2561 NE 193rd St #1103

Ojus, FL 33180

$465,000D-

3 bd · 2.0 ba · 1,282 sqft · Built 2021 · Condo · Active · 688 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,476/mo
• Mortgage (P&I): −$2,439
• Tax + insurance: −$754
• HOA: −$677
• Vac / Maint / Mgmt: −$940
• Net cashflow: $-333/mo
• Annual: $-3,998/yr
• Cap rate: 5.43%
• Cash-on-cash: -3.07%
• DSCR: 0.86
• 1% rule: 0.96%
• Cash to close: $130,200

Investor read

• This is a 3-bed/2.0-bath condo listed at $465k.
• At list price, monthly cash flow is $-333 ($-4k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $448k (3.7% below list).
• It's been on market 688 days — a 12% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $409k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#58 in FL, #1,031 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: schools 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.
• Market conditions: Rents soft (-1.5%/yr); 992 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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.
• 6 sale attempts since 4y ago; this cycle's ask is 15400% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Cap rate 5.4% vs local median 8.7% in Ojus — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• At $4,476/mo this rent would consume 59% of the median local household income ($91k/yr) (locally 1838% 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 688 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?