8040 Tatum Waterway Dr · Miami Beach, FL 33141

$250,000

1 bd · 1.0 ba · 639 sqft · SingleFamily · 31 Days on market

Built 1963

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare find in this beautiful upgraded 2BR/2BA ground-floor waterfront condo in the Historic North Shore (NoBe) Miami Beach. Enjoy direct water views from your kitchen, living room and patio in a quiet, pet-friendly boutique building just 3 blocks from the beach, Bark Beach, and Oceanside Park. Features include a spacious kitchen, hurricane-impact doors and windows, custom interior California shutters, central air, RO water filter system, dimmers, color LED lighting, ceiling fans and on-site laundry. An extra special feature of this property is it's flexible split-unit layout. One of the large bedroom's with it's own bathroom can function as a self-contained studio apartment with private independent access from outside for added privacy, convenience, income opportunity or an ideal set up for guests. Creek Club #3, condominium built in 1963 in classic MiMo architechture, recently completed major upgrades included a new re-roof, building-wide repaint, and CIPP plumbing lining all paid in full. Building is also professionally managed with a knowledgeable hands-on board of directors. Seller is an active Board Member (7+ years) offering transparency and firsthand knowledge of the buildings history, financials, and future plans. --> Next door Unit #4 a lovely 1/1 also available for sale by same owner. Visit www. nobe4sale.com for more info.

Key facts

• Open island kitchen
• Garden view
• Partial water view

Tags

• GARDEN VIEW
• PARTIAL WATER VIEW
• OPEN ISLAND KITCHEN
• HURRICANE-IMPACT DOORS
• RO WATER FILTER SYSTEM
• FUNCTIONAL LIGHTING

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $748 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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.
• Market conditions: Rents flat; 644 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,674/mo this rent would consume 64% of the median local household income ($69k/yr) (locally 3521% 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 (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 31 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $100k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.47% ✓
• Cap rate: 11.93%
• Cash-on-cash: 20.14%
• DSCR: 1.90
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.44% rent growth · sell at horizon

5-year hold

• IRR: -0.7%
• Equity multiple: 0.97×
• Total profit: $-1,774
• Equity at exit: $37,276

10-year hold

• IRR: 5.6%
• Equity multiple: 1.36×
• Total profit: $25,127
• Equity at exit: $21,615

Cash invested: $70,000 (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 33141

• Rents YoY: 0.4%
• Active inventory: 644
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $3,674 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$772
• Net cashflow: $748

Break-even live

Break-even rent $2,727

Max offer price $250,000

Occupancy floor 75%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2025-12-17
   soldstatus Sold 1357-char remark

   Show marketing remark (1357 chars)

   Rare find in this beautiful upgraded 2BR/2BA ground-floor waterfront condo in the Historic North Shore (NoBe) Miami Beach. Enjoy direct water views from your kitchen, living room and patio in a quiet, pet-friendly boutique building just 3 blocks from the beach, Bark Beach, and Oceanside Park. Features include a spacious kitchen, hurricane-impact doors and windows, custom interior California shutters, central air, RO water filter system, dimmers, color LED lighting, ceiling fans and on-site laundry. An extra special feature of this property is it's flexible split-unit layout. One of the large bedroom's with it's own bathroom can function as a self-contained studio apartment with private independent access from outside for added privacy, convenience, income opportunity or an ideal set up for guests. Creek Club #3, condominium built in 1963 in classic MiMo architechture, recently completed major upgrades included a new re-roof, building-wide repaint, and CIPP plumbing lining all paid in full. Building is also professionally managed with a knowledgeable hands-on board of directors. Seller is an active Board Member (7+ years) offering transparency and firsthand knowledge of the buildings history, financials, and future plans. --> Next door Unit #4 a lovely 1/1 also available for sale by same owner. Visit www. nobe4sale.com for more info.

2. 2025-12-13
   historical Under Contract 1357-char remark

   Show marketing remark (1357 chars)

   Rare find in this beautiful upgraded 2BR/2BA ground-floor waterfront condo in the Historic North Shore (NoBe) Miami Beach. Enjoy direct water views from your kitchen, living room and patio in a quiet, pet-friendly boutique building just 3 blocks from the beach, Bark Beach, and Oceanside Park. Features include a spacious kitchen, hurricane-impact doors and windows, custom interior California shutters, central air, RO water filter system, dimmers, color LED lighting, ceiling fans and on-site laundry. An extra special feature of this property is it's flexible split-unit layout. One of the large bedroom's with it's own bathroom can function as a self-contained studio apartment with private independent access from outside for added privacy, convenience, income opportunity or an ideal set up for guests. Creek Club #3, condominium built in 1963 in classic MiMo architechture, recently completed major upgrades included a new re-roof, building-wide repaint, and CIPP plumbing lining all paid in full. Building is also professionally managed with a knowledgeable hands-on board of directors. Seller is an active Board Member (7+ years) offering transparency and firsthand knowledge of the buildings history, financials, and future plans. --> Next door Unit #4 a lovely 1/1 also available for sale by same owner. Visit www. nobe4sale.com for more info.

