9260 Bay Harbor Ter #24 · Bay Harbor Islands, FL 33154

$590,000

3 bd · 2.0 ba · 1,309 sqft · Condo public records · 87 Days on market

Built 1957 $1068/mo HOA · 20% of rent

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Why this score? — see what drove the D 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 +9.2/30.0
• Appreciation +8.1/10.0
• ARV discount +7.5/15.0
• Livability +4.3/5.0
• 1% rule +4.2/10.0
• Schools +4.2/10.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0

Listing remarks

Cozy and spacious apartment with lots of natural light, 3 bedrooms and 2 full bathrooms on 2nd floor. Open balcony with garden view. Lot of closets & with washer and dryer. Great location in the exclusive Bay Harbor Islands, just steps from one of the Best Public Schools on the area, RKBBH (K-8th grade) and walking distance from Pura Vida, Bal Harbor Mall and the Beach. Rented until 7/31/26.

Key facts

• $1,068 HOA
• 2 parking spots
• Built 1957

Property features AI

Finance

• Financial info: Pets allowed with restrictions
• HOA & community: Monthly association fee; Association fee covers common areas, insurance, legal/accounting, structure maintenance, sewer, trash and water

Exterior

• Parking: Assigned parking; Two or more parking spaces
• Utilities: Water service included in association; Sewer service included in association; Electric service; Trash service included in association
• Home design: Attached property; 2 stories; Entry on level 2
• Construction: Block construction; Resale property
• Exterior features: Balcony; Open balcony/porch

Interior

• Kitchen: Electric range; Garbage disposal; Refrigerator
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Walk-in closet(s); Other interior features
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $590k.

Deal economics

• At list price, monthly cash flow is $-874 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $436k (26.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $543k (7.9% below list).
• Recommended offer: $436k (26.2% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 86/100 on livability (#13 in FL, #362 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: amenities 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.
• Market conditions: Rents soft (-1.3%/yr); 523 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $5,433/mo this rent would consume 73% of the median local household income ($90k/yr) (locally 774% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $40k of equity ($4k loan paydown + $36k appreciation (6.1% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$64k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($555k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 12y 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.
• Current owner paid $289k; list at $590k implies a 104% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• 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 $435,622 (26.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.92% ✗
• Cap rate: 5.38%
• Cash-on-cash: -3.25%
• DSCR: 0.86
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.12% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.63×
• Total profit: $103,873
• Equity at exit: $375,534

10-year hold

• IRR: 9.7%
• Equity multiple: 2.94×
• Total profit: $320,911
• Equity at exit: $685,048

Cash invested: $165,200 (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 33154

• Home prices YoY: 1.4%
• Rents YoY: -1.3%
• Active inventory: 523
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $5,433 medium
• Mortgage (P&I): −$3,094
• Tax from tax record: −$332 /mo · $3,980/yr
• Insurance: −$246
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,068
• Vacancy / Maint / Mgmt: −$1,141
• Net cashflow: $-874

Break-even live

Break-even rent $6,539

Max offer price $435,622

Occupancy floor —

Sensitivity live

Price	-10% $-540	-5% $-707	+0% $-874	+5% $-1,041	+10% $-1,208
Rent	-10% $-1,303	-5% $-1,089	+0% $-874	+5% $-659	+10% $-445
Rate	-1.0pp $-577	-0.5pp $-724	base $-874	+0.5pp $-1,027	+1.0pp $-1,182

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: $147,500
• Closing costs: $17,700
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9701 Collins Ave Bal Harbour, FL	2.0	2.5	1777	$18,000	$10.13	4d	1	0.63mi
9703 Collins Ave Bal Harbour, FL	1.0–2.0	1.0–2.0	1401	$26,000	$18.56	25d	2	0.66mi
9705 Collins Ave Unit 1205N Bal Harbour, FL	2.0	2.5	1599	$18,500	$11.57	25d	1	0.66mi
9705 Collins Ave Unit 804N Bal Harbour, FL	2.0	2.5	1685	$20,000	$11.87	25d	1	0.66mi
9705 Collins Ave Unit 804N Bal Harbour, FL	2.0	2.5	1685	$20,000	$11.87	6d	1	0.66mi
8701 Collins Ave #605 Surfside, FL	2.0	2.5	1522	$25,000	$16.43	3d	1	0.95mi
8701 Collins Ave #304 Surfside, FL	2.0	2.5	1457	$25,000	$17.16	25d	1	0.95mi
8701 Collins Ave #605 Surfside, FL	2.0	2.5	1522	$25,000	$16.43	5d	1	0.95mi
10201 Collins Ave #305 Bal Harbour, FL	2.0	2.5	1704	$19,900	$11.68	23d	1	0.97mi
10201 Collins Ave Bal Harbour, FL	2.0	2.5–4.0	2115	$25,450	$12.03	16d	2	0.98mi
10201 Collins Ave Bal Harbour, FL	2.0	2.0–4.0	2165	$24,500	$11.31	4d	2	0.98mi
10203 Collins Ave Bal Harbour, FL	1.0–3.0	2.0–4.5	2849	$75,000	$26.33	5d	7	1.00mi
10295 Collins Ave Unit 1612/1613 Bal Harbour, FL	2.0	2.5	1657	$34,000	$20.52	25d	1	1.20mi

