11925 NE 2nd Ave Unit B105 · North Miami, FL 33161

$180,000

2 bd · 2.0 ba · 1,046 sqft · MultiFamily · 205 Days on market

Built 1974 $603/mo HOA · 15% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

First Floor, 2 bedroom unit needing TLC, but has potential for the right cash buyer. Inquire within.

Key facts

• $603 HOA
• Parking
• Community pool

Property features AI

Finance

• Financial info: Pets allowed (cats OK) with restrictions
• HOA & community: Monthly association fee; Association amenities include laundry, pool, tennis courts, and elevators; Association fee covers amenities, common areas, grounds and structure maintenance, and recreation facilities

Exterior

• Parking: Assigned parking; Guest parking
• Security: Complex fenced; Key card entry
• Utilities: Cable available
• Home design: Attached property; One entry level; Single-story unit in a 4-story building; Exterior lighting
• Construction: Block construction; Resale property
• Exterior features: Patio; Association pool

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Impact glass windows; Built-in features; Breakfast area; Living/dining room; Elevator; Main living area on entry level
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $180k.

Deal economics

• 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 ($4k rent vs $180k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.5% vs local median 4.1% in North 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.

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: schools D+, 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.
• Market conditions: Rents soft (-0.7%/yr); 338 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,904/mo this rent would consume 80% of the median local household income ($58k/yr) (locally 3226% 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 $1k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $50k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 205 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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.

Recommended offer $158,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 205 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.17% ✓
• Cap rate: 14.54%
• Cash-on-cash: 29.45%
• DSCR: 2.31
• GRM: 3.8

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: 19.8%
• Equity multiple: 1.77×
• Total profit: $38,613
• Equity at exit: $26,839

10-year hold

• IRR: 25.4%
• Equity multiple: 2.84×
• Total profit: $92,611
• Equity at exit: $15,563

Cash invested: $50,400 (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 33161

• Rents YoY: -0.7%
• Active inventory: 338
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $3,904 medium
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• HOA: −$603
• Vacancy / Maint / Mgmt: −$820
• Net cashflow: $1,237

Break-even live

Break-even rent $2,338

Max offer price $180,000

Occupancy floor 63%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $603 · $7,236/yr

Listing history 9 events

1. 2026-05-31
   days on market $180,000 Active 205 DOM
2. 2025-11-07
   listed $180,000 Active
3. 2021-04-06
   price $135,000
4. 2020-09-24
   price $130,000
5. 2020-01-31
   status Active
6. 2020-01-02
   historical Hold
7. 2019-12-03
   status Active
8. 2019-11-05
   historical Hold
9. 2019-05-21
   listed $125,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $46,846
• − Mortgage interest: −$10,083
• − Property taxes: −$2,700
• − Insurance: −$900
• − Repairs & maintenance: −$3,748
• − Management: −$3,748
• − HOA: −$7,236
• − Depreciation: −$5,236
• Taxable income: $13,196
• Est. tax owed @ 24.0%: −$3,167
• After-tax cash flow: $11,678/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
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 54,814
• Household income: $58,325
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 3226.0

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: Black 56% Hispanic / Latino 31% Two or more races 18% White 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 7% Dominican 4% Salvadoran 1%
• Common ancestry: Hispanic 35% Estonian 1% Lithuanian 1%
• Foreign-born: 51% · Canada, Jamaica, Dominican Republic
• Languages at home: 25% English-only · French/Haitian/Cajun 41% Spanish 30% Other Indo-European 2%

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: ▼ -492.86%
• Current HPI: 630.6932
• Rent YoY: ▼ -0.73%
• 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

+44.0% since first listed

8 events — show timeline

• 2025-11-07 Listed $180,000 MARMLS
• 2021-04-06 Price Changed $135,000 MARMLS
• 2020-09-24 Price Changed $130,000 MARMLS
• 2020-01-31 Relisted — MARMLS
• 2020-01-02 Delisted — MARMLS
• 2019-12-03 Relisted — MARMLS
• 2019-11-05 Delisted — MARMLS
• 2019-05-21 Listed $125,000 MARMLS