1550 Pennsylvania Ave #126 · Miami Beach, FL 33139

$239,000

1 bd · 1.0 ba · 436 sqft · Condo public records · 357 Days on market

Built 2008 $419/mo HOA · 13% of rent ↓ 8% since listing

---

Why this score? — see what drove the B- 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 +24.9/30.0
• 1% rule +8.7/10.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Appreciation +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks

Great second floor 1 bedroom 1bath apartment in desirable Etruria Condo! Convenient location just 1 block to Lincoln Rd Mall and 5 minutes walking distance to the beaches. The apartment features parquet floor all over, Italian Style kitchen with stainless steel appliances, glass shower, washer dryer combo, central AC. Internet Wi-Fi included in HOA. * VIRTUAL STAGING * . Special Assessment to redo the roof has already been paid in full. FINANCING ACCEPTABLE WITH MIN 50% DOWN PAYMENT. TENANT OCCUPIED UNTIL 5/31/2026 @ $1800/MO.

Key facts

• Central ac
• Glass shower
• Washer dryer combo

Tags

• ITALIAN STYLE KITCHEN
• STAINLESS STEEL APPLIANCES
• GLASS SHOWER
• WASHER DRYER COMBO
• CENTRAL AC
• INTERNET WI-FI INCLUDED

Property features AI

Finance

• Financial info: Lease considered; Pets allowed (no pet restrictions)
• HOA & community: Monthly association fee of $419; Association fee covers management, hot water, internet, grounds maintenance, structure maintenance, reserve fund, sewer, trash and water

Exterior

• Parking: On-street parking
• Security: Smoke detectors
• Utilities: Cable available
• Home design: Attached property; 2-story building; Entry on level 2
• Construction: Block construction; Effective year built
• Exterior features: Fenced complex; Porch (open)

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator; Electric water heater
• Flooring: Hardwood; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Has cooling
• Interior features: First-floor entry; Combined living and dining room; Blinds; Impact glass windows; Unfurnished
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $239k.

Deal economics

• At list price, monthly cash flow is $90 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $239k).
• Recommended offer: $210k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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.

Location & tenants

• 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.
• Market conditions: Rents soft (-0.4%/yr); 1214 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,269/mo this rent would consume 56% of the median local household income ($70k/yr) (locally 4052% 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 (-2.2%/yr); year-one equity from $2k of loan paydown is wiped out by about $5k 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

• It's been on market 357 days — a 12% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 13y 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 $140k; list at $239k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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 8→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $210,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 357 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.37% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.25%
• DSCR: 1.41
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.19% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -13.6%
• Equity multiple: 0.49×
• Total profit: $-33,820
• Equity at exit: $44,379

10-year hold

• IRR: -12.5%
• Equity multiple: 0.26×
• Total profit: $-49,565
• Equity at exit: $36,000

Cash invested: $66,920 (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 33139

• Home prices YoY: -0.8%
• Rents YoY: -0.4%
• Active inventory: 1214
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $3,269 medium
• Mortgage (P&I): −$1,253
• Tax from tax record: −$294 /mo · $3,529/yr
• Insurance: −$100
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$419
• Vacancy / Maint / Mgmt: −$686
• Net cashflow: $90

Break-even live

Break-even rent $3,155

Max offer price $239,000

Occupancy floor 92%

Sensitivity live

Price	-10% $225	-5% $157	+0% $90	+5% $22	+10% $-46
Rent	-10% $-169	-5% $-40	+0% $90	+5% $219	+10% $348
Rate	-1.0pp $210	-0.5pp $150	base $90	+0.5pp $28	+1.0pp $-35

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $419 · $5,028/yr
• Likely covers: internet
• ⚠ Special-assessment mentions:

  …steel appliances, glass shower, washer dryer combo, central AC. Internet Wi-Fi included in HOA. * VIRTUAL STAGING * . Special Assessment to redo the roof has already been paid in full. FINANCING ACCEPTABLE WITH MIN 50% DOWN PAYMENT. TENANT OCCUPIED UNTIL…

