224 NE 111th St · Miami Shores, FL 33161

$675,000

2 bd · 2.0 ba · 1,484 sqft · MultiFamily public records · 18 Days on market

Built 1947

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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 +26.5/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• 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: 2 units. confirmed

Listing remarks

Fully furnished and fully renovated duplex featuring two 3BD/1BA units with polished terrazzo floors throughout. Currently used as a high-performing Airbnb and excellent income potential. Both units share a washer/dryer located at the back of the property. Major upgrades completed in 2025 include new roof, electrical, plumbing, appliances, and two new A/C systems. Located directly across from Barry University, ideal for student housing, short-term, or long-term rentals. A perfect turnkey investment or owner-occupant opportunity!

Key facts

• Fully renovated
• New plumbing
• New electrical

Tags

• FULLY FURNISHED
• FULLY RENOVATED
• POLISHED TERRAZZO FLOORS
• NEW ROOF
• NEW ELECTRICAL
• NEW PLUMBING

Property features AI

Finance

• Financial info: Total annual rent: $84,234; Operating expenses: $64,072; One unit reported actual rent of $3,979 (month-to-month); Rent includes electricity for rental units

Exterior

• Parking: Total of 4 parking spaces
• Utilities: Cable available; Septic tank
• Home design: Multifamily property (4 units)
• Construction: Block construction; Shingle roof; Resale property
• Exterior features: Less than quarter-acre lot; On-street parking available

Interior

• Bedrooms: Four 3-bedroom units
• Flooring: Terrazzo
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Terrazzo flooring; Updated/Remodeled condition

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $675k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $897/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $675k).
• Recommended offer: $665k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#130 in FL, #1,936 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: crime D, amenities F, 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.
• Zoned schools: Hubert O. Sibley K-8 Academy (math 17% / reading 30%, grade F, #2,061 of 2,144 statewide, top 96%, 660 students, 73% FRL); Horace Mann Middle School (math 23% / reading 31%, grade F, #497 of 571 statewide, top 88%, 528 students, 76% FRL); Miami Edison Senior High School (math 19% / reading 15%, grade F, #597 of 667 statewide, top 90%, 623 students, 72% FRL).
• Zoned-school proficiency averages 22% at this address vs 50% district-wide (-27 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.7%/yr); 340 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $7,865/mo this rent would consume 162% 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 $5k 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

• It's been on market 18 days — a 2% lower offer ($665k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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.
• Current owner paid $92k; list at $675k implies a 630% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $664,875 (1.5% below list)

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 1947 — 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. 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?
6. Crime grade is D 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?
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: 1.17% ✓
• Cap rate: 9.48%
• Cash-on-cash: 11.39%
• DSCR: 1.51
• GRM: 7.2

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: -2.6%
• Equity multiple: 0.90×
• Total profit: $-18,191
• Equity at exit: $100,645

10-year hold

• IRR: 3.5%
• Equity multiple: 1.22×
• Total profit: $42,093
• Equity at exit: $58,362

Cash invested: $189,000 (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 33161

• Rents YoY: -0.7%
• Active inventory: 340
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $7,865 medium
• Mortgage (P&I): −$3,540
• Tax from tax record: −$598 /mo · $7,178/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,652
• Net cashflow: $1,794

Break-even live

Break-even rent $5,594

Max offer price $675,000

Occupancy floor 72%

Sensitivity live

Price	-10% $2,176	-5% $1,985	+0% $1,794	+5% $1,603	+10% $1,412
Rent	-10% $1,173	-5% $1,483	+0% $1,794	+5% $2,105	+10% $2,415
Rate	-1.0pp $2,134	-0.5pp $1,966	base $1,794	+0.5pp $1,619	+1.0pp $1,441

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$7,864
Total (2 units)			$7,865

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $675,000 Active 18 DOM
2. 2026-06-18
   days on market $675,000 Active 15 DOM
3. 2026-06-17
   days on market $675,000 Active 14 DOM
4. 2026-06-16
   days on market $675,000 Active 13 DOM
5. 2026-06-15
   days on market $675,000 Active 12 DOM
6. 2026-06-13
   days on market $675,000 Active 10 DOM
7. 2026-06-09
   days on market $675,000 Active 6 DOM
8. 2026-06-08
   days on market $675,000 Active 5 DOM
9. 2026-06-07
   days on market $675,000 Active 4 DOM
10. 2026-06-04
    remarks 534-char remark
11. 2026-06-04
    listed $675,000 Active 1 DOM

ⓘ 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: $7,178 · $598/mo
• Projected year-2 tax: $7,178 · $598/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 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 6 d/yr ≥104°F today · 24 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: $94,380
• − Mortgage interest: −$37,810
• − Property taxes: −$7,178
• − Insurance: −$3,375
• − Repairs & maintenance: −$7,550
• − Management: −$7,550
• − Depreciation: −$19,636
• Taxable income: $11,279
• Est. tax owed @ 24.0%: −$2,707
• After-tax cash flow: $18,823/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 Shores

• Score: 80/100
• State rank: #130
• US rank: #1936

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Miami-Dade County · 2,697,751 people
• City population: 99,437
• 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

+1507.1% since first listed

14 events — show timeline

• 2026-05-21 Listed $675,000 MARMLS
• 2026-03-10 Listing Removed — MARMLS
• 2026-01-06 Price Changed $750,000 MARMLS
• 2025-10-29 Price Changed $775,000 MARMLS
• 2025-09-11 Listed $800,000 MARMLS
• 2020-09-16 Listing Removed — MARMLS
• 2020-09-15 Relisted — MARMLS
• 2020-07-08 Listed $370,000 MARMLS
• 2012-12-26 Sold (MLS) $92,500 MARMLS
• 2012-12-21 Sold (Public Records) $92,500 Public Records
• 2012-09-10 Sold (Public Records) $107,000 Public Records
• 2004-06-08 Sold (Public Records) $160,000 Public Records
• 1993-10-29 Sold (Public Records) $65,000 Public Records
• 1979-08-01 Sold (Public Records) $42,000 Public Records

Property tax history

+6.4%/yr

Latest (2025): $7,178 · +7.0% YoY. Source: county tax records.