12877 SW 10th St

Tamiami, FL 33184

$135,000B

4 bd · 4.0 ba · 4,500 sqft · Built 1980 · Manufactured · Active · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,853/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$1,200
• Vac / Maint / Mgmt: −$1,019
• Net cashflow: $1,701/mo
• Annual: $20,408/yr
• Cap rate: 21.41%
• Cash-on-cash: 53.99%
• DSCR: 3.40
• 1% rule: 3.59%
• Cash to close: $37,800

Investor read

• This is a 4-bed/4.0-bath manufactured listed at $135k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $135k).
• It's been on market 97 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#146 in FL, #2,197 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: cost of living D, amenities 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: Zora Neale Hurston Elementary School (math 57% / reading 57%, grade C+, #781 of 2,144 statewide, top 38%, 467 students, 58% FRL); W. R. Thomas Middle School (math 51% / reading 57%, grade B-, #196 of 571 statewide, top 36%, 639 students, 64% FRL); G. Holmes Braddock Senior High (math 17% / reading 48%, grade F, #411 of 667 statewide, top 62%, 2,436 students, 57% FRL) — zoned schools at 60% FRL track the district average.
• Watch-outs: HOA is 25% of rent.
• Market conditions: 82 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 2 sale attempts; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 21.4% vs local median 3.4% in Tamiami — 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 $4,853/mo this rent would consume 73% of the median local household income ($80k/yr) (locally 1139% 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 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Driveway cracks — Small cracks visible
• Moderate: Exterior siding — Some discoloration