1450 NE 191st St #205

Ojus, FL 33179

$180,000B

2 bd · 2.0 ba · 1,040 sqft · Built 1967 · Condo · Active · 118 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,404/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$300
• HOA: −$500
• Vac / Maint / Mgmt: −$715
• Net cashflow: $946/mo
• Annual: $11,347/yr
• Cap rate: 12.60%
• Cash-on-cash: 22.51%
• DSCR: 2.00
• 1% rule: 1.89%
• Cash to close: $50,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $180k.
• At list price, monthly cash flow is $946 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• It's been on market 118 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#58 in FL, #1,031 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: schools D+, amenities 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.
• Market conditions: Rents flat; 572 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.
• At projected returns (-3.0% appreciation + 0.2% rent growth), your $50k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 12.6% vs local median 8.7% in Ojus — 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 $3,404/mo this rent would consume 63% of the median local household income ($65k/yr) (locally 3123% 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 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.