2999 Point East Dr Unit C101

Aventura, FL 33160

$188,000B+

1 bd · 1.0 ba · 817 sqft · Built 1966 · Condo · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,589/mo
• Mortgage (P&I): −$986
• Tax + insurance: −$716
• HOA: −$569
• Vac / Maint / Mgmt: −$754
• Net cashflow: $564/mo
• Annual: $6,772/yr
• Cap rate: 12.62%
• Cash-on-cash: 22.59%
• DSCR: 2.01
• 1% rule: 1.91%
• Cash to close: $52,640

Investor read

• This is a 1-bed/1.0-bath condo listed at $188k.
• At list price, monthly cash flow is $564 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $188k).
• It's been on market 42 days — a 3% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($1k loan paydown + $991 appreciation (0.5% local appreciation)).
• Location reads 80/100 on livability (#127 in FL, #1,834 nationally) — a professional / high-income tenant draw. Strengths: schools A+, health & safety A+, amenities A; Watch: crime D+, cost of living F.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents flat; 1878 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.
• 2 sale attempts 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 $128k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (0.5% appreciation + 0.9% rent growth), your $53k cash investment doubles in ~6 years — after that, you're playing with house money.
• 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.6% vs local median 2.6% in Aventura — 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.
• At $3,589/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

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1966 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?