2334 SE 23rd Ter #2334 · Homestead, FL 33035

$230,000

2 bd · 2.0 ba · 1,065 sqft · Condo public records · 164 Days on market

Built 2004 $288/mo HOA · 12% 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 +11.1/30.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +2.4/10.0
• Rent growth +1.7/5.0

Listing remarks

Investment opportunity! Home with 2 bedroom and 2 and a half bathroom both are located on the second floor with their own bathroom. Located in a gated community of Towngate with 24 hour security. The property is rented until September 2026 for $2,200 making a good return and the tenant would like to renew the lease. Association fees include Basic cable, Internet and Alarm.

Key facts

• Gated community
• Alarm
• Internet

Tags

• GATED COMMUNITY
• 24 HOUR SECURITY
• BASIC CABLE
• INTERNET
• ALARM

Property features AI

Finance

• Financial info: Pets allowed with restrictions
• HOA & community: Monthly association fee (approximately $288–$293); Association covers common areas, cable TV, internet, grounds maintenance, and parking; Community pool

Exterior

• Parking: Attached 2-car garage; Two or more parking spaces; 2 covered spaces
• Security: Complex fenced; Phone entry; Security guard
• Utilities: Municipal water (assumed); Municipal sewer (assumed); Electric service
• Home design: Attached property; 2 stories; Entry on level 1
• Construction: Block construction; Resale property
• Exterior features: Patio; Association pool

Interior

• Kitchen: Dishwasher; Garbage disposal; Refrigerator; Electric water heater
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: First-floor entry; Open living/dining room; Tub with shower
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $230k.

Deal economics

• At list price, monthly cash flow is $-92 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $214k (7.1% below list).
• Meets the 1% rule at list price ($2k rent vs $230k).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.8% vs local median 3.5% in Homestead — 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 (#158 in FL, #2,408 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-.
• 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: Gateway Environmental K-8 Learning Center (math 23% / reading 34%, grade F, #1,943 of 2,144 statewide, top 91%, 1,355 students, 74% FRL); Homestead Middle School (math 23% / reading 25%, grade F, #532 of 571 statewide, top 94%, 666 students, 81% FRL); Homestead Senior High School (math 24% / reading 23%, grade F, #533 of 667 statewide, top 80%, 2,020 students, 74% FRL).
• Zoned-school proficiency averages 25% at this address vs 50% district-wide (-24 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 falling (-3.2%/yr); 466 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).
• This rent runs 41% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 164 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 12y ago; this cycle's ask has dropped $17k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→33/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $202,400 (12.0% 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 164 days. Have you received any prior offers? Is the seller open to a 12% 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. 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?
9. 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.
10. 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.
11. 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: 5.81%
• Cash-on-cash: -1.72%
• DSCR: 0.92
• GRM: 8.3

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: -23.2%
• Equity multiple: 0.23×
• Total profit: $-49,709
• Equity at exit: $34,294

10-year hold

• IRR: -32.3%
• Equity multiple: -0.18×
• Total profit: $-76,148
• Equity at exit: $19,886

Cash invested: $64,400 (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 33035

• Home prices YoY: -1.4%
• Rents YoY: -3.2%
• Active inventory: 466
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,319 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$334 /mo · $4,013/yr
• Insurance: −$96
• HOA: −$288
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $-92

Break-even live

Break-even rent $2,436

Max offer price $213,680

Occupancy floor 99%

Sensitivity live

Price	-10% $38	-5% $-27	+0% $-92	+5% $-157	+10% $-223
Rent	-10% $-276	-5% $-184	+0% $-92	+5% $-1	+10% $91
Rate	-1.0pp $23	-0.5pp $-34	base $-92	+0.5pp $-152	+1.0pp $-213

