2 bd · 2.0 ba ·
867 sqft ·
Built 1973
· Condo
· Active
· 194 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$3,603/mo
Mortgage (P&I)
−$1,731
Tax + insurance
−$932
HOA
−$560
Vac / Maint / Mgmt
−$757
Net cashflow
$-377/mo
Annual
$-4,520/yr
Cap rate
6.47%
Cash-on-cash
0.65%
DSCR
1.03
1% rule
1.09%
Cash to close
$92,400
Investor read
This is a 2-bed/2.0-bath condo listed at $330k.
At list price, monthly cash flow is $-377 ($-5k/yr) — negative.
To cash-flow at today's rent, offer at most $263k (20.2% below list).
Meets the 1% rule at list price ($4k rent vs $330k).
It's been on market 194 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $263k (20.2% below list) — sets the bar for cash-flow.
In year one you build about $4k of equity ($2k loan paydown + $2k appreciation (0.5% local appreciation)).
Location reads 82/100 on livability (#71 in FL, #1,177 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D+, crime F.
Zoned schools: Ojus Elementary School (math 56% / reading 59%, grade C+, #764 of 2,144 statewide, top 36%, 776 students, 63% FRL); Highland Oaks Middle School (math 28% / reading 51%, grade F, #373 of 571 statewide, top 66%, 774 students, 50% FRL); Alonzo & Tracy Mourning Senior High School (math 38% / reading 50%, grade F, #244 of 667 statewide, top 37%, 1,597 students, 48% FRL).
Watch-outs: flood insurance adds $427/mo.
Market conditions: Rents flat; 1879 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
4 sale attempts since 3y 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 $35k; list at $330k implies a 843% gain — meaningful room to come down on a strong offer.
By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
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.
Cap rate 6.5% vs local median 5.2% in North Miami Beach — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
At $3,603/mo this rent would consume 64% of the median local household income ($67k/yr) (locally 3106% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.
Questions for listing agent
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?
It's been on market 194 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
CashFlowRE · CFR-BYEETA03Y7NM5N
· Data 3 weeks agocashflowre.app · 2026-05-29