2721 SE 12th Pl #206 · Homestead, FL 33035

$219,900

3 bd · 2.0 ba · 1,024 sqft · Condo public records · 13 Days on market

Built 2003 $345/mo HOA · 16% of rent

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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 +10.1/30.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +2.4/10.0
• Rent growth +1.7/5.0

Listing remarks

Calling all investors! Don’t miss this rare opportunity to own a beautifully maintained 3-bedroom, 2-bathroom unit with serene lake views in the highly desirable Garden I community. This turnkey property has been meticulously cared for and is move-in ready. Recent upgrades include freshly painted walls, all new appliances, and updated plumbing throughout the unit. The pride of ownership is evident in every detail, making this an excellent investment opportunity or future residence. Conveniently located in one of the most sought-after sections of the community and priced to sell. Residents enjoy access to a community pool, playground, and picturesque lake views right from the unit. Sch

Key facts

• Lake views
• Community pool
• New appliances

Tags

• LAKE VIEWS
• COMMUNITY POOL
• PLAYGROUND
• UPDATED PLUMBING
• NEW APPLIANCES

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Monthly association fee ($345); Association covers management, amenities, insurance, grounds and structure maintenance, parking, pool(s), roof, security, and trash; Community amenities include a playground and pool

Exterior

• Parking: Assigned parking; One designated space; Two or more spaces available
• Security: Complex fenced; Phone entry; Smoke detectors
• Utilities: Association pool
• Home design: 2-story building; Entry on second level; Attached property; Has a view; Lakefront waterfront
• Construction: Brick and block construction; Resale property
• Exterior features: Balcony; Open balcony/porch

Interior

• Kitchen: Dishwasher; Electric range; Self-cleaning oven; Microwave; Refrigerator; Icemaker; Garbage disposal
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Bedroom on main level; Second floor entry
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $-128 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (10.2% below list).
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $197k (10.2% below list) — sets the bar for cash-flow.
• Cap rate 5.6% vs local median 3.5% in Homestead — 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 78/100 on livability (#158 in FL, #2,408 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-.
• 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 falling (-3.2%/yr); 462 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• This rent runs 39% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 12y 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 $160k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $197,362 (10.2% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. 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?
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: 1.01% ✓
• Cap rate: 5.60%
• Cash-on-cash: -2.49%
• DSCR: 0.89
• GRM: 8.3

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: -24.6%
• Equity multiple: 0.19×
• Total profit: $-49,998
• Equity at exit: $32,788

10-year hold

• IRR: -37.4%
• Equity multiple: -0.27×
• Total profit: $-78,061
• Equity at exit: $19,013

Cash invested: $61,572 (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 33035

• Home prices YoY: -1.4%
• Rents YoY: -3.2%
• Active inventory: 462
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,215 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$288 /mo · $3,455/yr
• Insurance: −$92
• HOA: −$345
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $-128

Break-even live

Break-even rent $2,377

Max offer price $197,362

Occupancy floor —

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2701 SE 12th Pl #102 Homestead, FL	2.0	2.0	822	$1,800	$2.19	17d	1	0.04mi
1271 SE 28th Ct Homestead, FL	2.0	2.0	818	$1,775	$2.17	3d	2	0.04mi
1271 SE 28th Ct #105 Homestead, FL	2.0	2.0	822	$1,800	$2.19	5d	1	0.04mi
2643 SE 27th St Unit 2643 Homestead, FL	3.0	2.5	1414	$2,500	$1.77	24d	1	0.08mi
2763 SE 15th Rd #97 Homestead, FL	3.0	2.0	1302	$2,100	$1.61	7d	1	0.09mi
2763 SE 15th Rd #97 Homestead, FL	3.0	2.0	1302	$2,200	$1.69	24d	1	0.09mi
2736 SE 15th Rd #18 Homestead, FL	4.0	3.0	1423	$2,750	$1.93	2d	1	0.09mi
2740 SE 15th Rd #20 Homestead, FL	3.0	2.0	1302	$2,100	$1.61	24d	1	0.09mi
2876 SE 15th Rd Homestead, FL	3.0	3.0	1423	$2,483	$1.74	24d	1	0.09mi
2910 SE 15th Rd #55 Homestead, FL	3.0	2.5	1302	$1,900	$1.46	14d	1	0.09mi
2907 SE 15th Rd #67 Homestead, FL	4.0	3.0	1423	$2,400	$1.69	24d	1	0.09mi
1271 SE 27th St #101 Homestead, FL	3.0	2.0	1099	$1,915	$1.74	15d	1	0.09mi
1271 SE 27th St #101 Homestead, FL	3.0	2.0	1099	$1,900	$1.73	10d	1	0.09mi
1251 SE 29th St Unit 105-26 Homestead, FL	2.0	2.0	822	$1,750	$2.13	24d	1	0.12mi
1251 SE 29th St Unit 103-26 Homestead, FL	2.0	2.0	822	$1,800	$2.19	20d	1	0.12mi
1251 SE 29th St Unit 105-26 Homestead, FL	2.0	2.0	822	$1,750	$2.13	7d	1	0.12mi
1250 SE 29th St Unit 205-58 Homestead, FL	2.0	2.0	815	$1,700	$2.09	20d	1	0.13mi
2910 SE 13th Rd Homestead, FL	3.0	2.0	1099	$2,150	$1.96	24d	1	0.13mi
1406 SE 26th Ct Homestead, FL	4.0	3.0	1423	$2,399	$1.69	24d	1	0.13mi
2901 SE 13th Rd Unit 105-41 Homestead, FL	2.0	2.0	822	$1,900	$2.31	24d	1	0.13mi
1241 SE 29th St Unit 203-27 Homestead, FL	2.0	2.0	815	$1,650	$2.02	20d	1	0.15mi
2911 SE 13th Ave Unit 202-49 Homestead, FL	2.0	2.0	815	$1,650	$2.02	24d	1	0.16mi
2921 SE 13th Ave Unit 106-48 Homestead, FL	3.0	2.0	1099	$1,800	$1.64	24d	1	0.16mi
2623 SE 14th Ave #397 Homestead, FL	3.0	3.0	1423	$2,600	$1.83	3d	1	0.16mi
2452 SE 14th Ave #284 Homestead, FL	3.0	3.0	1423	$2,300	$1.62	3d	1	0.16mi
2452 SE 14th Ave #284 Homestead, FL	3.0	3.0	1423	$2,300	$1.62	2d	1	0.16mi
2726 SE 15th Pl #143 Homestead, FL	3.0	3.0	1423	$2,200	$1.55	15d	1	0.16mi
2718 SE 15th Pl #147 Homestead, FL	4.0	3.0	1423	$2,400	$1.69	22d	1	0.16mi
2736 SE 15th Rd Homestead, FL	4.0	3.0	1453	$2,900	$2.00	24d	1	0.16mi
2525 SE 14th Ave #386 Homestead, FL	3.0	2.5	1302	$2,000	$1.54	20d	1	0.18mi
2921 SE 13th Rd Unit 104-39 Homestead, FL	2.0	2.0	822	$1,790	$2.18	7d	1	0.19mi
2921 SE 13th Rd Unit 104-39 Homestead, FL	2.0	2.0	822	$1,790	$2.18	3d	1	0.19mi
2931 SE 13th Ave Unit 202-47 Homestead, FL	2.0	2.0	815	$1,750	$2.15	22d	1	0.19mi
2931 SE 13th Ave Unit 104-47 Homestead, FL	2.0	2.0	822	$1,790	$2.18	24d	1	0.19mi
1250 SE 26th St #204 Homestead, FL	2.0	2.0	815	$1,875	$2.30	24d	1	0.19mi
2953 SE 15th Ter Unit 2953 Homestead, FL	2.0	2.5	1166	$2,000	$1.72	24d	1	0.20mi
1586 SE 27th Ct #178 Homestead, FL	3.0	3.0	1423	$2,200	$1.55	22d	1	0.20mi
1586 SE 27th Ct #178 Homestead, FL	3.0	3.0	1423	$2,200	$1.55	2d	1	0.20mi
2470 SE 15th Pl #335 Homestead, FL	3.0	3.0	1423	$2,200	$1.55	24d	1	0.21mi
2606 SE 15th Pl #328 Homestead, FL	4.0	3.0	1423	$3,100	$2.18	14d	1	0.21mi