3. 2025-12-13
   historical Under Contract

   Show marketing remark (1357 chars)

   Rare find in this beautiful upgraded 2BR/2BA ground-floor waterfront condo in the Historic North Shore (NoBe) Miami Beach. Enjoy direct water views from your kitchen, living room and patio in a quiet, pet-friendly boutique building just 3 blocks from the beach, Bark Beach, and Oceanside Park. Features include a spacious kitchen, hurricane-impact doors and windows, custom interior California shutters, central air, RO water filter system, dimmers, color LED lighting, ceiling fans and on-site laundry. An extra special feature of this property is it's flexible split-unit layout. One of the large bedroom's with it's own bathroom can function as a self-contained studio apartment with private independent access from outside for added privacy, convenience, income opportunity or an ideal set up for guests. Creek Club #3, condominium built in 1963 in classic MiMo architechture, recently completed major upgrades included a new re-roof, building-wide repaint, and CIPP plumbing lining all paid in full. Building is also professionally managed with a knowledgeable hands-on board of directors. Seller is an active Board Member (7+ years) offering transparency and firsthand knowledge of the buildings history, financials, and future plans. --> Next door Unit #4 a lovely 1/1 also available for sale by same owner. Visit www. nobe4sale.com for more info.

4. 2025-11-12
   listed $350,000 Active 1357-char remark

   Show marketing remark (1357 chars)

   Rare find in this beautiful upgraded 2BR/2BA ground-floor waterfront condo in the Historic North Shore (NoBe) Miami Beach. Enjoy direct water views from your kitchen, living room and patio in a quiet, pet-friendly boutique building just 3 blocks from the beach, Bark Beach, and Oceanside Park. Features include a spacious kitchen, hurricane-impact doors and windows, custom interior California shutters, central air, RO water filter system, dimmers, color LED lighting, ceiling fans and on-site laundry. An extra special feature of this property is it's flexible split-unit layout. One of the large bedroom's with it's own bathroom can function as a self-contained studio apartment with private independent access from outside for added privacy, convenience, income opportunity or an ideal set up for guests. Creek Club #3, condominium built in 1963 in classic MiMo architechture, recently completed major upgrades included a new re-roof, building-wide repaint, and CIPP plumbing lining all paid in full. Building is also professionally managed with a knowledgeable hands-on board of directors. Seller is an active Board Member (7+ years) offering transparency and firsthand knowledge of the buildings history, financials, and future plans. --> Next door Unit #4 a lovely 1/1 also available for sale by same owner. Visit www. nobe4sale.com for more info.

5. 2025-11-12
   listed $250,000 Active

   Show marketing remark (1357 chars)

   Rare find in this beautiful upgraded 2BR/2BA ground-floor waterfront condo in the Historic North Shore (NoBe) Miami Beach. Enjoy direct water views from your kitchen, living room and patio in a quiet, pet-friendly boutique building just 3 blocks from the beach, Bark Beach, and Oceanside Park. Features include a spacious kitchen, hurricane-impact doors and windows, custom interior California shutters, central air, RO water filter system, dimmers, color LED lighting, ceiling fans and on-site laundry. An extra special feature of this property is it's flexible split-unit layout. One of the large bedroom's with it's own bathroom can function as a self-contained studio apartment with private independent access from outside for added privacy, convenience, income opportunity or an ideal set up for guests. Creek Club #3, condominium built in 1963 in classic MiMo architechture, recently completed major upgrades included a new re-roof, building-wide repaint, and CIPP plumbing lining all paid in full. Building is also professionally managed with a knowledgeable hands-on board of directors. Seller is an active Board Member (7+ years) offering transparency and firsthand knowledge of the buildings history, financials, and future plans. --> Next door Unit #4 a lovely 1/1 also available for sale by same owner. Visit www. nobe4sale.com for more info.

6. 2024-06-06
   historical $1,950
7. 2024-03-28
   listed $1,950

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 27 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,086
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$6,368
• − Repairs & maintenance: −$3,527
• − Management: −$3,527
• − Depreciation: −$7,273
• Taxable income: $5,637
• Est. tax owed @ 24.0%: −$1,353
• After-tax cash flow: $7,624/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)

No district data.

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): 36,438
• Household income: $68,738
• Rent vs Own: 62.5% rent · 37.5% own
• Severe rent burden: 3521.0

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: Predominantly Hispanic (67%)
• Race & ethnicity: Hispanic / Latino 67% Two or more races 36% White 20% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 27% Salvadoran 6%
• Common ancestry: Scotch-Irish 2% Romanian 2% Armenian 1%
• Foreign-born: 62% · Canada, Jamaica, Dominican Republic
• Languages at home: 18% English-only · Spanish 69% Other Indo-European 4% 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: ▼ -472.71%
• Current HPI: 336.7298
• Rent YoY: ▲ 0.44%
• 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

+17848.7% since first listed

7 events — show timeline

• 2025-12-17 Sold (MLS) — ForSaleByOwner.com
• 2025-12-13 Contingent — ForSaleByOwner.com
• 2025-12-13 Contingent — ForSaleByOwner.com
• 2025-11-12 Listed $350,000 ForSaleByOwner.com
• 2025-11-12 Listed $250,000 ForSaleByOwner.com
• 2024-06-06 Rental Removed $1,950 VLS
• 2024-03-28 Listed for Rent $1,950 VLS