1470 NE 123rd St Unit A204 · North Miami, FL 33161

$168,000

1 bd · 1.0 ba · 782 sqft · Condo public records · 454 Days on market

Built 1981

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Why this score? — see what drove the B 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).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICED TO SELL, GREAT LOCATION, SPACIOUS, BRIGHT UNIT, ASSIGNED COVERED PARKING, AMENITIES INCLUDE SWIMMING POOL, TENNIS COURTS AND FITNESS CENTER. GATED COMMUNITY. IN PROXIMITY TO BARRY, FIU AND JOHNSON AND WALES, I-95 AND SHOPPING CENTERS. NO RENTAL RE STRICTIONS, IDEAL FOR INVESTORS, MOTIVATED OWNER!

Key facts

• 2 pools
• 2 assigned parkings
• 2 garage spots

Tags

• NEW WOOD KITCHEN CABINETS
• STAINLESS STEEL APPLIANCES
• WIDE BOARDS BEDROOM FLOOR
• 24 HOUR SECURITY GUARD
• 2 ASSIGNED PARKINGS
• 2 POOLS

Property features AI

Finance

• Financial info: Pets allowed with possible restrictions
• HOA & community: Monthly association fee (includes management, amenities, insurance, laundry, grounds and structure maintenance, pest control, recreation facilities, sewer, security, trash, water); Association amenities: clubhouse, elevators, fitness center, laundry, pool, trash

Exterior

• Parking: Assigned covered detached garage parking; 2 covered parking spaces; 2 garage spaces
• Security: Fire alarm; Fire sprinkler system; Smoke detectors; Intercom; Key card entry
• Utilities: Water included in association; Sewer included in association; Trash included in association
• Home design: Condo/attached property; Faces north; Entry on level 2; 16-story building
• Construction: Block construction; Resale property
• Exterior features: Balcony (open); Exterior lighting; Association pool

Interior

• Kitchen: Dishwasher; Electric range; Self-cleaning oven; Disposal; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Ceramic tile; Hardwood; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: First-floor entry; Bedroom on main level; Living/dining room; Main living area on entry level
• Laundry & utility: Common area laundry; Intercom

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $168k.

Deal economics

• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $168k).
• Recommended offer: $148k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 4.1% in North 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 83/100 on livability (#51 in FL, #914 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment D.
• 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 (-0.7%/yr); 340 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,117/mo this rent would consume 64% of the median local household income ($58k/yr) (locally 3226% 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 $1k of loan paydown is wiped out by about $5k 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 454 days — a 12% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago; this cycle's ask is 10400% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $76k; list at $168k implies a 121% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 454 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.86% ✓
• Cap rate: 10.86%
• Cash-on-cash: 16.30%
• DSCR: 1.73
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -13.8%
• Equity multiple: 0.53×
• Total profit: $-22,109
• Equity at exit: $25,049

10-year hold

• IRR: -18.0%
• Equity multiple: 0.27×
• Total profit: $-34,221
• Equity at exit: $14,526

Cash invested: $47,040 (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 →

ZIP-level market 33161

• Rents YoY: -0.7%
• Active inventory: 340
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $3,117 medium
• Mortgage (P&I): −$881
• Tax from tax record: −$253 /mo · $3,031/yr
• Insurance: −$70
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA est. from 3 same-building comps: −$620
• Vacancy / Maint / Mgmt: −$655
• Net cashflow: $212

Break-even live

Break-even rent $2,848

Max offer price $168,000

Occupancy floor 88%

Sensitivity live

Price	-10% $308	-5% $260	+0% $212	+5% $165	+10% $117
Rent	-10% $-34	-5% $89	+0% $212	+5% $336	+10% $459
Rate	-1.0pp $297	-0.5pp $255	base $212	+0.5pp $169	+1.0pp $125

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: $42,000
• Closing costs: $5,040
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2020 NE 135th St #904 North Miami, FL	2.0	2.0	963	$23,509	$24.41	17d	1	1.16mi
2020 NE 135th St North Miami, FL	2.0	2.0	963	$23,509	$24.41	16d	1	1.16mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2025-07-08
   price $168,000
2. 2025-06-06
   price $160,000
3. 2025-05-01
   historical $1,600
4. 2025-03-28
   listed $1,600
5. 2025-02-26
   listed $180,000 Active
6. 2014-03-25
   soldstatus $76,000 Sold 304-char remark

   Show marketing remark (304 chars)

   PRICED TO SELL, GREAT LOCATION, SPACIOUS, BRIGHT UNIT, ASSIGNED COVERED PARKING, AMENITIES INCLUDE SWIMMING POOL, TENNIS COURTS AND FITNESS CENTER. GATED COMMUNITY. IN PROXIMITY TO BARRY, FIU AND JOHNSON AND WALES, I-95 AND SHOPPING CENTERS. NO RENTAL RE STRICTIONS, IDEAL FOR INVESTORS, MOTIVATED OWNER!

