2020 NE 135th St #804 · North Miami, FL 33181

$315,000

2 bd · 2.0 ba · 963 sqft · Condo public records · 11 Days on market

Built 1969

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Why this score? — see what drove the D- 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 +7.7/30.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spectacular 2 bedroom 2 bathroom apartment with water views. Very spacious and elegant with beautiful modern design.Located in sought after Arch Creek East neighborhood on a serene tree lush street that leads to a nature preserve for your morning/evening walks. Boat docks available for rent. Idyllic balance of nature/convenience east of US-1 location has to offer. Easy access to Aventura mall, Oleta River Park, top-rated restaurants, shopping, gym and places of worship. Keystone Towers is a well maintained building with great amenities and approved 50 year recertification. Comes with one assigned parking; plenty of visitor and outside parking.Thus unit is rented to a long term tenant. It may be delivered vacant or sold with a stable tenant in place. Please see Virtual Tour below.

Key facts

• Private balcony
• Waterfront pool
• Garage

Tags

• 8TH FLOOR CORNER RESIDENCE
• PRIVATE BALCONY
• PANORAMIC SKYLINE VIEWS
• WATERFRONT POOL
• HIGH-DEMAND RENTAL CORRIDOR
• ZERO RENTAL RESTRICTIONS

Property features AI

Finance

• Other: Association pool
• Financial info: Lease considered; No pets allowed
• HOA & community: Monthly association fee (includes management, amenities, common areas, insurance, parking, pest control, pool(s), sewer); Association amenities: fitness center, pool, elevators; Association fee listed monthly

Exterior

• Parking: Attached garage with one covered space
• Security: Complex fenced; Secured garage/parking; Smoke detectors
• Utilities: Association-managed sewer service
• Home design: Condominium/high-rise (9 stories); Entry on level 8; Attached property
• Construction: Block construction; Resale building
• Exterior features: Balcony; Open balcony/patio

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Flooring: Ceramic tile; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Elevator; Unfurnished

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $315k.

Deal economics

• At list price, monthly cash flow is $-795 ($-10k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $315k).

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 (-0.1%/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 $3,302/mo this rent would consume 63% of the median local household income ($63k/yr) (locally 1914% 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 $9k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 11y 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.

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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $315,000

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. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 1.05% ✓
• Cap rate: 4.89%
• Cash-on-cash: -5.01%
• DSCR: 0.78
• GRM: 7.9

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: -41.8%
• Equity multiple: -0.25×
• Total profit: $-110,522
• Equity at exit: $46,968

10-year hold

• IRR: —
• Equity multiple: -1.22×
• Total profit: $-195,537
• Equity at exit: $27,235

Cash invested: $88,200 (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 33181

• Rents YoY: -0.1%
• Active inventory: 340
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $3,302 medium
• Mortgage (P&I): −$1,652
• Tax from tax record: −$393 /mo · $4,710/yr
• Insurance: −$131
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA est. from 3 same-building comps: −$801
• Vacancy / Maint / Mgmt: −$693
• Net cashflow: $-795

Break-even live

Break-even rent $4,308

Max offer price $174,640

Occupancy floor —

Sensitivity live

Price	-10% $-616	-5% $-705	+0% $-795	+5% $-884	+10% $-973
Rent	-10% $-1,055	-5% $-925	+0% $-795	+5% $-664	+10% $-534
Rate	-1.0pp $-636	-0.5pp $-714	base $-795	+0.5pp $-876	+1.0pp $-959

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: $78,750
• Closing costs: $9,450
• 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	0.03mi
2020 NE 135th St North Miami, FL	2.0	2.0	963	$23,509	$24.41	15d	1	0.03mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watergymparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-21
   days on market $315,000 Active 11 DOM
2. 2026-06-18
   days on market $315,000 Active 8 DOM
3. 2026-06-17
   days on market $315,000 Active 7 DOM
4. 2026-06-16
   days on market $315,000 Active 6 DOM
5. 2026-06-15
   days on market $315,000 Active 5 DOM
6. 2026-06-13
   remarks 693-char remark
7. 2026-06-13
   listed $315,000 Active 3 DOM

ⓘ 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: $4,710 · $393/mo
• Projected year-2 tax: $4,710 · $393/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 28 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: $39,625
• − Mortgage interest: −$17,645
• − Property taxes: −$4,710
• − Insurance: −$6,694
• − Repairs & maintenance: −$3,170
• − Management: −$3,170
• − HOA: −$9,612
• − Depreciation: −$9,164
• Taxable loss: −$14,539
• Est. tax savings @ 24.0%: +$3,489
• After-tax cash flow: $-6,045/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): 20,848
• Household income: $63,275
• Rent vs Own: 62.4% rent · 37.6% own
• Severe rent burden: 1914.0

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: Hispanic / Latino 44% Black 29% Two or more races 23% White 22% Asian 1%
• Hispanic origin (detail): Puerto Rican 2% Cuban 8% Dominican 2% Salvadoran 3%
• Common ancestry: Hispanic 18% Lithuanian 3% Italian 1%
• Foreign-born: 51% · Canada, Jamaica, Dominican Republic
• Languages at home: 28% English-only · Spanish 44% French/Haitian/Cajun 18% Other Indo-European 4%

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: ▼ -334.57%
• Current HPI: 341.3285
• Rent YoY: ▼ -0.11%
• 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

-98.7% since first listed

20 events — show timeline

• 2026-06-10 Listed $315,000 MARMLS
• 2026-01-24 Listing Removed — MARMLS
• 2025-01-17 Price Changed $315,000 MARMLS
• 2024-08-21 Price Changed $330,000 MARMLS
• 2024-03-19 Rental Removed $2,400 MARMLS
• 2024-02-14 Listed for Rent $2,400 MARMLS
• 2024-01-29 Rental Removed $2,400 MARMLS
• 2024-01-24 Listed $350,000 MARMLS
• 2023-12-12 Price Changed $2,400 MARMLS
• 2023-11-28 Listed for Rent $2,500 MARMLS
• 2023-01-27 Sold (Public Records) $280,000 Public Records
• 2023-01-13 Sold (MLS) $280,000 Beaches MLS
• 2022-09-30 Listed $315,000 Beaches MLS
• 2015-10-19 Sold (MLS) $111,300 MARMLS
• 2015-07-21 Pending — MARMLS
• 2015-06-26 Price Changed $99,900 MARMLS
• 2015-06-22 Relisted — MARMLS
• 2015-02-07 Pending — MARMLS
• 2015-01-08 Listed $108,400 MARMLS
• 2005-01-20 Sold (Public Records) $24,000,000 Public Records

Property tax history

+7.2%/yr

Latest (2025): $4,710 · -8.7% YoY. Source: county tax records.