26435 SW 138th Ct

Naranja, FL 33032

$460,000C

4 bd · 2.0 ba · 1,104 sqft · Built 1970 · MultiFamily · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,048/mo
• Mortgage (P&I): −$2,412
• Tax + insurance: −$814
• HOA: −$0
• Vac / Maint / Mgmt: −$1,060
• Net cashflow: $761/mo
• Annual: $9,135/yr
• Cap rate: 8.68%
• Cash-on-cash: 8.51%
• DSCR: 1.38
• 1% rule: 1.10%
• Cash to close: $128,800

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $460k.
• At list price, monthly cash flow is $761 ($9k/yr) — positive. Per door: $381/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $460k).
• It's been on market 102 days — a 9% lower offer ($419k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $419k (9.0% 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 65/100 on livability (#634 in FL) — a middle-class / working-renter tenant base. Strengths: housing A, commute A-, cost of living A-; Watch: amenities F, employment F, health & safety 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: Coconut Palm K-8 Academy (math 27% / reading 31%, grade F, #1,932 of 2,144 statewide, top 91%, 1,210 students, 74% FRL); Redland Middle School (math 21% / reading 30%, grade F, #512 of 571 statewide, top 90%, 601 students, 71% FRL); South Dade Senior High School (math 23% / reading 32%, grade F, #470 of 667 statewide, top 71%, 3,145 students, 73% 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.
• Market conditions: Rents soft (-1.0%/yr); 590 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 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.
• 3 sale attempts since 9y 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 $160k; list at $460k implies a 188% 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→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $5,048/mo this rent would consume 82% of the median local household income ($73k/yr) (locally 3351% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% 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 1970 — 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?