11905 NE 2nd Ave Unit C402 · North Miami, FL 33161

$159,500

1 bd · 1.0 ba · 860 sqft · Condo public records · 229 Days on market

Built 1974 $548/mo HOA · 16% of rent

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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

ALWAYS IN HIGH DEMAND, THIS SPACIOUS TOP FLOOR CONDO FEATURES TWO BEDROOMS & 1.5 BATHS. SECOND BEDROOM IS A CONVERTIBLE AND HAS 2 CLOSETS. PRIMARY BEDROOM HAS FULL BATHROOM EN SUITE AND LARGE WALK-IN CLOSET. NEW ENGINEERED WOOD FLOORING. EAT-IN KITCHEN. TWO ASSIGNED PARKING SPACES. LARGE BALCONY. GATED COMMUNITY WITH GREAT SECURITY. RESORT STYLE POOL + TENNIS COURTS. WALK TO BARRY UNIVERSITY. NOTE: LEASED THROUGH DEC. 2026 FOR $1,525.00 PER MONTH AND SOLD SUBJECT TO LEASE.

Key facts

• Convertible bedroom
• Large balcony
• Eat-in kitchen

Tags

• TOP FLOOR CONDO
• CONVERTIBLE BEDROOM
• LARGE WALK-IN CLOSET
• NEW ENGINEERED WOOD FLOORING
• EAT-IN KITCHEN
• LARGE BALCONY

Property features AI

Finance

• Financial info: Lease considered; No pets allowed
• HOA & community: Monthly association fee; Association amenities include bike storage, clubhouse, elevator(s), laundry, tennis court(s), and vehicle wash area; Association fee covers common areas, insurance, laundry, legal/accounting, grounds maintenance, pest control, pool(s), sewer, security, trash, and water

Exterior

• Parking: Assigned parking; Guest parking available; Two or more parking spaces
• Security: Complex fenced; Phone entry; Security guard
• Utilities: Cable available
• Home design: Condominium (attached property); Faces south; 4 total stories; Entry on 4th level
• Construction: Block construction; Resale property
• Exterior features: Balcony; Storm/security shutters; Open balcony/porch

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Ceramic tile; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Blinds on windows; Eat-in kitchen; First floor entry; Combined living/dining room; Tub/shower; Walk-in closet(s)
• Laundry & utility: Common area laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $698 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $160k).
• Recommended offer: $140k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.8% 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: schools D+, 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.
• Market conditions: Rents soft (-0.7%/yr); 338 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,523/mo this rent would consume 72% 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 229 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $44k; list at $160k implies a 267% 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 229 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 2.21% ✓
• Cap rate: 14.75%
• Cash-on-cash: 30.22%
• DSCR: 2.34
• GRM: 3.8

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: 5.4%
• Equity multiple: 1.20×
• Total profit: $8,950
• Equity at exit: $23,782

10-year hold

• IRR: 10.2%
• Equity multiple: 1.62×
• Total profit: $27,818
• Equity at exit: $13,791

Cash invested: $44,660 (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: 338
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $3,523 medium
• Mortgage (P&I): −$836
• Tax from tax record: −$207 /mo · $2,490/yr
• Insurance: −$66
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$548
• Vacancy / Maint / Mgmt: −$740
• Net cashflow: $698

Break-even live

Break-even rent $2,639

Max offer price $159,500

Occupancy floor 75%

Sensitivity live

Price	-10% $788	-5% $743	+0% $698	+5% $653	+10% $608
Rent	-10% $420	-5% $559	+0% $698	+5% $837	+10% $976
Rate	-1.0pp $778	-0.5pp $739	base $698	+0.5pp $657	+1.0pp $615

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: $39,875
• Closing costs: $4,785
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $548 · $6,576/yr
• Likely covers: poolsecurityparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $159,500 Active 229 DOM
2. 2026-06-17
   days on market $159,500 Active 228 DOM
3. 2026-06-16
   days on market $159,500 Active 227 DOM
4. 2026-06-15
   days on market $159,500 Active 226 DOM
5. 2026-06-13
   days on market $159,500 Active 224 DOM
6. 2026-06-09
   days on market $159,500 Active 220 DOM
7. 2026-06-08
   days on market $159,500 Active 219 DOM
8. 2026-06-08
   days on market $159,500 Active 218 DOM
9. 2026-06-04
   days on market $159,500 Active 215 DOM
10. 2026-06-03
    days on market $159,500 Active 214 DOM
11. 2026-06-02
    days on market $159,500 Active 213 DOM
12. 2026-06-01
    days on market $159,500 Active 212 DOM
13. 2026-05-31
    days on market $159,500 Active 211 DOM
14. 2025-12-17
    price $159,500
15. 2025-11-26
    price $165,000
16. 2025-11-24
    price $167,500
17. 2025-11-01
    listed $175,000 Active
18. 2014-09-29
    soldstatus $43,500
19. 1992-12-31
    soldstatus $30,200
20. 1982-10-01
    soldstatus $46,300

ⓘ 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: $2,490 · $207/mo
• Projected year-2 tax: $2,490 · $207/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 6/10 Major FEMA zone AE · 53% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 28 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: $42,274
• − Mortgage interest: −$8,934
• − Property taxes: −$2,490
• − Insurance: −$5,916
• − Repairs & maintenance: −$3,382
• − Management: −$3,382
• − HOA: −$6,576
• − Depreciation: −$4,640
• Taxable income: $6,954
• Est. tax owed @ 24.0%: −$1,669
• After-tax cash flow: $6,708/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

+244.5% since first listed

7 events — show timeline

• 2025-12-17 Price Changed $159,500 MARMLS
• 2025-11-26 Price Changed $165,000 MARMLS
• 2025-11-24 Price Changed $167,500 MARMLS
• 2025-11-01 Listed $175,000 MARMLS
• 2014-09-29 Sold (Public Records) $43,500 Public Records
• 1992-12-31 Sold (Public Records) $30,200 Public Records
• 1982-10-01 Sold (Public Records) $46,300 Public Records

Property tax history

+8.3%/yr

Latest (2025): $2,490 · +5.6% YoY. Source: county tax records.