943 SW 9th Ave

Miami, FL 33130

$875,000B-

3 bd · 2.0 ba · 1,274 sqft · Built 1940 · MultiFamily · Active · 159 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,377/mo
• Mortgage (P&I): −$4,589
• Tax + insurance: −$1,255
• HOA: −$0
• Vac / Maint / Mgmt: −$2,179
• Net cashflow: $2,354/mo
• Annual: $28,250/yr
• Cap rate: 9.52%
• Cash-on-cash: 11.53%
• DSCR: 1.51
• 1% rule: 1.19%
• Cash to close: $245,000

Investor read

• This is a 1×2bd/2.0ba + 1×1bd/1.0ba + 1×?bd/1.0ba units multifamily listed at $875k.
• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $785/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $875k).
• It's been on market 159 days — a 12% lower offer ($770k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $770k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.8%/yr); year-one equity from $6k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• 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: Coral Way K-8 Center (math 49% / reading 62%, grade C, #855 of 2,144 statewide, top 41%, 1,064 students, 49% FRL); Shenandoah Middle School (math 34% / reading 44%, grade F, #381 of 571 statewide, top 67%, 1,296 students, 72% FRL); Miami Senior High School (math 21% / reading 41%, grade F, #429 of 667 statewide, top 65%, 2,905 students, 69% FRL) — zoned schools at 63% FRL track the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.5%/yr); 642 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 7y 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 $352k; list at $875k implies a 148% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.5% 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.
• At $10,377/mo this rent would consume 204% of the median local household income ($61k/yr) (locally 5231% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 159 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?