2638 SE 21st Ct Unit 205-C · Homestead, FL 33035

$250,000

2 bd · 2.0 ba · 1,160 sqft · Condo public records · 25 Days on market

Built 1989 $150/mo HOA · 7% of rent

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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 +11.7/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• 1% rule +4.1/10.0
• Livability +3.9/5.0
• DSCR +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +2.4/10.0
• Rent growth +1.7/5.0

Listing remarks MLS

Beautiful 2/2 condo in the highly sought-after community of Keys Gate. Resort style living! Second floor unit with lots of natural light. Both bedrooms are quite spacious, large living area with adjacent screened-in patio and eat-in kitchen. Not a Short Sale. Not an REO Includes: AT & T Uverse cable, internet, water, security and access to the Royal Palm Clubhouse (gym, tennis court, pool and renovated deck area, billiards rooms, Swedish sauna, locker rooms, and community library).

Key facts

• Near dining
• Clubhouse
• Barbecue area

Tags

• CLUBHOUSE
• BARBECUE AREA
• TENNIS COURTS
• COMMON AREAS
• NEAR SHOPPING
• NEAR DINING

Property features AI

Finance

• Financial info: Pets allowed with size limit (maximum 20 lbs)
• HOA & community: Monthly association fee; Association amenities: clubhouse, fitness center, pool, sauna, tennis courts, billiard room, library; Association fee covers amenities, common areas, cable TV, internet, structure maintenance, sewer, trash, water

Exterior

• Parking: Assigned parking; Guest parking
• Security: Complex fenced; Security guard
• Utilities: Water service included in association; Sewer service included in association; Cable and internet included in association; Electric service; Trash service included in association
• Home design: Attached property; 2 stories; Entry on level 2
• Construction: Block construction; Effective year built
• Exterior features: Balcony; Screened balcony/porch; Association pool

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceramic tile flooring
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $-138 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (8.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (8.6% below list).
• Recommended offer: $229k (8.6% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.5% in Homestead — 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 78/100 on livability (#158 in FL, #2,408 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-.
• 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: Gateway Environmental K-8 Learning Center (math 23% / reading 34%, grade F, #1,943 of 2,144 statewide, top 91%, 1,355 students, 74% FRL); Homestead Middle School (math 23% / reading 25%, grade F, #532 of 571 statewide, top 94%, 666 students, 81% FRL); Homestead Senior High School (math 24% / reading 23%, grade F, #533 of 667 statewide, top 80%, 2,020 students, 74% FRL).
• Zoned-school proficiency averages 25% at this address vs 50% district-wide (-24 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Market conditions: Rents falling (-3.2%/yr); 466 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).

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 25 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y ago; this cycle's ask is 9% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $109k; list at $250k implies a 129% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→35/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $228,575 (8.6% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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?
7. 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?
8. 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.
9. 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.
10. 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: 0.91% ✗
• Cap rate: 5.95%
• Cash-on-cash: -1.23%
• DSCR: 0.95
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -24.0%
• Equity multiple: 0.20×
• Total profit: $-55,857
• Equity at exit: $37,276

10-year hold

• IRR: -33.2%
• Equity multiple: -0.22×
• Total profit: $-85,198
• 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 33035

• Home prices YoY: -1.4%
• Rents YoY: -3.2%
• Active inventory: 466
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,286 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$150
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $-138

Break-even live

Break-even rent $2,461

Max offer price $229,972

Occupancy floor —

Sensitivity live

Price	-10% $34	-5% $-52	+0% $-138	+5% $-225	+10% $-311
Rent	-10% $-319	-5% $-229	+0% $-138	+5% $-48	+10% $42
Rate	-1.0pp $-13	-0.5pp $-75	base $-138	+0.5pp $-203	+1.0pp $-269

