12035 NE 2nd Ave Unit A119 · North Miami, FL 33161

$170,000

2 bd · 2.0 ba · 985 sqft · Condo public records · 32 Days on market

Built 1973 $546/mo HOA · 14% of rent

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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 +4.2/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lovely 2 bedrooms 2 bathrooms unit in Capri Gardens Condominium centrally located in the City of North Miami. A few blocks from Barry University and just minutes away from the Beach. Property is currently rented for $1,450/m which is makes it a great return on investment if you are looking for an investment property with good cash flow.

Key facts

• Updated finishes
• Stainless appliances
• Ample closets

Tags

• CORNER GROUND-FLOOR CONDO
• PRIVATE GATED COMMUNITY
• UPDATED FINISHES
• MODERN KITCHEN
• STAINLESS APPLIANCES
• AMPLE CLOSETS

Property features AI

Finance

• Financial info: Pets allowed (cats OK)
• HOA & community: Monthly association fee; Association covers amenities, common areas, grounds maintenance, structure maintenance, and water; Association amenities include clubhouse, fitness center, laundry, pool, tennis courts, and elevators

Exterior

• Parking: Guest parking; One assigned space
• Security: Complex fenced; Key card entry; Smoke detectors
• Home design: Attached property; 4-story building; Entry on level 1
• Construction: Block construction; Effective year built
• Exterior features: Association pool; None (no additional exterior features listed)

Interior

• Kitchen: Dishwasher; Gas range; Microwave; Refrigerator
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: First-floor entry; Main living area on entry level; Walk-in closet(s); Elevator
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $170k.

Deal economics

• At list price, monthly cash flow is $866 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.4% vs local median 4.1% in North Miami — 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 83/100 on livability (#51 in FL, #914 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D+, 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.
• Market conditions: Rents soft (-0.7%/yr); 341 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,859/mo this rent would consume 79% of the median local household income ($58k/yr) (locally 3226% 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 $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $48k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 $130k; 31% 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $164,900 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — 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 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?
8. 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.
9. 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.
10. 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: 2.27% ✓
• Cap rate: 15.42%
• Cash-on-cash: 32.59%
• DSCR: 2.45
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 9.6%
• Equity multiple: 1.36×
• Total profit: $16,994
• Equity at exit: $25,348

10-year hold

• IRR: 14.6%
• Equity multiple: 1.94×
• Total profit: $44,886
• Equity at exit: $14,698

Cash invested: $47,600 (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 33161

• Rents YoY: -0.7%
• Active inventory: 341
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $3,859 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$248 /mo · $2,972/yr
• Insurance: −$71
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$546
• Vacancy / Maint / Mgmt: −$810
• Net cashflow: $866

Break-even live

Break-even rent $2,763

Max offer price $170,000

Occupancy floor 73%

Sensitivity live

Price	-10% $963	-5% $914	+0% $866	+5% $818	+10% $770
Rent	-10% $561	-5% $714	+0% $866	+5% $1,019	+10% $1,171
Rate	-1.0pp $952	-0.5pp $910	base $866	+0.5pp $822	+1.0pp $777

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $546 · $6,552/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-16
   status $170,000 Pending 32 DOM
2. 2026-06-15
   days on market $170,000 Active Under Contract 32 DOM
3. 2026-06-13
   days on market $170,000 Active Under Contract 30 DOM
4. 2026-06-09
   days on market $170,000 Active Under Contract 26 DOM
5. 2026-06-08
   days on market $170,000 Active Under Contract 25 DOM
6. 2026-06-07
   days on market $170,000 Active Under Contract 24 DOM
7. 2026-06-04
   days on market $170,000 Active Under Contract 21 DOM
8. 2026-06-03
   days on market $170,000 Active Under Contract 20 DOM
9. 2026-06-02
   days on market $170,000 Active Under Contract 19 DOM
10. 2026-06-01
    days on market $170,000 Active Under Contract 18 DOM
11. 2026-05-31
    days on market $170,000 Active Under Contract 17 DOM
12. 2026-05-14
    listed $170,000 Active
13. 2020-01-14
    soldstatus $130,000
14. 2019-12-13
    soldstatus $130,000 Closed 338-char remark

    Show marketing remark (338 chars)

    Lovely 2 bedrooms 2 bathrooms unit in Capri Gardens Condominium centrally located in the City of North Miami. A few blocks from Barry University and just minutes away from the Beach. Property is currently rented for $1,450/m which is makes it a great return on investment if you are looking for an investment property with good cash flow.