HOA detail condo

• Monthly dues: $1,068 · $12,816/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 37 events

1. 2026-06-21
   days on market $590,000 Active 87 DOM
2. 2026-06-18
   days on market $590,000 Active 84 DOM
3. 2026-06-17
   days on market $590,000 Active 83 DOM
4. 2026-06-16
   days on market $590,000 Active 82 DOM
5. 2026-06-15
   days on market $590,000 Active 81 DOM
6. 2026-06-13
   days on market $590,000 Active 79 DOM
7. 2026-06-09
   days on market $590,000 Active 75 DOM
8. 2026-06-08
   days on market $590,000 Active 74 DOM
9. 2026-06-07
   days on market $590,000 Active 73 DOM
10. 2026-06-04
    days on market $590,000 Active 70 DOM
11. 2026-06-03
    days on market $590,000 Active 69 DOM
12. 2026-06-02
    days on market $590,000 Active 68 DOM
13. 2026-06-01
    days on market $590,000 Active 67 DOM
14. 2026-05-31
    days on market $590,000 Active 66 DOM
15. 2026-03-26
    listed $590,000 Active
16. 2026-02-09
    historical
17. 2026-02-05
    status Active
18. 2025-12-28
    status Active
19. 2025-07-21
    historical $3,450
20. 2025-07-11
    price $3,450
21. 2025-07-10
    listed $3,500
22. 2025-05-14
    listed $500,000 Active
23. 2025-05-11
    historical
24. 2025-01-08
    price $500,000
25. 2024-11-18
    price $510,000
26. 2024-08-06
    historical $3,500
27. 2024-05-28
    price $3,500
28. 2024-05-13
    listed $3,900
29. 2024-05-12
    listed $515,000 Active
30. 2021-06-29
    soldstatus $289,000 Closed
31. 2021-06-11
    status Pending
32. 2021-03-24
    price $310,000
33. 2021-02-02
    price $325,000
34. 2020-10-16
    price $340,000
35. 2020-08-27
    listed $350,000 Active
36. 2014-08-26
    historical
37. 2014-07-14
    listed $325,000 Active

ⓘ 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: $3,980 · $332/mo
• Projected year-2 tax: $4,897 · $408/mo
• Expected delta: +$917/yr (+$76/mo · 23.0%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 99% 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: $65,198
• − Mortgage interest: −$33,049
• − Property taxes: −$3,980
• − Insurance: −$8,068
• − Repairs & maintenance: −$5,216
• − Management: −$5,216
• − HOA: −$12,816
• − Depreciation: −$17,164
• Taxable loss: −$20,311
• Est. tax savings @ 24.0%: +$4,875
• After-tax cash flow: $-5,612/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 — Bay Harbor Islands

• Score: 86/100
• State rank: #13
• US rank: #362

Category grades

Amenities F Commute A+ Cost of living F Crime A+ Employment A+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bay Harbor Islands, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 14,435
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 14,572
• Household income: $89,563
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 774.0

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: Majority White (53%)
• Race & ethnicity: White 53% Hispanic / Latino 41% Two or more races 25% Black 2%
• Hispanic origin (detail): Puerto Rican 2% Cuban 12% Salvadoran 2%
• Common ancestry: Scotch-Irish 7% Romanian 5% Lithuanian 4%
• Foreign-born: 46% · Canada, Jamaica, Dominican Republic
• Languages at home: 36% English-only · Spanish 41% French/Haitian/Cajun 7% Other Indo-European 5%

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: ▲ 6.12%
• Current HPI: 454.1747
• Rent YoY: ▼ -1.30%
• 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

+81.5% since first listed

23 events — show timeline

• 2026-03-26 Listed $590,000 MARMLS
• 2026-02-09 Listing Removed — MARMLS
• 2026-02-05 Relisted — MARMLS
• 2025-12-28 Relisted — MARMLS
• 2025-07-21 Rental Removed $3,450 MARMLS
• 2025-07-11 Price Changed $3,450 MARMLS
• 2025-07-10 Listed for Rent $3,500 MARMLS
• 2025-05-14 Listed $500,000 MARMLS
• 2025-05-11 Listing Removed — MARMLS
• 2025-01-08 Price Changed $500,000 MARMLS
• 2024-11-18 Price Changed $510,000 MARMLS
• 2024-08-06 Rental Removed $3,500 MARMLS
• 2024-05-28 Price Changed $3,500 MARMLS
• 2024-05-13 Listed for Rent $3,900 MARMLS
• 2024-05-12 Listed $515,000 MARMLS
• 2021-06-29 Sold (MLS) $289,000 MARMLS
• 2021-06-11 Pending — MARMLS
• 2021-03-24 Price Changed $310,000 MARMLS
• 2021-02-02 Price Changed $325,000 MARMLS
• 2020-10-16 Price Changed $340,000 MARMLS
• 2020-08-27 Listed $350,000 MARMLS
• 2014-08-26 Listing Removed — MARMLS
• 2014-07-14 Listed $325,000 MARMLS

Property tax history

+4.5%/yr

Latest (2025): $3,980 · +4.7% YoY. Source: county tax records.