655 NE 135th St · North Miami, FL 33161

$660,000

4 bd · 2.0 ba · 2,619 sqft · MultiFamily public records · 396 Days on market

Built 1951

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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 +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This conveniently located duplex is a wonderful investment opportunity. This property features a large 3/2 unit, along with a 2/1. Units are separately metered. Additional large storage room in the rear of the property. Updated electrical panels. Minutes to shopping, groceries, Oleta River State Park, and beach.

Key facts

• New roof
• 2 parking spots
• Built 1951

Tags

• NEW ROOF
• INVESTMENT OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $660k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $838/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $660k).
• Recommended offer: $581k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 4.1% in North 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 83/100 on livability (#51 in FL, #914 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D+, employment D.
• 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 (-0.7%/yr); 338 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $8,552/mo this rent would consume 176% of the median local household income ($58k/yr) (locally 3226% 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 (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k 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 396 days — a 12% lower offer ($581k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $100k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $507k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1951 — 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 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $580,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 396 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.30% ✓
• Cap rate: 10.12%
• Cash-on-cash: 13.65%
• DSCR: 1.61
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.87×
• Total profit: $-24,821
• Equity at exit: $98,408

10-year hold

• IRR: 1.9%
• Equity multiple: 1.11×
• Total profit: $20,796
• Equity at exit: $57,065

Cash invested: $184,800 (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 33161

• Rents YoY: -0.7%
• Active inventory: 338
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $8,552 medium
• Mortgage (P&I): −$3,461
• Tax from tax record: −$917 /mo · $11,010/yr
• Insurance: −$275
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,796
• Net cashflow: $1,676

Break-even live

Break-even rent $6,431

Max offer price $660,000

Occupancy floor 75%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$8,552
Total (2 units)			$8,552

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: $165,000
• Closing costs: $19,800
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-03-19
   status Pending
2. 2026-02-12
   status Active
3. 2026-02-11
   historical
4. 2026-01-02
   price $660,000
5. 2025-05-23
   price $730,000
6. 2025-05-08
   status Active
7. 2025-05-06
   status Pending
8. 2025-04-08
   price $720,000
9. 2025-02-12
   listed $760,000 Active
10. 2025-02-06
    historical
11. 2024-09-28
    price $850,000
12. 2024-08-07
    listed $950,000 Active
13. 2022-12-15
    soldstatus $507,000
14. 2022-12-13
    soldstatus $507,000 313-char remark

    Show marketing remark (313 chars)

    This conveniently located duplex is a wonderful investment opportunity. This property features a large 3/2 unit, along with a 2/1. Units are separately metered. Additional large storage room in the rear of the property. Updated electrical panels. Minutes to shopping, groceries, Oleta River State Park, and beach.

15. 2022-08-31
    listed $549,000 313-char remark

    Show marketing remark (313 chars)

    This conveniently located duplex is a wonderful investment opportunity. This property features a large 3/2 unit, along with a 2/1. Units are separately metered. Additional large storage room in the rear of the property. Updated electrical panels. Minutes to shopping, groceries, Oleta River State Park, and beach.

16. 1983-01-01
    soldstatus $71,000

ⓘ 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: $11,010 · $917/mo
• Projected year-2 tax: $11,010 · $917/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 4/10 Moderate FEMA zone AE · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 29 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: $102,624
• − Mortgage interest: −$36,970
• − Property taxes: −$11,010
• − Insurance: −$8,418
• − Repairs & maintenance: −$8,210
• − Management: −$8,210
• − Depreciation: −$19,200
• Taxable income: $10,606
• Est. tax owed @ 24.0%: −$2,545
• After-tax cash flow: $17,566/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 — North Miami

• Score: 83/100
• State rank: #51
• US rank: #914

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 99,437
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 54,814
• Household income: $58,325
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 3226.0

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: Black 56% Hispanic / Latino 31% Two or more races 18% White 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 7% Dominican 4% Salvadoran 1%
• Common ancestry: Hispanic 35% Estonian 1% Lithuanian 1%
• Foreign-born: 51% · Canada, Jamaica, Dominican Republic
• Languages at home: 25% English-only · French/Haitian/Cajun 41% Spanish 30% Other Indo-European 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: ▼ -492.86%
• Current HPI: 630.6932
• Rent YoY: ▼ -0.73%
• 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

+829.6% since first listed

16 events — show timeline

• 2026-03-19 Pending — MARMLS
• 2026-02-12 Relisted — MARMLS
• 2026-02-11 Listing Removed — MARMLS
• 2026-01-02 Price Changed $660,000 MARMLS
• 2025-05-23 Price Changed $730,000 MARMLS
• 2025-05-08 Relisted — MARMLS
• 2025-05-06 Pending — MARMLS
• 2025-04-08 Price Changed $720,000 MARMLS
• 2025-02-12 Listed $760,000 MARMLS
• 2025-02-06 Listing Removed — MARMLS
• 2024-09-28 Price Changed $850,000 MARMLS
• 2024-08-07 Listed $950,000 MARMLS
• 2022-12-15 Sold (Public Records) $507,000 Public Records
• 2022-12-13 Sold (MLS) $507,000 Beaches MLS
• 2022-08-31 Listed $549,000 Beaches MLS
• 1983-01-01 Sold (Public Records) $71,000 Public Records

Property tax history

+11.5%/yr

Latest (2025): $11,010 · +3.6% YoY. Source: county tax records.