859 NE 90th St · Miami Shores, FL 33138

$1,300,000

4 bd · 4.0 ba · 2,294 sqft · MultiFamily public records · 178 Days on market

Built 1951

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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).

• Cash flow +15.5/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• 1% rule +3.8/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Building is zoned for up to 9 units as Hotel/Motel/General, property is 9,975 Sq. Ft. Great for Air BnB, seasonal and yearly rentals. Gorgeous, freshly renovated from top to bottom. 4 units, each 1 bedroom / 1 bath walk up apartments in North Miami. All new appliances, life-proof ''wood'' floors, impact windows and doors, split A/C units with two heads in each unit. Dedicated Laundry room with new washer & dryer on property. Location is ideal, close proximity to MIMO district with easy access to major roads and transportation. Don't miss out on this great investment area!

Key facts

• 8 parking spaces
• 8 parking spots
• Built 1951

Tags

• ON-SITE LAUNDRY FACILITY
• 8 PARKING SPACES

Property features AI

Finance

• Financial info: Total actual rent reported: $180,000; Operating expenses reported: $30,847; Typical actual rent by unit shown as $3,750 (units shown as month-to-month); Units furnished and operated month-to-month

Exterior

• Parking: Eight total parking spaces; Open parking
• Utilities: Cable available
• Home design: Single-story building
• Construction: Block construction; Shingle roof; Resale property
• Exterior features: Open parking available; Less than quarter acre lot

Interior

• Kitchen: Microwave (in supported units); Refrigerator (in supported units)
• Bedrooms: Four 2-bedroom units (furnished); Eight 1-bedroom units (furnished)
• Flooring: Laminate flooring throughout units
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Electric cooling; Wall/Window air conditioning units
• Interior features: Blinds; Laminate flooring
• Laundry & utility: Air conditioning units (wall/window units in some units)

What this means for you Summary

Snapshot

• This is a 3×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $529 ($6k/yr) — positive. Per door: $132/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.14M (11.9% below list).
• Recommended offer: $1.14M (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#130 in FL, #1,936 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: crime D, amenities F, 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 flat; 368 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $11,447/mo this rent would consume 183% of the median local household income ($75k/yr) (locally 2049% 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 $9k of loan paydown is wiped out by about $39k 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

• It's been on market 178 days — a 12% lower offer ($1.14M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $90k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $819k; list at $1.30M implies a 59% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,144,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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?
10. 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.
11. 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.
12. 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: 0.88% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.74%
• DSCR: 1.08
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.33% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.43×
• Total profit: $-207,064
• Equity at exit: $193,834

10-year hold

• IRR: -13.6%
• Equity multiple: 0.30×
• Total profit: $-253,948
• Equity at exit: $112,400

Cash invested: $364,000 (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 33138

• Rents YoY: 0.3%
• Active inventory: 368
• Price-to-rent: 40.0×

Monthly cashflow live

• Estimated rent: $11,447 medium
• Mortgage (P&I): −$6,817
• Tax from tax record: −$1,156 /mo · $13,867/yr
• Insurance: −$542
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,404
• Net cashflow: $529

Break-even live

Break-even rent $10,778

Max offer price $1,300,000

Occupancy floor 90%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$8,118
1× unit	2	1	$3,329
Total (4 units)			$11,447

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: $325,000
• Closing costs: $39,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1209 NE 96th St #1209 Miami Shores, FL	5.0	4.0	3143	$21,000	$6.68	11d	1	0.54mi
1071 NE 83rd St Miami, FL	4.0	3.0	2364	$21,000	$8.88	24d	1	0.56mi

Listing history 22 events

1. 2026-06-18
   days on market $1,300,000 Active 178 DOM
2. 2026-06-17
   days on market $1,300,000 Active 177 DOM
3. 2026-06-16
   days on market $1,300,000 Active 176 DOM
4. 2026-06-15
   days on market $1,300,000 Active 175 DOM
5. 2026-06-13
   days on market $1,300,000 Active 173 DOM
6. 2026-06-09
   days on market $1,300,000 Active 169 DOM
7. 2026-06-08
   days on market $1,300,000 Active 168 DOM
8. 2026-06-07
   days on market $1,300,000 Active 167 DOM
9. 2026-06-04
   days on market $1,300,000 Active 164 DOM
10. 2026-06-03
    days on market $1,300,000 Active 163 DOM
11. 2026-06-02
    days on market $1,300,000 Active 162 DOM
12. 2026-06-02
    price $1,300,000 Active 161 DOM
13. 2026-06-01
    days on market $1,390,000 Active 161 DOM
14. 2026-05-31
    days on market $1,390,000 Active 160 DOM
15. 2025-12-22
    listed $1,390,000 Active
16. 2021-04-07
    soldstatus $819,000 Closed 584-char remark

    Show marketing remark (584 chars)

    Building is zoned for up to 9 units as Hotel/Motel/General, property is 9,975 Sq. Ft. Great for Air BnB, seasonal and yearly rentals. Gorgeous, freshly renovated from top to bottom. 4 units, each 1 bedroom / 1 bath walk up apartments in North Miami. All new appliances, life-proof ''wood'' floors, impact windows and doors, split A/C units with two heads in each unit. Dedicated Laundry room with new washer & dryer on property. Location is ideal, close proximity to MIMO district with easy access to major roads and transportation. Don't miss out on this great investment area!

