876 SW 2nd St · Miami, FL 33130

$850,000

3 bd · 2.0 ba · 1,686 sqft · MultiFamily public records · 325 Days on market

Built 1928

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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 +22.7/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +5.7/10.0
• Schools +4.2/10.0
• Appreciation +4.1/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

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

Listing remarks

Excellent Investment Opportunity: Duplex Converted to Triplex in Prime Downtown Miami Location! Property Details: Location: * * Close to Downtown Miami & Coconut Grove Type: * * Duplex converted into a Triplex Layout: * * First Floor: 2 Bedrooms, 1 Bathroom Second Floor: 2 Bedrooms, 1 Bathroom Studio: Perfect for additional rental income or guest accommodation Highlights: Well-maintained in a highly desirable neighborhood Close to shopping, dining, entertainment, and public transportation Ideal for investors or owner-occupants looking for rental income Great potential for Airbnb or short-term rentals Easy access to Miami’s vibrant downtown and Coconu

Key facts

• Close to dining
• Close to shopping
• 4 parking spots

Tags

• DUPLEX CONVERTED TO TRIPLEX
• CLOSE TO DOWNTOWN MIAMI
• CLOSE TO COCONUT GROVE
• CLOSE TO SHOPPING
• CLOSE TO DINING
• CLOSE TO ENTERTAINMENT

Property features AI

Finance

• Other: Zoning code: 3900
• Financial info: Rent for 1-bedroom units: $1,650; Rent for 2-bedroom units: $2,400 and $2,200; All listed units are currently leased
• HOA & community: No HOA details provided

Exterior

• Parking: Total of 4 parking spaces; Open parking and other parking types available
• Security: No security details provided
• Utilities: Cable available; Public sewer; Water included with rent (for rental units)
• Home design: 2-story building; Resale property; Flat and tile roofing
• Construction: Block construction
• Exterior features: Less than quarter-acre lot

Interior

• Kitchen: No individual appliance details provided
• Bedrooms: Three 1-bedroom units; Three 2-bedroom units
• Flooring: Tile
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Tile flooring
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $518/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $850k).
• Recommended offer: $748k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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.

Location & tenants

• 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.
• Market conditions: Rents soft (-0.5%/yr); 639 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $9,125/mo this rent would consume 179% of the median local household income ($61k/yr) (locally 5231% 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 (-1.8%/yr); year-one equity from $6k of loan paydown is wiped out by about $15k 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 325 days — a 12% lower offer ($748k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 11y 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 $690k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1928 — 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 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $748,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 325 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 1928 — 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 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?
9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. 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.
11. 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.
12. 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: 1.07% ✓
• Cap rate: 8.36%
• Cash-on-cash: 7.38%
• DSCR: 1.33
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.79% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -5.7%
• Equity multiple: 0.77×
• Total profit: $-54,261
• Equity at exit: $173,426

10-year hold

• IRR: -1.4%
• Equity multiple: 0.90×
• Total profit: $-24,725
• Equity at exit: $156,242

Cash invested: $238,000 (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 33130

• Home prices YoY: -0.5%
• Rents YoY: -0.5%
• Active inventory: 639
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $9,125 medium
• Mortgage (P&I): −$4,457
• Tax from tax record: −$934 /mo · $11,210/yr
• Insurance: −$354
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,916
• Net cashflow: $1,036

Break-even live

Break-even rent $7,813

Max offer price $850,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$9,126
Total (2 units)			$9,125

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: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1000 Brickell Plz Miami, FL	3.0–6.0	3.5–5.5	3692	$19,800	$5.36	11d	2	1.15mi
1000 Brickell Plz Miami, FL	3.0–6.0	3.5–5.5	3486	$22,000	$6.31	24d	2	1.15mi
300 Biscayne Boulevard Way Unit 4007W Miami, FL	3.0	3.0	2126	$19,000	$8.94	24d	1	1.34mi
300 Biscayne Boulevard Way Unit 1902E Miami, FL	3.0	3.5	2220	$18,000	$8.11	3d	1	1.34mi
300 Biscayne Boulevard Way Unit 4502E Miami, FL	3.0	3.5	2220	$25,000	$11.26	21d	1	1.34mi
300 Biscayne Boulevard Way #2306 Miami, FL	3.0	3.0	1600	$19,000	$11.88	12d	1	1.34mi
300 Biscayne Boulevard Way Unit 2802E Miami, FL	3.0	3.5	2220	$21,000	$9.46	24d	1	1.34mi

