1470 NE 123rd St Unit A707 · North Miami, FL 33161

$247,500

2 bd · 2.0 ba · 1,182 sqft · Condo public records · 109 Days on market

Built 1981 $883/mo HOA · 24% of rent

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Why this score? — see what drove the C 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 +19.0/30.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 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

Best value at the Greenwich Condo, this split floorplan unit offers a bright, spacious living space and a large balcony with endless skyline views. The master bedroom includes two walk-in closets for ample storage. Facing east, it stays cooler throughout the day. The unit is freshly painted. Located one block from Biscayne Blvd, it provides easy access to Whole Foods, shops, restaurants, public transport, and the expressway. It is also just a 10-minute drive to Bal Harbor beach. Amenities include a pool, jacuzzi, gym, dog park, sports court, BBQ area, and clubhouse. The condo permits one pet under 25 lbs. It comes with two assigned parking spaces (one covered, one outside). Immediate rental

Key facts

• Split floorplan unit
• Large balcony
• Pool

Tags

• SPLIT FLOORPLAN UNIT
• LARGE BALCONY
• ENDLESS SKYLINE VIEWS
• TWO WALK-IN CLOSETS
• POOL
• JACUZZI

Property features AI

Finance

• Other: Association pool
• Financial info: Pets allowed with restrictions
• HOA & community: Monthly association fee; Association fee covers management, amenities, common areas, hot water, insurance, laundry, grounds maintenance, parking, pest control, pool(s), recreation facilities, trash and water; Building amenities include clubhouse, fitness center, laundry, barbecue/picnic area, pool and elevators

Exterior

• Parking: Assigned parking; Attached garage; 2 covered garage spaces; Garage with 2 spaces
• Security: Complex fenced; Intercom; Key card entry
• Utilities: Electric with fuses; Association-provided hot water
• Home design: Condo/attached property; Faces east; Entry on level 7; 15-story building
• Construction: Block construction; Resale unit
• Exterior features: Balcony; Open balcony/patio

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Blinds on windows; Built-in features; Closet cabinetry; Living/dining room; Tub/shower; Walk-in closet(s); Unfurnished
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $248k.

Deal economics

• At list price, monthly cash flow is $-168 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (12.0% below list).
• Meets the 1% rule at list price ($4k rent vs $248k).
• Recommended offer: $218k (12.0% below list) — sets the bar for cash-flow.
• Cap rate 7.5% 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: 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.
• Zoned schools: David Lawrence Jr. K-8 Center (math 43% / reading 50%, grade D-, #1,223 of 2,144 statewide, top 57%, 1,282 students, 55% FRL); North Miami Middle School (math 25% / reading 31%, grade F, #486 of 571 statewide, top 86%, 807 students, 71% FRL); Alonzo & Tracy Mourning Senior High School (math 38% / reading 50%, grade F, #244 of 667 statewide, top 37%, 1,597 students, 48% FRL).
• Market conditions: Rents soft (-0.7%/yr); 340 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,655/mo this rent would consume 75% 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 $2k of loan paydown is wiped out by about $7k 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 109 days — a 9% lower offer ($225k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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 $182k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 24% of rent.
• 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 $217,812 (12.0% 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 109 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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: 1.48% ✓
• Cap rate: 7.55%
• Cash-on-cash: 4.48%
• DSCR: 1.20
• GRM: 5.6

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: -27.3%
• Equity multiple: 0.12×
• Total profit: $-60,639
• Equity at exit: $36,903

10-year hold

• IRR: -66.5%
• Equity multiple: -0.51×
• Total profit: $-104,398
• Equity at exit: $21,399

Cash invested: $69,300 (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: 340
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $3,655 medium
• Mortgage (P&I): −$1,298
• Tax from tax record: −$345 /mo · $4,139/yr
• Insurance: −$103
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$883
• Vacancy / Maint / Mgmt: −$768
• Net cashflow: $-168

Break-even live

Break-even rent $3,868

Max offer price $217,812

Occupancy floor 100%

Sensitivity live

Price	-10% $-28	-5% $-98	+0% $-168	+5% $-238	+10% $-308
Rent	-10% $-457	-5% $-312	+0% $-168	+5% $-24	+10% $121
Rate	-1.0pp $-43	-0.5pp $-105	base $-168	+0.5pp $-232	+1.0pp $-297

