1526 Pennsylvania Ave #2 · Miami Beach, FL 33139

$245,000

1 bd · 1.0 ba · 456 sqft · Condo public records · 230 Days on market

Built 1938 $150/mo HOA · 4% of rent

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Why this score? — see what drove the B 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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Appreciation +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks

Part of the FIRST BOUTIQUE RESIDENCE COLLECTION "First on Penn" is a marvelous Art Deco 2 stories building composed by 20 boutique apartments which have been totally renovated & furnished providing a combination of art, sophistication and comfort. This 1/1 front corner unit with plenty of natural light & features beautiful finishes w/ marble flooring and beautiful furnitures. Perfect location, Walking distance to the famous Lincoln Road, all amenities, restaurants, beach and more.

Key facts

• Marble flooring
• Totally renovated
• Art deco building

Tags

• ART DECO BUILDING
• TOTALLY RENOVATED
• MARBLE FLOORING
• FRONT CORNER UNIT

Property features AI

Finance

• Other: $2,875 annual tax (2024)
• Financial info: Lease considered; Pets not allowed
• HOA & community: Monthly association fee of $150 covering water, sewer and trash

Exterior

• Parking: On-street parking
• Security: Key card entry
• Utilities: Has heating; Has cooling
• Home design: 2-story property; Entry on level 1; Attached property
• Construction: Block construction; Resale property
• Exterior features: Open porch; Porch

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Marble flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Wall/window cooling unit(s)
• Interior features: First-floor entry; Bedroom on main level

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $245k.

Deal economics

• At list price, monthly cash flow is $442 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $216k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 soft (-0.4%/yr); 1208 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,364/mo this rent would consume 58% of the median local household income ($70k/yr) (locally 4052% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-2.2%/yr); year-one equity from $2k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 230 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 10y 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 $192k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $215,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 230 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.37% ✓
• Cap rate: 10.55%
• Cash-on-cash: 15.19%
• DSCR: 1.68
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.19% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.82×
• Total profit: $-12,623
• Equity at exit: $45,493

10-year hold

• IRR: -0.8%
• Equity multiple: 0.94×
• Total profit: $-3,903
• Equity at exit: $36,904

Cash invested: $68,600 (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 33139

• Home prices YoY: -0.8%
• Rents YoY: -0.4%
• Active inventory: 1208
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $3,364 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$252 /mo · $3,024/yr
• Insurance: −$102
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$150
• Vacancy / Maint / Mgmt: −$706
• Net cashflow: $442

Break-even live

Break-even rent $2,804

Max offer price $245,000

Occupancy floor 82%

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 42 events

1. 2026-06-18
   days on market $245,000 Active 230 DOM
2. 2026-06-17
   days on market $245,000 Active 229 DOM
3. 2026-06-16
   days on market $245,000 Active 228 DOM
4. 2026-06-15
   days on market $245,000 Active 227 DOM
5. 2026-06-13
   days on market $245,000 Active 225 DOM
6. 2026-06-09
   days on market $245,000 Active 221 DOM
7. 2026-06-08
   days on market $245,000 Active 220 DOM
8. 2026-06-08
   days on market $245,000 Active 219 DOM
9. 2026-06-04
   days on market $245,000 Active 216 DOM
10. 2026-06-03
    days on market $245,000 Active 215 DOM
11. 2026-06-02
    days on market $245,000 Active 214 DOM
12. 2026-06-01
    days on market $245,000 Active 213 DOM
13. 2026-05-31
    days on market $245,000 Active 212 DOM
14. 2025-12-17
    historical $1,650
15. 2025-12-16
    status Active
16. 2025-12-16
    status Pending
17. 2025-12-05
    price $1,650
18. 2025-11-11
    price $1,795
19. 2025-10-31
    listed $245,000 Active
20. 2025-09-26
    price $1,900
21. 2025-09-12
    listed $1,800
22. 2025-09-11
    historical $1,800
23. 2025-09-10
    listed $1,800
24. 2025-09-05
    historical $1,900
25. 2025-06-28
    listed $1,900
26. 2025-06-27
    historical $1,950
27. 2025-04-01
    listed $1,950
28. 2024-12-04
    historical
29. 2024-12-02
    listed $235,000 Active
30. 2024-12-02
    historical
31. 2024-10-24
    price $238,000
32. 2024-08-05
    listed $239,500 Active
33. 2024-05-29
    historical
34. 2024-04-10
    listed $249,500 Active
35. 2023-12-06
    historical
36. 2022-12-07
    listed $249,000 Active
37. 2017-09-30
    historical
38. 2017-04-20
    price $259,000
39. 2017-01-18
    price $264,000
40. 2016-11-10
    price $275,000
41. 2016-09-16
    listed $290,000 Active
42. 2014-03-26
    soldstatus $192,200

ⓘ 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: $3,024 · $252/mo
• Projected year-2 tax: $3,024 · $252/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 8 d/yr ≥101°F today · 31 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: $40,363
• − Mortgage interest: −$13,724
• − Property taxes: −$3,024
• − Insurance: −$6,344
• − Repairs & maintenance: −$3,229
• − Management: −$3,229
• − HOA: −$1,800
• − Depreciation: −$7,127
• Taxable income: $1,886
• Est. tax owed @ 24.0%: −$453
• After-tax cash flow: $4,849/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): 33,753
• Household income: $69,793
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 4052.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 51% White 40% Two or more races 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 15% Salvadoran 3%
• Common ancestry: Lithuanian 3% Scotch-Irish 2% Romanian 2%
• Foreign-born: 56% · Canada, Jamaica, Dominican Republic
• Languages at home: 37% English-only · Spanish 49% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▼ -2.19%
• Current HPI: 277.9321
• Rent YoY: ▼ -0.36%
• 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

-99.1% since first listed

29 events — show timeline

• 2025-12-17 Rental Removed $1,650 MARMLS
• 2025-12-16 Relisted — MARMLS
• 2025-12-16 Pending — MARMLS
• 2025-12-05 Price Changed $1,650 MARMLS
• 2025-11-11 Price Changed $1,795 MARMLS
• 2025-10-31 Listed $245,000 MARMLS
• 2025-09-26 Price Changed $1,900 MARMLS
• 2025-09-12 Listed for Rent $1,800 MARMLS
• 2025-09-11 Rental Removed $1,800 MARMLS
• 2025-09-10 Listed for Rent $1,800 MARMLS
• 2025-09-05 Rental Removed $1,900 MARMLS
• 2025-06-28 Listed for Rent $1,900 MARMLS
• 2025-06-27 Rental Removed $1,950 MARMLS
• 2025-04-01 Listed for Rent $1,950 MARMLS
• 2024-12-04 Listing Removed — MARMLS
• 2024-12-02 Listing Removed — MARMLS
• 2024-12-02 Listed $235,000 MARMLS
• 2024-10-24 Price Changed $238,000 MARMLS
• 2024-08-05 Listed $239,500 MARMLS
• 2024-05-29 Listing Removed — MARMLS
• 2024-04-10 Listed $249,500 MARMLS
• 2023-12-06 Listing Removed — MARMLS
• 2022-12-07 Listed $249,000 MARMLS
• 2017-09-30 Listing Removed — MARMLS
• 2017-04-20 Price Changed $259,000 MARMLS
• 2017-01-18 Price Changed $264,000 MARMLS
• 2016-11-10 Price Changed $275,000 MARMLS
• 2016-09-16 Listed $290,000 MARMLS
• 2014-03-26 Sold (Public Records) $192,200 Public Records

Property tax history

+12.5%/yr

Latest (2025): $3,024 · +5.2% YoY. Source: county tax records.