540 Brickell Key Dr #202 · Miami, FL 33131

$320,000

1 bd · 1.0 ba · 770 sqft · Condo public records · 96 Days on market

Built 1991 $1155/mo HOA · 28% 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 +12.2/30.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Appreciation +4.0/10.0
• Livability +3.9/5.0
• DSCR +3.6/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0

Listing remarks

Spacious 1BD/1.5BA residence at Brickell Key II with 770 SF of living space. Features a functional layout, tile floors, and bright interiors. Enjoy resort-style amenities including waterfront pool, fitness center, sauna, party room, valet, and 24/7 security. Located on a private island just minutes from Brickell City Centre, dining, shopping, and entertainment.

Key facts

• Fitness center
• Sauna
• Waterfront pool

Tags

• WATERFRONT POOL
• FITNESS CENTER
• SAUNA
• PARTY ROOM
• VALET
• 24/7 SECURITY

Property features AI

Finance

• Financial info: Pets allowed with restrictions
• HOA & community: Monthly association fee; Association fee includes HVAC; Association provides trash service

Exterior

• Parking: 1 covered parking space; 1-space garage
• Security: Complex fenced
• Utilities: Central heating and cooling
• Home design: Attached property; Entry 202
• Construction: Block construction; Resale property; 18 total stories
• Exterior features: Storm/security shutters; Complex is fenced

Interior

• Kitchen: Dishwasher
• Bedrooms: Bedroom located on the main level
• Flooring: Vinyl flooring
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• 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 $320k.

Deal economics

• At list price, monthly cash flow is $-492 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $233k (27.2% below list).
• Meets the 1% rule at list price ($4k rent vs $320k).
• Recommended offer: $233k (27.2% below list) — sets the bar for cash-flow.
• Cap rate 6.0% vs local median 1.9% in Miami — 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 (#177 in FL, #2,724 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F, 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.
• Zoned schools: Southside Preparatory Academy (math 54% / reading 61%, grade C+, #764 of 2,144 statewide, top 36%, 929 students, 39% FRL); Shenandoah Middle School (math 34% / reading 44%, grade F, #381 of 571 statewide, top 67%, 1,296 students, 72% FRL); Booker T. Washington Senior High (math 12% / reading 19%, grade F, #604 of 667 statewide, top 91%, 1,014 students, 60% FRL).
• Zoned-school proficiency averages 37% at this address vs 50% district-wide (-12 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 rising (+2.0%/yr); 1019 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-2.1%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 96 days — a 9% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 11y ago; this cycle's ask has dropped $40k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $195k; list at $320k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 28% of rent.
• 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 5→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $233,116 (27.2% 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 96 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
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 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?
9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.30% ✓
• Cap rate: 6.05%
• Cash-on-cash: -0.87%
• DSCR: 0.96
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.09% appreciation · 2.04% rent growth · sell at horizon

5-year hold

• IRR: -22.0%
• Equity multiple: 0.18×
• Total profit: $-73,850
• Equity at exit: $60,779

10-year hold

• IRR: -18.2%
• Equity multiple: -0.18×
• Total profit: $-105,589
• Equity at exit: $50,642

Cash invested: $89,600 (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 33131

• Home prices YoY: -0.7%
• Rents YoY: 2.0%
• Active inventory: 1019
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $4,157 medium
• Mortgage (P&I): −$1,678
• Tax from tax record: −$383 /mo · $4,590/yr
• Insurance: −$133
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,155
• Vacancy / Maint / Mgmt: −$873
• Net cashflow: $-492

Break-even live

Break-even rent $4,779

Max offer price $233,116

Occupancy floor —

Sensitivity live

Price	-10% $-311	-5% $-401	+0% $-492	+5% $-582	+10% $-673
Rent	-10% $-820	-5% $-656	+0% $-492	+5% $-328	+10% $-163
Rate	-1.0pp $-331	-0.5pp $-410	base $-492	+0.5pp $-575	+1.0pp $-659

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
601 NE 1st Ave Unit 1227496P Miami, FL	3.0	1.0–3.0	904	$8,354	$9.24	1d	4	0.99mi

