480 NE 30th St #904

Miami, FL 33137

$490,000D

1 bd · 1.0 ba · 828 sqft · Built 2006 · Condo · Active · 136 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,886/mo
• Mortgage (P&I): −$2,570
• Tax + insurance: −$1,203
• HOA: −$866
• Vac / Maint / Mgmt: −$1,026
• Net cashflow: $-779/mo
• Annual: $-9,349/yr
• Cap rate: 5.43%
• Cash-on-cash: -3.08%
• DSCR: 0.86
• 1% rule: 1.00%
• Cash to close: $137,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $490k.
• At list price, monthly cash flow is $-779 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $352k (28.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $489k (0.3% below list).
• It's been on market 136 days — a 12% lower offer ($431k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $352k (28.1% below list) — sets the bar for cash-flow.
• In year one you build about $5k of equity ($3k loan paydown + $1k appreciation (0.3% local appreciation)).
• 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.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising (+2.7%/yr); 757 active listings in the ZIP; 2 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).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 10 sale attempts since 9y ago 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.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% 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.
• At $4,886/mo this rent would consume 62% of the median local household income ($94k/yr) (locally 3106% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• It's been on market 136 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?