2640 NE 135th St #312 · North Miami, FL 33181

$200,000

1 bd · 1.0 ba · 1,010 sqft · Condo public records · 129 Days on market

Built 1972 $564/mo HOA · 19% 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 +27.2/30.0
• 1% rule +10.0/10.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Keystone Bay, a spacious waterfront condo offering 1 bedroom, 1.5 bathrooms, and 1,010 sq. ft. of living space. Prime FIU BB Campus location! This well-designed residence is located directly on the Intracoastal Waterway, providing a true coastal lifestyle. Enjoy access to a community pool and the convenience of a prime location across from a natural preserve with serene views from your private balcony offering peaceful views and added privacy. Ideally situated near shopping, dining, and major roadways, this condo is perfect as a primary residence, second home, or investment opportunity. Waterfront living at its best. Overlooking Arch Creek Preserve. One or more photos have been v

Key facts

• Added privacy
• Community pool
• Waterfront condo

Tags

• WATERFRONT CONDO
• COMMUNITY POOL
• NATURAL PRESERVE
• PEACEFUL VIEWS
• ADDED PRIVACY

Property features AI

Finance

• Financial info: Pets allowed with restrictions
• HOA & community: Monthly association fee of $564; Association covers common areas; Community amenities include boat dock, elevators and laundry

Exterior

• Parking: Attached garage with 1 covered space
• Security: Secured elevator; Secured lobby; Secured garage/parking
• Utilities: Municipal water; Municipal sewer; Electric service; Central heating and cooling
• Home design: Block construction; 3 stories; Entry on level 3; Attached property; Waterfront property with canal front, intracoastal access and navigable water
• Construction: Block construction
• Exterior features: Balcony; Open balcony/porch

Interior

• Kitchen: Dishwasher; Electric range; Disposal; Refrigerator
• Bedrooms: Bedroom located on the main level
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Elevator; First-floor entry; Bedroom on main level
• Laundry & utility: Dryer; Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $147 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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 (-0.1%/yr); 340 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).
• At $3,045/mo this rent would consume 58% of the median local household income ($63k/yr) (locally 1914% 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 129 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 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.

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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $176,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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: 1.52% ✓
• Cap rate: 9.74%
• Cash-on-cash: 12.30%
• DSCR: 1.55
• GRM: 5.5

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: -16.5%
• Equity multiple: 0.44×
• Total profit: $-31,370
• Equity at exit: $29,821

10-year hold

• IRR: -20.8%
• Equity multiple: 0.15×
• Total profit: $-47,352
• Equity at exit: $17,292

Cash invested: $56,000 (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 33181

• Rents YoY: -0.1%
• Active inventory: 340
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $3,045 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$135 /mo · $1,625/yr
• Insurance: −$83
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$564
• Vacancy / Maint / Mgmt: −$639
• Net cashflow: $147

Break-even live

Break-even rent $2,858

Max offer price $200,000

Occupancy floor 90%

Sensitivity live

Price	-10% $260	-5% $204	+0% $147	+5% $91	+10% $34
Rent	-10% $-93	-5% $27	+0% $147	+5% $267	+10% $388
Rate	-1.0pp $248	-0.5pp $198	base $147	+0.5pp $95	+1.0pp $43

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2020 NE 135th St #904 North Miami, FL	2.0	2.0	963	$23,509	$24.41	16d	1	0.55mi
2020 NE 135th St North Miami, FL	2.0	2.0	963	$23,509	$24.41	15d	1	0.55mi
10295 Collins Ave #1613 Bal Harbour, FL	1.0	1.5	1147	$27,500	$23.98	25d	1	1.41mi

HOA detail condo

• Monthly dues: $564 · $6,768/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-21
   days on market $200,000 Active 129 DOM
2. 2026-06-18
   days on market $200,000 Active 126 DOM
3. 2026-06-17
   days on market $200,000 Active 125 DOM
4. 2026-06-16
   days on market $200,000 Active 124 DOM
5. 2026-06-15
   days on market $200,000 Active 123 DOM
6. 2026-06-13
   days on market $200,000 Active 121 DOM
7. 2026-06-09
   days on market $200,000 Active 117 DOM
8. 2026-06-08
   days on market $200,000 Active 116 DOM
9. 2026-06-07
   days on market $200,000 Active 115 DOM
10. 2026-06-04
    days on market $200,000 Active 112 DOM
11. 2026-06-03
    days on market $200,000 Active 111 DOM
12. 2026-06-02
    days on market $200,000 Active 110 DOM
13. 2026-06-01
    days on market $200,000 Active 109 DOM
14. 2026-05-31
    days on market $200,000 Active 108 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: $1,625 · $135/mo
• Projected year-2 tax: $1,660 · $138/mo
• Expected delta: +$35/yr (+$3/mo · 2.2%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 26 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: $36,537
• − Mortgage interest: −$11,203
• − Property taxes: −$1,625
• − Insurance: −$6,118
• − Repairs & maintenance: −$2,923
• − Management: −$2,923
• − HOA: −$6,768
• − Depreciation: −$5,818
• Taxable loss: −$842
• Est. tax savings @ 24.0%: +$202
• After-tax cash flow: $1,969/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): 20,848
• Household income: $63,275
• Rent vs Own: 62.4% rent · 37.6% own
• Severe rent burden: 1914.0

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 0.67)
• Race & ethnicity: Hispanic / Latino 44% Black 29% Two or more races 23% White 22% Asian 1%
• Hispanic origin (detail): Puerto Rican 2% Cuban 8% Dominican 2% Salvadoran 3%
• Common ancestry: Hispanic 18% Lithuanian 3% Italian 1%
• Foreign-born: 51% · Canada, Jamaica, Dominican Republic
• Languages at home: 28% English-only · Spanish 44% French/Haitian/Cajun 18% Other Indo-European 4%

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: ▼ -334.57%
• Current HPI: 341.3285
• Rent YoY: ▼ -0.11%
• 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

2 events — show timeline

• 2026-05-29 Relisted — MARMLS
• 2026-01-15 Listed $200,000 MARMLS

Property tax history

+0.3%/yr

Latest (2025): $1,625 · +3.9% YoY. Source: county tax records.