1340 NW 102nd St

Pinewood, FL 33147

$615,000F

4 bd · 2.0 ba · 1,856 sqft · Built 1955 · MultiFamily · Active · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,379/mo
• Mortgage (P&I): −$3,225
• Tax + insurance: −$953
• HOA: −$0
• Vac / Maint / Mgmt: −$920
• Net cashflow: $-719/mo
• Annual: $-8,629/yr
• Cap rate: 5.19%
• Cash-on-cash: -3.95%
• DSCR: 0.82
• 1% rule: 0.71%
• Cash to close: $172,200

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $615k.
• At list price, monthly cash flow is $-719 ($-9k/yr) — negative. Per door: $-360/mo.
• To cash-flow at today's rent, offer at most $488k (20.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $438k (28.8% below list).
• It's been on market 77 days — a 6% lower offer ($578k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $438k (28.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#124 in FL, #1,871 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, cost of living A; Watch: employment D, amenities 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: Van E. Blanton Elementary School (math 43% / reading 39%, grade F, #1,454 of 2,144 statewide, top 69%, 399 students, 74% FRL); Madison Middle School (math 21% / reading 24%, grade F, #546 of 571 statewide, top 96%, 403 students, 69% FRL); Miami Central Senior High School (math 16% / reading 20%, grade F, #570 of 667 statewide, top 86%, 1,398 students, 74% FRL).
• Zoned-school proficiency averages 27% at this address vs 50% district-wide (-22 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $152/mo; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.7%/yr); 230 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.
• 7 sale attempts since 13y ago; this cycle's ask is 26639% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $115k; list at $615k implies a 435% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AH (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.
• At $4,379/mo this rent would consume 104% of the median local household income ($51k/yr) (locally 2419% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 77 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1955 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.