651 NE 60th St #12 · Miami, FL 33137

$349,500

1 bd · 1.0 ba · 519 sqft · Condo public records · 152 Days on market

Built 1972 $412/mo HOA · 11% 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 +17.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• DSCR +5.3/10.0
• Appreciation +5.1/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0

Listing remarks

Rarely available! 1 Bed | 1 Bath Pied-à-Terre in gated bayside community of Morningside. Freshly remodeled unit in gated complex / parking. For ease or sale / fully furnished/ turnkey, including toothbrushes and toiletries. MORNINGSIDE is an exclusive, gated, bay-front, enclave of multimillion-dollar homes, w/ 41-acre Bayfront Park and amenities incld: Boat-launch, Kayaking, Paddle-boarding, 8 new Tennis courts (pros available) exercise/walk/jog loop, volleyball, BBQ. Furnishings incd linens, towels, cookware, dine-ware, (multiple small kitchen appliances). New A/C units, W/ D combo, S. S. oven/stove/micro, DW & Fridge, Vacuum, hairdryer, iron, and more. Sleeps up to 4. Low mai

Key facts

• Boat launch
• New tennis courts
• $412 HOA

Tags

• GATED BAYSIDE COMMUNITY
• EXCLUSIVE GATED ENCLAVE
• 41 ACRE BAYFRONT PARK
• BOAT LAUNCH
• NEW TENNIS COURTS
• EXERCISE WALK JOG LOOP

Property features AI

Finance

• Other: Association pool
• Financial info: Lease considered; Pets allowed with restrictions or possible restrictions
• HOA & community: Monthly association fee; Association amenities include elevator(s), laundry, and pool; Association covers management, amenities, common areas, laundry, legal/accounting, grounds and structure maintenance, parking, reserve fund, sewer, trash and water

Exterior

• Parking: Assigned parking; Detached/covered garage space with garage door opener (1 space)
• Security: Complex is fenced; Exterior lighting
• Utilities: Electric with fuses
• Home design: Attached property; 3-story building; Entry on first level; Updated/remodeled
• Construction: Block construction
• Exterior features: Courtyard; Fenced; Patio

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator
• Bedrooms: Bedroom on main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans; Electric cooling
• Interior features: Furnished; Blinds; Impact glass windows; Bidet; First-floor entry
• Laundry & utility: Washer and dryer included; Laundry in common area; Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $350k.

Deal economics

• At list price, monthly cash flow is $239 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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: Morningside K-8 Academy (math 38% / reading 52%, grade D-, #1,271 of 2,144 statewide, top 60%, 415 students, 69% FRL); Horace Mann Middle School (math 23% / reading 31%, grade F, #497 of 571 statewide, top 88%, 528 students, 76% FRL); Miami Edison Senior High School (math 19% / reading 15%, grade F, #597 of 667 statewide, top 90%, 623 students, 72% FRL).
• Zoned-school proficiency averages 30% at this address vs 50% district-wide (-20 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 (+2.7%/yr); 758 active listings in the ZIP; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($2k loan paydown + $950 appreciation (0.3% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.3% appreciation + 2.7% rent growth), your $98k cash investment doubles in ~10 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 152 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 10y ago; this cycle's ask is 12382% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $307,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 152 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.06% ✓
• Cap rate: 7.11%
• Cash-on-cash: 2.93%
• DSCR: 1.13
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.27% appreciation · 2.73% rent growth · sell at horizon

5-year hold

• IRR: 1.9%
• Equity multiple: 1.09×
• Total profit: $8,725
• Equity at exit: $106,261

10-year hold

• IRR: 6.9%
• Equity multiple: 1.77×
• Total profit: $75,016
• Equity at exit: $131,609

Cash invested: $97,860 (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 33137

• Home prices YoY: 0.1%
• Rents YoY: 2.7%
• Active inventory: 758
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $3,709 medium
• Mortgage (P&I): −$1,833
• Tax from tax record: −$300 /mo · $3,603/yr
• Insurance: −$146
• HOA: −$412
• Vacancy / Maint / Mgmt: −$779
• Net cashflow: $239

Break-even live

Break-even rent $3,406

Max offer price $349,500

Occupancy floor 89%

Sensitivity live

Price	-10% $437	-5% $338	+0% $239	+5% $140	+10% $41
Rent	-10% $-54	-5% $93	+0% $239	+5% $386	+10% $532
Rate	-1.0pp $415	-0.5pp $328	base $239	+0.5pp $149	+1.0pp $57

