $335,000 MARMLS
• 2026-04-01 Listed $310,000 MARMLS
• 2025-07-22 Listing Removed — MARMLS
• 2025-06-16 Price Changed $330,000 MARMLS
• 2025-05-27 Price Changed $355,000 MARMLS
• 2025-04-29 Listed $365,000 MARMLS
• 2018-07-16 Sold (Public Records) $175,000 Public Records
• 2011-07-29 Sold (Public Records) $126,700 Public Records

Property tax history

+6.6%/yr

Latest (2025): $5,284 · +5.6% YoY. Source: county tax records.