175 NE 203rd Ter #28 · Miami Gardens, FL 33179

$105,000

1 bd · 1.0 ba · 692 sqft · Condo public records · 100 Days on market

Built 1970 $329/mo HOA · 20% 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 +28.7/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

BEAUTIFUL, VERY SPACIOUS 1/1 DELUXE, GARDEN APARTMENT ON THE 2ND FLOOR. CERAMIC TILES THRUGHOUT THE UNIT. LARGE BEDROOM. PLENTY OF CLOSET'S SPACES. BEAUTIFUL WATER VIEW FROM THE BALCONY AND FROM THE FRONT OF THE APARTMENT. COMPLEX HAVE MANY AMENITIES. A POOL BESIDE THE CANAN. CLUB HOUSE. EXCERSICE ROOM. BILLIARDS ROOM AND MORE. CONVENIENTLY LOCATED TO SHOPPING, MAJOR ROADS AND AVENTURA.

Key facts

• Exercise room
• Billiards room
• Pool

Tags

• WATER VIEW
• POOL
• CLUB HOUSE
• EXERCISE ROOM
• BILLIARDS ROOM

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Monthly association fee of $329; Association fee covers amenities, hot water, insurance, laundry, grounds maintenance, structure maintenance, parking, pool(s), recreation facilities, roof, sewer, trash and water; Association amenities include billiard room, clubhouse, fitness center, laundry, pool, sauna; Senior community

Exterior

• Parking: Assigned parking; Guest parking
• Utilities: Water service included in association; Sewer included in association; Trash included in association; Hot water included in association; Electric power available
• Home design: Attached property; 2 stories; Entry on level 2
• Construction: Block construction; Resale property
• Exterior features: Balcony; Screened balcony; Association pool; Canal-front waterfront; Has a view

Interior

• Kitchen: Gas Range; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Furnished; Dining area; Second-floor entry; Bedroom on main level
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $105k.

Deal economics

• At list price, monthly cash flow is $-77 ($-920/yr) — negative.
• To cash-flow at today's rent, offer at most $91k (12.9% below list).
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $91k (12.9% below list) — sets the bar for cash-flow.
• Cap rate 10.3% vs local median 3.1% in Miami Gardens — 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 72/100 on livability (#338 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D+, crime D-, amenities 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: Norland Elementary School (math 24% / reading 34%, grade F, #1,932 of 2,144 statewide, top 91%, 562 students, 77% FRL); Andover Middle School (math 16% / reading 33%, grade F, #522 of 571 statewide, top 93%, 452 students, 71% FRL); Miami Norland Senior High School (math 16% / reading 29%, grade F, #539 of 667 statewide, top 81%, 1,580 students, 70% FRL).
• Zoned-school proficiency averages 25% at this address vs 50% district-wide (-24 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 573 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• This rent runs 31% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k 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 100 days — a 9% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $50k; list at $105k implies a 110% 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 5→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $91,456 (12.9% 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 100 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1970 — 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. Crime grade is D 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?
10. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
11. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
12. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
13. 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.
14. 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.
15. 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: 1.59% ✓
• Cap rate: 10.29%
• Cash-on-cash: 14.28%
• DSCR: 1.64
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.22% rent growth · sell at horizon

5-year hold

• IRR: -27.6%
• Equity multiple: 0.12×
• Total profit: $-26,011
• Equity at exit: $15,656

10-year hold

• IRR: -67.8%
• Equity multiple: -0.52×
• Total profit: $-44,826
• Equity at exit: $9,078

Cash invested: $29,400 (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 33179

• Rents YoY: 0.2%
• Active inventory: 573
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,673 high
• Mortgage (P&I): −$551
• Tax from tax record: −$48 /mo · $578/yr
• Insurance: −$44
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$329
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $-77

