5005 Collins Ave #823 · Miami Beach, FL 33140

$359,000

1 bd · 1.0 ba · 938 sqft · Condo public records · 192 Days on market

Built 1964 $1660/mo HOA · 36% of rent

---

Why this score? — see what drove the D 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).

• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Cash flow +7.2/30.0
• Appreciation +5.5/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• DSCR +1.4/10.0

Listing remarks MLS

!!!JUST REDUCED $30k REDUCTION!!! REDUCED REDUCED REDUCED AND SELLER MUST SELL. Come check out this spectacular 2x1 oceanfront gem. Spacious and tastefully renovated this unit boasts a large balcony that overlooks the ocean. Honestly a great buy with a very motivated seller. Also very easy to show. . Call today!!!

Key facts

• Onsite restaurant
• Beach side pool
• Gym w ocean views

Tags

• RENOVATED KITCHEN
• IMPACT WINDOWS
• BEACH SIDE POOL
• GYM W OCEAN VIEWS
• 24/7 VALET
• ONSITE RESTAURANT

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $359k.

Deal economics

• At list price, monthly cash flow is $-555 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $261k (27.3% below list).
• Meets the 1% rule at list price ($5k rent vs $359k).
• Recommended offer: $261k (27.3% below list) — sets the bar for cash-flow.
• Cap rate 4.7% vs local median 1.5% in Miami Beach — 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.

Location & tenants

• Location reads 80/100 on livability (#108 in FL, #1,672 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: housing C-, amenities D-, 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: North Beach Elementary School (math 75% / reading 79%, grade A, #170 of 2,144 statewide, top 9%, 937 students, 24% FRL); Miami Beach Nautilus Middle School (math 46% / reading 58%, grade C+, #217 of 571 statewide, top 40%, 918 students, 44% FRL); Miami Beach Senior High School (math 21% / reading 48%, grade F, #386 of 667 statewide, top 59%, 2,175 students, 40% FRL) — zoned schools average 36% FRL vs 64% district-wide (28 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.5%/yr); 672 active listings in the ZIP; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,663/mo this rent would consume 52% of the median local household income ($107k/yr) (locally 870% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $6k of equity ($2k loan paydown + $3k appreciation (1.0% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 192 days — a 12% lower offer ($316k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 9y ago; this cycle's ask is 11119% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 36% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $260,966 (27.3% below list)

Questions for the listing agent

1. 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?
2. It's been on market 192 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.30% ✓
• Cap rate: 4.66%
• Cash-on-cash: -5.83%
• DSCR: 0.74
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.96% appreciation · 3.52% rent growth · sell at horizon

5-year hold

• IRR: -5.0%
• Equity multiple: 0.74×
• Total profit: $-25,644
• Equity at exit: $121,902

10-year hold

• IRR: 1.1%
• Equity multiple: 1.14×
• Total profit: $13,660
• Equity at exit: $161,492

Cash invested: $100,520 (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 33140

• Home prices YoY: 0.3%
• Rents YoY: 3.5%
• Active inventory: 672
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $4,663 medium
• Mortgage (P&I): −$1,883
• Tax from tax record: −$480 /mo · $5,760/yr
• Insurance: −$150
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,660
• Vacancy / Maint / Mgmt: −$979
• Net cashflow: $-555

Break-even live

Break-even rent $5,365

Max offer price $260,966

Occupancy floor —

Sensitivity live

Price	-10% $-352	-5% $-453	+0% $-555	+5% $-657	+10% $-758
Rent	-10% $-923	-5% $-739	+0% $-555	+5% $-371	+10% $-187
Rate	-1.0pp $-374	-0.5pp $-464	base $-555	+0.5pp $-648	+1.0pp $-743

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $1,660 · $19,920/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 42 events

