2 bd · 1.0 ba ·
1,395 sqft ·
Built 1945
· MultiFamily
· Active
· 475 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$18,583/mo
Mortgage (P&I)
−$11,458
Tax + insurance
−$1,572
HOA
−$0
Vac / Maint / Mgmt
−$3,902
Net cashflow
$1,650/mo
Annual
$19,799/yr
Cap rate
7.20%
Cash-on-cash
3.24%
DSCR
1.14
1% rule
0.85%
Cash to close
$611,800
Investor read
This is a 4 × 3-bed/1.2-bath units multifamily listed at $2.19M.
At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $412/mo.
The deal already cash-flows at list — no discount required.
To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.86M (15.0% below list).
It's been on market 475 days — a 12% lower offer ($1.92M) is reasonable based on typical stale-listing flexibility.
Recommended offer: $1.86M (15.0% below list) — sets the bar for 1% rule.
In year one you build about $21k of equity ($15k loan paydown + $6k appreciation (0.3% local appreciation)).
Location reads 78/100 on livability (#177 in FL, #2,724 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime 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.
Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
Market conditions: Rents rising (+2.7%/yr); 757 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 since 11y ago; this cycle's ask is 9% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
Current owner paid $60k; list at $2.19M implies a 3542% gain — meaningful room to come down on a strong offer.
At projected returns (0.3% appreciation + 2.7% rent growth), your $612k cash investment doubles in ~10 years — after that, you're playing with house money.
By year 6, paydown + projected appreciation supports a ~$137k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Cap rate 7.2% vs local median 1.9% in 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.
Questions for listing agent
It's been on market 475 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
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 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
Schools are B-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 F 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?
CashFlowRE · CFR-F793H70REFD177
· Data 1 day agocashflowre.app · 2026-05-29