2 bd · 2.0 ba ·
1,085 sqft ·
Built 1971
· Condo
· Active
· 513 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$3,926/mo
Mortgage (P&I)
−$1,311
Tax + insurance
−$886
HOA
−$712
Vac / Maint / Mgmt
−$824
Net cashflow
$192/mo
Annual
$2,305/yr
Cap rate
9.26%
Cash-on-cash
10.60%
DSCR
1.47
1% rule
1.57%
Cash to close
$70,000
Investor read
This is a 2-bed/2.0-bath condo listed at $250k.
At list price, monthly cash flow is $192 ($2k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($4k rent vs $250k).
It's been on market 513 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
In year one you build about $3k of equity ($2k loan paydown + $1k appreciation (0.5% local appreciation)).
Location reads 82/100 on livability (#71 in FL, #1,177 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D+, crime 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: flood insurance adds $427/mo.
Market conditions: Rents flat; 1870 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 18y ago; this cycle's ask is 12400% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
Current owner paid $152k; list at $250k implies a 64% gain — meaningful room to come down on a strong offer.
By year 9, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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.
Cap rate 9.3% vs local median 5.2% in North Miami Beach — 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 $3,926/mo this rent would consume 70% of the median local household income ($67k/yr) (locally 3106% 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 513 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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?
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.
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?
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· Data 2 days agocashflowre.app · 2026-05-29