9066 SW 73rd Ct #1202

Kendall, FL 33156

$279,900F

1 bd · 1.0 ba · 797 sqft · Built 2006 · Condo · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,380/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$463
• HOA: −$931
• Vac / Maint / Mgmt: −$500
• Net cashflow: $-982/mo
• Annual: $-11,779/yr
• Cap rate: 2.08%
• Cash-on-cash: -15.03%
• DSCR: 0.33
• 1% rule: 0.85%
• Cash to close: $78,372

Investor read

• This is a 1-bed/1.0-bath condo listed at $280k.
• At list price, monthly cash flow is $-982 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $271k (3.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $238k (15.0% below list).
• It's been on market 62 days — a 6% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $238k (15.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#190 in FL, #3,010 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities 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: HOA is 39% of rent.
• Market conditions: Rents soft (-0.3%/yr); 375 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• 10 sale attempts since 10y ago; this cycle's ask is 11096% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $212k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 2.1% vs local median 2.8% in Kendall — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 62 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• 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?
• 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?