HOA detail condo

• Monthly dues: $1,155 · $13,860/yr
• Likely covers: waterpoolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-21
   days on market $320,000 Active 96 DOM
2. 2026-06-18
   days on market $320,000 Active 93 DOM
3. 2026-06-17
   days on market $320,000 Active 92 DOM
4. 2026-06-16
   days on market $320,000 Active 91 DOM
5. 2026-06-15
   days on market $320,000 Active 90 DOM
6. 2026-06-13
   days on market $320,000 Active 88 DOM
7. 2026-06-09
   days on market $320,000 Active 84 DOM
8. 2026-06-08
   days on market $320,000 Active 83 DOM
9. 2026-06-07
   days on market $320,000 Active 82 DOM
10. 2026-06-04
    days on market $320,000 Active 79 DOM
11. 2026-06-03
    days on market $320,000 Active 78 DOM
12. 2026-06-02
    pricedays on market $320,000 Active 77 DOM
13. 2026-06-01
    days on market $360,000 Active 76 DOM
14. 2026-05-31
    days on market $360,000 Active 75 DOM
15. 2026-04-14
    historical $2,800
16. 2026-03-17
    listed $360,000 Active
17. 2026-03-09
    historical
18. 2026-03-07
    listed $2,800
19. 2025-10-20
    listed $380,000 Active
20. 2025-10-15
    historical
21. 2025-07-14
    historical
22. 2025-04-15
    listed $380,000 Active
23. 2025-04-15
    listed $380,000 Active
24. 2025-03-24
    historical $3,850
25. 2025-03-09
    listed $3,850
26. 2025-02-25
    historical $3,850
27. 2025-02-21
    listed $3,850
28. 2024-09-09
    historical
29. 2024-04-23
    historical $3,000
30. 2024-04-03
    listed $3,000
31. 2023-12-19
    price $380,000
32. 2023-12-13
    price $430,000
33. 2023-09-07
    listed $460,000 Active
34. 2023-06-07
    historical
35. 2023-05-31
    status Active
36. 2023-04-21
    status Active
37. 2023-02-08
    listed $360,000 Active
38. 2018-06-09
    historical
39. 2018-01-09
    listed $259,900 Active
40. 2017-04-24
    historical
41. 2016-12-11
    price $240,000
42. 2016-11-16
    price $280,000
43. 2016-09-27
    price $249,000
44. 2016-09-26
    price $239,000
45. 2016-08-11
    price $258,000
46. 2016-04-29
    listed $255,000 Active
47. 2015-09-21
    soldstatus $195,000
48. 2015-08-24
    soldstatus $195,000 Sold
49. 2015-05-08
    listed $209,000 Active
50. 1994-11-29
    soldstatus $60,000

ⓘ 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: $4,590 · $383/mo
• Projected year-2 tax: $4,590 · $383/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 1/10 Low
• 🌡 Heat 10/10 Extreme 5 d/yr ≥103°F today · 19 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: $49,879
• − Mortgage interest: −$17,925
• − Property taxes: −$4,590
• − Insurance: −$6,718
• − Repairs & maintenance: −$3,990
• − Management: −$3,990
• − HOA: −$13,860
• − Depreciation: −$9,309
• Taxable loss: −$10,505
• Est. tax savings @ 24.0%: +$2,521
• After-tax cash flow: $-3,381/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

• Score: 78/100
• State rank: #177
• US rank: #2724

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 827,308
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 23,095
• Household income: $144,138
• Rent vs Own: 63.0% rent · 37.0% own
• Severe rent burden: 1866.0

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 0.61)
• Race & ethnicity: Hispanic / Latino 52% Two or more races 35% White 33% Asian 4% Black 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4% Cuban 8% Dominican 1% Salvadoran 3%
• Common ancestry: Romanian 2% Scotch-Irish 2% Estonian 2%
• Foreign-born: 54% · Canada, Jamaica, Dominican Republic
• Languages at home: 30% English-only · Spanish 53% Other Indo-European 6% French/Haitian/Cajun 4%

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: ▼ -2.09%
• Current HPI: 281.1156
• Rent YoY: ▲ 2.04%
• 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

-95.3% since first listed

36 events — show timeline

• 2026-04-14 Rental Removed $2,800 MARMLS
• 2026-03-17 Listed $360,000 MARMLS
• 2026-03-09 Listing Removed — MARMLS
• 2026-03-07 Listed for Rent $2,800 MARMLS
• 2025-10-20 Listed $380,000 MARMLS
• 2025-10-15 Listing Removed — MARMLS
• 2025-07-14 Listing Removed — MARMLS
• 2025-04-15 Listed $380,000 MARMLS
• 2025-04-15 Listed $380,000 MARMLS
• 2025-03-24 Rental Removed $3,850 TURBOTENANT
• 2025-03-09 Listed for Rent $3,850 TURBOTENANT
• 2025-02-25 Rental Removed $3,850 TURBOTENANT
• 2025-02-21 Listed for Rent $3,850 TURBOTENANT
• 2024-09-09 Listing Removed — MARMLS
• 2024-04-23 Rental Removed $3,000 MARMLS
• 2024-04-03 Listed for Rent $3,000 MARMLS
• 2023-12-19 Price Changed $380,000 MARMLS
• 2023-12-13 Price Changed $430,000 MARMLS
• 2023-09-07 Listed $460,000 MARMLS
• 2023-06-07 Listing Removed — MARMLS
• 2023-05-31 Relisted — MARMLS
• 2023-04-21 Relisted — MARMLS
• 2023-02-08 Listed $360,000 MARMLS
• 2018-06-09 Listing Removed — MARMLS
• 2018-01-09 Listed $259,900 MARMLS
• 2017-04-24 Listing Removed — MARMLS
• 2016-12-11 Price Changed $240,000 MARMLS
• 2016-11-16 Price Changed $280,000 MARMLS
• 2016-09-27 Price Changed $249,000 MARMLS
• 2016-09-26 Price Changed $239,000 MARMLS
• 2016-08-11 Price Changed $258,000 MARMLS
• 2016-04-29 Listed $255,000 MARMLS
• 2015-09-21 Sold (Public Records) $195,000 Public Records
• 2015-08-24 Sold (MLS) $195,000 MARMLS
• 2015-05-08 Listed $209,000 MARMLS
• 1994-11-29 Sold (Public Records) $60,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $4,590 · +3.8% YoY. Source: county tax records.