5005 Collins Ave #725 · Miami Beach, FL 33140

$349,000

1 bd · 1.0 ba · 964 sqft · Condo public records · 782 Days on market

Built 1964 $1658/mo HOA · 35% 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).

• 1% rule +8.4/10.0
• Cash flow +7.6/30.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• DSCR +1.7/10.0

Listing remarks

Sellers Say Condo Must Sell!! Whether you're looking for a permanent residence or a vacation condo, Carriage Club North is the pinnacle of coastal luxury living. You'll enjoy the high-floor unit with breathtaking ocean views, renovated oceanfront building, updated 2-bed, 1-bath condo, impact windows, tile floors throughout, spacious kitchen with sleek quartz countertops and stainless steel appliances, spacious bedrooms, large bathroom with its luxurious walk-in shower and ample storage space. Resort-style amenities that include direct beach access, South Beach boardwalk to the Fontainebleau Hotel and top-tier restaurants, 24-hour security, concierge service, valet parking, heated pool and j

Key facts

• Oceanfront building
• Direct beach access
• Impact windows

Tags

• OCEANFRONT BUILDING
• IMPACT WINDOWS
• RESORT-STYLE AMENITIES
• DIRECT BEACH ACCESS

Property features AI

Finance

• Financial info: Pets allowed with restrictions or possible restrictions
• HOA & community: Monthly association fee; Association fee includes management, amenities, cable TV, hot water, laundry, grounds maintenance, structure maintenance, parking, pest control, pool(s), roof, and water; Association amenities include billiard room, clubhouse, fitness center, laundry, pool, trash service, and elevators

Exterior

• Parking: Assigned covered parking (1 space); 1-car garage
• Security: Secured elevator; Secured lobby; Phone entry
• Utilities: Cable available
• Home design: 15-story building; Unit on entry level 7; Attached property
• Construction: Block construction; Effective year built
• Exterior features: Oceanfront waterfront; Association heated pool

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: Main-level primary bedroom
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Convertible bedroom; Elevator access; High ceilings; Main-level primary bedroom; Split bedroom floor plan; Impact glass windows; Tile flooring
• Laundry & utility: Shared laundry in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $349k.

Deal economics

• At list price, monthly cash flow is $-493 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $262k (24.9% below list).
• Meets the 1% rule at list price ($5k rent vs $349k).
• Recommended offer: $262k (24.9% below list) — sets the bar for cash-flow.
• Cap rate 4.8% vs local median 1.5% in Miami Beach — 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 80/100 on livability (#108 in FL, #1,672 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: housing C-, amenities D-, 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 (+3.5%/yr); 670 active listings in the ZIP; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,685/mo this rent would consume 53% of the median local household income ($107k/yr) (locally 870% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $6k of equity ($2k loan paydown + $3k appreciation (1.0% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 782 days — a 12% lower offer ($307k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 8y ago; this cycle's ask has dropped $146k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $245k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 35% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $261,966 (24.9% 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 782 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Schools are A-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?
10. 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?
11. 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.
12. 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.
13. 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: 1.34% ✓
• Cap rate: 4.83%
• Cash-on-cash: -5.23%
• DSCR: 0.77
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.96% appreciation · 3.52% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.78×
• Total profit: $-21,821
• Equity at exit: $118,506

10-year hold

• IRR: 1.7%
• Equity multiple: 1.21×
• Total profit: $20,350
• Equity at exit: $156,993

Cash invested: $97,720 (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 33140

• Home prices YoY: 0.3%
• Rents YoY: 3.5%
• Active inventory: 670
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $4,685 medium
• Mortgage (P&I): −$1,830
• Tax from tax record: −$494 /mo · $5,928/yr
• Insurance: −$145
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,658
• Vacancy / Maint / Mgmt: −$984
• Net cashflow: $-493

Break-even live

Break-even rent $5,309

Max offer price $261,966

Occupancy floor —

Sensitivity live

Price	-10% $-295	-5% $-394	+0% $-493	+5% $-591	+10% $-690
Rent	-10% $-863	-5% $-678	+0% $-493	+5% $-308	+10% $-123
Rate	-1.0pp $-317	-0.5pp $-404	base $-493	+0.5pp $-583	+1.0pp $-675