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2373 SE 23rd Dr #2373 Homestead, FL	3.0	2.5	1458	$2,150	$1.47	3d	1	0.08mi
2373 SE 23rd Dr #2373 Homestead, FL	3.0	2.5	1458	$2,300	$1.58	26d	1	0.08mi
2320 SE 23rd Rd #2320 Homestead, FL	3.0	2.5	1452	$2,250	$1.55	26d	1	0.08mi
2320 SE 23rd Rd #2320 Homestead, FL	3.0	2.5	1452	$2,250	$1.55	9d	1	0.08mi
2205 SE 23rd Rd Homestead, FL	3.0	2.5	1452	$2,600	$1.79	26d	1	0.10mi
2414 SE 21st St Homestead, FL	2.0	2.5	1431	$2,500	$1.75	26d	1	0.17mi
2877 SE 24th Ct Homestead, FL	3.0	2.5	1334	$2,900	$2.17	26d	1	0.19mi
2201 SE 24th Pl #2201 Homestead, FL	2.0	2.5	1370	$1,850	$1.35	26d	1	0.21mi
2424 SE 19th Ct Unit 2424 Homestead, FL	2.0	2.5	1431	$2,200	$1.54	14d	1	0.23mi
2424 SE 19th Ct Unit 2424 Homestead, FL	2.0	2.5	1431	$2,150	$1.50	0d	1	0.23mi
2518 SE 20th Pl Unit 203B Homestead, FL	2.0	2.0	1040	$2,000	$1.92	5d	1	0.33mi
2518 SE 20th Pl Unit 203B Homestead, FL	2.0	2.0	1040	$2,000	$1.92	4d	1	0.33mi
2525 SE 19th Pl Unit 105B Homestead, FL	3.0	2.0	1220	$2,200	$1.80	26d	1	0.34mi
2624 SE 25th Ct Homestead, FL	3.0	3.0	1328	$2,800	$2.11	3d	1	0.35mi
2725 SE 26th Rd Unit 2725 Homestead, FL	3.0	2.5	1414	$2,500	$1.77	26d	1	0.36mi
2729 SE 26th Rd #2729 Homestead, FL	3.0	3.0	1328	$2,400	$1.81	26d	1	0.36mi
2621 SE 21st Ct Unit 105B Homestead, FL	2.0	2.0	1070	$2,100	$1.96	26d	1	0.37mi
2603 SE 20th Ct Unit 102A Homestead, FL	2.0	2.0	1070	$2,000	$1.87	26d	1	0.38mi
2603 SE 20th Ct Unit 102A Homestead, FL	2.0	2.0	1070	$2,000	$1.87	9d	1	0.38mi
2277 SE 27th Dr Homestead, FL	2.0	2.0	1070	$2,200	$2.06	26d	1	0.38mi
2601 SE 19th Ct Homestead, FL	2.0	2.0	1070	$2,300	$2.15	26d	1	0.40mi
2629 SE 19th Ct Homestead, FL	2.0	2.0	1070	$2,000	$1.87	26d	1	0.40mi
2622 SE 19th Ct Unit 207B Homestead, FL	3.0	2.0	1310	$2,200	$1.68	4d	1	0.40mi
2797 SE 25th Ave Homestead, FL	3.0	2.5	1443	$2,550	$1.77	26d	1	0.43mi
2429 SE 28th Dr Unit 2429 Homestead, FL	3.0	2.5	1334	$2,550	$1.91	26d	1	0.45mi
1857 SE 26th Ter Homestead, FL	3.0	3.0	1328	$2,550	$1.92	26d	1	0.46mi
2732 SE 26th Ave Unit 2732 Homestead, FL	3.0	2.5	1414	$2,500	$1.77	26d	1	0.46mi
2776 SE 26th Ave Homestead, FL	3.0	3.0	1328	$2,850	$2.15	23d	1	0.46mi
2764 SE 26th Ave Unit 2764 Homestead, FL	3.0	2.5	1483	$2,450	$1.65	5d	1	0.47mi
2764 SE 26th Ave Unit 2764 Homestead, FL	3.0	2.5	1483	$2,499	$1.69	26d	1	0.47mi
2424 SE 29th St Homestead, FL	3.0	2.5	1331	$2,800	$2.10	9d	1	0.47mi
2424 SE 29th St Homestead, FL	3.0	2.5	1331	$2,800	$2.10	12d	1	0.47mi
2637 SE 17th St Unit Na Homestead, FL	3.0	2.5	1483	$2,290	$1.54	22d	1	0.48mi
2627 SE 28th St Homestead, FL	3.0	2.5	1489	$2,750	$1.85	26d	1	0.49mi
1158 SE 23rd Ave Unit 1158 Homestead, FL	3.0	2.0	1302	$2,400	$1.84	17d	1	0.50mi
1158 SE 23rd Ave Homestead, FL	3.0	2.0	1302	$2,450	$1.88	20d	1	0.50mi
1916 SE 14th Ct Homestead, FL	3.0	2.0	1494	$2,900	$1.94	26d	1	0.50mi
1916 SE 14th Ct Homestead, FL	3.0	2.0	1494	$2,900	$1.94	9d	1	0.50mi
2644 SE 15th Ct Unit 2644 Homestead, FL	3.0	2.5	1483	$2,450	$1.65	4d	1	0.51mi
2644 SE 15th Ct Unit Galo Homestead, FL	3.0	2.5	1483	$2,450	$1.65	22d	1	0.51mi

