3581 SW 117th Ave Unit 5-308

Westchester, FL 33175

$263,000D-

1 bd · 1.0 ba · 760 sqft · Built 1981 · Condo · Active · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,291/mo
• Mortgage (P&I): −$1,379
• Tax + insurance: −$441
• HOA: −$339
• Vac / Maint / Mgmt: −$481
• Net cashflow: $-349/mo
• Annual: $-4,191/yr
• Cap rate: 5.00%
• Cash-on-cash: -4.61%
• DSCR: 0.79
• 1% rule: 0.87%
• Cash to close: $73,640

Investor read

• This is a 1-bed/1.0-bath condo listed at $263k.
• At list price, monthly cash flow is $-349 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (23.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (12.9% below list).
• It's been on market 88 days — a 6% lower offer ($247k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $201k (23.5% 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 $8k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#26 in FL, #589 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, health & safety A+; Watch: cost of living D.
• 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.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+4.2%/yr); 188 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 5 sale attempts since 3y ago; this cycle's ask is 12729% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.0% vs local median 3.4% in Westchester — 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 35% of the median local income ($78k/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 88 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• 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.
• 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?