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: $87,375
• Closing costs: $10,485
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $412 · $4,944/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-05-25
   historical $2,475
2. 2026-05-24
   historical
3. 2026-05-13
   price $2,475
4. 2026-05-08
   status Active
5. 2026-04-23
   listed $2,800
6. 2026-04-09
   historical $2,800
7. 2026-03-27
   price $2,800
8. 2026-03-11
   price $2,525
9. 2026-02-28
   price $2,625
10. 2026-01-09
    price $2,700
11. 2026-01-01
    listed $2,850
12. 2025-12-21
    historical $2,850
13. 2025-12-18
    listed $2,850
14. 2025-11-30
    historical $2,850
15. 2025-11-26
    listed $2,850
16. 2025-11-25
    listed $349,500 Active
17. 2025-07-30
    historical $2,850
18. 2025-06-25
    price $2,850
19. 2025-06-24
    historical
20. 2025-05-20
    price $2,825
21. 2025-05-19
    price $352,000
22. 2025-03-18
    listed $2,800
23. 2025-02-10
    price $353,000
24. 2024-11-01
    price $340,000
25. 2024-10-29
    historical $2,800
26. 2024-10-02
    price $2,800
27. 2024-09-09
    listed $367,000 Active
28. 2024-09-05
    listed $2,650
29. 2016-11-30
    historical
30. 2016-09-19
    price $198,000
31. 2016-09-08
    listed $210,000 Active
32. 2016-09-02
    historical
33. 2016-08-31
    listed $210,000 Active

ⓘ 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: $3,603 · $300/mo
• Projected year-2 tax: $3,603 · $300/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 4/10 Moderate FEMA zone X (unshaded) · 23% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥102°F today · 27 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: $44,505
• − Mortgage interest: −$19,577
• − Property taxes: −$3,603
• − Insurance: −$1,748
• − Repairs & maintenance: −$3,560
• − Management: −$3,560
• − HOA: −$4,944
• − Depreciation: −$10,167
• Taxable loss: −$2,655
• Est. tax savings @ 24.0%: +$637
• After-tax cash flow: $3,508/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): 29,414
• Household income: $94,036
• Rent vs Own: 71.8% rent · 28.2% own
• Severe rent burden: 3106.0

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 0.63)
• Race & ethnicity: Hispanic / Latino 54% Two or more races 25% White 24% Black 16% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5% Cuban 10% Dominican 3% Salvadoran 3%
• Common ancestry: Hispanic 8% Estonian 2% Lithuanian 2%
• Foreign-born: 47% · Canada, Jamaica, Dominican Republic
• Languages at home: 34% English-only · Spanish 49% French/Haitian/Cajun 8% Other Indo-European 5%

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: ▲ 0.27%
• Current HPI: 385.1514
• Rent YoY: ▲ 2.73%
• 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

-98.8% since first listed

33 events — show timeline

• 2026-05-25 Rental Removed $2,475 MARMLS
• 2026-05-24 Listing Removed — MARMLS
• 2026-05-13 Price Changed $2,475 MARMLS
• 2026-05-08 Relisted — MARMLS
• 2026-04-23 Listed for Rent $2,800 MARMLS
• 2026-04-09 Rental Removed $2,800 MARMLS
• 2026-03-27 Price Changed $2,800 MARMLS
• 2026-03-11 Price Changed $2,525 MARMLS
• 2026-02-28 Price Changed $2,625 MARMLS
• 2026-01-09 Price Changed $2,700 MARMLS
• 2026-01-01 Listed for Rent $2,850 MARMLS
• 2025-12-21 Rental Removed $2,850 MARMLS
• 2025-12-18 Listed for Rent $2,850 MARMLS
• 2025-11-30 Rental Removed $2,850 MARMLS
• 2025-11-26 Listed for Rent $2,850 MARMLS
• 2025-11-25 Listed $349,500 MARMLS
• 2025-07-30 Rental Removed $2,850 MARMLS
• 2025-06-25 Price Changed $2,850 MARMLS
• 2025-06-24 Listing Removed — MARMLS
• 2025-05-20 Price Changed $2,825 MARMLS
• 2025-05-19 Price Changed $352,000 MARMLS
• 2025-03-18 Listed for Rent $2,800 MARMLS
• 2025-02-10 Price Changed $353,000 MARMLS
• 2024-11-01 Price Changed $340,000 MARMLS
• 2024-10-29 Rental Removed $2,800 MARMLS
• 2024-10-02 Price Changed $2,800 MARMLS
• 2024-09-09 Listed $367,000 MARMLS
• 2024-09-05 Listed for Rent $2,650 MARMLS
• 2016-11-30 Listing Removed — MARMLS
• 2016-09-19 Price Changed $198,000 MARMLS
• 2016-09-08 Listed $210,000 MARMLS
• 2016-09-02 Listing Removed — MARMLS
• 2016-08-31 Listed $210,000 MARMLS

Property tax history

+3.8%/yr

Latest (2025): $3,603 · +1.8% YoY. Source: county tax records.