7150 Indian Creek Dr #505

Miami Beach, FL 33141

$222,000B

1 bd · 1.0 ba · 875 sqft · Built 1979 · Condo · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,556/mo
• Mortgage (P&I): −$1,164
• Tax + insurance: −$828
• HOA: −$370
• Vac / Maint / Mgmt: −$957
• Net cashflow: $1,237/mo
• Annual: $14,845/yr
• Cap rate: 15.29%
• Cash-on-cash: 32.12%
• DSCR: 2.43
• 1% rule: 2.05%
• Cash to close: $62,160

Investor read

• This is a 1-bed/1.0-bath condo listed at $222k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $222k).
• It's been on market 59 days — a 3% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $215k (3.0% below list) — sets the bar for market timing.
• 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.
• Location reads 80/100 on livability (#108 in FL, #1,672 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: housing C-, amenities D-, 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.
• Zoned schools: Biscayne Beach Elementary School (math 42% / reading 49%, grade D-, #1,247 of 2,144 statewide, top 59%, 578 students, 63% FRL); Miami Beach Nautilus Middle School (math 46% / reading 58%, grade C+, #217 of 571 statewide, top 40%, 918 students, 44% FRL); North Miami Beach Senior High (math 13% / reading 24%, grade F, #568 of 667 statewide, top 85%, 1,149 students, 66% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents flat; 644 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.
• 13 sale attempts since 6y 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 $56k; list at $222k implies a 296% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.4% rent growth), your $62k cash investment doubles in ~7 years — after that, you're playing with house money.
• 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→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 15.3% vs local median 1.5% in Miami Beach — 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 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.