13953 Kendale Lakes Cir

Kendale Lakes, FL 33183

$285,000F

2 bd · 2.0 ba · 1,850 sqft · Built 1973 · Condo · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,872/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$475
• HOA: −$994
• Vac / Maint / Mgmt: −$603
• Net cashflow: $-695/mo
• Annual: $-8,341/yr
• Cap rate: 3.37%
• Cash-on-cash: -10.45%
• DSCR: 0.53
• 1% rule: 1.01%
• Cash to close: $79,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $285k. Condition is rated good.
• At list price, monthly cash flow is $-695 ($-8k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $285k).
• It's been on market 29 days — a 2% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $281k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#186 in FL, #2,923 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, commute B+; Watch: 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: Bent Tree Elementary School (math 57% / reading 67%, grade B, #608 of 2,144 statewide, top 29%, 395 students, 60% FRL); Howard D. Mcmillan Middle School (math 54% / reading 61%, grade B, #157 of 571 statewide, top 28%, 865 students, 60% FRL); Miami Sunset Senior High School (math 30% / reading 42%, grade F, #359 of 667 statewide, top 55%, 1,062 students, 54% FRL).
• Watch-outs: HOA is 35% of rent.
• Market conditions: Rents soft (-0.1%/yr); 186 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 2 sale attempts 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.
• At $2,872/mo this rent would consume 49% of the median local household income ($70k/yr) (locally 1416% 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?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.