26201 SW 135th Ave

Princeton, FL 33032

$265,000D

2 bd · 2.0 ba · 1,568 sqft · Built 2006 · Townhouse · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,604/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$694
• HOA: −$0
• Vac / Maint / Mgmt: −$547
• Net cashflow: $-27/mo
• Annual: $-318/yr
• Cap rate: 6.47%
• Cash-on-cash: 0.65%
• DSCR: 1.03
• 1% rule: 0.98%
• Cash to close: $74,200

Investor read

• This is a 2-bed/2.0-bath townhouse listed at $265k.
• At list price, monthly cash flow is $-27 ($-318/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $260k (1.7% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $260k (1.8% 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 $8k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#468 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, crime B+, health & safety B+; Watch: amenities 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: Coconut Palm K-8 Academy (math 27% / reading 31%, grade F, #1,932 of 2,144 statewide, top 91%, 1,210 students, 74% FRL); Redland Middle School (math 21% / reading 30%, grade F, #512 of 571 statewide, top 90%, 601 students, 71% 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 27% at this address vs 50% district-wide (-22 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents soft (-1.0%/yr); 595 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 2 sale attempts 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 $45k; list at $265k implies a 489% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 3.1% in Princeton — 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.

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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.