3545 Magellan Cir Unit 352-5

Aventura, FL 33180

$355,000D+

2 bd · 2.0 ba · 1,096 sqft · Built 1985 · Condo · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,953/mo
• Mortgage (P&I): −$1,862
• Tax + insurance: −$1,018
• HOA: −$914
• Vac / Maint / Mgmt: −$830
• Net cashflow: $-671/mo
• Annual: $-8,053/yr
• Cap rate: 5.47%
• Cash-on-cash: -2.95%
• DSCR: 0.87
• 1% rule: 1.11%
• Cash to close: $99,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $355k. Condition is rated fair.
• At list price, monthly cash flow is $-671 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $258k (27.4% below list).
• Meets the 1% rule at list price ($4k rent vs $355k).
• It's been on market 30 days — a 2% lower offer ($350k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $258k (27.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#127 in FL, #1,834 nationally) — a professional / high-income tenant draw. Strengths: health & safety A+, amenities A, commute A; Watch: crime D+, cost of living F.
• Zoned schools: Aventura Waterways K-8 Center (math 56% / reading 65%, grade B-, #664 of 2,144 statewide, top 32%, 2,168 students, 32% FRL); Highland Oaks Middle School (math 28% / reading 51%, grade F, #373 of 571 statewide, top 66%, 774 students, 50% FRL); Dr. Michael M. Krop Senior High (math 21% / reading 46%, grade F, #400 of 667 statewide, top 61%, 2,235 students, 49% FRL).
• Watch-outs: flood insurance adds $427/mo; HOA is 23% of rent.
• Market conditions: Rents soft (-1.5%/yr); 1324 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 59d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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.
• 3 sale attempts 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.
• 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.5% vs local median 2.1% in Aventura — 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 $3,953/mo this rent would consume 52% of the median local household income ($91k/yr) (locally 16% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: Kitchen clutter — Items on countertops need to be cleared for a more organized appearance.
• Moderate: Bathroom fixtures — Dated fixtures may need updating or replacement for a more modern look.
• Minor: Landscaping — Bushes and palm trees need trimming for a more polished appearance.