121 NE 5th 3313 Unit Steet · Miami, FL 33132

$605,000

1 bd · 1.5 ba · 591 sqft · MultiFamily · 1 Days on market

Built 2025 Excellent condition $870/mo HOA · 30% of rent

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Why this score? — see what drove the D 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 +9.3/30.0
• ARV discount +7.5/15.0
• Condition / age +4.8/5.0
• 1% rule +4.6/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Appreciation +3.7/10.0
• Rent growth +2.7/5.0
• DSCR +2.6/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Short Sale. Pre-Construction. To be built. Modern 1-bedroom, 2-bath condominium located in the iconic 501 First Residences in Downtown Miami. This residence features 659 sq ft of interior space, contemporary design, in-unit laundry, balcony, and access to luxury amenities including resort-style pool, fitness center, valet parking, coworking spaces, and concierge services. Prime location near Miami Worldcenter, museums, entertainment, and dining.

Key facts

• Fitness center
• Rooftop pool
• Private balcony

Tags

• SWEEPING SKYLINE VIEWS
• BAY VIEWS
• PRIVATE BALCONY
• FLOOR TO CEILING GLASS
• ROOFTOP POOL
• FITNESS CENTER

Property features AI

Finance

• Other: Pets allowed (pet restrictions possible); Community contains 448 units
• HOA & community: Association amenities include cabana, clubhouse, elevators, fitness center, management, parking, pool, sauna, spa/hot tub, business center, community room, heated pool, and lobby; Monthly association fee; Association fee includes recreation facility and pool service, plus maintenance of common areas

Exterior

• Parking: Valet parking; 1 open parking space
• Security: Fire sprinkler system; Smoke detectors; Security system; Attended lobby
• Utilities: Water service included in association; Sewer included in association; Internet included in association; Trash service included in association; Elevator service included in association; Hot water included in association
• Home design: Condominium; New construction; 40-story building; Faces east
• Construction: Constructed with CBS (concrete block and stucco)
• Exterior features: Waterfront; Lobby (attended)

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Flooring: Tile flooring
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Built-in features; Closet cabinetry; Furnished

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath multifamily listed at $605k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-439 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $541k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $584k (3.5% below list).
• Recommended offer: $541k (10.5% below list) — sets the bar for cash-flow.
• Cap rate 5.4% 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: Frederick R. Douglass Elementary (math 12% / reading 22%, grade F, #2,121 of 2,144 statewide, top 99%, 221 students, 76% FRL); Jose De Diego Middle School (math 20% / reading 24%, grade F, #549 of 571 statewide, top 97%, 868 students, 68% FRL); Booker T. Washington Senior High (math 12% / reading 19%, grade F, #604 of 667 statewide, top 91%, 1,014 students, 60% FRL) — zoned schools at 68% FRL track the district average.
• Zoned-school proficiency averages 18% at this address vs 50% district-wide (-31 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 flat; 882 active listings in the ZIP; 1 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).
• At $5,838/mo this rent would consume 64% of the median local household income ($109k/yr) (locally 2260% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-2.5%/yr); year-one equity from $4k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts; this cycle's ask is 12000% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $503k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $541,476 (10.5% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.96% ✗
• Cap rate: 5.42%
• Cash-on-cash: -3.11%
• DSCR: 0.86
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.52% appreciation · 0.74% rent growth · sell at horizon

5-year hold

• IRR: -20.9%
• Equity multiple: 0.25×
• Total profit: $-126,279
• Equity at exit: $103,056

10-year hold

• IRR: -20.1%
• Equity multiple: -0.09×
• Total profit: $-183,866
• Equity at exit: $74,649

Cash invested: $169,400 (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 33132

• Home prices YoY: -0.8%
• Rents YoY: 0.7%
• Active inventory: 882
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $5,838 medium
• Mortgage (P&I): −$3,173
• Tax est. 1.5%: −$756 /mo · $9,075/yr
• Insurance: −$252
• HOA: −$870
• Vacancy / Maint / Mgmt: −$1,226
• Net cashflow: $-439

Break-even live

Break-even rent $6,394

Max offer price $541,476

Occupancy floor —

Sensitivity live

Price	-10% $-21	-5% $-230	+0% $-439	+5% $-648	+10% $-857
Rent	-10% $-900	-5% $-670	+0% $-439	+5% $-208	+10% $22
Rate	-1.0pp $-134	-0.5pp $-285	base $-439	+0.5pp $-596	+1.0pp $-755

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1.5	$5,838
Total (2 units)			$5,838

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: $151,250
• Closing costs: $18,150
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
601 NE 1st Ave Unit 1227496P Miami, FL	3.0	1.0–3.0	904	$8,354	$9.24	0d	4	0.11mi

HOA detail

• Monthly dues: $870 · $10,440/yr
• Likely covers: poolgymdoorman

Listing history 2 events

1. 2026-06-10
   remarks 656-char remark
2. 2026-06-10
   listed $605,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $70,056
• − Mortgage interest: −$33,889
• − Property taxes: −$9,075
• − Insurance: −$3,025
• − Repairs & maintenance: −$5,604
• − Management: −$5,604
• − HOA: −$10,440
• − Depreciation: −$17,600
• Taxable loss: −$15,182
• Est. tax savings @ 24.0%: +$3,644
• After-tax cash flow: $-1,624/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.

Condition & rehab AI · 12 photos

Excellent 95/100 None rehab

This fully furnished, modern one-bedroom apartment in the 501 First Residences offers exceptional city views and top-notch amenities, making it a prime investment opportunity.

Value-add opportunities

• Both Upgrade to smart home technology — Enhances convenience and energy efficiency
• Both Add smart thermostat — Improves energy efficiency and comfort
• Both Install smart locks — Enhances security and convenience

Renovation cost estimate screening

Value-add ROI direction

• Both Upgrade to smart home technology — Enhances convenience and energy efficiency ↑
• Both Add smart thermostat — Improves energy efficiency and comfort ↑
• Both Install smart locks — Enhances security and convenience ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 20,253
• Household income: $109,109
• Rent vs Own: 74.3% rent · 25.7% own
• Severe rent burden: 2260.0

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 53% Two or more races 39% White 29% Black 7% Asian 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4% Cuban 9% Dominican 2% Salvadoran 1%
• Common ancestry: Estonian 2% Scotch-Irish 2% Romanian 1%
• Foreign-born: 50% · Canada, Jamaica, Dominican Republic
• Languages at home: 35% English-only · Spanish 49% Other Indo-European 6% Other Asian/Pacific 2%

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: ▼ -2.52%
• Current HPI: 294.3744
• Rent YoY: ▲ 0.74%
• 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

-99.0% since first listed

14 events — show timeline

• 2026-05-25 Rental Removed $5,000 SHOWMOJO
• 2026-05-25 Listed for Rent $5,000 GFLMLS
• 2026-05-24 Rental Removed $5,000 RMLSFL
• 2026-05-24 Listed for Rent $5,000 RMLSFL
• 2026-05-07 Rental Removed $3,800 VLS
• 2026-04-29 Listed for Rent $3,800 VLS
• 2026-04-24 Rental Removed $3,800 VLS
• 2026-04-24 Listed $605,000 Beaches MLS
• 2026-04-05 Listed for Rent $3,800 VLS
• 2026-03-24 Listed for Rent $3,300 SHOWMOJO
• 2026-02-20 Rental Removed $2,800 RENTALBEAST
• 2026-01-25 Listed for Rent $2,800 RENTALBEAST
• 2026-01-05 Listed $503,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-05 Sold (MLS) $503,000 Stellar MLS as Distributed by MLS Grid