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: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2603 SE 20th Ct Unit 102A Homestead, FL	2.0	2.0	1070	$2,000	$1.87	9d	1	0.01mi
2603 SE 20th Ct Unit 102A Homestead, FL	2.0	2.0	1070	$2,000	$1.87	26d	1	0.01mi
2621 SE 21st Ct Unit 105B Homestead, FL	2.0	2.0	1070	$2,100	$1.96	26d	1	0.02mi
2277 SE 27th Dr Homestead, FL	2.0	2.0	1070	$2,200	$2.06	26d	1	0.06mi
1857 SE 26th Ter Homestead, FL	3.0	3.0	1328	$2,550	$1.92	26d	1	0.08mi
2629 SE 19th Ct Homestead, FL	2.0	2.0	1070	$2,000	$1.87	26d	1	0.09mi
2622 SE 19th Ct Unit 207B Homestead, FL	3.0	2.0	1310	$2,200	$1.68	4d	1	0.09mi
2601 SE 19th Ct Homestead, FL	2.0	2.0	1070	$2,300	$2.15	26d	1	0.09mi
2518 SE 20th Pl Unit 203B Homestead, FL	2.0	2.0	1040	$2,000	$1.92	5d	1	0.10mi
2518 SE 20th Pl Unit 203B Homestead, FL	2.0	2.0	1040	$2,000	$1.92	4d	1	0.10mi
2637 SE 17th St Unit Na Homestead, FL	3.0	2.5	1483	$2,290	$1.54	22d	1	0.13mi
2699 SE 19th St Unit 2699 Homestead, FL	3.0	3.0	1328	$2,500	$1.88	26d	1	0.14mi
2525 SE 19th Pl Unit 105B Homestead, FL	3.0	2.0	1220	$2,200	$1.80	26d	1	0.14mi
1879 SE 27th Ter Homestead, FL	3.0	2.5	1393	$2,500	$1.79	26d	1	0.16mi
1879 SE 27th Ter Homestead, FL	3.0	2.5	1393	$2,500	$1.79	7d	1	0.16mi
1791 SE 27th Ter Unit 1791 Homestead, FL	3.0	2.5	1483	$2,500	$1.69	9d	1	0.17mi
2644 SE 15th Ct Unit 2644 Homestead, FL	3.0	2.5	1483	$2,450	$1.65	4d	1	0.18mi
2644 SE 15th Ct Unit Galo Homestead, FL	3.0	2.5	1483	$2,450	$1.65	22d	1	0.18mi
2732 SE 26th Ave Unit 2732 Homestead, FL	3.0	2.5	1414	$2,500	$1.77	26d	1	0.18mi
1864 SE 27th Rd Unit 1864 Homestead, FL	3.0	2.5	1483	$2,350	$1.58	26d	1	0.19mi
1845 SE 27th Rd Homestead, FL	3.0	2.5	1483	$2,500	$1.69	0d	1	0.20mi
1845 SE 27th Rd Homestead, FL	3.0	2.5	1483	$2,500	$1.69	26d	1	0.20mi
2201 SE 24th Pl #2201 Homestead, FL	2.0	2.5	1370	$1,850	$1.35	26d	1	0.21mi
1695 SE 27th Rd #1695 Homestead, FL	3.0	2.5	1483	$2,400	$1.62	26d	1	0.23mi
2729 SE 26th Rd #2729 Homestead, FL	3.0	3.0	1328	$2,400	$1.81	26d	1	0.24mi
2725 SE 26th Rd Unit 2725 Homestead, FL	3.0	2.5	1414	$2,500	$1.77	26d	1	0.24mi
2414 SE 21st St Homestead, FL	2.0	2.5	1431	$2,500	$1.75	26d	1	0.25mi
2624 SE 25th Ct Homestead, FL	3.0	3.0	1328	$2,800	$2.11	3d	1	0.27mi
2424 SE 19th Ct Unit 2424 Homestead, FL	2.0	2.5	1431	$2,150	$1.50	0d	1	0.28mi
2424 SE 19th Ct Unit 2424 Homestead, FL	2.0	2.5	1431	$2,200	$1.54	14d	1	0.28mi
2702 SE 15th St Homestead, FL	3.0	3.0	1328	$3,200	$2.41	26d	1	0.28mi
2877 SE 24th Ct Homestead, FL	3.0	2.5	1334	$2,900	$2.17	26d	1	0.28mi
1541 SE 27th Rd Homestead, FL	3.0	3.0	1328	$2,500	$1.88	26d	1	0.29mi
1541 SE 27th Rd Homestead, FL	3.0	3.0	1328	$2,500	$1.88	19d	1	0.29mi
1537 SE 27th Rd Homestead, FL	3.0	2.5	1393	$2,500	$1.79	26d	1	0.29mi
2205 SE 23rd Rd Homestead, FL	3.0	2.5	1452	$2,600	$1.79	26d	1	0.29mi
1521 SE 27th Rd Homestead, FL	3.0	2.5	1393	$2,500	$1.79	26d	1	0.30mi
2320 SE 23rd Rd #2320 Homestead, FL	3.0	2.5	1452	$2,250	$1.55	26d	1	0.30mi
2320 SE 23rd Rd #2320 Homestead, FL	3.0	2.5	1452	$2,250	$1.55	9d	1	0.30mi
2764 SE 26th Ave Unit 2764 Homestead, FL	3.0	2.5	1483	$2,499	$1.69	26d	1	0.30mi

