1110 Salzedo St Unit 2C · Coral Gables, FL 33134

$350,000

2 bd · 2.0 ba · 969 sqft · Condo public records · 75 Days on market

Built 1974 $450/mo HOA · 13% of rent

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Why this score? — see what drove the D 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 +12.4/30.0
• ARV discount +7.5/15.0
• 1% rule +5.2/10.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• DSCR +3.7/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Corner two story unit flooded with light in small building. This apartment was remodeled in 2018/2020. A new A/C/ was installed in 2019, a new refrigerator in 2021. Dishwasher was also replaced as per owner at that time. White tile flooring through main living areas on first floor. Half bath on that floor had new vanity and lamp replaced in 2020. There is good storage space under the staircase. Two good sized bedrooms and one bath on second floor, with carpet . Good closet space. The second floor shower area was also updated. Good closet space throughout . The parking space is right by the stairs leading to the unit. . There is a laundry facility on the premises but there is the possibilit

Key facts

• Remodeled in 2018
• New a/c
• New refrigerator

Tags

• TWO STORY UNIT
• REMODELED IN 2018
• NEW A/C
• NEW REFRIGERATOR
• REPLACED DISHWASHER
• WHITE TILE FLOORING

Property features AI

Finance

• Financial info: Pets allowed (dogs OK)
• HOA & community: Monthly association fee of $450; Association covers management, common areas, insurance, laundry facilities, structure maintenance, parking and water

Exterior

• Parking: One parking space
• Security: Smoke detectors
• Utilities: Water service included in association; Standard electric service
• Home design: Attached property; 2 stories; Entry on second floor
• Construction: Block construction; Resale property
• Exterior features: No notable exterior features listed

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Impact glass windows; Second-floor entry; Custom mirrors
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $350k.

Deal economics

• At list price, monthly cash flow is $-59 ($-709/yr) — negative.
• To cash-flow at today's rent, offer at most $340k (3.0% below list).
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $329k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.1% vs local median 0.6% in Coral Gables — 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 84/100 on livability (#31 in FL, #646 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: 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: Coral Gables Preparatory Academy (math 64% / reading 73%, grade B+, #409 of 2,144 statewide, top 20%, 862 students, 33% FRL); Ponce De Leon Middle School (math 36% / reading 55%, grade D+, #305 of 571 statewide, top 54%, 888 students, 60% FRL); Coral Gables Senior High School (math 31% / reading 53%, grade F, #275 of 667 statewide, top 42%, 2,824 students, 52% FRL) — zoned schools average 48% FRL vs 64% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 306 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• This rent runs 43% of the median local income ($100k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 75 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $45k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $350k implies a 399% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: 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.

Recommended offer $329,000 (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 75 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 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. 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?
10. 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.
11. 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.
12. 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: 1.02% ✓
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.92% rent growth · sell at horizon

5-year hold

• IRR: -20.2%
• Equity multiple: 0.31×
• Total profit: $-67,478
• Equity at exit: $52,186

10-year hold

• IRR: -19.6%
• Equity multiple: 0.07×
• Total profit: $-91,113
• Equity at exit: $30,262

Cash invested: $98,000 (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 33134

• Rents YoY: 0.9%
• Active inventory: 306
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $3,582 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$457 /mo · $5,486/yr
• Insurance: −$146
• HOA: −$450
• Vacancy / Maint / Mgmt: −$752
• Net cashflow: $-59

Break-even live

Break-even rent $3,656

Max offer price $339,564

Occupancy floor 97%

Sensitivity live

Price	-10% $139	-5% $40	+0% $-59	+5% $-158	+10% $-257
Rent	-10% $-342	-5% $-201	+0% $-59	+5% $82	+10% $224
Rate	-1.0pp $117	-0.5pp $30	base $-59	+0.5pp $-150	+1.0pp $-242

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1710 SW 27th Ave Unit 1272101P Miami, FL	1.0–5.0	1.0–4.0	1716	$7,851	$4.57	9d	3	1.44mi

HOA detail condo

• Monthly dues: $450 · $5,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $350,000 Active 75 DOM
2. 2026-06-18
   days on market $350,000 Active 72 DOM
3. 2026-06-17
   days on market $350,000 Active 71 DOM
4. 2026-06-16
   days on market $350,000 Active 70 DOM
5. 2026-06-15
   days on market $350,000 Active 69 DOM
6. 2026-06-13
   days on market $350,000 Active 67 DOM
7. 2026-06-09
   days on market $350,000 Active 63 DOM
8. 2026-06-08
   days on market $350,000 Active 62 DOM
9. 2026-06-07
   days on market $350,000 Active 61 DOM
10. 2026-06-04
    days on market $350,000 Active 58 DOM
11. 2026-06-03
    days on market $350,000 Active 57 DOM
12. 2026-06-02
    days on market $350,000 Active 56 DOM
13. 2026-06-01
    days on market $350,000 Active 55 DOM
14. 2026-06-01
    price $350,000 Active 54 DOM
15. 2026-05-31
    days on market $395,000 Active 54 DOM
16. 2026-05-11
    price $395,000
17. 2026-05-11
    price $397,000
18. 2026-04-07
    listed $395,000 Active
19. 2020-05-28
    historical
20. 2020-05-11
    price $250,000
21. 2020-03-24
    listed $260,000 Active
22. 1985-10-01
    soldstatus $70,100

ⓘ 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: $5,486 · $457/mo
• Projected year-2 tax: $5,486 · $457/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 28 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: $42,978
• − Mortgage interest: −$19,605
• − Property taxes: −$5,486
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,438
• − Management: −$3,438
• − HOA: −$5,400
• − Depreciation: −$10,182
• Taxable loss: −$6,322
• Est. tax savings @ 24.0%: +$1,517
• After-tax cash flow: $808/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 — Coral Gables

• Score: 84/100
• State rank: #31
• US rank: #646

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Coral Gables, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 57,226
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 38,174
• Household income: $99,766
• Rent vs Own: 42.3% rent · 57.7% own
• Severe rent burden: 1812.0

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: Predominantly Hispanic (75%)
• Race & ethnicity: Hispanic / Latino 75% Two or more races 45% White 21% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2% Cuban 41% Dominican 1% Salvadoran 2%
• Common ancestry: Lithuanian 2% Russian 2% Romanian 1%
• Foreign-born: 55% · Canada, Jamaica, Dominican Republic
• Languages at home: 22% English-only · Spanish 71% Other Indo-European 4% French/Haitian/Cajun 1%

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: ▼ -1014.50%
• Current HPI: 402.6405
• Rent YoY: ▲ 0.92%
• 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

+463.5% since first listed

7 events — show timeline

• 2026-05-11 Price Changed $395,000 MARMLS
• 2026-05-11 Price Changed $397,000 MARMLS
• 2026-04-07 Listed $395,000 MARMLS
• 2020-05-28 Listing Removed — MARMLS
• 2020-05-11 Price Changed $250,000 MARMLS
• 2020-03-24 Listed $260,000 MARMLS
• 1985-10-01 Sold (Public Records) $70,100 Public Records

Property tax history

+5.7%/yr

Latest (2025): $5,486 · +2.5% YoY. Source: county tax records.