Is 11111 Biscayne Blvd #912 in Miami, FL a good investment?

CashFlowRE grades it D with a 4.0% cap rate and $-529/mo modeled cash flow at a $275,000 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 11111 Biscayne Blvd #912?

The modeled cap rate is 4.0% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $3,938/month, from CashFlowRE's rent model.

D Composite 44.94

Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

ARV discount +15.0/15.0
1% rule +9.3/10.0
Cash flow +6.0/30.0
Schools +4.0/10.0
Condition / age +4.0/5.0
Livability +3.9/5.0
Rent growth +2.5/5.0
DSCR +0.3/10.0
Appreciation +0.0/10.0

$275,000

11111 Biscayne Blvd #912 · Miami, FL 33181

2 bd · 2.0 ba · 1,383 sqft · Condo · 174 Days on market

Built 1968 Good condition Garage $199/sqft · 19% below area Est $339k · 19% under $1740/mo HOA · 44% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Spacious 2BR/2BA waterfront condo with stunning bay and ocean views. Just under 1,400 sqft in a rapidly growing area. Both bedrooms feature ensuite bathrooms and generous closet space. Located in a gated community with 24/7 security at the gate and lobby. Enjoy the bayfront swimming pool and serene coastal views from this very well priced unit. 40 year recertification and Structural Integrity Reserve Study have been completed.

Key facts

Gated community
Waterfront condo
24/7 security

What this means for you Summary

Snapshot

This is a 2-bed/2.0-bath condo listed at $275k. Condition is rated good.

Deal economics

At list price, monthly cash flow is $-529 ($-6k/yr) — negative.
To cash-flow at today's rent, offer at most $198k (27.9% below list).
Meets the 1% rule at list price ($4k rent vs $275k).
Recommended offer: $198k (27.9% below list) — sets the bar for cash-flow.
Cap rate 4.0% vs local median 1.8% 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.

Location & tenants

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.
Zoned schools: David Lawrence Jr. K-8 Center (math 43% / reading 50%, grade D-, #1,223 of 2,144 statewide, top 57%, 1,282 students, 55% FRL); North Miami Middle School (math 25% / reading 31%, grade F, #486 of 571 statewide, top 86%, 807 students, 71% FRL); Alonzo & Tracy Mourning Senior High School (math 38% / reading 50%, grade F, #244 of 667 statewide, top 37%, 1,597 students, 48% FRL).
Market conditions: Rents soft (-0.1%/yr); 520 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
At $3,938/mo this rent would consume 75% of the median local household income ($63k/yr) (locally 24% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

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.
Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

It's been on market 174 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
3 sale attempts; this cycle's ask is 9383% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

Watch-outs: HOA is 44% of rent.

Recommended offer $198,397 (27.9% below list)

Questions for the 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 174 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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?
Crime grade is F 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.

Investment metrics

1% rule: 1.43% ✓
Cap rate: 3.98%
Cash-on-cash: -8.25%
DSCR: 0.63
GRM: 5.8

CMA / ARV

ARV (median comp): $339,119
List price: $275,000
Delta: -18.91%
Verdict: UNDERPRICED
Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1000 Quayside Ter Unit TS-10	0.43mi	2/2.0	1,312 (-5%)	0mo	$275,000	$210	71
12955 NE 11th Ave	1.30mi	2/2.0	1,348 (-2%)	1mo	$550,000	$408	60
11840 NE 19th Dr #9	0.63mi	2/2.0	1,464 (+6%)	1mo	$205,000	$140	60
1566 NE 110th St	0.20mi	3/2.0 (+1)	1,136 (-18%)	2mo	$810,000	$713	59
10820 NE 5th Ave	1.47mi	3/2.5 (+1)	1,373 (-1%)	1mo	$610,000	$444	56
2150 Sans Souci Blvd Unit C1502	0.79mi	2/2.0	1,304 (-6%)	1mo	$360,000	$276	55
585 NE 121st St	1.47mi	3/2.0 (+1)	1,452 (+5%)	0mo	$820,000	$565	51
1065 NE 107th St	0.81mi	3/2.0 (+1)	1,498 (+8%)	1mo	$700,000	$467	45
1172 NE 103rd St	0.80mi	3/2.0 (+1)	1,515 (+10%)	0mo	$1,402,375	$926	44
1580 NE 132nd Rd	1.37mi	3/1.0 (+1)	1,253 (-9%)	1mo	$445,000	$355	40
10650 NE 11th Ct	0.71mi	3/2.0 (+1)	1,629 (+18%)	1mo	$1,099,000	$675	36
1682 NE 124th Ln	0.83mi	3/2.0 (+1)	1,169 (-16%)	1mo	$560,000	$479	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

IRR: -38.1%
Equity multiple: -0.15×
Total profit: $-88,691
Equity at exit: $41,003