HOA detail condo

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

Listing history 37 events

1. 2026-06-21
   days on market $250,000 Active 25 DOM
2. 2026-06-18
   days on market $250,000 Active 22 DOM
3. 2026-06-17
   days on market $250,000 Active 21 DOM
4. 2026-06-16
   days on market $250,000 Active 20 DOM
5. 2026-06-15
   days on market $250,000 Active 19 DOM
6. 2026-06-13
   days on market $250,000 Active 17 DOM
7. 2026-06-09
   days on market $250,000 Active 13 DOM
8. 2026-06-08
   days on market $250,000 Active 12 DOM
9. 2026-06-07
   days on market $250,000 Active 11 DOM
10. 2026-06-04
    days on market $250,000 Active 8 DOM
11. 2026-06-03
    days on market $250,000 Active 7 DOM
12. 2026-06-02
    days on market $250,000 Active 6 DOM
13. 2026-06-01
    days on market $250,000 Active 5 DOM
14. 2026-05-31
    days on market $250,000 Active 4 DOM
15. 2026-05-25
    historical
16. 2026-05-12
    price $200,000
17. 2026-04-19
    price $210,000
18. 2026-03-14
    price $215,000
19. 2026-02-06
    listed $230,000 Active
20. 2017-08-08
    soldstatus $109,000
21. 2017-08-02
    soldstatus $109,000 Sold 491-char remark

    Show marketing remark (491 chars)

    Beautiful 2/2 condo in the highly sought-after community of Keys Gate. Resort style living! Second floor unit with lots of natural light. Both bedrooms are quite spacious, large living area with adjacent screened-in patio and eat-in kitchen. Not a Short Sale. Not an REO Includes: AT & T Uverse cable, internet, water, security and access to the Royal Palm Clubhouse (gym, tennis court, pool and renovated deck area, billiards rooms, Swedish sauna, locker rooms, and community library).

22. 2017-07-07
    status Pending 491-char remark

    Show marketing remark (491 chars)

    Beautiful 2/2 condo in the highly sought-after community of Keys Gate. Resort style living! Second floor unit with lots of natural light. Both bedrooms are quite spacious, large living area with adjacent screened-in patio and eat-in kitchen. Not a Short Sale. Not an REO Includes: AT & T Uverse cable, internet, water, security and access to the Royal Palm Clubhouse (gym, tennis court, pool and renovated deck area, billiards rooms, Swedish sauna, locker rooms, and community library).

23. 2017-05-31
    price $109,900 491-char remark

    Show marketing remark (491 chars)

    Beautiful 2/2 condo in the highly sought-after community of Keys Gate. Resort style living! Second floor unit with lots of natural light. Both bedrooms are quite spacious, large living area with adjacent screened-in patio and eat-in kitchen. Not a Short Sale. Not an REO Includes: AT & T Uverse cable, internet, water, security and access to the Royal Palm Clubhouse (gym, tennis court, pool and renovated deck area, billiards rooms, Swedish sauna, locker rooms, and community library).

