1120 102nd St #15

Bay Harbor Islands, FL 33154

$345,900C+

1 bd · 1.0 ba · 810 sqft · Built 1964 · Condo · Active · 268 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,158/mo
• Mortgage (P&I): −$1,814
• Tax + insurance: −$867
• HOA: −$650
• Vac / Maint / Mgmt: −$873
• Net cashflow: $-46/mo
• Annual: $-552/yr
• Cap rate: 7.61%
• Cash-on-cash: 4.72%
• DSCR: 1.21
• 1% rule: 1.20%
• Cash to close: $96,852

Investor read

• This is a 1-bed/1.0-bath condo listed at $346k.
• At list price, monthly cash flow is $-46 ($-552/yr) — negative.
• To cash-flow at today's rent, offer at most $338k (2.3% below list).
• Meets the 1% rule at list price ($4k rent vs $346k).
• It's been on market 268 days — a 12% lower offer ($304k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $304k (12.0% below list) — sets the bar for market timing.
• In year one you build about $24k of equity ($2k loan paydown + $21k appreciation (6.1% local appreciation)).
• Location reads 86/100 on livability (#13 in FL, #362 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities 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.
• Zoned schools: Ruth K. Broad Bay Harbor K-8 Center (math 76% / reading 76%, grade A, #198 of 2,144 statewide, top 10%, 1,249 students, 29% FRL); Miami Beach Nautilus Middle School (math 46% / reading 58%, grade C+, #217 of 571 statewide, top 40%, 918 students, 44% FRL); Miami Beach Senior High School (math 21% / reading 48%, grade F, #386 of 667 statewide, top 59%, 2,175 students, 40% FRL) — zoned schools average 38% FRL vs 64% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents soft (-1.3%/yr); 523 active listings in the ZIP; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 15 sale attempts since 9y ago; this cycle's ask is 15988% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $162k; list at $346k implies a 114% gain — meaningful room to come down on a strong offer.
• At projected returns (6.1% appreciation + 0.0% rent growth), your $97k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 268 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.