5005 Collins Ave #518 · Miami Beach, FL 33140

$399,000

1 bd · 1.0 ba · 938 sqft · Condo public records · 101 Days on market

Built 1964

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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).

• Cash flow +8.7/30.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• 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 +2.4/10.0

Listing remarks

Miami Beach- Millionaire's Row - AMAZING "SOUTH EXPOSURE WITH SIDE VIEW TO THE OCEAN" AND Lazy-River, Garden , Pool/Deck - this light & bright One-of-a Kind unit 1 Bedroom CONVERTED TO TWO BEDROOMS WITH SEPARATE ENTRANCE (enclosed balcony for additional space) and 1 Bathroom. FULL Service Building: Beachfront Heated Swimming Pool & Beach Chair, Gym, Hair Salon, 24-Hour Concierge, Garage Parking and Valet Parking and access to the Board Walk. Special assessment to be paid by Seller.

Key facts

• Valet parking
• Separate entrance
• Enclosed balcony

Tags

• SOUTH EXPOSURE VIEW
• 24 HOUR CONCIERGE
• VALET PARKING
• SEPARATE ENTRANCE
• ENCLOSED BALCONY

Property features AI

Finance

• Financial info: Pets: conditional or not allowed (restrictions may apply)
• HOA & community: Monthly association fee; Association fee covers cable TV, hot water, insurance, internet, laundry, parking, pest control, pool(s), reserve fund, sewer and water; Community amenities include bike storage, clubhouse, fitness center, laundry, library, barbecue, picnic area, playground, pool, spa/hot tub and trash service

Exterior

• Parking: Assigned covered parking (1 space); 1-car garage
• Security: Closed circuit cameras; Intercom; Smoke detectors
• Utilities: Cable available; Water, sewer and power included in association (see HOA includes)
• Home design: Condo/Apartment in a 16-story building; Faces south; Entry on level 5; Property attached
• Construction: Block construction; Resale property
• Exterior features: Heated pool; Ocean front with ocean access; Complex fenced

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: Bedroom on main level; Convertible bedroom
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric cooling
• Interior features: Built-in features; Eat-in kitchen; Living/dining room; Walk-in closet(s); Blinds; Impact glass
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $399k.

Deal economics

• At list price, monthly cash flow is $-400 ($-5k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Recommended offer: $363k (9.0% below list) — sets the bar for market timing.
• Cap rate 5.3% 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.
• Market conditions: Rents rising (+3.5%/yr); 673 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 $7k of equity ($3k loan paydown + $4k 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 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($363k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $146k; list at $399k implies a 173% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 31% 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 $363,090 (9.0% 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 101 days. Have you received any prior offers? Is the seller open to a 9% 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: 1.17% ✓
• Cap rate: 5.29%
• Cash-on-cash: -3.58%
• DSCR: 0.84
• GRM: 7.1

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: -2.7%
• Equity multiple: 0.86×
• Total profit: $-15,370
• Equity at exit: $135,484

10-year hold

• IRR: 3.0%
• Equity multiple: 1.37×
• Total profit: $41,653
• Equity at exit: $179,485

Cash invested: $111,720 (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: 673
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $4,663 medium
• Mortgage (P&I): −$2,092
• Tax from tax record: −$292 /mo · $3,501/yr
• Insurance: −$166
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 5 same-building comps: −$1,467
• Vacancy / Maint / Mgmt: −$979
• Net cashflow: $-400

Break-even live

Break-even rent $5,169

Max offer price $328,314

Occupancy floor —

Sensitivity live

Price	-10% $-174	-5% $-287	+0% $-400	+5% $-513	+10% $-626
Rent	-10% $-769	-5% $-584	+0% $-400	+5% $-216	+10% $-32
Rate	-1.0pp $-199	-0.5pp $-299	base $-400	+0.5pp $-504	+1.0pp $-609

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: poolgymdoorman
• ⚠ Special-assessment mentions:

  …& Beach Chair, Gym, Hair Salon, 24-Hour Concierge, Garage Parking and Valet Parking and access to the Board Walk. Special assessment to be paid by Seller.

Listing history 18 events

1. 2026-06-21
   days on market $399,000 Active 101 DOM
2. 2026-06-18
   days on market $399,000 Active 98 DOM
3. 2026-06-17
   days on market $399,000 Active 97 DOM
4. 2026-06-16
   days on market $399,000 Active 96 DOM
5. 2026-06-15
   days on market $399,000 Active 95 DOM
6. 2026-06-13
   days on market $399,000 Active 93 DOM
7. 2026-06-09
   days on market $399,000 Active 89 DOM
8. 2026-06-08
   days on market $399,000 Active 88 DOM
9. 2026-06-07
   days on market $399,000 Active 87 DOM
10. 2026-06-04
    days on market $399,000 Active 84 DOM
11. 2026-06-03
    days on market $399,000 Active 83 DOM
12. 2026-06-02
    days on market $399,000 Active 82 DOM
13. 2026-06-01
    days on market $399,000 Active 81 DOM
14. 2026-05-31
    days on market $399,000 Active 80 DOM
15. 2026-05-22
    price $399,000
16. 2026-03-12
    listed $410,000 Active
17. 2001-05-04
    soldstatus $146,000
18. 1989-10-27
    soldstatus $88,000

ⓘ 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: $3,501 · $292/mo
• Projected year-2 tax: $3,501 · $292/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: −$22,350
• − Property taxes: −$3,501
• − Insurance: −$2,792
• − Repairs & maintenance: −$4,476
• − Management: −$4,476
• − HOA: −$17,604
• − Depreciation: −$11,607
• Taxable loss: −$10,853
• Est. tax savings @ 24.0%: +$2,605
• After-tax cash flow: $-2,197/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

+353.4% since first listed

4 events — show timeline

• 2026-05-22 Price Changed $399,000 MARMLS
• 2026-03-12 Listed $410,000 MARMLS
• 2001-05-04 Sold (Public Records) $146,000 Public Records
• 1989-10-27 Sold (Public Records) $88,000 Public Records

Property tax history

+0.1%/yr

Latest (2025): $3,501 · +3.2% YoY. Source: county tax records.