4717 NW 7th St Unit 203-10

Miami, FL 33126

$235,000D-

2 bd · 1.0 ba · 728 sqft · Built 1974 · Condo · Active · 182 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,126/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$544
• HOA: −$527
• Vac / Maint / Mgmt: −$446
• Net cashflow: $-624/mo
• Annual: $-7,485/yr
• Cap rate: 3.88%
• Cash-on-cash: -8.60%
• DSCR: 0.62
• 1% rule: 0.90%
• Cash to close: $65,800

Investor read

• This is a 2-bed/1.0-bath condo listed at $235k. Condition is rated good.
• At list price, monthly cash flow is $-624 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (38.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $213k (9.5% below list).
• It's been on market 182 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $145k (38.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#177 in FL, #2,724 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime 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: Henry M. Flagler Elementary School (math 41% / reading 57%, grade D, #1,134 of 2,144 statewide, top 54%, 743 students, 69% FRL); Kinloch Park Middle School (math 19% / reading 26%, grade F, #546 of 571 statewide, top 96%, 643 students, 66% FRL); Coral Gables Senior High School (math 31% / reading 53%, grade F, #275 of 667 statewide, top 42%, 2,824 students, 52% FRL) — zoned schools at 63% FRL track the district average.
• Watch-outs: flood insurance adds $152/mo; HOA is 25% of rent.
• Market conditions: Rents falling (-4.5%/yr); 293 active listings in the ZIP; 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 2y 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 $46k; list at $235k implies a 411% 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 5→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.9% vs local median 1.4% in Miami — 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.
• This rent runs 44% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 182 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• Built in 1974 — 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?
• 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.