1. 2026-04-23
   status Pending
2. 2026-04-01
   price $359,000
3. 2026-02-19
   price $367,000
4. 2026-02-09
   historical $3,200
5. 2026-02-09
   price $369,000
6. 2026-02-01
   listed $3,200
7. 2026-01-17
   status Active
8. 2026-01-13
   historical $3,200
9. 2026-01-13
   status Pending
10. 2026-01-01
    listed $3,200
11. 2025-12-15
    historical $3,000
12. 2025-12-03
    listed $3,000
13. 2025-12-02
    price $375,000
14. 2025-11-26
    historical $3,250
15. 2025-11-11
    listed $3,250
16. 2025-11-03
    price $429,500
17. 2025-10-07
    listed $435,000 Active
18. 2025-06-17
    soldstatus $347,000
19. 2025-06-06
    soldstatus $347,000 Closed 323-char remark

    Show marketing remark (323 chars)

    !!!JUST REDUCED $30k REDUCTION!!! REDUCED REDUCED REDUCED AND SELLER MUST SELL. Come check out this spectacular 2x1 oceanfront gem. Spacious and tastefully renovated this unit boasts a large balcony that overlooks the ocean. Honestly a great buy with a very motivated seller. Also very easy to show. . Call today!!!

20. 2025-06-03
    historical Active Under Contract 323-char remark

    Show marketing remark (323 chars)

    !!!JUST REDUCED $30k REDUCTION!!! REDUCED REDUCED REDUCED AND SELLER MUST SELL. Come check out this spectacular 2x1 oceanfront gem. Spacious and tastefully renovated this unit boasts a large balcony that overlooks the ocean. Honestly a great buy with a very motivated seller. Also very easy to show. . Call today!!!

21. 2025-02-18
    price $369,000 323-char remark

    Show marketing remark (323 chars)

    !!!JUST REDUCED $30k REDUCTION!!! REDUCED REDUCED REDUCED AND SELLER MUST SELL. Come check out this spectacular 2x1 oceanfront gem. Spacious and tastefully renovated this unit boasts a large balcony that overlooks the ocean. Honestly a great buy with a very motivated seller. Also very easy to show. . Call today!!!

22. 2024-07-08
    price $399,000 323-char remark

    Show marketing remark (323 chars)

    !!!JUST REDUCED $30k REDUCTION!!! REDUCED REDUCED REDUCED AND SELLER MUST SELL. Come check out this spectacular 2x1 oceanfront gem. Spacious and tastefully renovated this unit boasts a large balcony that overlooks the ocean. Honestly a great buy with a very motivated seller. Also very easy to show. . Call today!!!

23. 2024-06-12
    price $439,000 323-char remark

    Show marketing remark (323 chars)

    !!!JUST REDUCED $30k REDUCTION!!! REDUCED REDUCED REDUCED AND SELLER MUST SELL. Come check out this spectacular 2x1 oceanfront gem. Spacious and tastefully renovated this unit boasts a large balcony that overlooks the ocean. Honestly a great buy with a very motivated seller. Also very easy to show. . Call today!!!

24. 2024-03-05
    price $469,000 323-char remark

    Show marketing remark (323 chars)

    !!!JUST REDUCED $30k REDUCTION!!! REDUCED REDUCED REDUCED AND SELLER MUST SELL. Come check out this spectacular 2x1 oceanfront gem. Spacious and tastefully renovated this unit boasts a large balcony that overlooks the ocean. Honestly a great buy with a very motivated seller. Also very easy to show. . Call today!!!

25. 2024-02-14
    listed $489,000 Active 323-char remark

    Show marketing remark (323 chars)

    !!!JUST REDUCED $30k REDUCTION!!! REDUCED REDUCED REDUCED AND SELLER MUST SELL. Come check out this spectacular 2x1 oceanfront gem. Spacious and tastefully renovated this unit boasts a large balcony that overlooks the ocean. Honestly a great buy with a very motivated seller. Also very easy to show. . Call today!!!