HOA detail condo

• Monthly dues: $288 · $3,456/yr
• Likely covers: internetcablesecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-21
   days on market $230,000 Active 164 DOM
2. 2026-06-18
   days on market $230,000 Active 161 DOM
3. 2026-06-17
   days on market $230,000 Active 160 DOM
4. 2026-06-16
   days on market $230,000 Active 159 DOM
5. 2026-06-15
   days on market $230,000 Active 158 DOM
6. 2026-06-13
   days on market $230,000 Active 156 DOM
7. 2026-06-09
   days on market $230,000 Active 152 DOM
8. 2026-06-08
   days on market $230,000 Active 151 DOM
9. 2026-06-07
   days on market $230,000 Active 150 DOM
10. 2026-06-04
    days on market $230,000 Active 147 DOM
11. 2026-06-03
    days on market $230,000 Active 146 DOM
12. 2026-06-02
    days on market $230,000 Active 145 DOM
13. 2026-06-01
    days on market $230,000 Active 144 DOM
14. 2026-05-31
    days on market $230,000 Active 143 DOM
15. 2026-02-19
    price $230,000
16. 2026-01-08
    listed $247,000 Active
17. 2025-10-06
    historical
18. 2025-08-20
    price $240,000
19. 2025-07-10
    price $245,000
20. 2025-05-09
    price $250,000
21. 2025-04-21
    price $270,000
22. 2025-04-01
    price $280,000
23. 2025-01-29
    listed $295,000 Active
24. 2024-10-25
    historical
25. 2024-09-13
    price $280,000
26. 2024-06-12
    price $290,000
27. 2024-05-08
    listed $298,000 Active
28. 2022-07-19
    soldstatus $220,000
29. 2022-07-15
    soldstatus $220,000 Closed
30. 2022-06-12
    historical Active Under Contract
31. 2022-05-23
    listed $221,000 Active
32. 2019-01-28
    soldstatus $125,000
33. 2019-01-16
    soldstatus $125,000 Sold
34. 2019-01-07
    status Pending
35. 2018-11-21
    status Active
36. 2018-11-13
    status Backup Contract
37. 2018-10-13
    status Pending
38. 2018-09-17
    price $129,900
39. 2018-07-22
    price $134,900
40. 2018-07-22
    status Active
41. 2018-07-16
    status Pending
42. 2018-05-17
    price $124,900
43. 2018-03-08
    price $129,900
44. 2018-02-16
    listed $139,900 Active
45. 2017-11-30
    historical
46. 2017-10-10
    listed $139,900 Active
47. 2014-12-29
    soldstatus $78,500 Sold
48. 2014-10-17
    status Pending
49. 2014-10-08
    price $78,500
50. 2014-09-17
    listed $82,600 Active

