641 Espanola Way #3 · Miami Beach, FL 33139

$299,000

1 bd · 1.0 ba · 790 sqft · Condo public records · 272 Days on market

Built 1962 $548/mo HOA · 14% of rent

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Why this score? — see what drove the C+ 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 +22.7/30.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 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

SPACIOUS 1/1 IN THE HEART OF SOUTH BEACH RIGHT ON CHARMING AND HISTORIC ESPANOLA WAY. FIRST FLOOR UNIT WITH ENCLOSED BALCONY, REMODELED KITCHEN, AMPLE CLOSET SPACE, AND LOW MAINTENANCE OF $450 PER MONTH. BUILDING OFFERS COMMON LAUNDRY FACILITIES, BIKE STORAGE AND HAS ONLY 35 UNITS. WALK TO BEACH, LINCOLN ROAD, RESTAURANTS SHOPS AND VIBRANT NIGHTLIFE ALL JUST FOOTSTEPS AWAY. AMAZING OPPORTUNITY IN COVETED LOCATION. STREET PARKING & LIMITED PARKING FOR RENT IN BUILDING BASED UPON AVAILABILITY. PERFECT FOR OWNER OCCUPANT OR INVESTORS ALIKE, RENTALS ALLOWED BUT NO SHORT TERM.

Key facts

• Enclosed balcony
• Remodeled kitchen
• Ample closet space

Tags

• ENCLOSED BALCONY
• REMODELED KITCHEN
• AMPLE CLOSET SPACE
• COMMON LAUNDRY FACILITIES
• BIKE STORAGE
• WALK TO BEACH

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Monthly association fee (includes management, reserve fund, trash, water); Association amenities: bike storage, laundry

Exterior

• Parking: On-street parking
• Security: Complex fenced; Phone entry
• Utilities: Has heating and cooling
• Home design: Attached property; 3 stories; Entry on level 1
• Construction: Block construction; Resale property
• Exterior features: Patio; Complex fenced; Phone entry

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: First floor entry; Bedroom on main level
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $299k.

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 ($4k rent vs $299k).
• Recommended offer: $263k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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); 1208 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,972/mo this rent would consume 68% 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 $7k 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 272 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $299k implies a 1096% 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 $263,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 272 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 1962 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.33% ✓
• Cap rate: 8.36%
• Cash-on-cash: 7.40%
• DSCR: 1.33
• GRM: 6.3

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: -13.9%
• Equity multiple: 0.48×
• Total profit: $-43,439
• Equity at exit: $55,520

10-year hold

• IRR: -12.8%
• Equity multiple: 0.24×
• Total profit: $-63,685
• Equity at exit: $45,038

Cash invested: $83,720 (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: 1208
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $3,972 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$381 /mo · $4,571/yr
• Insurance: −$125
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$548
• Vacancy / Maint / Mgmt: −$834
• Net cashflow: $90

Break-even live

Break-even rent $3,858

Max offer price $299,000

Occupancy floor 93%

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1602 Meridian Ave Miami Beach, FL	4.0	1.0–3.0	917	$6,932	$7.56	15d	1	0.20mi
2201 Collins Ave Miami Beach, FL	1.0–3.0	1.0–2.0	1121	$22,000	$19.62	24d	2	0.88mi
102 24th St Miami Beach, FL	1.0–3.0	1.0–3.0	1479	$19,000	$12.85	19d	9	1.01mi
102 24th St Miami Beach, FL	1.0–3.0	1.0–3.0	1479	$19,000	$12.85	10d	9	1.01mi

HOA detail condo

• Monthly dues: $548 · $6,576/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-08
   days on market $299,000 Active 272 DOM
2. 2026-06-08
   days on market $299,000 Active 271 DOM
3. 2026-06-04
   days on market $299,000 Active 268 DOM
4. 2026-06-03
   days on market $299,000 Active 267 DOM
5. 2026-06-02
   days on market $299,000 Active 266 DOM
6. 2026-06-01
   days on market $299,000 Active 265 DOM
7. 2026-05-31
   days on market $299,000 Active 264 DOM
8. 2026-03-10
   status Active
9. 2026-03-10
   price $299,000
10. 2026-03-08
    historical
11. 2025-12-02
    price $319,000
12. 2025-09-08
    listed $329,000 Active
13. 1989-12-01
    soldstatus $25,000
14. 1989-04-03
    soldstatus $22,000

ⓘ 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: $4,571 · $381/mo
• Projected year-2 tax: $4,571 · $381/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 3/10 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: $47,660
• − Mortgage interest: −$16,749
• − Property taxes: −$4,571
• − Insurance: −$6,614
• − Repairs & maintenance: −$3,813
• − Management: −$3,813
• − HOA: −$6,576
• − Depreciation: −$8,698
• Taxable loss: −$3,173
• Est. tax savings @ 24.0%: +$762
• After-tax cash flow: $1,837/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

+1259.1% since first listed

7 events — show timeline

• 2026-03-10 Relisted — MARMLS
• 2026-03-10 Price Changed $299,000 MARMLS
• 2026-03-08 Listing Removed — MARMLS
• 2025-12-02 Price Changed $319,000 MARMLS
• 2025-09-08 Listed $329,000 MARMLS
• 1989-12-01 Sold (Public Records) $25,000 Public Records
• 1989-04-03 Sold (Public Records) $22,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $4,571 · +8.0% YoY. Source: county tax records.