1542 Drexel Ave #306 · Miami Beach, FL 33139

$253,000

1 bd · 1.0 ba · 520 sqft · Condo public records · 206 Days on market

Built 1925 $588/mo HOA · 16% of rent

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Why this score? — see what drove the B- 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 +25.2/30.0
• 1% rule +9.4/10.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Appreciation +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks MLS

Updated condo in the heart of Miami Beach. Welcome to The Ruskin, nestled right in between Lincoln Road and Espanola Way this unit has everything the Miami Beach buyer/investor is looking for. With Low association dues and within walking distance of South Beach nightlife, this unit features tile floors throughout the living areas and wood floors in the bedroom, a completely renovated bathroom and a secured call box entrance.

Key facts

• $588 HOA
• Built 1925
• Listed 205 days

Tags

• ONE BLOCK FROM LINCOLN ROAD
• STEPS FROM ESPAÑOLA WAY
• THREE MINUTE WALK TO BEACH

Property features AI

Finance

• Financial info: Lease considered; Pets allowed with restrictions
• HOA & community: Monthly association fee; Association fee covers management, common areas, insurance, laundry, grounds maintenance, structure maintenance, reserve fund, roof, sewer, trash, and water

Exterior

• Parking: On-street parking
• Security: Intercom; Smoke detectors; Complex fenced; Security/high-impact doors
• Utilities: Public water; Public sewer; Electric service; Central heating and cooling
• Home design: Condominium (attached property); 3 stories; Entry on 3rd floor
• Construction: Block construction; Effective year built
• Exterior features: Courtyard; Security/high-impact doors; Complex fenced; Intercom; Smoke detectors

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Flooring: Hardwood; Tile; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Elevator; Third-floor entry; Unfurnished
• Laundry & utility: Laundry service included in association amenities

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $253k.

Deal economics

• At list price, monthly cash flow is $142 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $253k).
• Recommended offer: $223k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 soft (-0.4%/yr); 1208 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,639/mo this rent would consume 63% of the median local household income ($70k/yr) (locally 4052% 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 (-2.2%/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 206 days — a 12% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 8y 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 $165k; list at $253k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• 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 8→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $222,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 206 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.44% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.64%
• DSCR: 1.43
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.19% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -12.6%
• Equity multiple: 0.53×
• Total profit: $-33,241
• Equity at exit: $46,978

10-year hold

• IRR: -11.4%
• Equity multiple: 0.32×
• Total profit: $-48,129
• Equity at exit: $38,109

Cash invested: $70,840 (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 33139

• Home prices YoY: -0.8%
• Rents YoY: -0.4%
• Active inventory: 1208
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $3,639 medium
• Mortgage (P&I): −$1,327
• Tax from tax record: −$286 /mo · $3,430/yr
• Insurance: −$105
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$588
• Vacancy / Maint / Mgmt: −$764
• Net cashflow: $142

Break-even live

Break-even rent $3,459

Max offer price $253,000

Occupancy floor 91%

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: $63,250
• Closing costs: $7,590
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1602 Meridian Ave Miami Beach, FL	4.0	1.0–3.0	917	$6,932	$7.56	14d	1	0.26mi
2201 Collins Ave Miami Beach, FL	1.0–3.0	1.0–2.0	1121	$22,000	$19.62	24d	2	0.76mi

HOA detail condo

• Monthly dues: $588 · $7,056/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-18
   days on market $253,000 Active 206 DOM
2. 2026-06-17
   days on market $253,000 Active 205 DOM
3. 2026-06-16
   days on market $253,000 Active 204 DOM
4. 2026-06-15
   days on market $253,000 Active 203 DOM
5. 2026-06-13
   days on market $253,000 Active 201 DOM
6. 2026-06-09
   days on market $253,000 Active 197 DOM
7. 2026-06-08
   days on market $253,000 Active 196 DOM
8. 2026-06-08
   days on market $253,000 Active 195 DOM
9. 2026-06-04
   days on market $253,000 Active 192 DOM
10. 2026-06-03
    days on market $253,000 Active 191 DOM
11. 2026-06-02
    days on market $253,000 Active 190 DOM
12. 2026-06-01
    days on market $253,000 Active 189 DOM
13. 2026-05-31
    days on market $253,000 Active 188 DOM
14. 2025-12-03
    historical $1,950
15. 2025-11-24
    listed $253,000 Active
16. 2025-11-14
    listed $1,950
17. 2025-10-31
    historical $1,950
18. 2025-09-08
    listed $1,950
19. 2024-09-30
    historical
20. 2024-07-18
    historical $1,950
21. 2024-07-03
    price $1,950
22. 2024-06-12
    listed $2,300
23. 2024-06-11
    listed $275,000 Active
24. 2019-04-08
    soldstatus $165,000
25. 2019-03-29
    soldstatus $165,000 Sold 428-char remark