HOA detail condo

• Monthly dues: $345 · $4,140/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-18
   days on market $219,900 Active 13 DOM
2. 2026-06-17
   days on market $219,900 Active 12 DOM
3. 2026-06-16
   days on market $219,900 Active 11 DOM
4. 2026-06-15
   days on market $219,900 Active 10 DOM
5. 2026-06-13
   days on market $219,900 Active 8 DOM
6. 2026-06-09
   days on market $219,900 Active 4 DOM
7. 2026-06-08
   days on market $219,900 Active 3 DOM
8. 2026-06-07
   remarks 693-char remark
9. 2026-06-07
   listed $219,900 Active 2 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: $3,455 · $288/mo
• Projected year-2 tax: $3,455 · $288/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 X (unshaded) · 52% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 31 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,584
• − Mortgage interest: −$12,318
• − Property taxes: −$3,455
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,127
• − Management: −$2,127
• − HOA: −$4,140
• − Depreciation: −$6,397
• Taxable loss: −$5,079
• Est. tax savings @ 24.0%: +$1,219
• After-tax cash flow: $-312/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 — Homestead

• Score: 78/100
• State rank: #158
• US rank: #2408

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homestead, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 191,470
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 17,202
• Household income: $68,354
• Rent vs Own: 49.5% rent · 50.5% own
• Severe rent burden: 687.0

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 0.55)
• Race & ethnicity: Hispanic / Latino 63% Two or more races 35% Black 18% White 12%
• Hispanic origin (detail): Mexican 6% Puerto Rican 13% Cuban 25% Dominican 2% Salvadoran 1%
• Common ancestry: Hispanic 6% Lithuanian 3% Estonian 1%
• Foreign-born: 33% · Canada, Dominican Republic, Jamaica
• Languages at home: 32% English-only · Spanish 60% French/Haitian/Cajun 7% Other Indo-European 1%

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: ▼ -5.24%
• Current HPI: 369.3031
• Rent YoY: ▼ -3.20%
• 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

+399.8% since first listed

16 events — show timeline

• 2026-06-04 Listed $219,900 MARMLS
• 2024-08-28 Rental Removed $2,100 MARMLS
• 2024-08-07 Price Changed $2,100 MARMLS
• 2024-07-30 Price Changed $2,250 MARMLS
• 2024-07-14 Listed for Rent $2,300 MARMLS
• 2015-12-22 Sold (Public Records) $160,000 Public Records
• 2015-10-02 Pending — MARMLS
• 2015-09-21 Listed $92,900 MARMLS
• 2015-01-19 Listing Removed — MARMLS
• 2014-07-28 Price Changed $92,000 MARMLS
• 2014-04-29 Price Changed $91,500 MARMLS
• 2014-04-17 Price Changed $92,500 MARMLS
• 2014-04-17 Price Changed $85,000 MARMLS
• 2014-03-06 Listed $91,500 MARMLS
• 2011-08-31 Sold (Public Records) $44,000 Public Records
• 2010-04-15 Sold (MLS) $44,000 MARMLS

Property tax history

+14.0%/yr

Latest (2025): $3,455 · +5.7% YoY. Source: county tax records.