2604 SE 19th Ct Unit 202-A · Homestead, FL 33035

$180,000

2 bd · 2.0 ba · 1,040 sqft · Condo public records · 22 Days on market

Built 1988 $395/mo HOA · 17% of rent

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Why this score? — see what drove the C- 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 +16.7/30.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +2.4/10.0
• Rent growth +1.7/5.0

Listing remarks

Great opportunity to occupy or invest in excellent community of Keys Gate! 2 story condo townhouses, recently painted, brand new carpet, 2 master rooms, plenty of natural light, large open balcony and more. Gated community with secured entry that includes water, cable, internet, 24-hour alarm monitoring, roof, insurance, amenites. Close to the turnpike for easy commuting, Baptist Homestead, Florida outlet mall, shopping, restaurants, black pointe marina and only 45 mins -1 hour from the keys.

Key facts

• Gated community
• Brand new carpet
• Large open balcony

Tags

• GATED COMMUNITY
• SECURED ENTRY
• LARGE OPEN BALCONY
• PLENTY OF NATURAL LIGHT
• RECENTLY PAINTED
• BRAND NEW CARPET

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Monthly association fee ($395); Association covers amenities, common areas, cable TV, insurance, internet, grounds maintenance, structure maintenance, parking, recreation facilities, roof, sewer, security, trash, and water; Community amenities include clubhouse, playground, pool, and trash service

Exterior

• Parking: Assigned parking; Guest parking; One assigned space
• Security: Complex fenced; Key card entry; Security guard; Smoke detectors
• Utilities: Electric service; Central heating and cooling
• Home design: Attached property; 2 stories; Entry on level 1
• Construction: Block construction; Resale property
• Exterior features: Balcony (open); Association pool

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: Primary bedroom on upper level
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air; Ceiling fan(s)
• Interior features: Blinds; First-floor entry; Living/Dining room; Upper-level primary bedroom
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $113 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.0% 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.
• Market conditions: Rents falling (-3.2%/yr); 462 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• This rent runs 40% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k 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 22 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $47k; list at $180k implies a 283% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→34/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $177,300 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.26% ✓
• Cap rate: 7.05%
• Cash-on-cash: 2.69%
• DSCR: 1.12
• GRM: 6.6

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: -16.4%
• Equity multiple: 0.44×
• Total profit: $-28,328
• Equity at exit: $26,839

10-year hold

• IRR: -17.7%
• Equity multiple: 0.21×
• Total profit: $-39,894
• Equity at exit: $15,563

Cash invested: $50,400 (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: 462
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,271 high
• Mortgage (P&I): −$944
• Tax from tax record: −$267 /mo · $3,204/yr
• Insurance: −$75
• HOA: −$395
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $113

