8039 Lake Dr #205

Doral, FL 33166

$240,000D

2 bd · 2.0 ba · 857 sqft · Built 1989 · Condo · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,238/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$259
• HOA: −$308
• Vac / Maint / Mgmt: −$470
• Net cashflow: $-58/mo
• Annual: $-690/yr
• Cap rate: 6.01%
• Cash-on-cash: -1.03%
• DSCR: 0.95
• 1% rule: 0.93%
• Cash to close: $67,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $240k.
• At list price, monthly cash flow is $-58 ($-690/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (4.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (6.8% below list).
• It's been on market 15 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $224k (6.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#122 in FL, #1,868 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: 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.
• Zoned schools: John I. Smith K-8 Center (math 57% / reading 58%, grade C+, #764 of 2,144 statewide, top 36%, 1,001 students, 31% FRL); Ruben Dario Middle School (math 32% / reading 45%, grade F, #384 of 571 statewide, top 68%, 549 students, 62% FRL); Ronald W. Reagan/Doral Senior High School (math 23% / reading 45%, grade F, #394 of 667 statewide, top 60%, 1,591 students, 30% FRL) — zoned schools average 41% FRL vs 64% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 223 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Current owner paid $56k; list at $240k implies a 325% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: 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.
• Cap rate 6.0% vs local median 2.8% in Doral — 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.
• This rent runs 33% of the median local income ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.