6881 Bay Dr #1 · Miami Beach, FL 33141

$298,000

1 bd · 1.0 ba · 743 sqft · Condo public records · 98 Days on market

Built 1948 $532/mo HOA · 14% of rent

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Why this score? — see what drove the C+ 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 +25.2/30.0
• DSCR +8.3/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Architectural treasure on the bay! Light pours into this corner 1 BD+den. Spacious master features cedar-lined closet w/ shelving. Den is perfect as 2nd BD/office. Enjoy cool bay breezes in the courtyard or lounge poolside w/ views of the bay & luxury tow ers along Collins Ave. This amenity-rich condo also features secured lobby, bike storage, laundry & boat docks. Designed by Swartburg, architect for Delano, Vagabond & more, Mimo meets Art Deco at Bay Drive Condo! Just steps to the farmers market & beach.

Key facts

• Soundproof ceilings
• Boat slips available
• Convertible room

Tags

• WATERFRONT RESIDENCE
• CONVERTIBLE ROOM
• BOAT SLIPS AVAILABLE
• NEWLY COMPLETED SEAWALL
• RESORT-STYLE POOL
• SOUNDPROOF CEILINGS

Property features AI

Finance

• Other: Annual taxes listed (see broker for details)
• Financial info: Pets allowed with restrictions or possible restrictions (conditional)
• HOA & community: Monthly association fee; Association fee includes amenities, common areas, hot water, insurance, laundry, structure maintenance, pool(s), sewer, trash; Association amenities include boat dock

Exterior

• Parking: On-street parking
• Security: Closed-circuit camera(s); Complex fenced; Phone entry
• Utilities: Cable available
• Home design: Property attached (townhome/condo style); 3 stories; Faces west; Entry on level 1
• Construction: Block construction; Resale property
• Exterior features: Courtyard; Fence; Canal-front waterfront

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Unfurnished; Closet cabinetry; Living/dining room; Tub shower; Walk-in closet(s)
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $298k.

Deal economics

• At list price, monthly cash flow is $241 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $298k).
• Recommended offer: $271k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 flat; 644 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,858/mo this rent would consume 67% 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 $9k 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 98 days — a 9% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 13y 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 $177k; list at $298k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• 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 $271,180 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.29% ✓
• Cap rate: 8.98%
• Cash-on-cash: 9.60%
• DSCR: 1.43
• GRM: 6.4

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: -14.6%
• Equity multiple: 0.50×
• Total profit: $-42,105
• Equity at exit: $44,433

10-year hold

• IRR: -12.6%
• Equity multiple: 0.37×
• Total profit: $-52,562
• Equity at exit: $25,766

Cash invested: $83,440 (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: 6.4×

Monthly cashflow live

• Estimated rent: $3,858 medium
• Mortgage (P&I): −$1,563
• Tax from tax record: −$161 /mo · $1,934/yr
• Insurance: −$124
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$532
• Vacancy / Maint / Mgmt: −$810
• Net cashflow: $241

Break-even live

Break-even rent $3,553

Max offer price $298,000

Occupancy floor 89%

Sensitivity live

Price	-10% $410	-5% $325	+0% $241	+5% $157	+10% $72
Rent	-10% $-64	-5% $89	+0% $241	+5% $393	+10% $546
Rate	-1.0pp $391	-0.5pp $317	base $241	+0.5pp $164	+1.0pp $85

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: $74,500
• Closing costs: $8,940
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $532 · $6,384/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 35 events

1. 2026-06-18
   days on market $298,000 Active 98 DOM
2. 2026-06-17
   days on market $298,000 Active 97 DOM
3. 2026-06-16
   days on market $298,000 Active 96 DOM
4. 2026-06-15
   days on market $298,000 Active 95 DOM
5. 2026-06-13
   days on market $298,000 Active 93 DOM
6. 2026-06-09
   days on market $298,000 Active 89 DOM
7. 2026-06-08
   days on market $298,000 Active 88 DOM
8. 2026-06-07
   days on market $298,000 Active 87 DOM
9. 2026-06-04
   days on market $298,000 Active 84 DOM
10. 2026-06-03
    days on market $298,000 Active 83 DOM
11. 2026-06-02
    days on market $298,000 Active 82 DOM
12. 2026-06-01
    days on market $298,000 Active 81 DOM
13. 2026-05-31
    days on market $298,000 Active 80 DOM
14. 2026-04-28
    price $298,000
15. 2026-04-22
    price $311,000
16. 2026-04-22
    status Active
17. 2026-04-10
    status Active
18. 2026-03-12
    status Active
19. 2026-01-16
    price $293,000
20. 2026-01-16
    listed $312,000 Active
21. 2018-06-28
    historical
22. 2018-03-07
    listed $215,000 Active
23. 2016-08-10
    soldstatus $177,000 Sold 535-char remark

    Show marketing remark (535 chars)

    Architectural treasure on the bay! Light pours into this corner 1 BD+den. Spacious master features cedar-lined closet w/ shelving. Den is perfect as 2nd BD/office. Enjoy cool bay breezes in the courtyard or lounge poolside w/ views of the bay & luxury tow ers along Collins Ave. This amenity-rich condo also features secured lobby, bike storage, laundry & boat docks. Designed by Swartburg, architect for Delano, Vagabond & more, Mimo meets Art Deco at Bay Drive Condo! Just steps to the farmers market & beach.

