16281 SW 292nd St

Homestead, FL 33033

$341,000D-

3 bd · 2.0 ba · 1,483 sqft · Built 2023 · Townhouse · Active · 188 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,809/mo
• Mortgage (P&I): −$1,788
• Tax + insurance: −$792
• HOA: −$364
• Vac / Maint / Mgmt: −$590
• Net cashflow: $-726/mo
• Annual: $-8,707/yr
• Cap rate: 3.74%
• Cash-on-cash: -9.12%
• DSCR: 0.59
• 1% rule: 0.82%
• Cash to close: $95,480

Investor read

• This is a 3-bed/2.0-bath townhouse listed at $341k. Condition is rated good.
• At list price, monthly cash flow is $-726 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $213k (37.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $281k (17.6% below list).
• It's been on market 188 days — a 12% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $213k (37.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Avocado Elementary School (math 32% / reading 42%, grade F, #1,609 of 2,144 statewide, top 77%, 605 students, 74% FRL); South Dade Middle School (math 30% / reading 36%, grade F, #437 of 571 statewide, top 77%, 1,243 students, 75% FRL); South Dade Senior High School (math 23% / reading 32%, grade F, #470 of 667 statewide, top 71%, 3,145 students, 73% FRL).
• Zoned-school proficiency averages 32% at this address vs 50% district-wide (-17 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 soft (-2.9%/yr); 878 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 76d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 85% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• At $2,809/mo this rent would consume 48% of the median local household income ($70k/yr) — 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 188 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.