9411 SW 4th St #404

Fountainebleau, FL 33174

$190,000D+

1 bd · 1.0 ba · 776 sqft · Built 1975 · Condo · Pending · 114 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,155/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$480
• HOA: −$274
• Vac / Maint / Mgmt: −$452
• Net cashflow: $-48/mo
• Annual: $-580/yr
• Cap rate: 6.95%
• Cash-on-cash: 2.34%
• DSCR: 1.10
• 1% rule: 1.13%
• Cash to close: $53,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $190k.
• At list price, monthly cash flow is $-48 ($-580/yr) — negative.
• To cash-flow at today's rent, offer at most $181k (4.5% below list).
• Meets the 1% rule at list price ($2k rent vs $190k).
• It's been on market 114 days — a 9% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $173k (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 $6k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#87 in FL, #1,407 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: 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.
• Zoned schools: E.W.F. Stirrup Elementary School (math 63% / reading 64%, grade B, #564 of 2,144 statewide, top 27%, 645 students, 57% FRL); Ruben Dario Middle School (math 32% / reading 45%, grade F, #384 of 571 statewide, top 68%, 549 students, 62% FRL); Miami Coral Park Senior High (math 25% / reading 44%, grade F, #386 of 667 statewide, top 59%, 2,190 students, 59% FRL) — zoned schools at 59% FRL track the district average.
• Watch-outs: flood insurance adds $152/mo.
• Market conditions: Rents rising (+1.1%/yr); 95 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Climate carrying-cost: in FEMA flood zone AH (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.
• Cap rate 6.9% vs local median 3.8% in Fountainebleau — 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.
• This rent runs 44% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.