24. 2016-07-26
    soldstatus $177,000
25. 2016-03-30
    status Pending 535-char remark

    Show marketing remark (535 chars)

    Architectural treasure on the bay! Light pours into this corner 1 BD+den. Spacious master features cedar-lined closet w/ shelving. Den is perfect as 2nd BD/office. Enjoy cool bay breezes in the courtyard or lounge poolside w/ views of the bay & luxury tow ers along Collins Ave. This amenity-rich condo also features secured lobby, bike storage, laundry & boat docks. Designed by Swartburg, architect for Delano, Vagabond & more, Mimo meets Art Deco at Bay Drive Condo! Just steps to the farmers market & beach.

26. 2015-12-01
    status Active 535-char remark

    Show marketing remark (535 chars)

    Architectural treasure on the bay! Light pours into this corner 1 BD+den. Spacious master features cedar-lined closet w/ shelving. Den is perfect as 2nd BD/office. Enjoy cool bay breezes in the courtyard or lounge poolside w/ views of the bay & luxury tow ers along Collins Ave. This amenity-rich condo also features secured lobby, bike storage, laundry & boat docks. Designed by Swartburg, architect for Delano, Vagabond & more, Mimo meets Art Deco at Bay Drive Condo! Just steps to the farmers market & beach.

27. 2015-11-13
    status Pending 535-char remark

    Show marketing remark (535 chars)

    Architectural treasure on the bay! Light pours into this corner 1 BD+den. Spacious master features cedar-lined closet w/ shelving. Den is perfect as 2nd BD/office. Enjoy cool bay breezes in the courtyard or lounge poolside w/ views of the bay & luxury tow ers along Collins Ave. This amenity-rich condo also features secured lobby, bike storage, laundry & boat docks. Designed by Swartburg, architect for Delano, Vagabond & more, Mimo meets Art Deco at Bay Drive Condo! Just steps to the farmers market & beach.

28. 2015-11-05
    listed $185,000 Active 535-char remark

    Show marketing remark (535 chars)

    Architectural treasure on the bay! Light pours into this corner 1 BD+den. Spacious master features cedar-lined closet w/ shelving. Den is perfect as 2nd BD/office. Enjoy cool bay breezes in the courtyard or lounge poolside w/ views of the bay & luxury tow ers along Collins Ave. This amenity-rich condo also features secured lobby, bike storage, laundry & boat docks. Designed by Swartburg, architect for Delano, Vagabond & more, Mimo meets Art Deco at Bay Drive Condo! Just steps to the farmers market & beach.

29. 2013-07-26
    historical
30. 2013-07-18
    listed $189,000 Active
31. 2003-08-08
    soldstatus $122,000
32. 1999-10-20
    soldstatus $115,000
33. 1999-09-27
    soldstatus $65,900
34. 1997-11-04
    soldstatus $115,500
35. 1997-10-01
    soldstatus $115,500

ⓘ 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: $1,934 · $161/mo
• Projected year-2 tax: $2,473 · $206/mo
• Expected delta: +$540/yr (+$45/mo · 27.9%)

ⓘ 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 ≥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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,294
• − Mortgage interest: −$16,693
• − Property taxes: −$1,934
• − Insurance: −$6,608
• − Repairs & maintenance: −$3,704
• − Management: −$3,704
• − HOA: −$6,384
• − Depreciation: −$8,669
• Taxable loss: −$1,401
• Est. tax savings @ 24.0%: +$336
• After-tax cash flow: $3,229/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): 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

+158.0% since first listed

22 events — show timeline

• 2026-04-28 Price Changed $298,000 MARMLS
• 2026-04-22 Price Changed $311,000 MARMLS
• 2026-04-22 Relisted — MARMLS
• 2026-04-10 Relisted — MARMLS
• 2026-03-12 Relisted — MARMLS
• 2026-01-16 Price Changed $293,000 MARMLS
• 2026-01-16 Listed $312,000 MARMLS
• 2018-06-28 Listing Removed — MARMLS
• 2018-03-07 Listed $215,000 MARMLS
• 2016-08-10 Sold (MLS) $177,000 MARMLS
• 2016-07-26 Sold (Public Records) $177,000 Public Records
• 2016-03-30 Pending — MARMLS
• 2015-12-01 Relisted — MARMLS
• 2015-11-13 Pending — MARMLS
• 2015-11-05 Listed $185,000 MARMLS
• 2013-07-26 Listing Removed — MARMLS
• 2013-07-18 Listed $189,000 MARMLS
• 2003-08-08 Sold (Public Records) $122,000 Public Records
• 1999-10-20 Sold (Public Records) $115,000 Public Records
• 1999-09-27 Sold (Public Records) $65,900 Public Records
• 1997-11-04 Sold (Public Records) $115,500 Public Records
• 1997-10-01 Sold (Public Records) $115,500 Public Records

Property tax history

+8.8%/yr

Latest (2025): $1,934 · +3.5% YoY. Source: county tax records.