5601 Collins Ave #622 · Miami Beach, FL 33140

$580,000

1 bd · 1.0 ba · 930 sqft · Condo public records · 9 Days on market

Built 1968

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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).

• ARV discount +7.5/15.0
• Cash flow +6.6/30.0
• Appreciation +5.5/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• DSCR +0.8/10.0

Listing remarks MLS

Experience the pinnacle of coastal luxury living in this absolutely remodeled, turnkey oceanfront residence on prestigious Collins Avenue. This pristine unit has been masterfully converted into a sophisticated 1-bedroom and a complete versatile interior room and two beautifully appointed full bathrooms. No expense was spared in the upscale finishes, offering a seamless blend of modern elegance and beachside comfort.Wake up to dynamic views of Collins Avenue and step right out onto the sand and beach walk. Designed for the discerning buyer, this property comes fully turnkey—ready for you to move right in or immediately start generating income. Whether you are looking for a private luxury oasis or a high-performing addition to your investment portfolio, this building features a highly lucrative rental program that maximizes ROI. Enjoy unbeatable proximity to Miami Beach’s finest dining, shopping, and nightlife. A true coastal gem and an absolute must-see! Special assessment: $195.94 till 10/28, $250.78 till 12/39 and $169.21 till 7/38. Total monthly $1843.08

Key facts

• Fully turnkey
• Garage
• Community pool

Tags

• REMODELED OCEANFRONT RESIDENCE
• FULLY TURNKEY

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Monthly association fee (includes management, amenities, common areas, cable TV, insurance, internet, grounds maintenance, building maintenance, parking, pest control, sewer, security, trash, water); Association offers bike storage, clubhouse, elevators, fitness center, laundry, barbecue/picnic areas, pool, and trash service

Exterior

• Parking: Attached covered garage (1 space); Valet parking available
• Security: Closed-circuit cameras; Complex fenced; Doorman; Secured lobby; Security guard; Smoke detectors
• Utilities: Cable available
• Home design: Condominium (attached); 18-story building; Entry on level 6; Updated/remodeled; Waterfront with oceanfront and ocean access
• Construction: Block construction
• Exterior features: Balcony; Open balcony/patio

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Blinds; Impact glass windows; Furnishing negotiable; Other interior features
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $580k.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $537k (7.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $466k (19.6% below list).
• Recommended offer: $466k (19.6% below list) — sets the bar for 1% rule.
• Cap rate 4.3% vs local median 1.5% in Miami Beach — 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 80/100 on livability (#108 in FL, #1,672 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: housing C-, 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.
• Market conditions: Rents rising (+3.5%/yr); 670 active listings in the ZIP; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,663/mo this rent would consume 52% of the median local household income ($107k/yr) (locally 870% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $10k of equity ($4k loan paydown + $6k appreciation (1.0% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $360k; list at $580k implies a 61% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 25% of rent.
• 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $466,295 (19.6% 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. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.80% ✗
• Cap rate: 4.30%
• Cash-on-cash: -7.13%
• DSCR: 0.68
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.96% appreciation · 3.52% rent growth · sell at horizon

5-year hold

• IRR: -9.2%
• Equity multiple: 0.53×
• Total profit: $-75,572
• Equity at exit: $196,944

10-year hold

• IRR: -2.9%
• Equity multiple: 0.64×
• Total profit: $-59,085
• Equity at exit: $260,906

Cash invested: $162,400 (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 33140

• Home prices YoY: 0.3%
• Rents YoY: 3.5%
• Active inventory: 670
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $4,663 medium
• Mortgage (P&I): −$3,042
• Tax from tax record: −$219 /mo · $2,629/yr
• Insurance: −$242
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA est. from 15 same-building comps: −$1,146
• Vacancy / Maint / Mgmt: −$979
• Net cashflow: $-1,391

Break-even live

Break-even rent $6,424

Max offer price $334,250

Occupancy floor —

Sensitivity live

Price	-10% $-1,063	-5% $-1,227	+0% $-1,391	+5% $-1,555	+10% $-1,719
Rent	-10% $-1,760	-5% $-1,575	+0% $-1,391	+5% $-1,207	+10% $-1,023
Rate	-1.0pp $-1,099	-0.5pp $-1,244	base $-1,391	+0.5pp $-1,541	+1.0pp $-1,694

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: $145,000
• Closing costs: $17,400
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• ⚠ Special-assessment mentions:

  …proximity to Miami Beach’s finest dining, shopping, and nightlife. A true coastal gem and an absolute must-see! Special assessment: $195.94 till 10/28, $250.78 till 12/39 and $169.21 till 7/38. Total monthly $1843.08

Listing history 7 events

1. 2026-06-18
   days on market $580,000 Active 9 DOM
2. 2026-06-17
   days on market $580,000 Active 8 DOM
3. 2026-06-16
   days on market $580,000 Active 7 DOM
4. 2026-06-15
   days on market $580,000 Active 6 DOM
5. 2026-06-13
   days on market $580,000 Active 4 DOM
6. 2026-06-10
   remarks 693-char remark
7. 2026-06-10
   listed $580,000 Active 1 DOM

ⓘ 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: $2,629 · $219/mo
• Projected year-2 tax: $4,814 · $401/mo
• Expected delta: +$2,185/yr (+$182/mo · 83.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥101°F today · 27 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: $55,955
• − Mortgage interest: −$32,489
• − Property taxes: −$2,629
• − Insurance: −$8,018
• − Repairs & maintenance: −$4,476
• − Management: −$4,476
• − HOA: −$13,752
• − Depreciation: −$16,873
• Taxable loss: −$26,759
• Est. tax savings @ 24.0%: +$6,422
• After-tax cash flow: $-10,272/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 — Miami Beach

• Score: 80/100
• State rank: #108
• US rank: #1672

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,533
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 20,342
• Household income: $107,063
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 870.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 46% Hispanic / Latino 44% Two or more races 23% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 19% Salvadoran 6%
• Common ancestry: Scotch-Irish 5% Romanian 3% Italian 3%
• Foreign-born: 44% · Canada, Dominican Republic, Jamaica
• Languages at home: 43% English-only · Spanish 45% Other Indo-European 6% French/Haitian/Cajun 2%

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: ▲ 0.96%
• Current HPI: 302.8514
• Rent YoY: ▲ 3.52%
• 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

+531.1% since first listed

6 events — show timeline

• 2026-06-09 Listed $580,000 MARMLS
• 2026-06-09 Listed $580,000 Beaches MLS
• 2026-02-27 Listing Removed — MARMLS
• 2025-12-12 Listed $625,000 MARMLS
• 2005-11-01 Sold (Public Records) $360,000 Public Records
• 1994-06-07 Sold (Public Records) $91,900 Public Records

Property tax history

-1.1%/yr

Latest (2025): $2,629 · +3.4% YoY. Source: county tax records.