460 NE 132nd St · North Miami, FL 33161

$650,000

4 bd · 2.0 ba · 1,727 sqft · MultiFamily public records · 275 Days on market

Built 1953

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Why this score? — see what drove the C+ 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 +26.9/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Duplex with excellent rental income potential. The front 2-bed, 2-bath unit will be vacant at closing. The rear 2-bed, 1-bath unit is currently rented for $1,400/month. The property features separate water and electric meters for each unit. A huge, fenced backyard includes natural fruit trees (avocado, mango, and coconut). Great option for an investor or a homeowner seeking rental income. Call LA for showing instructions.

Key facts

• Natural fruit trees
• Fenced backyard
• 2 parking spots

Tags

• RENTAL INCOME POTENTIAL
• FENCED BACKYARD
• NATURAL FRUIT TREES

Property features AI

Finance

• Financial info: One unit currently rented month-to-month for $1,400; Second unit shows no current rent listed

Exterior

• Parking: Two parking spaces total; Individual parking space assigned to each unit
• Utilities: Public sewer; Cable not available
• Home design: Single-story property; Resale property; Shingle roof; Block construction
• Construction: Block construction; Shingle roof
• Exterior features: Less than quarter-acre lot

Interior

• Bedrooms: Two-bedroom units (unit details include one 2-bed/1-bath unit and one 2-bed/2-bath unit)
• Flooring: Tile
• Bathrooms: One full bathroom in one unit; Two full bathrooms in the other unit
• Heating & cooling: Wall furnace heating; Ceiling fans; Wall/window cooling units
• Interior features: Tile flooring

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $686/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $650k).
• Recommended offer: $572k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 4.1% in North 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 83/100 on livability (#51 in FL, #914 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D+, employment D.
• 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 $7,411/mo this rent would consume 152% 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 $4k of loan paydown is wiped out by about $20k 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 275 days — a 12% lower offer ($572k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 15y ago; this cycle's ask has dropped $50k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $68k; list at $650k implies a 856% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• 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 6→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $572,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 275 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.14% ✓
• Cap rate: 9.61%
• Cash-on-cash: 11.86%
• DSCR: 1.53
• GRM: 7.3

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: -6.0%
• Equity multiple: 0.78×
• Total profit: $-39,573
• Equity at exit: $96,917

10-year hold

• IRR: -0.5%
• Equity multiple: 0.97×
• Total profit: $-5,462
• Equity at exit: $56,200

Cash invested: $182,000 (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: 14.6×

Monthly cashflow live

• Estimated rent: $7,411 medium
• Mortgage (P&I): −$3,409
• Tax from tax record: −$377 /mo · $4,523/yr
• Insurance: −$271
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,556
• Net cashflow: $1,372

Break-even live

Break-even rent $5,675

Max offer price $650,000

Occupancy floor 76%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$7,412
Total (2 units)			$7,411

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $650,000 Active 275 DOM
2. 2026-06-17
   days on market $650,000 Active 274 DOM
3. 2026-06-16
   days on market $650,000 Active 273 DOM
4. 2026-06-15
   days on market $650,000 Active 272 DOM
5. 2026-06-13
   days on market $650,000 Active 270 DOM
6. 2026-06-09
   days on market $650,000 Active 266 DOM
7. 2026-06-08
   days on market $650,000 Active 265 DOM
8. 2026-06-08
   days on market $650,000 Active 264 DOM
9. 2026-06-04
   days on market $650,000 Active 261 DOM
10. 2026-06-03
    days on market $650,000 Active 260 DOM
11. 2026-06-02
    days on market $650,000 Active 259 DOM
12. 2026-06-01
    days on market $650,000 Active 258 DOM
13. 2026-05-31
    days on market $650,000 Active 257 DOM
14. 2026-03-20
    price $650,000
15. 2026-01-11
    price $685,000
16. 2025-09-16
    listed $699,999 Active
17. 2019-10-16
    historical
18. 2019-07-16
    listed $499,000 Active
19. 2016-08-24
    historical
20. 2015-09-17
    listed $219,900
21. 2015-04-21
    historical
22. 2015-04-01
    price $199,900
23. 2015-02-12
    listed $169,900 Active
24. 2012-01-25
    soldstatus $68,000
25. 2011-11-07
    listed $64,900
26. 1990-06-25
    soldstatus $50,000
27. 1990-05-02
    soldstatus $89,000
28. 1990-04-01
    soldstatus $89,000

ⓘ 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: $4,523 · $377/mo
• Projected year-2 tax: $5,395 · $450/mo
• Expected delta: +$872/yr (+$73/mo · 19.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone AE · 23% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 6 d/yr ≥104°F today · 23 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: $88,932
• − Mortgage interest: −$36,410
• − Property taxes: −$4,523
• − Insurance: −$8,368
• − Repairs & maintenance: −$7,115
• − Management: −$7,115
• − Depreciation: −$18,909
• Taxable income: $6,492
• Est. tax owed @ 24.0%: −$1,558
• After-tax cash flow: $14,903/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 — North Miami

• Score: 83/100
• State rank: #51
• US rank: #914

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 99,437
• 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

+630.3% since first listed

15 events — show timeline

• 2026-03-20 Price Changed $650,000 MARMLS
• 2026-01-11 Price Changed $685,000 MARMLS
• 2025-09-16 Listed $699,999 MARMLS
• 2019-10-16 Listing Removed — MARMLS
• 2019-07-16 Listed $499,000 MARMLS
• 2016-08-24 Listing Removed — Beaches MLS
• 2015-09-17 Listed $219,900 Beaches MLS
• 2015-04-21 Listing Removed — MARMLS
• 2015-04-01 Price Changed $199,900 MARMLS
• 2015-02-12 Listed $169,900 MARMLS
• 2012-01-25 Sold (MLS) $68,000 MARMLS
• 2011-11-07 Listed $64,900 MARMLS
• 1990-06-25 Sold (Public Records) $50,000 Public Records
• 1990-05-02 Sold (Public Records) $89,000 Public Records
• 1990-04-01 Sold (Public Records) $89,000 Public Records

Property tax history

+7.5%/yr

Latest (2025): $4,523 · +5.5% YoY. Source: county tax records.