Listing history 27 events

1. 2026-06-16
   days on market $239,000 Active 357 DOM
2. 2026-06-15
   days on market $239,000 Active 356 DOM
3. 2026-06-13
   days on market $239,000 Active 354 DOM
4. 2026-06-09
   days on market $239,000 Active 350 DOM
5. 2026-06-08
   days on market $239,000 Active 349 DOM
6. 2026-06-08
   days on market $239,000 Active 348 DOM
7. 2026-06-04
   days on market $239,000 Active 345 DOM
8. 2026-06-03
   days on market $239,000 Active 344 DOM
9. 2026-06-02
   days on market $239,000 Active 343 DOM
10. 2026-06-01
    days on market $239,000 Active 342 DOM
11. 2026-05-31
    days on market $239,000 Active 341 DOM
12. 2025-06-24
    listed $239,000 Active
13. 2025-06-20
    historical
14. 2024-10-16
    historical $1,850
15. 2024-09-12
    listed $1,850
16. 2024-08-10
    status Active
17. 2024-05-16
    price $239,000
18. 2024-05-14
    listed $339,000 Active
19. 2023-10-20
    historical $1,700
20. 2023-09-30
    listed $1,700
21. 2023-09-18
    historical $1,700
22. 2023-08-20
    price $1,700
23. 2023-08-09
    listed $1,900
24. 2014-04-08
    soldstatus $140,000
25. 2014-01-21
    historical
26. 2013-09-17
    price $234,000
27. 2013-08-26
    listed $260,000 Active

ⓘ 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: $3,529 · $294/mo
• Projected year-2 tax: $3,529 · $294/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 4/10 Moderate
• 🌡 Heat 10/10 Extreme 8 d/yr ≥101°F today · 31 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,222
• − Mortgage interest: −$13,388
• − Property taxes: −$3,529
• − Insurance: −$6,314
• − Repairs & maintenance: −$3,138
• − Management: −$3,138
• − HOA: −$5,028
• − Depreciation: −$6,953
• Taxable loss: −$2,265
• Est. tax savings @ 24.0%: +$544
• After-tax cash flow: $1,618/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 — Miami Beach

• Score: 80/100
• State rank: #108
• US rank: #1672

Category grades

Amenities D- Commute A+ Cost of living F Crime A+ Employment B Housing C- Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,533
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 33,753
• Household income: $69,793
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 4052.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 51% White 40% Two or more races 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 15% Salvadoran 3%
• Common ancestry: Lithuanian 3% Scotch-Irish 2% Romanian 2%
• Foreign-born: 56% · Canada, Jamaica, Dominican Republic
• Languages at home: 37% English-only · Spanish 49% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▼ -2.19%
• Current HPI: 277.9321
• Rent YoY: ▼ -0.36%
• 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

-8.1% since first listed

16 events — show timeline

• 2025-06-24 Listed $239,000 MARMLS
• 2025-06-20 Listing Removed — MARMLS
• 2024-10-16 Rental Removed $1,850 MARMLS
• 2024-09-12 Listed for Rent $1,850 MARMLS
• 2024-08-10 Relisted — MARMLS
• 2024-05-16 Price Changed $239,000 MARMLS
• 2024-05-14 Listed $339,000 MARMLS
• 2023-10-20 Rental Removed $1,700 MARMLS
• 2023-09-30 Listed for Rent $1,700 MARMLS
• 2023-09-18 Rental Removed $1,700 MARMLS
• 2023-08-20 Price Changed $1,700 MARMLS
• 2023-08-09 Listed for Rent $1,900 MARMLS
• 2014-04-08 Sold (Public Records) $140,000 Public Records
• 2014-01-21 Listing Removed — MARMLS
• 2013-09-17 Price Changed $234,000 MARMLS
• 2013-08-26 Listed $260,000 MARMLS

Property tax history

-0.4%/yr

Latest (2025): $3,529 · +3.1% YoY. Source: county tax records.