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $1,658 · $19,896/yr
• Likely covers: pooldoormansecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-18
   days on market $349,000 Active 782 DOM
2. 2026-06-17
   days on market $349,000 Active 781 DOM
3. 2026-06-16
   days on market $349,000 Active 780 DOM
4. 2026-06-15
   days on market $349,000 Active 779 DOM
5. 2026-06-13
   days on market $349,000 Active 777 DOM
6. 2026-06-09
   days on market $349,000 Active 773 DOM
7. 2026-06-08
   days on market $349,000 Active 772 DOM
8. 2026-06-08
   days on market $349,000 Active 771 DOM
9. 2026-06-04
   days on market $349,000 Active 768 DOM
10. 2026-06-03
    days on market $349,000 Active 767 DOM
11. 2026-06-02
    days on market $349,000 Active 766 DOM
12. 2026-06-01
    days on market $349,000 Active 765 DOM
13. 2026-05-31
    days on market $349,000 Active 764 DOM
14. 2026-05-19
    price $349,000
15. 2026-04-28
    price $365,000
16. 2026-03-18
    status Active
17. 2026-03-18
    price $385,000
18. 2026-02-24
    status Pending
19. 2025-05-27
    price $395,000
20. 2025-03-04
    price $439,000
21. 2025-02-03
    price $449,000
22. 2024-05-10
    price $465,000
23. 2024-04-05
    listed $495,000 Active
24. 2021-07-28
    historical
25. 2021-06-07
    listed $345,000 Active
26. 2019-07-10
    historical
27. 2019-02-10
    listed $360,000 Active
28. 2018-11-01
    historical
29. 2018-09-12
    listed $385,000 Active
30. 2018-08-01
    historical
31. 2018-06-20
    price $395,000
32. 2018-06-15
    price $380,000
33. 2018-06-04
    listed $395,000 Active
34. 2018-06-01
    historical
35. 2018-03-20
    listed $395,000 Active
36. 2004-12-30
    soldstatus $245,000
37. 1999-09-20
    soldstatus $115,000
38. 1996-12-10
    soldstatus $99,500

ⓘ 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: $5,928 · $494/mo
• Projected year-2 tax: $5,928 · $494/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 10/10 Extreme FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥101°F today · 24 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: $56,223
• − Mortgage interest: −$19,549
• − Property taxes: −$5,928
• − Insurance: −$2,542
• − Repairs & maintenance: −$4,498
• − Management: −$4,498
• − HOA: −$19,896
• − Depreciation: −$10,153
• Taxable loss: −$10,841
• Est. tax savings @ 24.0%: +$2,602
• After-tax cash flow: $-3,310/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 Beach

• Score: 80/100
• State rank: #108
• US rank: #1672

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,533
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 20,342
• Household income: $107,063
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 870.0

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 0.59)
• Race & ethnicity: White 46% Hispanic / Latino 44% Two or more races 23% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 19% Salvadoran 6%
• Common ancestry: Scotch-Irish 5% Romanian 3% Italian 3%
• Foreign-born: 44% · Canada, Dominican Republic, Jamaica
• Languages at home: 43% English-only · Spanish 45% Other Indo-European 6% French/Haitian/Cajun 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: ▲ 0.96%
• Current HPI: 302.8514
• Rent YoY: ▲ 3.52%
• 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

+250.8% since first listed

25 events — show timeline

• 2026-05-19 Price Changed $349,000 MARMLS
• 2026-04-28 Price Changed $365,000 MARMLS
• 2026-03-18 Relisted — MARMLS
• 2026-03-18 Price Changed $385,000 MARMLS
• 2026-02-24 Pending — MARMLS
• 2025-05-27 Price Changed $395,000 MARMLS
• 2025-03-04 Price Changed $439,000 MARMLS
• 2025-02-03 Price Changed $449,000 MARMLS
• 2024-05-10 Price Changed $465,000 MARMLS
• 2024-04-05 Listed $495,000 MARMLS
• 2021-07-28 Listing Removed — MARMLS
• 2021-06-07 Listed $345,000 MARMLS
• 2019-07-10 Listing Removed — MARMLS
• 2019-02-10 Listed $360,000 MARMLS
• 2018-11-01 Listing Removed — MARMLS
• 2018-09-12 Listed $385,000 MARMLS
• 2018-08-01 Listing Removed — MARMLS
• 2018-06-20 Price Changed $395,000 MARMLS
• 2018-06-15 Price Changed $380,000 MARMLS
• 2018-06-04 Listed $395,000 MARMLS
• 2018-06-01 Listing Removed — MARMLS
• 2018-03-20 Listed $395,000 MARMLS
• 2004-12-30 Sold (Public Records) $245,000 Public Records
• 1999-09-20 Sold (Public Records) $115,000 Public Records
• 1996-12-10 Sold (Public Records) $99,500 Public Records

Property tax history

+4.8%/yr

Latest (2025): $5,928 · -4.5% YoY. Source: county tax records.