1251 NE 108th St #409 · Miami Shores, FL 33161

$207,000

1 bd · 1.0 ba · 710 sqft · Condo public records · 15 Days on market

Built 1969 $597/mo HOA · 18% of rent

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Why this score? — see what drove the B- 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 +29.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful 1 bedroom, 1 bathroom in the heart of N. Miami. .. 1/2 a block west of US1/Biscayne Blvd. Close to all major shopping, supermarkets, I95,school districts. Brand new Kitchen with all stainless steel updated appliances. New air conditioning unit and updated bath room. Unit also has hurricane shutters.

Key facts

• Brand new kitchen
• Hurricane shutters
• Updated bathroom

Tags

• BRAND NEW KITCHEN
• STAINLESS STEEL APPLIANCES
• NEW AIR CONDITIONING UNIT
• UPDATED BATHROOM
• HURRICANE SHUTTERS
• IMPACT WINDOWS

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Monthly association fee; Association fee $597 per month; Association includes common areas, cable TV, hot water, grounds maintenance, structure maintenance, parking, recreation facilities, sewer, security, trash, and water; Community amenities: fitness center, pool, elevators, trash service

Exterior

• Parking: Covered guest parking; One covered parking space; 1-car garage
• Security: Key card entry; Phone entry; Exterior lighting
• Utilities: Central electric heating and cooling
• Home design: Attached property; 8 total stories; Entry on level 4; Resale unit
• Construction: Block and stucco construction
• Exterior features: Balcony; Courtyard; Fenced complex; Open balcony/patio

Interior

• Kitchen: Dishwasher; Electric range; Self-cleaning oven; Microwave; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: Bedroom located on the main level
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Bedroom on main level; Closet cabinetry; First-floor entry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $207k.

Deal economics

• At list price, monthly cash flow is $284 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $207k).
• Recommended offer: $204k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#130 in FL, #1,936 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: crime D, amenities 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.
• Market conditions: Rents soft (-0.7%/yr); 338 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,410/mo this rent would consume 70% of the median local household income ($58k/yr) (locally 3226% 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 (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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

• It's been on market 15 days — a 2% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $110k; list at $207k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $203,895 (1.5% below list)

Questions for the listing agent

1. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. Crime grade is D 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?
8. 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.
9. 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.
10. 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: 1.65% ✓
• Cap rate: 10.41%
• Cash-on-cash: 14.72%
• DSCR: 1.65
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -12.4%
• Equity multiple: 0.57×
• Total profit: $-24,781
• Equity at exit: $30,864

10-year hold

• IRR: -12.9%
• Equity multiple: 0.41×
• Total profit: $-34,235
• Equity at exit: $17,898

Cash invested: $57,960 (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 33161

• Rents YoY: -0.7%
• Active inventory: 338
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $3,410 medium
• Mortgage (P&I): −$1,086
• Tax from tax record: −$214 /mo · $2,570/yr
• Insurance: −$86
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$597
• Vacancy / Maint / Mgmt: −$716
• Net cashflow: $284

Break-even live

Break-even rent $3,050

Max offer price $207,000

Occupancy floor 87%

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: $51,750
• Closing costs: $6,210
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $597 · $7,164/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-18
   days on market $207,000 Active 15 DOM
2. 2026-06-17
   days on market $207,000 Active 14 DOM
3. 2026-06-16
   days on market $207,000 Active 13 DOM
4. 2026-06-15
   days on market $207,000 Active 12 DOM
5. 2026-06-13
   days on market $207,000 Active 10 DOM
6. 2026-06-09
   days on market $207,000 Active 6 DOM
7. 2026-06-08
   days on market $207,000 Active 5 DOM
8. 2026-06-07
   days on market $207,000 Active 4 DOM
9. 2026-06-04
   remarks 323-char remark
10. 2026-06-04
    listed $207,000 Active 1 DOM

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

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $2,570 · $214/mo
• Projected year-2 tax: $2,570 · $214/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 7/10 Severe FEMA zone AE · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 28 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,917
• − Mortgage interest: −$11,595
• − Property taxes: −$2,570
• − Insurance: −$6,154
• − Repairs & maintenance: −$3,273
• − Management: −$3,273
• − HOA: −$7,164
• − Depreciation: −$6,022
• Taxable income: $866
• Est. tax owed @ 24.0%: −$208
• After-tax cash flow: $3,203/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 Shores

• Score: 80/100
• State rank: #130
• US rank: #1936

Category grades

Amenities F Commute A+ Cost of living F Crime D Employment A+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Miami-Dade County · 2,697,751 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 54,814
• Household income: $58,325
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 3226.0

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 0.58)
• Race & ethnicity: Black 56% Hispanic / Latino 31% Two or more races 18% White 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 7% Dominican 4% Salvadoran 1%
• Common ancestry: Hispanic 35% Estonian 1% Lithuanian 1%
• Foreign-born: 51% · Canada, Jamaica, Dominican Republic
• Languages at home: 25% English-only · French/Haitian/Cajun 41% Spanish 30% Other Indo-European 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: ▼ -492.86%
• Current HPI: 630.6932
• Rent YoY: ▼ -0.73%
• 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

+314.0% since first listed

9 events — show timeline

• 2026-06-02 Listed $207,000 MARMLS
• 2024-08-14 Rental Removed $1,700 MARMLS
• 2024-08-09 Price Changed $1,700 MARMLS
• 2024-07-16 Listed for Rent $1,800 MARMLS
• 2016-06-10 Sold (Public Records) $110,000 Public Records
• 2016-06-09 Sold (MLS) $110,000 MARMLS
• 2016-05-18 Pending — MARMLS
• 2016-05-10 Listed $124,900 MARMLS
• 1997-08-01 Sold (Public Records) $50,000 Public Records

Property tax history

+24.5%/yr

Latest (2025): $2,570 · +5.1% YoY. Source: county tax records.