36 Phoenetia Ave

Coral Gables, FL 33134

$2,650,000D-

3 bd · 3.0 ba · 1,980 sqft · Built 1926 · MultiFamily · Active · 309 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $20,767/mo
• Mortgage (P&I): −$13,897
• Tax + insurance: −$3,764
• HOA: −$0
• Vac / Maint / Mgmt: −$4,361
• Net cashflow: $-1,255/mo
• Annual: $-15,063/yr
• Cap rate: 5.72%
• Cash-on-cash: -2.03%
• DSCR: 0.91
• 1% rule: 0.78%
• Cash to close: $742,000

Investor read

• This is a 6 × 3-bed/1.5-bath units multifamily listed at $2.65M.
• At list price, monthly cash flow is $-1k ($-15k/yr) — negative. Per door: $-209/mo.
• To cash-flow at today's rent, offer at most $2.43M (8.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.08M (21.6% below list).
• It's been on market 309 days — a 12% lower offer ($2.33M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.08M (21.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $18k of loan paydown is wiped out by about $80k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#31 in FL, #646 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: 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.
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 304 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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.
• 13 sale attempts since 10y 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 $1.60M; list at $2.65M implies a 66% 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 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.7% vs local median 0.6% in Coral Gables — 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 $20,767/mo this rent would consume 250% of the median local household income ($100k/yr) (locally 1812% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 309 days. Have you received any prior offers? Is the seller open to a 22% 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 1926 — 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 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?