17. 2021-04-05
    status Active 584-char remark

    Show marketing remark (584 chars)

    Building is zoned for up to 9 units as Hotel/Motel/General, property is 9,975 Sq. Ft. Great for Air BnB, seasonal and yearly rentals. Gorgeous, freshly renovated from top to bottom. 4 units, each 1 bedroom / 1 bath walk up apartments in North Miami. All new appliances, life-proof ''wood'' floors, impact windows and doors, split A/C units with two heads in each unit. Dedicated Laundry room with new washer & dryer on property. Location is ideal, close proximity to MIMO district with easy access to major roads and transportation. Don't miss out on this great investment area!

18. 2021-03-30
    status Pending 584-char remark

    Show marketing remark (584 chars)

    Building is zoned for up to 9 units as Hotel/Motel/General, property is 9,975 Sq. Ft. Great for Air BnB, seasonal and yearly rentals. Gorgeous, freshly renovated from top to bottom. 4 units, each 1 bedroom / 1 bath walk up apartments in North Miami. All new appliances, life-proof ''wood'' floors, impact windows and doors, split A/C units with two heads in each unit. Dedicated Laundry room with new washer & dryer on property. Location is ideal, close proximity to MIMO district with easy access to major roads and transportation. Don't miss out on this great investment area!

19. 2021-03-13
    historical Contingent 584-char remark

    Show marketing remark (584 chars)

    Building is zoned for up to 9 units as Hotel/Motel/General, property is 9,975 Sq. Ft. Great for Air BnB, seasonal and yearly rentals. Gorgeous, freshly renovated from top to bottom. 4 units, each 1 bedroom / 1 bath walk up apartments in North Miami. All new appliances, life-proof ''wood'' floors, impact windows and doors, split A/C units with two heads in each unit. Dedicated Laundry room with new washer & dryer on property. Location is ideal, close proximity to MIMO district with easy access to major roads and transportation. Don't miss out on this great investment area!

20. 2021-03-03
    listed $899,000 Active 584-char remark

    Show marketing remark (584 chars)

    Building is zoned for up to 9 units as Hotel/Motel/General, property is 9,975 Sq. Ft. Great for Air BnB, seasonal and yearly rentals. Gorgeous, freshly renovated from top to bottom. 4 units, each 1 bedroom / 1 bath walk up apartments in North Miami. All new appliances, life-proof ''wood'' floors, impact windows and doors, split A/C units with two heads in each unit. Dedicated Laundry room with new washer & dryer on property. Location is ideal, close proximity to MIMO district with easy access to major roads and transportation. Don't miss out on this great investment area!

21. 2021-03-02
    historical $899,000 584-char remark

    Show marketing remark (584 chars)

    Building is zoned for up to 9 units as Hotel/Motel/General, property is 9,975 Sq. Ft. Great for Air BnB, seasonal and yearly rentals. Gorgeous, freshly renovated from top to bottom. 4 units, each 1 bedroom / 1 bath walk up apartments in North Miami. All new appliances, life-proof ''wood'' floors, impact windows and doors, split A/C units with two heads in each unit. Dedicated Laundry room with new washer & dryer on property. Location is ideal, close proximity to MIMO district with easy access to major roads and transportation. Don't miss out on this great investment area!

22. 1985-04-01
    soldstatus $102,000

ⓘ 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: $13,867 · $1,156/mo
• Projected year-2 tax: $13,867 · $1,156/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 4/10 Moderate FEMA zone X (unshaded) · 17% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 5 d/yr ≥103°F today · 19 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: $137,364
• − Mortgage interest: −$72,820
• − Property taxes: −$13,867
• − Insurance: −$6,500
• − Repairs & maintenance: −$10,989
• − Management: −$10,989
• − Depreciation: −$37,818
• Taxable loss: −$15,620
• Est. tax savings @ 24.0%: +$3,749
• After-tax cash flow: $10,091/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 Shores

• Score: 80/100
• State rank: #130
• US rank: #1936

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Miami-Dade County · 2,697,751 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 28,980
• Household income: $75,051
• Rent vs Own: 52.2% rent · 47.8% own
• Severe rent burden: 2049.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Hispanic / Latino 36% White 29% Black 29% Two or more races 21% Asian 1%
• Hispanic origin (detail): Puerto Rican 3% Cuban 11% Dominican 2% Salvadoran 3%
• Common ancestry: Hispanic 16% Estonian 2% Lithuanian 2%
• Foreign-born: 41% · Canada, Jamaica, Dominican Republic
• Languages at home: 36% English-only · Spanish 39% French/Haitian/Cajun 19% Other Indo-European 4%

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: ▼ -890.01%
• Current HPI: 551.4791
• Rent YoY: ▲ 0.33%
• 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

+1262.7% since first listed

8 events — show timeline

• 2025-12-22 Listed $1,390,000 MARMLS
• 2021-04-07 Sold (MLS) $819,000 Beaches MLS
• 2021-04-05 Relisted — Beaches MLS
• 2021-03-30 Pending — Beaches MLS
• 2021-03-13 Contingent — Beaches MLS
• 2021-03-03 Listed $899,000 Beaches MLS
• 2021-03-02 Coming Soon $899,000 Beaches MLS
• 1985-04-01 Sold (Public Records) $102,000 Public Records

Property tax history

+9.1%/yr

Latest (2025): $13,867 · +5.0% YoY. Source: county tax records.