15801 NW 47th Ave

Miami Gardens, FL 33054

$749,900D

5 bd · 3.0 ba · 1,757 sqft · Built 1991 · MultiFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,983/mo
• Mortgage (P&I): −$3,933
• Tax + insurance: −$942
• HOA: −$0
• Vac / Maint / Mgmt: −$1,256
• Net cashflow: $-148/mo
• Annual: $-1,780/yr
• Cap rate: 6.06%
• Cash-on-cash: -0.85%
• DSCR: 0.96
• 1% rule: 0.80%
• Cash to close: $209,972

Investor read

• This is a 5-bed/3.0-bath multifamily listed at $750k.
• At list price, monthly cash flow is $-148 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $724k (3.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $598k (20.2% below list).
• It's been on market 20 days — a 2% lower offer ($739k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $598k (20.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#338 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D+, crime D-, amenities 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.
• Zoned schools: Carol City Elementary School (math 17% / reading 27%, grade F, #2,080 of 2,144 statewide, top 97%, 276 students, 84% FRL); Carol City Middle School (math 32% / reading 34%, grade F, #437 of 571 statewide, top 77%, 453 students, 76% FRL); Hialeah-Miami Lakes Senior High (math 21% / reading 33%, grade F, #478 of 667 statewide, top 73%, 1,344 students, 68% FRL).
• Zoned-school proficiency averages 27% at this address vs 50% district-wide (-22 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.9%/yr); 141 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 18y 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.
• Climate carrying-cost: major flood risk; 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.
• Cap rate 6.1% vs local median 3.1% in Miami Gardens — 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 $5,983/mo this rent would consume 157% of the median local household income ($46k/yr) (locally 1811% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.