11111 Biscayne Blvd #912

Miami, FL 33181

$275,000D

2 bd · 2.0 ba · 1,383 sqft · Built 1968 · Condo · Active · 174 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,938/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$458
• HOA: −$1,740
• Vac / Maint / Mgmt: −$827
• Net cashflow: $-529/mo
• Annual: $-6,353/yr
• Cap rate: 3.98%
• Cash-on-cash: -8.25%
• DSCR: 0.63
• 1% rule: 1.43%
• Cash to close: $77,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $275k. Condition is rated good.
• 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).
• It's been on market 174 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $198k (27.9% below list) — sets the bar for cash-flow.
• 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 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).
• Watch-outs: HOA is 44% of rent.
• 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).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask is 9383% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• 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.
• 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.

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 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?

Repairs flagged (vision-AI assessment)

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