    Show marketing remark (428 chars)

    Updated condo in the heart of Miami Beach. Welcome to The Ruskin, nestled right in between Lincoln Road and Espanola Way this unit has everything the Miami Beach buyer/investor is looking for. With Low association dues and within walking distance of South Beach nightlife, this unit features tile floors throughout the living areas and wood floors in the bedroom, a completely renovated bathroom and a secured call box entrance.

26. 2019-02-12
    status Pending 428-char remark

    Show marketing remark (428 chars)

    Updated condo in the heart of Miami Beach. Welcome to The Ruskin, nestled right in between Lincoln Road and Espanola Way this unit has everything the Miami Beach buyer/investor is looking for. With Low association dues and within walking distance of South Beach nightlife, this unit features tile floors throughout the living areas and wood floors in the bedroom, a completely renovated bathroom and a secured call box entrance.

27. 2019-01-22
    listed $175,000 Active 428-char remark

    Show marketing remark (428 chars)

    Updated condo in the heart of Miami Beach. Welcome to The Ruskin, nestled right in between Lincoln Road and Espanola Way this unit has everything the Miami Beach buyer/investor is looking for. With Low association dues and within walking distance of South Beach nightlife, this unit features tile floors throughout the living areas and wood floors in the bedroom, a completely renovated bathroom and a secured call box entrance.

28. 2019-01-14
    historical
29. 2019-01-03
    listed $175,000 Active
30. 2018-11-15
    historical
31. 2018-09-21
    listed $169,900 Active

ⓘ 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: $3,430 · $286/mo
• Projected year-2 tax: $3,430 · $286/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 8 d/yr ≥101°F today · 32 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: $43,668
• − Mortgage interest: −$14,172
• − Property taxes: −$3,430
• − Insurance: −$6,384
• − Repairs & maintenance: −$3,493
• − Management: −$3,493
• − HOA: −$7,056
• − Depreciation: −$7,360
• Taxable loss: −$1,720
• Est. tax savings @ 24.0%: +$413
• After-tax cash flow: $2,120/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): 33,753
• Household income: $69,793
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 4052.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 51% White 40% Two or more races 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 15% Salvadoran 3%
• Common ancestry: Lithuanian 3% Scotch-Irish 2% Romanian 2%
• Foreign-born: 56% · Canada, Jamaica, Dominican Republic
• Languages at home: 37% English-only · Spanish 49% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▼ -2.19%
• Current HPI: 277.9321
• Rent YoY: ▼ -0.36%
• 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

-98.9% since first listed

18 events — show timeline

• 2025-12-03 Rental Removed $1,950 MARMLS
• 2025-11-24 Listed $253,000 MARMLS
• 2025-11-14 Listed for Rent $1,950 MARMLS
• 2025-10-31 Rental Removed $1,950 MARMLS
• 2025-09-08 Listed for Rent $1,950 MARMLS
• 2024-09-30 Listing Removed — MARMLS
• 2024-07-18 Rental Removed $1,950 MARMLS
• 2024-07-03 Price Changed $1,950 MARMLS
• 2024-06-12 Listed for Rent $2,300 MARMLS
• 2024-06-11 Listed $275,000 MARMLS
• 2019-04-08 Sold (Public Records) $165,000 Public Records
• 2019-03-29 Sold (MLS) $165,000 MARMLS
• 2019-02-12 Pending — MARMLS
• 2019-01-22 Listed $175,000 MARMLS
• 2019-01-14 Listing Removed — MARMLS
• 2019-01-03 Listed $175,000 MARMLS
• 2018-11-15 Listing Removed — MARMLS
• 2018-09-21 Listed $169,900 MARMLS

Property tax history

+3.0%/yr

Latest (2025): $3,430 · +5.7% YoY. Source: county tax records.