15. 2019-11-19
    status Pending 338-char remark

    Show marketing remark (338 chars)

    Lovely 2 bedrooms 2 bathrooms unit in Capri Gardens Condominium centrally located in the City of North Miami. A few blocks from Barry University and just minutes away from the Beach. Property is currently rented for $1,450/m which is makes it a great return on investment if you are looking for an investment property with good cash flow.

16. 2019-11-06
    listed $130,000 Active 338-char remark

    Show marketing remark (338 chars)

    Lovely 2 bedrooms 2 bathrooms unit in Capri Gardens Condominium centrally located in the City of North Miami. A few blocks from Barry University and just minutes away from the Beach. Property is currently rented for $1,450/m which is makes it a great return on investment if you are looking for an investment property with good cash flow.

17. 2011-02-01
    soldstatus $33,000 528-char remark

    Show marketing remark (528 chars)

    Corporate owned unit sold in AS IS condition. Complex is not FHA approved as per the association & The U. S. Dept. of Housing & Dev. website. DOGS ARE NOT ALLOWED * * * PLEASE SEE ATTACHMENT LINK for the Instructions for Presenting Offers & the contract pkg that must be used * * * Submit contracts to the email listed in Broker Remarks * * * You will receive an email confirmation within 1 business hr. Do not call our office unless you did not receive an email confirmation within 1 business hr.

18. 2005-12-16
    soldstatus $120,000
19. 2001-10-13
    soldstatus $50,800
20. 1995-03-16
    soldstatus $33,500
21. 1981-02-01
    soldstatus $57,000

ⓘ 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: $2,972 · $248/mo
• Projected year-2 tax: $2,972 · $248/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 6/10 Major FEMA zone AE · 53% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 28 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: $46,311
• − Mortgage interest: −$9,523
• − Property taxes: −$2,972
• − Insurance: −$5,968
• − Repairs & maintenance: −$3,705
• − Management: −$3,705
• − HOA: −$6,552
• − Depreciation: −$4,945
• Taxable income: $8,941
• Est. tax owed @ 24.0%: −$2,146
• After-tax cash flow: $8,249/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 — North Miami

• Score: 83/100
• State rank: #51
• US rank: #914

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 99,437
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 54,814
• Household income: $58,325
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 3226.0

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 0.58)
• Race & ethnicity: Black 56% Hispanic / Latino 31% Two or more races 18% White 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 7% Dominican 4% Salvadoran 1%
• Common ancestry: Hispanic 35% Estonian 1% Lithuanian 1%
• Foreign-born: 51% · Canada, Jamaica, Dominican Republic
• Languages at home: 25% English-only · French/Haitian/Cajun 41% Spanish 30% Other Indo-European 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: ▼ -492.86%
• Current HPI: 630.6932
• Rent YoY: ▼ -0.73%
• 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

+198.2% since first listed

10 events — show timeline

• 2026-05-14 Listed $170,000 MARMLS
• 2020-01-14 Sold (Public Records) $130,000 Public Records
• 2019-12-13 Sold (MLS) $130,000 MARMLS
• 2019-11-19 Pending — MARMLS
• 2019-11-06 Listed $130,000 MARMLS
• 2011-02-01 Sold (MLS) $33,000 MARMLS
• 2005-12-16 Sold (Public Records) $120,000 Public Records
• 2001-10-13 Sold (Public Records) $50,800 Public Records
• 1995-03-16 Sold (Public Records) $33,500 Public Records
• 1981-02-01 Sold (Public Records) $57,000 Public Records

Property tax history

+11.0%/yr

Latest (2025): $2,972 · +4.8% YoY. Source: county tax records.