24. 2017-05-04
    listed $115,000 Active 491-char remark

    Show marketing remark (491 chars)

    Beautiful 2/2 condo in the highly sought-after community of Keys Gate. Resort style living! Second floor unit with lots of natural light. Both bedrooms are quite spacious, large living area with adjacent screened-in patio and eat-in kitchen. Not a Short Sale. Not an REO Includes: AT & T Uverse cable, internet, water, security and access to the Royal Palm Clubhouse (gym, tennis court, pool and renovated deck area, billiards rooms, Swedish sauna, locker rooms, and community library).

25. 2016-09-26
    historical
26. 2016-09-15
    price $114,000
27. 2016-07-27
    listed $115,000 Active
28. 2016-02-18
    historical
29. 2016-02-01
    listed $105,000 Active
30. 2015-10-09
    historical
31. 2015-10-09
    status Pending
32. 2015-09-18
    price $42,500
33. 2015-02-10
    price $62,500
34. 2015-02-07
    price $70,100
35. 2015-02-06
    listed $79,500 Active
36. 1994-07-14
    soldstatus $61,400
37. 1993-05-01
    soldstatus $5,000,000

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 8 d/yr ≥106°F today · 35 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: $27,429
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$2,048
• − Repairs & maintenance: −$2,194
• − Management: −$2,194
• − HOA: −$1,800
• − Depreciation: −$7,273
• Taxable loss: −$5,834
• Est. tax savings @ 24.0%: +$1,400
• After-tax cash flow: $-261/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 — Homestead

• Score: 78/100
• State rank: #158
• US rank: #2408

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homestead, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 191,470
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 17,202
• Household income: $68,354
• Rent vs Own: 49.5% rent · 50.5% own
• Severe rent burden: 687.0

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 0.55)
• Race & ethnicity: Hispanic / Latino 63% Two or more races 35% Black 18% White 12%
• Hispanic origin (detail): Mexican 6% Puerto Rican 13% Cuban 25% Dominican 2% Salvadoran 1%
• Common ancestry: Hispanic 6% Lithuanian 3% Estonian 1%
• Foreign-born: 33% · Canada, Dominican Republic, Jamaica
• Languages at home: 32% English-only · Spanish 60% French/Haitian/Cajun 7% Other Indo-European 1%

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: ▼ -5.24%
• Current HPI: 369.3031
• Rent YoY: ▼ -3.20%
• 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

-96.0% since first listed

23 events — show timeline

• 2026-05-25 Listing Removed — MARMLS
• 2026-05-12 Price Changed $200,000 MARMLS
• 2026-04-19 Price Changed $210,000 MARMLS
• 2026-03-14 Price Changed $215,000 MARMLS
• 2026-02-06 Listed $230,000 MARMLS
• 2017-08-08 Sold (Public Records) $109,000 Public Records
• 2017-08-02 Sold (MLS) $109,000 MARMLS
• 2017-07-07 Pending — MARMLS
• 2017-05-31 Price Changed $109,900 MARMLS
• 2017-05-04 Listed $115,000 MARMLS
• 2016-09-26 Listing Removed — MARMLS
• 2016-09-15 Price Changed $114,000 MARMLS
• 2016-07-27 Listed $115,000 MARMLS
• 2016-02-18 Listing Removed — MARMLS
• 2016-02-01 Listed $105,000 MARMLS
• 2015-10-09 Listing Removed — MARMLS
• 2015-10-09 Pending — MARMLS
• 2015-09-18 Price Changed $42,500 MARMLS
• 2015-02-10 Price Changed $62,500 MARMLS
• 2015-02-07 Price Changed $70,100 MARMLS
• 2015-02-06 Listed $79,500 MARMLS
• 1994-07-14 Sold (Public Records) $61,400 Public Records
• 1993-05-01 Sold (Public Records) $5,000,000 Public Records

Property tax history

-8.9%/yr

Latest (2025): $247 · +4.8% YoY. Source: county tax records.