2345 NW 65th St

Gladeview, FL 33147

$619,900F

4 bd · 2.0 ba · 1,808 sqft · Built 1967 · MultiFamily · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,384/mo
• Mortgage (P&I): −$3,251
• Tax + insurance: −$1,016
• HOA: −$0
• Vac / Maint / Mgmt: −$921
• Net cashflow: $-803/mo
• Annual: $-9,636/yr
• Cap rate: 4.74%
• Cash-on-cash: -5.55%
• DSCR: 0.75
• 1% rule: 0.71%
• Cash to close: $173,572

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $620k.
• At list price, monthly cash flow is $-803 ($-10k/yr) — negative. Per door: $-402/mo.
• To cash-flow at today's rent, offer at most $478k (22.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $438k (29.3% below list).
• It's been on market 27 days — a 2% lower offer ($611k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $438k (29.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#107 in FL, #1,664 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, amenities F, employment 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: Poinciana Park Elementary School (math 52% / reading 42%, grade D-, #1,191 of 2,144 statewide, top 57%, 168 students, 88% 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 27% at this address vs 50% district-wide (-22 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 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.
• 2 sale attempts since 2y 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 $430k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: 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.
• At $4,384/mo this rent would consume 104% 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

• 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?
• 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?
• Built in 1967 — 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 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?
• 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?
• 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.