Break-even live

Break-even rent $2,128

Max offer price $180,000

Occupancy floor 90%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2601 SE 19th Ct Homestead, FL	2.0	2.0	1070	$2,300	$2.15	24d	1	0.03mi
2622 SE 19th Ct Unit 207B Homestead, FL	3.0	2.0	1310	$2,200	$1.68	3d	1	0.03mi
2629 SE 19th Ct Homestead, FL	2.0	2.0	1070	$2,000	$1.87	24d	1	0.03mi
2603 SE 20th Ct Unit 102A Homestead, FL	2.0	2.0	1070	$2,000	$1.87	8d	1	0.06mi
2603 SE 20th Ct Unit 102A Homestead, FL	2.0	2.0	1070	$2,000	$1.87	24d	1	0.06mi
1857 SE 26th Ter Homestead, FL	3.0	3.0	1328	$2,550	$1.92	24d	1	0.07mi
2518 SE 20th Pl Unit 203B Homestead, FL	2.0	2.0	1040	$2,000	$1.92	3d	1	0.08mi
2518 SE 20th Pl Unit 203B Homestead, FL	2.0	2.0	1040	$2,000	$1.92	4d	1	0.08mi
2637 SE 17th St Unit Na Homestead, FL	3.0	2.5	1483	$2,290	$1.54	21d	1	0.08mi
2621 SE 21st Ct Unit 105B Homestead, FL	2.0	2.0	1070	$2,100	$1.96	24d	1	0.09mi
2525 SE 19th Pl Unit 105B Homestead, FL	3.0	2.0	1220	$2,200	$1.80	24d	1	0.10mi
2732 SE 26th Ave Unit 2732 Homestead, FL	3.0	2.5	1414	$2,500	$1.77	24d	1	0.12mi
2644 SE 15th Ct Unit 2644 Homestead, FL	3.0	2.5	1483	$2,450	$1.65	3d	1	0.12mi
2644 SE 15th Ct Unit Galo Homestead, FL	3.0	2.5	1483	$2,450	$1.65	21d	1	0.12mi
2277 SE 27th Dr Homestead, FL	2.0	2.0	1070	$2,200	$2.06	24d	1	0.12mi
2699 SE 19th St Unit 2699 Homestead, FL	3.0	3.0	1328	$2,500	$1.88	24d	1	0.13mi
1879 SE 27th Ter Homestead, FL	3.0	2.5	1393	$2,500	$1.79	5d	1	0.16mi
1879 SE 27th Ter Homestead, FL	3.0	2.5	1393	$2,500	$1.79	24d	1	0.16mi
1791 SE 27th Ter Unit 1791 Homestead, FL	3.0	2.5	1483	$2,500	$1.69	8d	1	0.16mi
1864 SE 27th Rd Unit 1864 Homestead, FL	3.0	2.5	1483	$2,350	$1.58	24d	1	0.18mi
1845 SE 27th Rd Homestead, FL	3.0	2.5	1483	$2,500	$1.69	24d	1	0.20mi
2201 SE 24th Pl #2201 Homestead, FL	2.0	2.5	1370	$1,850	$1.35	24d	1	0.20mi
1695 SE 27th Rd #1695 Homestead, FL	3.0	2.5	1483	$2,400	$1.62	24d	1	0.21mi
2702 SE 15th St Homestead, FL	3.0	3.0	1328	$3,200	$2.41	24d	1	0.23mi
2764 SE 26th Ave Unit 2764 Homestead, FL	3.0	2.5	1483	$2,499	$1.69	24d	1	0.24mi
2764 SE 26th Ave Unit 2764 Homestead, FL	3.0	2.5	1483	$2,450	$1.65	3d	1	0.24mi
1541 SE 27th Rd Homestead, FL	3.0	3.0	1328	$2,500	$1.88	24d	1	0.24mi
1541 SE 27th Rd Homestead, FL	3.0	3.0	1328	$2,500	$1.88	18d	1	0.24mi
1537 SE 27th Rd Homestead, FL	3.0	2.5	1393	$2,500	$1.79	24d	1	0.24mi
2414 SE 21st St Homestead, FL	2.0	2.5	1431	$2,500	$1.75	24d	1	0.25mi
1521 SE 27th Rd Homestead, FL	3.0	2.5	1393	$2,500	$1.79	24d	1	0.25mi
2424 SE 19th Ct Unit 2424 Homestead, FL	2.0	2.5	1431	$2,200	$1.54	13d	1	0.26mi
2731 SE 15th St Unit 2731 Homestead, FL	3.0	3.0	1328	$2,300	$1.73	8d	1	0.26mi
2731 SE 15th St Unit 2731 Homestead, FL	3.0	3.0	1328	$2,400	$1.81	24d	1	0.26mi
2205 SE 23rd Rd Homestead, FL	3.0	2.5	1452	$2,600	$1.79	24d	1	0.30mi
2729 SE 26th Rd #2729 Homestead, FL	3.0	3.0	1328	$2,400	$1.81	24d	1	0.31mi
2725 SE 26th Rd Unit 2725 Homestead, FL	3.0	2.5	1414	$2,500	$1.77	24d	1	0.31mi
2320 SE 23rd Rd #2320 Homestead, FL	3.0	2.5	1452	$2,250	$1.55	8d	1	0.32mi
2320 SE 23rd Rd #2320 Homestead, FL	3.0	2.5	1452	$2,250	$1.55	24d	1	0.32mi
2373 SE 23rd Dr #2373 Homestead, FL	3.0	2.5	1458	$2,300	$1.58	24d	1	0.32mi

HOA detail condo

• Monthly dues: $395 · $4,740/yr
• Likely covers: waterinternetcablesecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $180,000 Active 22 DOM
2. 2026-06-17
   days on market $180,000 Active 21 DOM
3. 2026-06-16
   days on market $180,000 Active 20 DOM
4. 2026-06-15
   days on market $180,000 Active 19 DOM
5. 2026-06-13
   days on market $180,000 Active 17 DOM
6. 2026-06-09
   days on market $180,000 Active 13 DOM
7. 2026-06-08
   days on market $180,000 Active 12 DOM
8. 2026-06-07
   days on market $180,000 Active 11 DOM
9. 2026-06-04
   days on market $180,000 Active 8 DOM
10. 2026-06-03
    days on market $180,000 Active 7 DOM
11. 2026-06-02
    days on market $180,000 Active 6 DOM
12. 2026-06-01
    days on market $180,000 Active 5 DOM
13. 2026-05-31
    days on market $180,000 Active 4 DOM
14. 2026-05-27
    listed $180,000 Active
15. 1999-07-12
    soldstatus $47,000
16. 1992-02-03
    soldstatus $49,900

ⓘ 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: $3,204 · $267/mo
• Projected year-2 tax: $3,204 · $267/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 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 34 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: $27,248
• − Mortgage interest: −$10,083
• − Property taxes: −$3,204
• − Insurance: −$900
• − Repairs & maintenance: −$2,180
• − Management: −$2,180
• − HOA: −$4,740
• − Depreciation: −$5,236
• Taxable loss: −$1,275
• Est. tax savings @ 24.0%: +$306
• After-tax cash flow: $1,661/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

+260.7% since first listed

3 events — show timeline

• 2026-05-27 Listed $180,000 MARMLS
• 1999-07-12 Sold (Public Records) $47,000 Public Records
• 1992-02-03 Sold (Public Records) $49,900 Public Records

Property tax history

+22.0%/yr

Latest (2025): $3,204 · +3.7% YoY. Source: county tax records.