12610 NE 11th Ave · North Miami, FL 33161

$1,400,000

5 bd · 5.0 ba · 3,542 sqft · MultiFamily public records · 134 Days on market

Built 1955 10,563 sqft lot

---

Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Cash flow +1.6/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Introducing a rare and high-potential real estate opportunity located in the heart of North Miami, an area experiencing continued residential growth and strong rental demand. The property currently includes six existing apartment units, providing immediate income and a solid foundation for future expansion. What truly distinguishes this North Miami asset is its significant development potential. The site allows for the construction of up to 34 apartment units, supporting the vision of a modern, high-density residential project designed to meet growing housing needs in the area.

Key facts

• 0.24 acre lot
• Listed 133 days

Tags

• DEVELOPMENT POTENTIAL

Property features AI

Finance

• Financial info: Gross income reported at $118,800; Gross scheduled income reported at $118,800

Exterior

• Utilities: Cable available; Electricity available; Phone available; Public sewer; Trash collection
• Exterior features: Rectangular lot; Public maintained road

Interior

• Interior features: Virtual tour available

What this means for you Summary

Snapshot

• This is a 5-bed/5.0-bath multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $-6k ($-70k/yr) — negative.
• To cash-flow at today's rent, offer at most $374k (73.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $506k (63.8% below list).
• Recommended offer: $374k (73.3% below list) — sets the bar for cash-flow.
• Cap rate 1.7% vs local median 4.1% in North Miami — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 1 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $5,062/mo this rent would consume 104% 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 $10k of loan paydown is wiped out by about $42k 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 134 days — a 12% lower offer ($1.23M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $490k; list at $1.40M implies a 186% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1955 — 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 4→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $373,564 (73.3% below list)

Questions for the listing agent

1. 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?
2. It's been on market 134 days. Have you received any prior offers? Is the seller open to a 73% concession, seller financing, or rate buy-down credit?
3. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 0.36% ✗
• Cap rate: 1.68%
• Cash-on-cash: -16.48%
• DSCR: 0.27
• GRM: 23.0

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: -54.8%
• Equity multiple: -0.56×
• Total profit: $-611,605
• Equity at exit: $208,745

10-year hold

• IRR: —
• Equity multiple: -1.72×
• Total profit: $-1,065,784
• Equity at exit: $121,046

Cash invested: $392,000 (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: 23.0×

Monthly cashflow live

• Estimated rent: $5,062 medium
• Mortgage (P&I): −$7,342
• Tax from tax record: −$1,458 /mo · $17,494/yr
• Insurance: −$583
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,063
• Net cashflow: $-5,810

Break-even live

Break-even rent $12,417

Max offer price $373,564

Occupancy floor —

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: $350,000
• Closing costs: $42,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1942 NE 119th Rd North Miami, FL	4.0	4.5	2920	$22,000	$7.53	7d	1	1.32mi

Listing history 28 events

1. 2026-06-18
   days on market $1,400,000 Active 134 DOM
2. 2026-06-17
   days on market $1,400,000 Active 133 DOM
3. 2026-06-16
   days on market $1,400,000 Active 132 DOM
4. 2026-06-15
   days on market $1,400,000 Active 131 DOM
5. 2026-06-13
   days on market $1,400,000 Active 129 DOM
6. 2026-06-09
   days on market $1,400,000 Active 125 DOM
7. 2026-06-08
   days on market $1,400,000 Active 124 DOM
8. 2026-06-07
   days on market $1,400,000 Active 123 DOM
9. 2026-06-04
   days on market $1,400,000 Active 120 DOM
10. 2026-06-03
    days on market $1,400,000 Active 119 DOM
11. 2026-06-02
    days on market $1,400,000 Active 118 DOM
12. 2026-06-01
    days on market $1,400,000 Active 117 DOM
13. 2026-05-31
    days on market $1,400,000 Active 116 DOM
14. 2026-02-01
    listed $1,400,000 Active
15. 2025-03-21
    historical
16. 2024-10-31
    price $1,350,000
17. 2024-06-04
    price $1,450,000
18. 2024-05-20
    listed $1,600,000 Active
19. 2024-05-20
    listed $1,600,000 Active
20. 2024-05-20
    historical
21. 2019-05-15
    soldstatus $490,000
22. 2019-04-10
    soldstatus $390,000
23. 2014-09-16
    soldstatus $320,000
24. 2004-05-14
    soldstatus $270,000
25. 2002-11-26
    soldstatus $160,000
26. 1999-12-02
    soldstatus $114,900
27. 1994-03-29
    soldstatus $118,500
28. 1982-08-01
    soldstatus $103,400

ⓘ 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: $17,494 · $1,458/mo
• Projected year-2 tax: $17,494 · $1,458/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 5/10 Major FEMA zone AE · 26% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 4 d/yr ≥103°F today · 14 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: $60,745
• − Mortgage interest: −$78,422
• − Property taxes: −$17,494
• − Insurance: −$12,118
• − Repairs & maintenance: −$4,860
• − Management: −$4,860
• − Depreciation: −$40,727
• Taxable loss: −$97,736
• Est. tax savings @ 24.0%: +$23,457
• After-tax cash flow: $-46,269/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

+1254.0% since first listed

15 events — show timeline

• 2026-02-01 Listed $1,400,000 MARMLS
• 2025-03-21 Listing Removed — MARMLS
• 2024-10-31 Price Changed $1,350,000 MARMLS
• 2024-06-04 Price Changed $1,450,000 MARMLS
• 2024-05-20 Listing Removed — MARMLS
• 2024-05-20 Listed $1,600,000 MARMLS
• 2024-05-20 Listed $1,600,000 MARMLS
• 2019-05-15 Sold (Public Records) $490,000 Public Records
• 2019-04-10 Sold (Public Records) $390,000 Public Records
• 2014-09-16 Sold (Public Records) $320,000 Public Records
• 2004-05-14 Sold (Public Records) $270,000 Public Records
• 2002-11-26 Sold (Public Records) $160,000 Public Records
• 1999-12-02 Sold (Public Records) $114,900 Public Records
• 1994-03-29 Sold (Public Records) $118,500 Public Records
• 1982-08-01 Sold (Public Records) $103,400 Public Records

Property tax history

+10.3%/yr

Latest (2025): $17,494 · +1.3% YoY. Source: county tax records.