6930 NW 15th Ave

Miami, FL 33147

$200,000B-

6 bd · 4.0 ba · 1,687 sqft · Built 1948 · MultiFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,220/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$333
• HOA: −$0
• Vac / Maint / Mgmt: −$1,096
• Net cashflow: $2,742/mo
• Annual: $32,900/yr
• Cap rate: 22.74%
• Cash-on-cash: 58.75%
• DSCR: 3.61
• 1% rule: 2.61%
• Cash to close: $56,000

Investor read

• This is a 2 × 3.0-bed/2.0-bath units multifamily listed at $200k. Condition is rated poor.
• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $200k).
• It's been on market 20 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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: Liberty City Elementary School (math 32% / reading 32%, grade F, #1,797 of 2,144 statewide, top 86%, 269 students, 85% FRL); Brownsville Middle School (math 13% / reading 19%, grade F, #565 of 571 statewide, top 99%, 487 students, 71% FRL); Miami Northwestern Senior High (math 11% / reading 27%, grade F, #565 of 667 statewide, top 85%, 1,429 students, 75% FRL).
• Zoned-school proficiency averages 22% at this address vs 50% district-wide (-27 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.7%/yr); 230 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.
• 6 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 22.7% vs local median 1.9% 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 $5,220/mo this rent would consume 124% of the median local household income ($51k/yr) (locally 2419% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — The cabinets are unfinished and in need of complete replacement.
• Major: Bathroom fixtures — The fixtures are outdated and need to be replaced.
• Major: Roof repair — The roof shows significant damage and needs to be replaced.
• Major: Exterior siding repair — The siding is peeling and needs to be replaced or repaired.
• Major: Windows repair — The windows are damaged and need to be replaced.
• Major: HVAC and mechanical systems — The systems are outdated and need to be replaced or repaired.