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: $61,875
• Closing costs: $7,425
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2020 NE 135th St #904 North Miami, FL	2.0	2.0	963	$23,509	$24.41	17d	1	1.16mi
2020 NE 135th St North Miami, FL	2.0	2.0	963	$23,509	$24.41	15d	1	1.16mi

HOA detail condo

• Monthly dues: $883 · $10,596/yr
• Likely covers: poolgymparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 36 events

1. 2026-06-21
   days on market $247,500 Active 109 DOM
2. 2026-06-18
   days on market $247,500 Active 106 DOM
3. 2026-06-17
   days on market $247,500 Active 105 DOM
4. 2026-06-16
   days on market $247,500 Active 104 DOM
5. 2026-06-15
   days on market $247,500 Active 103 DOM
6. 2026-06-13
   days on market $247,500 Active 101 DOM
7. 2026-06-09
   days on market $247,500 Active 97 DOM
8. 2026-06-08
   days on market $247,500 Active 96 DOM
9. 2026-06-07
   days on market $247,500 Active 95 DOM
10. 2026-06-04
    days on market $247,500 Active 92 DOM
11. 2026-06-03
    days on market $247,500 Active 91 DOM
12. 2026-06-02
    days on market $247,500 Active 90 DOM
13. 2026-06-01
    days on market $247,500 Active 89 DOM
14. 2026-05-31
    days on market $247,500 Active 88 DOM
15. 2026-02-15
    listed $247,500 Active
16. 2026-02-14
    historical
17. 2026-01-26
    price $247,500
18. 2025-12-02
    price $239,900
19. 2025-08-18
    listed $249,500 Active
20. 2025-08-11
    historical
21. 2025-08-09
    price $249,500
22. 2025-06-11
    status Active
23. 2025-05-23
    historical Active Under Contract
24. 2025-05-10
    price $250,000
25. 2025-02-13
    price $261,000
26. 2025-02-12
    listed $251,000 Active
27. 2021-12-03
    soldstatus $182,000
28. 2021-11-18
    historical
29. 2021-11-16
    soldstatus $182,000 Closed
30. 2021-10-07
    historical Active Under Contract
31. 2021-08-30
    listed $190,000 Active
32. 2003-11-25
    soldstatus $131,500
33. 2001-12-26
    soldstatus $89,900
34. 1999-11-04
    soldstatus $60,000
35. 1984-12-01
    soldstatus $80,000
36. 1983-09-01
    soldstatus $65,000

ⓘ 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: $4,139 · $345/mo
• Projected year-2 tax: $4,139 · $345/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 7/10 Severe FEMA zone AE · 75% 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: $43,860
• − Mortgage interest: −$13,864
• − Property taxes: −$4,139
• − Insurance: −$6,356
• − Repairs & maintenance: −$3,509
• − Management: −$3,509
• − HOA: −$10,596
• − Depreciation: −$7,200
• Taxable loss: −$5,313
• Est. tax savings @ 24.0%: +$1,275
• After-tax cash flow: $-742/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

+280.8% since first listed

22 events — show timeline

• 2026-02-15 Listed $247,500 MARMLS
• 2026-02-14 Listing Removed — MARMLS
• 2026-01-26 Price Changed $247,500 MARMLS
• 2025-12-02 Price Changed $239,900 MARMLS
• 2025-08-18 Listed $249,500 MARMLS
• 2025-08-11 Listing Removed — MARMLS
• 2025-08-09 Price Changed $249,500 MARMLS
• 2025-06-11 Relisted — MARMLS
• 2025-05-23 Contingent — MARMLS
• 2025-05-10 Price Changed $250,000 MARMLS
• 2025-02-13 Price Changed $261,000 MARMLS
• 2025-02-12 Listed $251,000 MARMLS
• 2021-12-03 Sold (Public Records) $182,000 Public Records
• 2021-11-18 Listing Removed — MARMLS
• 2021-11-16 Sold (MLS) $182,000 MARMLS
• 2021-10-07 Contingent — MARMLS
• 2021-08-30 Listed $190,000 MARMLS
• 2003-11-25 Sold (Public Records) $131,500 Public Records
• 2001-12-26 Sold (Public Records) $89,900 Public Records
• 1999-11-04 Sold (Public Records) $60,000 Public Records
• 1984-12-01 Sold (Public Records) $80,000 Public Records
• 1983-09-01 Sold (Public Records) $65,000 Public Records

Property tax history

+8.4%/yr

Latest (2025): $4,139 · +3.9% YoY. Source: county tax records.