10-year hold

IRR: —
Equity multiple: -1.09×
Total profit: $-160,662
Equity at exit: $23,777

Cash invested: $77,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

Overall (STATE): 87 Strongly Landlord-Friendly
State Florida: 87 Strongly Landlord-Friendly · R+3
County: — inherits STATE
City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

Active competition Active MLS

For sale now: 0 active · 2 under contract

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 33181

Rents YoY: -0.1%
Active inventory: 520
Price-to-rent: 5.8×

Monthly cashflow live

Estimated rent: $3,938 medium interval (Pro) →
Mortgage (P&I): −$1,442
Tax est. 1.5%: −$344 /mo · $4,125/yr
Insurance: −$115
HOA: −$1,740
Lot rent: −$0
Vacancy / Maint / Mgmt: −$827
Net cashflow: $-529

Break-even live

Break-even rent $4,608

Max offer price $198,397

Occupancy floor —

Sensitivity live

Price	-10% $-339	-5% $-434	+0% $-529	+5% $-624	+10% $-719
Rent	-10% $-840	-5% $-685	+0% $-529	+5% $-374	+10% $-218
Rate	-1.0pp $-391	-0.5pp $-459	base $-529	+0.5pp $-601	+1.0pp $-673

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

Down payment: $68,750
Closing costs: $8,250
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Property features AI

Finance

Financial info: Pets allowed conditionally; restrictions or possible restrictions
HOA & community: Monthly association feeAssociation fee covers common areas and structure maintenanceAssociation amenities include pool

Exterior

Parking: 1 covered garage spaceAdditional spaces available (two or more spaces, valet)
Security: Lobby securedSecurity guard
Utilities: Central heating and cooling
Home design: Attached propertyLocated on entry level 9Has a viewTotal stories: 22
Construction: Block constructionYear built: Unknown
Exterior features: Storm/security shuttersBay front waterfront with seawallAssociation pool

Interior

Kitchen: DishwasherElectric rangeMicrowaveRefrigerator
Bedrooms: Bedroom located on the main level
Flooring: CarpetTile
Bathrooms: 2 full bathrooms
Heating & cooling: Central heatingCentral air conditioning
Interior features: BlindsCloset cabinetryWalk-in closet(s)Bedroom on main level

HOA detail $1,740/mo · $20,880/yr condo

Likely covers: waterpoolsecurity
Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

2026-11-08

days on market $275,000 Active 174 DOM
2026-11-07

days on market $275,000 Active 173 DOM
2026-11-07

days on market $275,000 Active 172 DOM
2026-11-05

days on market $275,000 Active 171 DOM
2026-11-04

days on market $275,000 Active 170 DOM
2026-11-01

days on market $275,000 Active 167 DOM
2026-10-31

days on market $275,000 Active 166 DOM
2026-10-30

days on market $275,000 Active 165 DOM
2026-10-29

days on market $275,000 Active 164 DOM
2026-10-27

days on market $275,000 Active 162 DOM
2026-10-26

days on market $275,000 Active 161 DOM
2026-10-26

days on market $275,000 Active 160 DOM
2026-10-24

days on market $275,000 Active 159 DOM
2026-10-23

days on market $275,000 Active 158 DOM
2026-10-22

days on market $275,000 Active 157 DOM
2026-10-21

days on market $275,000 Active 156 DOM
2026-10-20

days on market $275,000 Active 155 DOM
2026-10-19

days on market $275,000 Active 154 DOM
2026-10-18

days on market $275,000 Active 153 DOM
2026-10-17

days on market $275,000 Active 152 DOM
2026-10-16

days on market $275,000 Active 151 DOM
2026-10-15

days on market $275,000 Active 150 DOM
2026-10-14

days on market $275,000 Active 149 DOM
2026-10-13

days on market $275,000 Active 148 DOM
2026-10-12

days on market $275,000 Active 147 DOM
2026-10-11

days on market $275,000 Active 146 DOM
2026-10-10

days on market $275,000 Active 145 DOM
2026-10-09

days on market $275,000 Active 144 DOM
2026-10-09

days on market $275,000 Active 143 DOM
2026-10-07

days on market $275,000 Active 142 DOM
2026-10-06

days on market $275,000 Active 141 DOM
2026-10-05

days on market $275,000 Active 140 DOM
2026-10-04

days on market $275,000 Active 139 DOM
2026-10-04

days on market $275,000 Active 138 DOM
2026-10-02

days on market $275,000 Active 137 DOM
2026-09-30

days on market $275,000 Active 135 DOM
2026-09-29

days on market $275,000 Active 134 DOM
2026-09-28

days on market $275,000 Active 133 DOM
2026-09-27

days on market $275,000 Active 132 DOM
2026-09-23

days on market $275,000 Active 128 DOM
2026-09-22

days on market $275,000 Active 127 DOM
2026-09-21

days on market $275,000 Active 126 DOM
2026-09-20

days on market $275,000 Active 125 DOM
2026-09-18

days on market $275,000 Active 123 DOM
2026-09-17

days on market $275,000 Active 122 DOM
2026-09-16

days on market $275,000 Active 121 DOM
2026-09-15

days on market $275,000 Active 120 DOM
2026-09-13

days on market $275,000 Active 118 DOM
2026-09-12

days on market $275,000 Active 117 DOM
2026-09-11

days on market $275,000 Active 116 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $47,257
− Mortgage interest: −$15,404
− Property taxes: −$4,125
− Insurance: −$1,375
− Repairs & maintenance: −$3,781
− Management: −$3,781
− HOA: −$20,880
− Depreciation: −$8,000
Taxable loss: −$10,089

