90 SW 3rd St #1410

Miami, FL 33130

$380,000D+

1 bd · 1.0 ba · 722 sqft · Built 2008 · Condo · Active · 168 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,142/mo
• Mortgage (P&I): −$1,993
• Tax + insurance: −$893
• HOA: −$879
• Vac / Maint / Mgmt: −$870
• Net cashflow: $-493/mo
• Annual: $-5,918/yr
• Cap rate: 6.08%
• Cash-on-cash: -0.75%
• DSCR: 0.97
• 1% rule: 1.09%
• Cash to close: $106,400

Investor read

• This is a 1-bed/1.0-bath condo listed at $380k.
• At list price, monthly cash flow is $-493 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $293k (22.9% below list).
• Meets the 1% rule at list price ($4k rent vs $380k).
• It's been on market 168 days — a 12% lower offer ($334k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $293k (22.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-1.8%/yr); year-one equity from $3k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• 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.
• Watch-outs: flood insurance adds $427/mo; HOA is 21% of rent.
• Market conditions: Rents soft (-0.5%/yr); 639 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.
• 5 sale attempts since 9y ago; this cycle's ask has dropped $45k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $288k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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 6→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% 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.
• At $4,142/mo this rent would consume 81% of the median local household income ($61k/yr) (locally 5231% 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 168 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• 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.
• 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?