10090 NW 80th Ct #1406

Hialeah Gardens, FL 33016

$240,000D

2 bd · 2.0 ba · 960 sqft · Built 1978 · Condo · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,277/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$297
• HOA: −$265
• Vac / Maint / Mgmt: −$478
• Net cashflow: $-22/mo
• Annual: $-262/yr
• Cap rate: 6.52%
• Cash-on-cash: 0.80%
• DSCR: 1.04
• 1% rule: 0.95%
• Cash to close: $67,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $240k.
• At list price, monthly cash flow is $-22 ($-262/yr) — negative.
• To cash-flow at today's rent, offer at most $236k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $228k (5.1% below list).
• It's been on market 42 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $228k (5.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#23 in FL, #519 nationally) — a professional / high-income tenant draw. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities 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: West Hialeah Gardens Elementary School (math 58% / reading 58%, grade C+, #751 of 2,144 statewide, top 36%, 1,131 students, 62% FRL); Hialeah Gardens Middle School (math 48% / reading 64%, grade B-, #175 of 571 statewide, top 31%, 1,608 students, 61% FRL); Hialeah Gardens Senior High School (math 24% / reading 56%, grade F, #296 of 667 statewide, top 45%, 2,756 students, 59% FRL) — zoned schools at 61% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents flat; 148 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Current owner paid $35k; list at $240k implies a 586% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• At $2,277/mo this rent would consume 47% of the median local household income ($58k/yr) (locally 2779% 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 42 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?