37 NE 168th St · North Miami Beach, FL 33162

$650,000

5 bd · 3.0 ba · 2,305 sqft · MultiFamily public records · 8 Days on market

Built 1967

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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 +25.3/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Homesteps property eligible under the Freddie Mac First looks initiative through 03/29/2012. Investors purchasers may submit offers at any time however offers will not be considered for negotiation for the first 15 days. Seller offers 2 yr home warranty for owner occupied. Great Unit 37 has 2bed/ 2 bath Unit 39 has 3 bed/2 bath

Key facts

• Access to 1-95
• Access to turnpike
• Brand new roof

Tags

• BRAND NEW ROOF
• ACCESS TO 1-95
• ACCESS TO TURNPIKE
• ACCESS TO PALMETTO
• ACCESS TO 441
• ACCESS TO STATE ROAD 9

Property features AI

Finance

• Financial info: Some units rented month-to-month; Typical rents listed: $1,800 (3-bed), $1,600 (2-bed); Rent includes gardener and water for rented units

Exterior

• Parking: Four total parking spaces; Open parking for units
• Utilities: Cable available; Septic tank
• Home design: Single-story building
• Construction: Block construction; Shingle roof; Resale property
• Exterior features: Less than quarter acre lot; Open parking

Interior

• Bedrooms: Thirty-seven 2-bedroom units; Thirty-nine 3-bedroom units
• Flooring: Tile
• Bathrooms: Thirty-seven 1-bath units; Thirty-nine 2-bath units (full bathrooms)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Tile flooring

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $743/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $650k).
• Cap rate 9.0% vs local median 5.2% in North 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 82/100 on livability (#71 in FL, #1,177 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D+, crime 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 (-1.6%/yr); 284 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $7,031/mo this rent would consume 139% of the median local household income ($61k/yr) (locally 2509% 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 $4k of loan paydown is wiped out by about $20k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $115k; list at $650k implies a 465% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $650,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.80%
• DSCR: 1.44
• GRM: 7.7

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: -4.8%
• Equity multiple: 0.83×
• Total profit: $-31,424
• Equity at exit: $96,917

10-year hold

• IRR: 1.3%
• Equity multiple: 1.08×
• Total profit: $14,273
• Equity at exit: $56,200

Cash invested: $182,000 (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 33162

• Rents YoY: -1.6%
• Active inventory: 284
• Price-to-rent: 15.4×

Monthly cashflow live

• Estimated rent: $7,031 medium
• Mortgage (P&I): −$3,409
• Tax from tax record: −$389 /mo · $4,664/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,477
• Net cashflow: $1,486

Break-even live

Break-even rent $5,150

Max offer price $650,000

Occupancy floor 74%

Sensitivity live

Price	-10% $1,854	-5% $1,670	+0% $1,486	+5% $1,302	+10% $1,118
Rent	-10% $931	-5% $1,209	+0% $1,486	+5% $1,764	+10% $2,042
Rate	-1.0pp $1,814	-0.5pp $1,652	base $1,486	+0.5pp $1,318	+1.0pp $1,147

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$7,030
Total (2 units)			$7,031

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-22
   status Pending
2. 2026-05-14
   listed $650,000 Active
3. 2012-04-27
   soldstatus $115,000 331-char remark

   Show marketing remark (331 chars)

   Homesteps property eligible under the Freddie Mac First looks initiative through 03/29/2012. Investors purchasers may submit offers at any time however offers will not be considered for negotiation for the first 15 days. Seller offers 2 yr home warranty for owner occupied. Great Unit 37 has 2bed/ 2 bath Unit 39 has 3 bed/2 bath

4. 2003-12-15
   soldstatus $220,000
5. 1978-04-01
   soldstatus $52,000

ⓘ 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: $4,664 · $389/mo
• Projected year-2 tax: $5,395 · $450/mo
• Expected delta: +$731/yr (+$61/mo · 15.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 27 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $84,372
• − Mortgage interest: −$36,410
• − Property taxes: −$4,664
• − Insurance: −$3,250
• − Repairs & maintenance: −$6,750
• − Management: −$6,750
• − Depreciation: −$18,909
• Taxable income: $7,639
• Est. tax owed @ 24.0%: −$1,833
• After-tax cash flow: $16,002/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 Beach

• Score: 82/100
• State rank: #71
• US rank: #1177

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,324
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 46,606
• Household income: $60,692
• Rent vs Own: 46.5% rent · 53.5% own
• Severe rent burden: 2509.0

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 0.62)
• Race & ethnicity: Black 53% Hispanic / Latino 30% Two or more races 15% White 12% Asian 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 7% Dominican 3%
• Common ancestry: Hispanic 31% Romanian 1% Scotch-Irish 1%
• Foreign-born: 52% · Canada, Jamaica, Dominican Republic
• Languages at home: 29% English-only · French/Haitian/Cajun 35% 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: ▼ -445.57%
• Current HPI: 596.6178
• Rent YoY: ▼ -1.59%
• 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

+1150.0% since first listed

5 events — show timeline

• 2026-05-22 Pending — MARMLS
• 2026-05-14 Listed $650,000 MARMLS
• 2012-04-27 Sold (MLS) $115,000 MARMLS
• 2003-12-15 Sold (Public Records) $220,000 Public Records
• 1978-04-01 Sold (Public Records) $52,000 Public Records

Property tax history

-1.4%/yr

Latest (2025): $4,664 · +5.3% YoY. Source: county tax records.