11970 SW 217th St

Goulds, FL 33170

$639,900D-

6 bd · 4.0 ba · 2,154 sqft · Built 2005 · MultiFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,374/mo
• Mortgage (P&I): −$3,356
• Tax + insurance: −$966
• HOA: −$0
• Vac / Maint / Mgmt: −$1,129
• Net cashflow: $-76/mo
• Annual: $-913/yr
• Cap rate: 6.15%
• Cash-on-cash: -0.51%
• DSCR: 0.98
• 1% rule: 0.84%
• Cash to close: $179,172

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $640k.
• At list price, monthly cash flow is $-76 ($-913/yr) — negative. Per door: $-38/mo.
• To cash-flow at today's rent, offer at most $626k (2.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $537k (16.0% below list).
• It's been on market 29 days — a 2% lower offer ($630k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $537k (16.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#431 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety B+, crime B; Watch: employment D, amenities 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: Caribbean K-8 Center (math 29% / reading 38%, grade F, #1,758 of 2,144 statewide, top 83%, 700 students, 80% FRL); Cutler Bay Middle (math 30% / reading 36%, grade F, #437 of 571 statewide, top 77%, 1,031 students, 72% FRL); Miami Southridge Senior High (math 23% / reading 30%, grade F, #489 of 667 statewide, top 74%, 2,085 students, 70% FRL).
• Zoned-school proficiency averages 31% at this address vs 50% district-wide (-18 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Market conditions: 204 active listings in the ZIP; 8 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).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 6y 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.
• Current owner paid $335k; list at $640k implies a 91% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $5,374/mo this rent would consume 87% of the median local household income ($74k/yr) (locally 392% 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.