7900 Tatum Waterway Dr #502 · Miami Beach, FL 33141

$232,000

1 bd · 1.0 ba · 799 sqft · Condo public records · 6 Days on market

Built 1973 $622/mo HOA · 15% of rent

---

Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Cash only. Enjoy beautiful water views and calming sunsets from this penthouse unit at Waterway Plaza! Unit has updated bathrooms, plenty of closets and newer central A/C. It comes with one assigned, covered parking. Pets are welcome! Association has full reserves. Unit is rented for $2075/m to an excellent tenant. Special assessment HAS BEEN PAID IN FULL by seller.

Key facts

• Covered parking
• Newer central a/c
• Updated bathrooms

Tags

• UPDATED BATHROOMS
• NEWER CENTRAL A/C
• COVERED PARKING
• FULL RESERVES
• SPECIAL ASSESSMENT PAID

Property features AI

Finance

• Other: Annual tax noted
• Financial info: Pets allowed
• HOA & community: Monthly HOA fee of $622; HOA covers amenities; Association amenities: Laundry, Barbecue, Picnic Area, Pool

Exterior

• Parking: One covered garage space; Garage with opener
• Security: Fenced complex
• Utilities: Central electric heating and cooling
• Home design: Attached property; 5 total stories; Entry on level 5; Has a view
• Construction: Block construction; Effective year built
• Exterior features: Deck; Complex is fenced; Association pool; Canal-front waterfront

Interior

• Bedrooms: Bedroom located on the main level
• Flooring: Tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: First-floor entry; Bedroom on main level; Tile flooring
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $232k.

Deal economics

• At list price, monthly cash flow is $570 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $232k).
• Cap rate 11.4% 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.
• Market conditions: Rents flat; 644 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,128/mo this rent would consume 72% of the median local household income ($69k/yr) (locally 3521% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 10y ago 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 $164k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $232,000

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.78% ✓
• Cap rate: 11.45%
• Cash-on-cash: 18.41%
• DSCR: 1.82
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.44% rent growth · sell at horizon

5-year hold

• IRR: -4.7%
• Equity multiple: 0.83×
• Total profit: $-10,931
• Equity at exit: $34,592

10-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-223
• Equity at exit: $20,059

Cash invested: $64,960 (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 33141

• Rents YoY: 0.4%
• Active inventory: 644
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $4,128 medium
• Mortgage (P&I): −$1,217
• Tax from tax record: −$329 /mo · $3,948/yr
• Insurance: −$97
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$622
• Vacancy / Maint / Mgmt: −$867
• Net cashflow: $570

Break-even live

Break-even rent $3,406

Max offer price $232,000

Occupancy floor 81%

Sensitivity live

Price	-10% $701	-5% $636	+0% $570	+5% $504	+10% $439
Rent	-10% $244	-5% $407	+0% $570	+5% $733	+10% $896
Rate	-1.0pp $687	-0.5pp $629	base $570	+0.5pp $510	+1.0pp $449

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: $58,000
• Closing costs: $6,960
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $622 · $7,464/yr
• Likely covers: water
• ⚠ Special-assessment mentions:

  …covered parking. Pets are welcome! Association has full reserves. Unit is rented for $2075/m to an excellent tenant. Special assessment HAS BEEN PAID IN FULL by seller.

Listing history 6 events

1. 2026-06-18
   days on market $232,000 Active 6 DOM
2. 2026-06-17
   days on market $232,000 Active 5 DOM
3. 2026-06-16
   days on market $232,000 Active 4 DOM
4. 2026-06-15
   days on market $232,000 Active 3 DOM
5. 2026-06-13
   remarks 368-char remark
6. 2026-06-13
   listed $232,000 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: $3,948 · $329/mo
• Projected year-2 tax: $3,948 · $329/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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 29 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,530
• − Mortgage interest: −$12,996
• − Property taxes: −$3,948
• − Insurance: −$6,278
• − Repairs & maintenance: −$3,962
• − Management: −$3,962
• − HOA: −$7,464
• − Depreciation: −$6,749
• Taxable income: $4,171
• Est. tax owed @ 24.0%: −$1,001
• After-tax cash flow: $5,838/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)

No district data.

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): 36,438
• Household income: $68,738
• Rent vs Own: 62.5% rent · 37.5% own
• Severe rent burden: 3521.0

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 (67%)
• Race & ethnicity: Hispanic / Latino 67% Two or more races 36% White 20% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 27% Salvadoran 6%
• Common ancestry: Scotch-Irish 2% Romanian 2% Armenian 1%
• Foreign-born: 62% · Canada, Jamaica, Dominican Republic
• Languages at home: 18% English-only · Spanish 69% Other Indo-European 4% French/Haitian/Cajun 3%

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: ▼ -472.71%
• Current HPI: 336.7298
• Rent YoY: ▲ 0.44%
• 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

+686.4% since first listed

31 events — show timeline

• 2026-06-12 Listed $232,000 MARMLS
• 2026-05-14 Listing Removed — MARMLS
• 2025-05-26 Price Changed $245,000 MARMLS
• 2025-05-13 Price Changed $235,000 MARMLS
• 2025-05-05 Price Changed $239,900 MARMLS
• 2025-05-05 Relisted — MARMLS
• 2025-01-02 Price Changed $249,900 MARMLS
• 2024-08-05 Listed $259,900 MARMLS
• 2024-04-01 Listing Removed — MARMLS
• 2024-03-18 Listed $250,000 MARMLS
• 2024-03-04 Listing Removed — MARMLS
• 2024-01-29 Rental Removed $2,000 MARMLS
• 2024-01-19 Listed for Rent $2,000 MARMLS
• 2024-01-04 Listed $259,900 MARMLS
• 2023-12-01 Listing Removed — MARMLS
• 2023-11-23 Rental Removed $2,000 MARMLS
• 2023-11-08 Price Changed $2,000 MARMLS
• 2023-11-07 Price Changed $254,900 MARMLS
• 2023-09-30 Price Changed $259,900 MARMLS
• 2023-09-27 Listed for Rent $2,200 MARMLS
• 2023-09-26 Price Changed $264,900 MARMLS
• 2023-09-18 Price Changed $265,000 MARMLS
• 2023-09-07 Relisted — MARMLS
• 2023-06-15 Pending — MARMLS
• 2023-06-15 Price Changed $280,000 MARMLS
• 2023-06-05 Listed $260,000 MARMLS
• 2016-09-26 Sold (Public Records) $164,000 Public Records
• 2016-09-19 Sold (MLS) $164,000 MARMLS
• 2016-08-25 Pending — MARMLS
• 2016-08-15 Listed $180,888 MARMLS
• 1973-09-01 Sold (Public Records) $29,500 Public Records

Property tax history

+7.7%/yr

Latest (2025): $3,948 · +9.8% YoY. Source: county tax records.