9700 NW 20th Ave

West Little River, FL 33147

$749,000C

5 bd · 4.0 ba · 2,880 sqft · Built 1954 · MultiFamily · Active · 206 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,085/mo
• Mortgage (P&I): −$3,928
• Tax + insurance: −$1,069
• HOA: −$0
• Vac / Maint / Mgmt: −$1,698
• Net cashflow: $1,391/mo
• Annual: $16,689/yr
• Cap rate: 8.52%
• Cash-on-cash: 7.96%
• DSCR: 1.35
• 1% rule: 1.08%
• Cash to close: $209,720

Investor read

• This is a 2×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $749k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $348/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $749k).
• It's been on market 206 days — a 12% lower offer ($659k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $659k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#152 in FL, #2,286 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F, 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.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.7%/yr); 228 active listings in the ZIP; 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 $76k; list at $749k implies a 879% gain — meaningful room to come down on a strong offer.
• Cap rate 8.5% vs local median 3.8% in West Little River — 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.
• At $8,085/mo this rent would consume 191% of the median local household income ($51k/yr) (locally 2419% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are B-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?
• 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.