Your marginal tax rate % combined federal + state — saved on this device

Est. tax savings @ 24.0%: +$2,421
After-tax cash flow: $-3,931/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab Est. rehab $6,915–$20,745 screening

This waterfront condo is in good condition with a good condition score of 80. It has a good foundation and structure, and the interior is well-maintained. The kitchen and bathrooms could benefit from minor updates to increase its resale and rental value.

Repairs flagged

Minor kitchen cabinets — Aesthetic update needed
Minor bathroom fixtures — Update to add modern appeal

Value-add opportunities

Both Paint freshening — Enhances curb appeal and interior aesthetics ↑
Resale Kitchen cabinet facelift — Modernizes the space and improves functionality ↑
Rental Bathroom fixture upgrade — Attracts renters with updated amenities ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 40/100

Zoned Schools

Elementary David Lawrence Jr. K-8 Center D- FL #1,223/2,144 Nat'l #15,452/41,679 Middle North Miami Middle School F FL #486/571 Nat'l #9,545/14,009 High Alonzo & Tracy Mourning Senior High School F FL #244/667 Nat'l #7,320/17,239

Schools (NCES district)

District: Miami-Dade
NCES district ID: 1200390
Math proficiency: 45% ▼ -16.00%
Reading proficiency: 54% ▼ -5.00%
Median HH income: $43,928
Composite: 41.76/100
National rank: #3397
State rank: #40 of 73 in FL

B Composite livability gradescore 78/100

Livability — Miami

Score: 78/100
State rank: #177
US rank: #2724

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment C- Housing B- Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

County: Miami-Dade County · 3,126,439 people
City population: 827,308
Metro: Miami-Fort Lauderdale-Pompano Beach, FL
Population (ZIP): 20,848
Household income: $63,275
Rent vs Own: 62.4% rent · 37.6% own
Severe rent burden: 24% of renters

Population outlook (Miami-Dade County) Hauer SSP2

Today (2025): 3,126,439 people
By 2030: 3,325,765 · +6.4%
By 2040: 3,697,561 · +18.3%
By 2050: 4,012,134 · +28.3%
By 2075: 4,605,612 · +47.3%
By 2100: 4,866,598 · +55.7%

Race, ethnicity, and origin ACS 2023

Neighborhood character: Diverse neighborhood (Simpson 0.67)
Race & ethnicity: Hispanic / Latino 44% Black 29% Two or more races 23% White 22% Asian 1%
Hispanic origin (detail): Puerto Rican 2% Cuban 8% Dominican 2% Salvadoran 3%
Languages at home: 28% English-only · Spanish 44% French/Haitian/Cajun 18% Other Indo-European 4%

Political lean MEDSL · Miami-Dade

2024 margin: R (+11.4) · D 43.9% · R 55.4%
2008→2024 swing: -27.6pp toward R · 2008: 16.1pp · 2024: -11.4pp
All cycles: 2024: R+11.4 2020: D+7.3 2016: D+29.6 2012: D+23.7 2008: D+16.1

Not yet ingested

Civics: —

Market trends

HPI YoY: ▼ -334.57%
Current HPI: 341.3285
Rent YoY: ▼ -0.11%
Metro: Miami-Fort Lauderdale-Pompano Beach, FL
State GDP YoY: ▲ 3.28%
F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
Industrial Technology	2	$29B
#159 Carrier Global Palm Beach Gardens $22.2B #376 Roper Technologies Sarasota $6.8B
Insurance	2	$17B
#348 Fidelity National Financial Jacksonville $12.1B #494 Brown & Brown Daytona Beach $4.6B
Retail	1	$60B
#71 Publix Super Markets Lakeland $60.2B
Technology Distribution	1	$58B
#73 TD Synnex Clearwater $58.5B
Homebuilding	1	$35B
#185 Lennar Miami $35.4B
Technology Manufacturing	1	$35B
#122 Jabil St. Petersburg $34.7B

Price history

-98.9% since first listed

5 events — show timeline

2026-05-20 Listed for Rent $2,900 MARMLS
2026-05-18 Listed $275,000 MARMLS
2026-04-26 Listing Removed — MARMLS
2026-01-19 Price Changed $235,000 MARMLS
2025-08-08 Listed $275,000 MARMLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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