253 NE 2nd St #1007 · Miami, FL 33132

$405,000

1 bd · 1.0 ba · 802 sqft · Condo public records · 118 Days on market

Built 2008

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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).

• ARV discount +7.5/15.0
• Cash flow +6.6/30.0
• 1% rule +5.1/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Appreciation +3.7/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• DSCR +0.9/10.0

Listing remarks

Live in the heart of Downtown Miami at Vizcayne South. This beautiful one bedroom, one bath residence on the 10th floor offers views of Biscayne Bay, complemented by serene pool views that create a true sense of coastal living. Floor to ceiling impact widows flood the space with natural light while warm wood floors add comfort and style throughout. The open kitchen features modern cabinets and stainless steel appliances, seamlessly connecting to the living area, perfect for relaxing or entertaining while enjoying the bay views. Vizcayne South offers resort style living with two sparkling pools, a luxury spa, fully equipped fitness center, sauna and steam room, club room, billiard room, busi

Key facts

• Two sparkling pools
• Modern cabinets
• Luxury spa

Tags

• VIEWS OF BISCAYNE BAY
• OPEN KITCHEN
• MODERN CABINETS
• STAINLESS STEEL APPLIANCES
• TWO SPARKLING POOLS
• LUXURY SPA

Property features AI

Finance

• Other: Pets allowed (yes) with size limit — maximum 20 lbs; Lease considered
• Financial info: Association fee listed (monthly)
• HOA & community: Monthly association fee (includes management, amenities, common areas, pool(s), sewer, trash, water); Association amenities: clubhouse, pool, elevators

Exterior

• Parking: Detached garage with 1 covered space
• Security: Doorman; Secured elevator; Smoke detectors
• Utilities: Water included in association; Sewer included in association; Trash included in association
• Home design: Condominium in a high-rise building (49 stories); Entry on level 10; Unit faces with a view
• Construction: Block construction; Resale unit
• Exterior features: Security/high-impact doors; Exterior lighting; Association pool

Interior

• Kitchen: Electric range; Microwave; Dishwasher
• Bedrooms: Bedroom on main level
• Flooring: Hardwood; Marble; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: First-floor entry; Elevator; Bedroom on main level
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $405k.

Deal economics

• At list price, monthly cash flow is $-660 ($-8k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $405k).
• Recommended offer: $369k (9.0% below list) — sets the bar for market timing.
• Cap rate 4.3% 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).

Forward outlook

• Local home prices are declining (-2.5%/yr); year-one equity from $3k of loan paydown is wiped out by about $10k 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 118 days — a 9% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $301k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $368,550 (9.0% 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. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.01% ✓
• Cap rate: 4.34%
• Cash-on-cash: -6.98%
• DSCR: 0.69
• GRM: 8.2

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: -27.5%
• Equity multiple: 0.05×
• Total profit: $-107,945
• Equity at exit: $68,988

10-year hold

• IRR: -33.5%
• Equity multiple: -0.53×
• Total profit: $-173,855
• Equity at exit: $49,972

Cash invested: $113,400 (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: 8.2×

Monthly cashflow live

• Estimated rent: $4,101 medium
• Mortgage (P&I): −$2,124
• Tax from tax record: −$595 /mo · $7,141/yr
• Insurance: −$169
• HOA est. from 8 same-building comps: −$1,012
• Vacancy / Maint / Mgmt: −$861
• Net cashflow: $-660

Break-even live

Break-even rent $4,936

Max offer price $288,449

Occupancy floor —

Sensitivity live

Price	-10% $-431	-5% $-545	+0% $-660	+5% $-774	+10% $-889
Rent	-10% $-984	-5% $-822	+0% $-660	+5% $-498	+10% $-336
Rate	-1.0pp $-456	-0.5pp $-557	base $-660	+0.5pp $-765	+1.0pp $-871

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: $101,250
• Closing costs: $12,150
• 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	0.36mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $405,000 Active 118 DOM
2. 2026-06-18
   days on market $405,000 Active 115 DOM
3. 2026-06-17
   days on market $405,000 Active 114 DOM
4. 2026-06-16
   days on market $405,000 Active 113 DOM
5. 2026-06-15
   days on market $405,000 Active 112 DOM
6. 2026-06-13
   days on market $405,000 Active 110 DOM
7. 2026-06-09
   days on market $405,000 Active 106 DOM
8. 2026-06-08
   days on market $405,000 Active 105 DOM
9. 2026-06-07
   days on market $405,000 Active 104 DOM
10. 2026-06-04
    days on market $405,000 Active 101 DOM
11. 2026-06-03
    days on market $405,000 Active 100 DOM
12. 2026-06-02
    days on market $405,000 Active 99 DOM
13. 2026-06-01
    days on market $405,000 Active 98 DOM
14. 2026-05-31
    days on market $405,000 Active 97 DOM
15. 2026-04-02
    price $405,000
16. 2026-02-23
    listed $429,700 Active
17. 2026-02-23
    historical
18. 2026-01-20
    listed $449,000 Active
19. 2009-02-11
    soldstatus $301,000

ⓘ 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: $7,141 · $595/mo
• Projected year-2 tax: $7,141 · $595/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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 5 d/yr ≥103°F today · 20 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,214
• − Mortgage interest: −$22,686
• − Property taxes: −$7,141
• − Insurance: −$2,025
• − Repairs & maintenance: −$3,937
• − Management: −$3,937
• − HOA: −$12,144
• − Depreciation: −$11,782
• Taxable loss: −$14,438
• Est. tax savings @ 24.0%: +$3,465
• After-tax cash flow: $-4,452/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

• 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

+34.6% since first listed

5 events — show timeline

• 2026-04-02 Price Changed $405,000 MARMLS
• 2026-02-23 Listing Removed — MARMLS
• 2026-02-23 Listed $429,700 MARMLS
• 2026-01-20 Listed $449,000 MARMLS
• 2009-02-11 Sold (Public Records) $301,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $7,141 · +2.0% YoY. Source: county tax records.