26. 2024-01-19
    historical $3,600
27. 2023-11-18
    price $3,600
28. 2023-08-01
    listed $3,200
29. 2020-12-09
    historical
30. 2020-11-06
    price $309,000
31. 2020-09-22
    price $299,000
32. 2019-07-09
    price $310,000
33. 2019-06-20
    price $320,000
34. 2019-04-24
    price $339,000
35. 2018-11-12
    listed $359,000 Active
36. 2018-04-30
    historical
37. 2018-02-26
    price $379,000
38. 2017-07-21
    listed $395,000 Active
39. 2013-05-14
    soldstatus $220,000
40. 2010-07-27
    soldstatus $160,000
41. 1994-02-17
    soldstatus $130,000
42. 1993-03-23
    soldstatus $94,000

ⓘ 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: $5,760 · $480/mo
• Projected year-2 tax: $5,760 · $480/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 10/10 Extreme FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥101°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,955
• − Mortgage interest: −$20,110
• − Property taxes: −$5,760
• − Insurance: −$2,592
• − Repairs & maintenance: −$4,476
• − Management: −$4,476
• − HOA: −$19,920
• − Depreciation: −$10,444
• Taxable loss: −$11,823
• Est. tax savings @ 24.0%: +$2,838
• After-tax cash flow: $-3,822/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 Beach

• Score: 80/100
• State rank: #108
• US rank: #1672

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,533
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 20,342
• Household income: $107,063
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 870.0

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 0.59)
• Race & ethnicity: White 46% Hispanic / Latino 44% Two or more races 23% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 19% Salvadoran 6%
• Common ancestry: Scotch-Irish 5% Romanian 3% Italian 3%
• Foreign-born: 44% · Canada, Dominican Republic, Jamaica
• Languages at home: 43% English-only · Spanish 45% Other Indo-European 6% French/Haitian/Cajun 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: ▲ 0.96%
• Current HPI: 302.8514
• Rent YoY: ▲ 3.52%
• 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

+281.9% since first listed

42 events — show timeline

• 2026-04-23 Pending — MARMLS
• 2026-04-01 Price Changed $359,000 MARMLS
• 2026-02-19 Price Changed $367,000 MARMLS
• 2026-02-09 Rental Removed $3,200 MARMLS
• 2026-02-09 Price Changed $369,000 MARMLS
• 2026-02-01 Listed for Rent $3,200 MARMLS
• 2026-01-17 Relisted — MARMLS
• 2026-01-13 Rental Removed $3,200 MARMLS
• 2026-01-13 Pending — MARMLS
• 2026-01-01 Listed for Rent $3,200 MARMLS
• 2025-12-15 Rental Removed $3,000 MARMLS
• 2025-12-03 Listed for Rent $3,000 MARMLS
• 2025-12-02 Price Changed $375,000 MARMLS
• 2025-11-26 Rental Removed $3,250 MARMLS
• 2025-11-11 Listed for Rent $3,250 MARMLS
• 2025-11-03 Price Changed $429,500 MARMLS
• 2025-10-07 Listed $435,000 MARMLS
• 2025-06-17 Sold (Public Records) $347,000 Public Records
• 2025-06-06 Sold (MLS) $347,000 MARMLS
• 2025-06-03 Contingent — MARMLS
• 2025-02-18 Price Changed $369,000 MARMLS
• 2024-07-08 Price Changed $399,000 MARMLS
• 2024-06-12 Price Changed $439,000 MARMLS
• 2024-03-05 Price Changed $469,000 MARMLS
• 2024-02-14 Listed $489,000 MARMLS
• 2024-01-19 Rental Removed $3,600 MARMLS
• 2023-11-18 Price Changed $3,600 MARMLS
• 2023-08-01 Listed for Rent $3,200 MARMLS
• 2020-12-09 Listing Removed — MARMLS
• 2020-11-06 Price Changed $309,000 MARMLS
• 2020-09-22 Price Changed $299,000 MARMLS
• 2019-07-09 Price Changed $310,000 MARMLS
• 2019-06-20 Price Changed $320,000 MARMLS
• 2019-04-24 Price Changed $339,000 MARMLS
• 2018-11-12 Listed $359,000 MARMLS
• 2018-04-30 Listing Removed — MARMLS
• 2018-02-26 Price Changed $379,000 MARMLS
• 2017-07-21 Listed $395,000 MARMLS
• 2013-05-14 Sold (Public Records) $220,000 Public Records
• 2010-07-27 Sold (MLS) $160,000 MARMLS
• 1994-02-17 Sold (Public Records) $130,000 Public Records
• 1993-03-23 Sold (Public Records) $94,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $5,760 · -3.2% YoY. Source: county tax records.