2851 NE 183rd St Unit 502E · Aventura, FL 33160

$323,000

2 bd · 2.0 ba · 1,666 sqft · Condo public records · 62 Days on market

Built 1974 $1089/mo HOA · 25% 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 +19.0/30.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Appreciation +5.3/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0

Listing remarks

Beautiful 2-bedroom, 2-bath apartment in Aventura with a lovely garden view. The unit features a new A/C and a comfortable, functional layout. The building offers excellent amenities including tennis court, basketball court, billiard room, fitness center, swimming pool, and a newly built barbecue area. Prime location within walking distance to Aventura Mall, schools, supermarkets, banks, and synagogue-no need to use car. Includes one assigned parking space. Currently rented with a lease in place until July 31, providing immediate rental income. Tenant has been in place for two years and may be renewed, making this an ideal opportunity for investors seeking cash flow. Showings require a 24-h

Key facts

• Fitness center
• Tennis court
• Garden view

Tags

• GARDEN VIEW
• NEW A/C
• TENNIS COURT
• BASKETBALL COURT
• BILLIARD ROOM
• FITNESS CENTER

Property features AI

Finance

• Financial info: Pets allowed with restrictions
• HOA & community: Monthly association fee; Association fee covers management, amenities, pool(s), security and water; Association amenities include basketball court, billiard room, clubhouse, elevators, fitness center, barbecue, picnic area and pool

Exterior

• Parking: Assigned parking (1 space); Covered parking (1 space); 1-car garage
• Security: Doorman; Fire alarm; Secured garage/parking; Smoke detector(s)
• Utilities: Cable available
• Home design: Condo/attached property; Entry located on level 5; Building with 20 stories
• Construction: Block construction; Resale property
• Exterior features: Balcony; Open balcony/patio

Interior

• Kitchen: Dishwasher; Electric range; Disposal; Microwave; Refrigerator; Self-cleaning oven
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Bedroom on main level; Breakfast area; First-floor entry; Living/dining room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $323k.

Deal economics

• At list price, monthly cash flow is $-90 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $307k (4.9% below list).
• Meets the 1% rule at list price ($4k rent vs $323k).
• Recommended offer: $304k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 2.6% in Aventura — 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 (#127 in FL, #1,834 nationally) — a professional / high-income tenant draw. Strengths: schools A+, health & safety A+, amenities A; Watch: crime 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 flat; 1870 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,335/mo this rent would consume 78% of the median local household income ($67k/yr) (locally 3106% 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 $4k of equity ($2k loan paydown + $2k appreciation (0.5% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($304k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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.
• Current owner paid $199k; list at $323k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 25% 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 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $303,620 (6.0% 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 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — 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. Crime grade is D 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?
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: 7.54%
• Cash-on-cash: 4.47%
• DSCR: 1.20
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.53% appreciation · 0.94% rent growth · sell at horizon

5-year hold

• IRR: -3.5%
• Equity multiple: 0.83×
• Total profit: $-15,031
• Equity at exit: $102,389

10-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $72
• Equity at exit: $130,167

Cash invested: $90,440 (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 33160

• Home prices YoY: 0.2%
• Rents YoY: 0.9%
• Active inventory: 1870
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $4,335 medium
• Mortgage (P&I): −$1,694
• Tax from tax record: −$170 /mo · $2,046/yr
• Insurance: −$135
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,089
• Vacancy / Maint / Mgmt: −$910
• Net cashflow: $-90

Break-even live

Break-even rent $4,449

Max offer price $307,151

Occupancy floor 97%

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: $80,750
• Closing costs: $9,690
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17875 Collins Ave Sunny Isles Beach, FL	3.0	3.0	2122	$22,000	$10.37	11d	3	1.37mi
17141 Collins Ave Sunny Isles Beach, FL	3.0	2.5	2042	$19,000	$9.30	24d	1	1.48mi
17141 Collins Ave #4602 Sunny Isles Beach, FL	2.0	2.5	2042	$25,000	$12.24	8d	1	1.48mi
17141 Collins Ave #4602 Sunny Isles Beach, FL	2.0	2.5	2042	$25,000	$12.24	5d	1	1.48mi

HOA detail condo

• Monthly dues: $1,089 · $13,068/yr
• Likely covers: poolgymparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 36 events