ⓘ 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: $4,013 · $334/mo
• Projected year-2 tax: $4,013 · $334/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 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 33 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: $27,828
• − Mortgage interest: −$12,884
• − Property taxes: −$4,013
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,226
• − Management: −$2,226
• − HOA: −$3,456
• − Depreciation: −$6,691
• Taxable loss: −$4,818
• Est. tax savings @ 24.0%: +$1,156
• After-tax cash flow: $48/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 — Homestead

• Score: 78/100
• State rank: #158
• US rank: #2408

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homestead, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 191,470
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 17,202
• Household income: $68,354
• Rent vs Own: 49.5% rent · 50.5% own
• Severe rent burden: 687.0

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 0.55)
• Race & ethnicity: Hispanic / Latino 63% Two or more races 35% Black 18% White 12%
• Hispanic origin (detail): Mexican 6% Puerto Rican 13% Cuban 25% Dominican 2% Salvadoran 1%
• Common ancestry: Hispanic 6% Lithuanian 3% Estonian 1%
• Foreign-born: 33% · Canada, Dominican Republic, Jamaica
• Languages at home: 32% English-only · Spanish 60% French/Haitian/Cajun 7% Other Indo-European 1%

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: ▼ -5.24%
• Current HPI: 369.3031
• Rent YoY: ▼ -3.20%
• 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

+22.0% since first listed

37 events — show timeline

• 2026-02-19 Price Changed $230,000 MARMLS
• 2026-01-08 Listed $247,000 MARMLS
• 2025-10-06 Listing Removed — MARMLS
• 2025-08-20 Price Changed $240,000 MARMLS
• 2025-07-10 Price Changed $245,000 MARMLS
• 2025-05-09 Price Changed $250,000 MARMLS
• 2025-04-21 Price Changed $270,000 MARMLS
• 2025-04-01 Price Changed $280,000 MARMLS
• 2025-01-29 Listed $295,000 MARMLS
• 2024-10-25 Listing Removed — MARMLS
• 2024-09-13 Price Changed $280,000 MARMLS
• 2024-06-12 Price Changed $290,000 MARMLS
• 2024-05-08 Listed $298,000 MARMLS
• 2022-07-19 Sold (Public Records) $220,000 Public Records
• 2022-07-15 Sold (MLS) $220,000 MARMLS
• 2022-06-12 Contingent — MARMLS
• 2022-05-23 Listed $221,000 MARMLS
• 2019-01-28 Sold (Public Records) $125,000 Public Records
• 2019-01-16 Sold (MLS) $125,000 MARMLS
• 2019-01-07 Pending — MARMLS
• 2018-11-21 Relisted — MARMLS
• 2018-11-13 Pending — MARMLS
• 2018-10-13 Pending — MARMLS
• 2018-09-17 Price Changed $129,900 MARMLS
• 2018-07-22 Price Changed $134,900 MARMLS
• 2018-07-22 Relisted — MARMLS
• 2018-07-16 Pending — MARMLS
• 2018-05-17 Price Changed $124,900 MARMLS
• 2018-03-08 Price Changed $129,900 MARMLS
• 2018-02-16 Listed $139,900 MARMLS
• 2017-11-30 Listing Removed — MARMLS
• 2017-10-10 Listed $139,900 MARMLS
• 2014-12-29 Sold (MLS) $78,500 MARMLS
• 2014-10-17 Pending — MARMLS
• 2014-10-08 Price Changed $78,500 MARMLS
• 2014-09-17 Listed $82,600 MARMLS
• 2006-02-02 Sold (Public Records) $188,500 Public Records

Property tax history

+16.4%/yr

Latest (2025): $4,013 · -0.7% YoY. Source: county tax records.