605 NW 34th Ave · Miami, FL 33125

$1,700,000

6 bd · 5.0 ba · 3,788 sqft · MultiFamily public records · 86 Days on market

Built 1963

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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 +27.1/30.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Value-add "compound" opportunity featuring a unique 6-unit residential property on an expansive 10,400 Sq. Ft. lot. This property offers a versatile unit mix consisting of a standalone 3-bedroom, 2-bathroom single-family home (built 1948) and a separate two story 5-unit apartment building (built 1963) featuring all 1-bedroom, 1-bathroom layouts. All structures feature solid CBS construction and "great bones, " providing the perfect canvas for an investor to renovate and capture massive rental upside. Current Gross income $97,045 Current NOI $66,255 Strategically located in a high-demand growth pocket, the property is just blocks from the Magic City Casino and the futu

Key facts

• 400 sq ft lot
• Standalone 3 bedroom
• Health district

Tags

• 6 UNIT RESIDENTIAL PROPERTY
• 10
• 400 SQ FT LOT
• STANDALONE 3 BEDROOM
• SOLID CBS CONSTRUCTION
• HEALTH DISTRICT

Property features AI

Finance

• Financial info: Rent includes trash collection; Unit rents reported: $1,600; $1,275; $1,475; $2,300

Exterior

• Parking: Total of 7 parking spaces; Open parking for units
• Utilities: Public sewer; Cable not available
• Home design: 2-story building; Shingle roof; Block construction; Effective year built
• Construction: Block construction; Shingle roof; Effective year built
• Exterior features: Open parking; Less than quarter acre lot

Interior

• Bedrooms: Four 1-bedroom units (month-to-month); Three 1-bedroom units (month-to-month); Two 1-bedroom units (month-to-month); One 3-bedroom unit (month-to-month)
• Flooring: Terrazzo; Tile
• Bathrooms: Each 1-bedroom unit has 1 full bathroom; 3-bedroom unit has 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Terrazzo and tile flooring; Central heating; Central air conditioning

What this means for you Summary

Snapshot

• This is a 6-bed/5.0-bath multifamily listed at $1.70M.

Deal economics

• At list price, monthly cash flow is $5k ($58k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($20k rent vs $1.70M).
• Recommended offer: $1.60M (6.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 1.9% in 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 78/100 on livability (#177 in FL, #2,724 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime 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 soft (-1.4%/yr); 239 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $20,034/mo this rent would consume 534% of the median local household income ($45k/yr) (locally 5223% 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 $12k of loan paydown is wiped out by about $51k 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 86 days — a 6% lower offer ($1.60M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $624k; list at $1.70M implies a 172% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: 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 $1,598,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. Crime grade is F 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?
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: 1.18% ✓
• Cap rate: 9.69%
• Cash-on-cash: 12.13%
• DSCR: 1.54
• GRM: 7.1

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: -1.6%
• Equity multiple: 0.94×
• Total profit: $-27,896
• Equity at exit: $253,476

10-year hold

• IRR: 4.7%
• Equity multiple: 1.30×
• Total profit: $142,795
• Equity at exit: $146,985

Cash invested: $476,000 (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 33125

• Rents YoY: -1.4%
• Active inventory: 239
• Price-to-rent: 35.9×

Monthly cashflow live

• Estimated rent: $20,034 medium
• Mortgage (P&I): −$8,915
• Tax from tax record: −$1,392 /mo · $16,706/yr
• Insurance: −$708
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,207
• Net cashflow: $4,811

Break-even live

Break-even rent $13,944

Max offer price $1,700,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$3,943
▸ 5× units	1	1	$16,090
Total (6 units)			$20,034

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: $425,000
• Closing costs: $51,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2951 NW 13th St Unit 1399868P Miami, FL	4.0–8.0	3.5–6.0	3745	$17,671	$4.72	8d	2	0.72mi

Listing history 16 events

1. 2026-06-18
   days on market $1,700,000 Active 86 DOM
2. 2026-06-17
   days on market $1,700,000 Active 85 DOM
3. 2026-06-16
   days on market $1,700,000 Active 84 DOM
4. 2026-06-15
   days on market $1,700,000 Active 83 DOM
5. 2026-06-13
   days on market $1,700,000 Active 81 DOM
6. 2026-06-09
   days on market $1,700,000 Active 77 DOM
7. 2026-06-08
   days on market $1,700,000 Active 76 DOM
8. 2026-06-07
   days on market $1,700,000 Active 75 DOM
9. 2026-06-04
   days on market $1,700,000 Active 72 DOM
10. 2026-06-03
    days on market $1,700,000 Active 71 DOM
11. 2026-06-02
    days on market $1,700,000 Active 70 DOM
12. 2026-06-01
    days on market $1,700,000 Active 69 DOM
13. 2026-05-31
    days on market $1,700,000 Active 68 DOM
14. 2026-03-20
    listed $1,700,000 Active
15. 2019-07-31
    soldstatus $624,500
16. 2002-01-08
    soldstatus $235,000

ⓘ 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: $16,706 · $1,392/mo
• Projected year-2 tax: $16,706 · $1,392/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 1/10 Low FEMA zone X (unshaded) · 0% 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $240,408
• − Mortgage interest: −$95,226
• − Property taxes: −$16,706
• − Insurance: −$8,500
• − Repairs & maintenance: −$19,233
• − Management: −$19,233
• − Depreciation: −$49,455
• Taxable income: $32,055
• Est. tax owed @ 24.0%: −$7,693
• After-tax cash flow: $50,043/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

• Score: 78/100
• State rank: #177
• US rank: #2724

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 827,308
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 56,897
• Household income: $44,979
• Rent vs Own: 74.0% rent · 26.0% own
• Severe rent burden: 5223.0

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 (92%)
• Race & ethnicity: Hispanic / Latino 92% Two or more races 52% White 4% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 46% Dominican 3% Salvadoran 1%
• Common ancestry: Hispanic 1%
• Foreign-born: 68% · Canada, Jamaica, Dominican Republic
• Languages at home: 9% English-only · Spanish 90%

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: ▼ -402.98%
• Current HPI: 476.1631
• Rent YoY: ▼ -1.39%
• 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

+623.4% since first listed

3 events — show timeline

• 2026-03-20 Listed $1,700,000 MARMLS
• 2019-07-31 Sold (Public Records) $624,500 Public Records
• 2002-01-08 Sold (Public Records) $235,000 Public Records

Property tax history

+8.1%/yr

Latest (2025): $16,706 · +3.7% YoY. Source: county tax records.