1. 2026-06-18
   days on market $323,000 Active 62 DOM
2. 2026-06-17
   days on market $323,000 Active 61 DOM
3. 2026-06-16
   days on market $323,000 Active 60 DOM
4. 2026-06-15
   days on market $323,000 Active 59 DOM
5. 2026-06-13
   days on market $323,000 Active 57 DOM
6. 2026-06-09
   days on market $323,000 Active 53 DOM
7. 2026-06-08
   days on market $323,000 Active 52 DOM
8. 2026-06-07
   days on market $323,000 Active 51 DOM
9. 2026-06-04
   days on market $323,000 Active 48 DOM
10. 2026-06-03
    days on market $323,000 Active 47 DOM
11. 2026-06-02
    days on market $323,000 Active 46 DOM
12. 2026-06-01
    days on market $323,000 Active 45 DOM
13. 2026-05-31
    days on market $323,000 Active 44 DOM
14. 2026-04-13
    listed $323,000 Active
15. 2026-04-02
    historical
16. 2025-11-27
    price $325,000
17. 2025-11-27
    listed $300,000 Active
18. 2025-07-26
    historical
19. 2025-04-09
    price $339,000
20. 2025-01-24
    listed $352,000 Active
21. 2025-01-15
    historical
22. 2024-10-28
    price $355,000
23. 2024-08-19
    price $360,000
24. 2024-08-18
    historical $2,750
25. 2024-08-17
    price $350,000
26. 2024-07-03
    price $2,750
27. 2024-06-07
    price $375,000
28. 2024-05-17
    price $3,000
29. 2024-05-11
    listed $3,200
30. 2024-05-03
    price $395,000
31. 2024-04-20
    price $429,000
32. 2024-04-16
    listed $475,000 Active
33. 2004-08-25
    soldstatus $199,000
34. 2003-02-11
    soldstatus $135,000
35. 1997-05-12
    soldstatus $70,000
36. 1977-09-01
    soldstatus $56,000

ⓘ 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: $2,046 · $170/mo
• Projected year-2 tax: $2,681 · $223/mo
• Expected delta: +$635/yr (+$53/mo · 31.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 97% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 25 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,021
• − Mortgage interest: −$18,093
• − Property taxes: −$2,046
• − Insurance: −$6,734
• − Repairs & maintenance: −$4,162
• − Management: −$4,162
• − HOA: −$13,068
• − Depreciation: −$9,396
• Taxable loss: −$5,639
• Est. tax savings @ 24.0%: +$1,353
• After-tax cash flow: $277/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 — Aventura

• Score: 80/100
• State rank: #127
• US rank: #1834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Aventura, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 34,147
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 43,718
• Household income: $67,040
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 3106.0

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: Hispanic / Latino 46% White 44% Two or more races 27% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 8% Dominican 1% Salvadoran 4%
• Common ancestry: Scotch-Irish 8% Hispanic 3% Subsaharan African 3%
• Foreign-born: 61% · Canada, Jamaica, Dominican Republic
• Languages at home: 29% English-only · Spanish 45% Russian/Polish/Slavic 12% Other Indo-European 5%

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: ▲ 0.53%
• Current HPI: 284.9293
• Rent YoY: ▲ 0.94%
• 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

+476.8% since first listed

23 events — show timeline

• 2026-04-13 Listed $323,000 MARMLS
• 2026-04-02 Listing Removed — MARMLS
• 2025-11-27 Price Changed $325,000 MARMLS
• 2025-11-27 Listed $300,000 MARMLS
• 2025-07-26 Listing Removed — MARMLS
• 2025-04-09 Price Changed $339,000 MARMLS
• 2025-01-24 Listed $352,000 MARMLS
• 2025-01-15 Listing Removed — MARMLS
• 2024-10-28 Price Changed $355,000 MARMLS
• 2024-08-19 Price Changed $360,000 MARMLS
• 2024-08-18 Rental Removed $2,750 MARMLS
• 2024-08-17 Price Changed $350,000 MARMLS
• 2024-07-03 Price Changed $2,750 MARMLS
• 2024-06-07 Price Changed $375,000 MARMLS
• 2024-05-17 Price Changed $3,000 MARMLS
• 2024-05-11 Listed for Rent $3,200 MARMLS
• 2024-05-03 Price Changed $395,000 MARMLS
• 2024-04-20 Price Changed $429,000 MARMLS
• 2024-04-16 Listed $475,000 MARMLS
• 2004-08-25 Sold (Public Records) $199,000 Public Records
• 2003-02-11 Sold (Public Records) $135,000 Public Records
• 1997-05-12 Sold (Public Records) $70,000 Public Records
• 1977-09-01 Sold (Public Records) $56,000 Public Records

Property tax history

+2.4%/yr

Latest (2025): $2,046 · +7.4% YoY. Source: county tax records.