Listing history 50 events

1. 2026-06-18
   days on market $850,000 Active 325 DOM
2. 2026-06-17
   days on market $850,000 Active 324 DOM
3. 2026-06-16
   days on market $850,000 Active 323 DOM
4. 2026-06-15
   days on market $850,000 Active 322 DOM
5. 2026-06-13
   days on market $850,000 Active 320 DOM
6. 2026-06-09
   days on market $850,000 Active 316 DOM
7. 2026-06-08
   days on market $850,000 Active 315 DOM
8. 2026-06-08
   days on market $850,000 Active 314 DOM
9. 2026-06-04
   days on market $850,000 Active 311 DOM
10. 2026-06-03
    days on market $850,000 Active 310 DOM
11. 2026-06-02
    days on market $850,000 Active 309 DOM
12. 2026-06-01
    days on market $850,000 Active 308 DOM
13. 2026-05-31
    days on market $850,000 Active 307 DOM
14. 2026-04-05
    price $850,000
15. 2026-02-09
    status Active
16. 2026-02-02
    price $999,000
17. 2025-08-13
    price $850,000
18. 2025-07-10
    listed $890,000 Active
19. 2025-07-03
    historical
20. 2025-06-09
    price $870,000
21. 2025-06-07
    listed $870 Active
22. 2025-06-05
    historical
23. 2025-03-21
    status Active
24. 2025-03-20
    price $895,000
25. 2025-03-10
    listed $950,000 Active
26. 2024-03-18
    soldstatus $690,000
27. 2023-12-05
    soldstatus $690,000 Closed
28. 2023-10-23
    status Pending
29. 2023-10-02
    price $689,000
30. 2023-08-11
    status Active
31. 2023-07-24
    historical Active Under Contract
32. 2023-07-06
    status Active
33. 2023-06-28
    historical Active Under Contract
34. 2023-06-20
    listed $789,651 Active
35. 2021-11-30
    soldstatus $440,000
36. 2021-11-22
    soldstatus $440,000 Closed
37. 2021-11-02
    status Pending
38. 2021-10-21
    listed $470,000 Active
39. 2020-08-13
    historical
40. 2020-08-13
    status Active
41. 2020-07-28
    historical
42. 2020-06-08
    price $499,000
43. 2020-06-01
    price $540,000
44. 2020-05-29
    listed $499,000 Active
45. 2019-01-02
    soldstatus $530,000 Sold
46. 2019-01-02
    soldstatus $530,000
47. 2018-10-09
    price $547,000
48. 2018-08-30
    listed $550,000 Active
49. 2015-11-10
    soldstatus $217,500
50. 2015-11-03
    soldstatus $217,500 Sold

ⓘ 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: $11,210 · $934/mo
• Projected year-2 tax: $11,210 · $934/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 8/10 Severe FEMA zone AE · 95% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 29 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: $109,500
• − Mortgage interest: −$47,613
• − Property taxes: −$11,210
• − Insurance: −$9,368
• − Repairs & maintenance: −$8,760
• − Management: −$8,760
• − Depreciation: −$24,727
• Taxable loss: −$939
• Est. tax savings @ 24.0%: +$225
• After-tax cash flow: $12,662/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 — Miami

• Score: 78/100
• State rank: #177
• US rank: #2724

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 827,308
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 34,964
• Household income: $61,009
• Rent vs Own: 83.2% rent · 16.8% own
• Severe rent burden: 5231.0

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: Predominantly Hispanic (73%)
• Race & ethnicity: Hispanic / Latino 73% Two or more races 44% White 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 24% Dominican 4%
• Common ancestry: Romanian 2% Estonian 1% Lithuanian 1%
• Foreign-born: 60% · Canada, Jamaica, Guatemala
• Languages at home: 23% English-only · Spanish 70% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -1.79%
• Current HPI: 344.7752
• Rent YoY: ▼ -0.53%
• 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

+1643.6% since first listed

39 events — show timeline

• 2026-04-05 Price Changed $850,000 MARMLS
• 2026-02-09 Relisted — MARMLS
• 2026-02-02 Price Changed $999,000 MARMLS
• 2025-08-13 Price Changed $850,000 MARMLS
• 2025-07-10 Listed $890,000 MARMLS
• 2025-07-03 Listing Removed — MARMLS
• 2025-06-09 Price Changed $870,000 MARMLS
• 2025-06-07 Listed $870 MARMLS
• 2025-06-05 Listing Removed — MARMLS
• 2025-03-21 Relisted — MARMLS
• 2025-03-20 Price Changed $895,000 MARMLS
• 2025-03-10 Listed $950,000 MARMLS
• 2024-03-18 Sold (Public Records) $690,000 Public Records
• 2023-12-05 Sold (MLS) $690,000 MARMLS
• 2023-10-23 Pending — MARMLS
• 2023-10-02 Price Changed $689,000 MARMLS
• 2023-08-11 Relisted — MARMLS
• 2023-07-24 Contingent — MARMLS
• 2023-07-06 Relisted — MARMLS
• 2023-06-28 Contingent — MARMLS
• 2023-06-20 Listed $789,651 MARMLS
• 2021-11-30 Sold (Public Records) $440,000 Public Records
• 2021-11-22 Sold (MLS) $440,000 MARMLS
• 2021-11-02 Pending — MARMLS
• 2021-10-21 Listed $470,000 MARMLS
• 2020-08-13 Listing Removed — MARMLS
• 2020-08-13 Relisted — MARMLS
• 2020-07-28 Listing Removed — MARMLS
• 2020-06-08 Price Changed $499,000 MARMLS
• 2020-06-01 Price Changed $540,000 MARMLS
• 2020-05-29 Listed $499,000 MARMLS
• 2019-01-02 Sold (Public Records) $530,000 Public Records
• 2019-01-02 Sold (MLS) $530,000 MARMLS
• 2018-10-09 Price Changed $547,000 MARMLS
• 2018-08-30 Listed $550,000 MARMLS
• 2015-11-10 Sold (Public Records) $217,500 Public Records
• 2015-11-03 Sold (MLS) $217,500 MARMLS
• 2015-09-14 Listed $259,000 MARMLS
• 1980-10-02 Sold (Public Records) $48,750 Public Records

Property tax history

+15.0%/yr

Latest (2025): $11,210 · +4.8% YoY. Source: county tax records.