7. 2014-03-24
   soldstatus $76,000
8. 2014-02-10
   status Pending 304-char remark

   Show marketing remark (304 chars)

   PRICED TO SELL, GREAT LOCATION, SPACIOUS, BRIGHT UNIT, ASSIGNED COVERED PARKING, AMENITIES INCLUDE SWIMMING POOL, TENNIS COURTS AND FITNESS CENTER. GATED COMMUNITY. IN PROXIMITY TO BARRY, FIU AND JOHNSON AND WALES, I-95 AND SHOPPING CENTERS. NO RENTAL RE STRICTIONS, IDEAL FOR INVESTORS, MOTIVATED OWNER!

9. 2013-12-06
   price $84,900 304-char remark

   Show marketing remark (304 chars)

   PRICED TO SELL, GREAT LOCATION, SPACIOUS, BRIGHT UNIT, ASSIGNED COVERED PARKING, AMENITIES INCLUDE SWIMMING POOL, TENNIS COURTS AND FITNESS CENTER. GATED COMMUNITY. IN PROXIMITY TO BARRY, FIU AND JOHNSON AND WALES, I-95 AND SHOPPING CENTERS. NO RENTAL RE STRICTIONS, IDEAL FOR INVESTORS, MOTIVATED OWNER!

10. 2013-11-21
    listed $86,900 Active 304-char remark

    Show marketing remark (304 chars)

    PRICED TO SELL, GREAT LOCATION, SPACIOUS, BRIGHT UNIT, ASSIGNED COVERED PARKING, AMENITIES INCLUDE SWIMMING POOL, TENNIS COURTS AND FITNESS CENTER. GATED COMMUNITY. IN PROXIMITY TO BARRY, FIU AND JOHNSON AND WALES, I-95 AND SHOPPING CENTERS. NO RENTAL RE STRICTIONS, IDEAL FOR INVESTORS, MOTIVATED OWNER!

11. 2002-03-07
    soldstatus $61,000
12. 1998-01-27
    soldstatus $35,500
13. 1991-10-07
    soldstatus $45,200

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

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $3,031 · $253/mo
• Projected year-2 tax: $3,031 · $253/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 29 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,407
• − Mortgage interest: −$9,411
• − Property taxes: −$3,031
• − Insurance: −$5,958
• − Repairs & maintenance: −$2,993
• − Management: −$2,993
• − HOA: −$7,440
• − Depreciation: −$4,887
• Taxable income: $694
• Est. tax owed @ 24.0%: −$167
• After-tax cash flow: $2,383/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.

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

Livability — North Miami

• Score: 83/100
• State rank: #51
• US rank: #914

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 99,437
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 54,814
• Household income: $58,325
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 3226.0

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 0.58)
• Race & ethnicity: Black 56% Hispanic / Latino 31% Two or more races 18% White 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 7% Dominican 4% Salvadoran 1%
• Common ancestry: Hispanic 35% Estonian 1% Lithuanian 1%
• Foreign-born: 51% · Canada, Jamaica, Dominican Republic
• Languages at home: 25% English-only · French/Haitian/Cajun 41% Spanish 30% Other Indo-European 2%

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: ▼ -492.86%
• Current HPI: 630.6932
• Rent YoY: ▼ -0.73%
• 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
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+271.7% since first listed

13 events — show timeline

• 2025-07-08 Price Changed $168,000 MARMLS
• 2025-06-06 Price Changed $160,000 MARMLS
• 2025-05-01 Rental Removed $1,600 MARMLS
• 2025-03-28 Listed for Rent $1,600 MARMLS
• 2025-02-26 Listed $180,000 MARMLS
• 2014-03-25 Sold (MLS) $76,000 MARMLS
• 2014-03-24 Sold (Public Records) $76,000 Public Records
• 2014-02-10 Pending — MARMLS
• 2013-12-06 Price Changed $84,900 MARMLS
• 2013-11-21 Listed $86,900 MARMLS
• 2002-03-07 Sold (Public Records) $61,000 Public Records
• 1998-01-27 Sold (Public Records) $35,500 Public Records
• 1991-10-07 Sold (Public Records) $45,200 Public Records

Property tax history

+9.7%/yr

Latest (2025): $3,031 · +3.9% YoY. Source: county tax records.