Break-even live

Break-even rent $1,770

Max offer price $91,456

Occupancy floor 100%

Sensitivity live

Price	-10% $-17	-5% $-47	+0% $-77	+5% $-106	+10% $-136
Rent	-10% $-209	-5% $-143	+0% $-77	+5% $-11	+10% $55
Rate	-1.0pp $-24	-0.5pp $-50	base $-77	+0.5pp $-104	+1.0pp $-132

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,699	$2.08	21d	3	0.86mi
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,650	$2.02	5d	4	0.86mi
6012 SW 38th St Unit 4 Miramar, FL	1.0	1.0	500	$1,525	$3.05	26d	1	1.05mi
6012 SW 38th St Unit 4 Miramar, FL	1.0	1.0	500	$1,525	$3.05	7d	1	1.05mi
6012 SW 38th St Unit 4 Miramar, FL	1.0	1.0	650	$1,475	$2.27	0d	1	1.05mi
5521 SW 34th St Unit 2 Pembroke Park, FL	2.0	1.0	692	$1,750	$2.53	26d	1	1.29mi
3252 SW 52nd Ave Hollywood, FL	1.0–2.0	1.0	827	$1,550	$1.87	0d	5	1.36mi

HOA detail condo

• Monthly dues: $329 · $3,948/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-21
   days on market $105,000 Active 100 DOM
2. 2026-06-18
   days on market $105,000 Active 97 DOM
3. 2026-06-17
   days on market $105,000 Active 96 DOM
4. 2026-06-16
   days on market $105,000 Active 95 DOM
5. 2026-06-15
   days on market $105,000 Active 94 DOM
6. 2026-06-13
   pricedays on market $105,000 Active 92 DOM
7. 2026-06-09
   days on market $120,000 Active 88 DOM
8. 2026-06-08
   days on market $120,000 Active 87 DOM
9. 2026-06-07
   days on market $120,000 Active 86 DOM
10. 2026-06-04
    days on market $120,000 Active 83 DOM
11. 2026-06-03
    days on market $120,000 Active 82 DOM
12. 2026-06-02
    days on market $120,000 Active 81 DOM
13. 2026-06-01
    days on market $120,000 Active 80 DOM
14. 2026-05-31
    days on market $120,000 Active 79 DOM
15. 2026-03-13
    listed $120,000 Active
16. 2017-03-08
    soldstatus $50,000
17. 2003-05-29
    soldstatus $32,000

ⓘ 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: $578 · $48/mo
• Projected year-2 tax: $872 · $73/mo
• Expected delta: +$294/yr (+$24/mo · 50.9%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone AE · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 5 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,072
• − Mortgage interest: −$5,882
• − Property taxes: −$578
• − Insurance: −$5,644
• − Repairs & maintenance: −$1,606
• − Management: −$1,606
• − HOA: −$3,948
• − Depreciation: −$3,055
• Taxable loss: −$2,245
• Est. tax savings @ 24.0%: +$539
• After-tax cash flow: $-381/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 — Miami Gardens

• Score: 72/100
• State rank: #338
• US rank: #5854

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Gardens, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 81,592
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 51,591
• Household income: $65,211
• Rent vs Own: 43.3% rent · 56.7% own
• Severe rent burden: 3123.0

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 0.67)
• Race & ethnicity: Black 39% Hispanic / Latino 38% Two or more races 23% White 19% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 6% Dominican 3% Salvadoran 3%
• Common ancestry: Hispanic 13% Scotch-Irish 2% Romanian 2%
• Foreign-born: 48% · Canada, Jamaica, Dominican Republic
• Languages at home: 42% English-only · Spanish 37% French/Haitian/Cajun 13% 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: ▼ -608.34%
• Current HPI: 328.1733
• Rent YoY: ▲ 0.22%
• 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

+275.0% since first listed

3 events — show timeline

• 2026-03-13 Listed $120,000 MARMLS
• 2017-03-08 Sold (Public Records) $50,000 Public Records
• 2003-05-29 Sold (Public Records) $32,000 Public Records

Property tax history

+52.3%/yr

Latest (2025): $578 · +5.4% YoY. Source: county tax records.