20815 NE 8th Ct Unit 201-20 · Ives Estates, FL 33179

$195,000

2 bd · 2.0 ba · 956 sqft · Condo · 144 Days on market

Built 1984 $386/mo HOA · 18% of rent

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Why this score? — see what drove the D 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 +12.7/30.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• DSCR +3.8/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great 2/, second floor. Currently rented until 9/30/26 for $2100. Low maintenance. The unit has a new AC. Great tenants. Washer and Dryer inside the unit.

Key facts

• New ac
• $386 HOA
• Parking

Tags

• NEW AC
• WASHER AND DRYER INSIDE

Property features AI

Finance

• Financial info: Pets allowed with size limit (maximum 20 lbs)
• HOA & community: Monthly association fee; Association amenities include clubhouse and pool; HOA covers management, common areas, insurance, legal/accounting, grounds maintenance, structure maintenance, parking, and security

Exterior

• Parking: One parking space
• Security: Complex fenced; Phone entry
• Utilities: Municipal water; Sewer available; Electric service
• Home design: Condo/Townhome (attached property); 2 stories; Entry unit 201
• Construction: Block construction
• Exterior features: Fenced; Association pool

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Garbage disposal
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Dining area; Second floor entry; Family/Dining room; Living/Dining room
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $195k.

Deal economics

• At list price, monthly cash flow is $-23 ($-274/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (1.7% below list).
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 3.6% in Ives Estates — 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 77/100 on livability (#191 in FL, #3,061 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living A-; Watch: employment C-, 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: Madie Ives K-8 Preparatory Academy (math 34% / reading 47%, grade F, #1,471 of 2,144 statewide, top 69%, 1,042 students, 64% FRL); Highland Oaks Middle School (math 28% / reading 51%, grade F, #373 of 571 statewide, top 66%, 774 students, 50% FRL); Dr. Michael M. Krop Senior High (math 21% / reading 46%, grade F, #400 of 667 statewide, top 61%, 2,235 students, 49% FRL).
• Market conditions: Rents flat; 573 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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).
• This rent runs 40% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 144 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,600 (12.0% 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 144 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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: 1.11% ✓
• Cap rate: 6.15%
• Cash-on-cash: -0.50%
• DSCR: 0.98
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.22% rent growth · sell at horizon

5-year hold

• IRR: -21.1%
• Equity multiple: 0.29×
• Total profit: $-38,675
• Equity at exit: $29,075

10-year hold

• IRR: -26.0%
• Equity multiple: -0.05×
• Total profit: $-57,329
• Equity at exit: $16,860

Cash invested: $54,600 (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 33179

• Rents YoY: 0.2%
• Active inventory: 573
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,166 high
• Mortgage (P&I): −$1,023
• Tax est. 1.5%: −$244 /mo · $2,925/yr
• Insurance: −$81
• HOA: −$386
• Vacancy / Maint / Mgmt: −$455
• Net cashflow: $-23

Break-even live

Break-even rent $2,194

Max offer price $191,698

Occupancy floor 96%

Sensitivity live

Price	-10% $112	-5% $45	+0% $-23	+5% $-90	+10% $-158
Rent	-10% $-194	-5% $-108	+0% $-23	+5% $63	+10% $148
Rate	-1.0pp $75	-0.5pp $27	base $-23	+0.5pp $-73	+1.0pp $-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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,799	$2.21	5d	4	0.59mi
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,750	$2.15	21d	3	0.59mi
3874 SW 48th Ave #3874 Pembroke Park, FL	2.0	2.0	950	$2,150	$2.26	9d	1	0.62mi
3826 SW 48th Ave Unit 3826 Pembroke Park, FL	2.0	2.0	950	$2,200	$2.32	7d	1	0.64mi
3826 SW 48th Ave Unit 3826 Pembroke Park, FL	2.0	2.0	950	$2,200	$2.32	16d	1	0.64mi
3856 SW 48th Ave #3856 Pembroke Park, FL	2.0	2.0	950	$2,150	$2.26	18d	1	0.65mi
3828 SW 48th Ave Unit D27 Hollywood, FL	2.0	2.0	950	$2,300	$2.42	26d	1	0.66mi
3842 SW 48th Ave Hollywood, FL	2.0	2.0	966	$2,000	$2.07	26d	1	0.68mi
3838 SW 48th Ave Unit 3838 Pembroke Park, FL	2.0	2.0	966	$2,200	$2.28	26d	1	0.68mi
4141 SW 32nd Dr West Park, FL	3.0	1.0	1048	$2,700	$2.58	9d	1	0.71mi
4141 SW 32nd Dr West Park, FL	3.0	1.0	1048	$2,700	$2.58	26d	1	0.71mi
5525 SW 41st St Hollywood, FL	2.0	2.0	1031	$2,145	$2.08	5d	1	0.77mi
3700 SW 52nd Ave Hollywood, FL	2.0	2.0	850	$1,446	$1.70	26d	1	0.83mi
5440 SW 38th Ct West Park, FL	2.0	1.0	768	$1,900	$2.47	9d	1	0.85mi
5440 SW 38th Ct West Park, FL	2.0	1.0	768	$1,900	$2.47	26d	1	0.85mi
5460 SW 38th Ct West Park, FL	2.0	1.0	890	$2,350	$2.64	26d	1	0.86mi
5540 SW 38th Ct West Park, FL	2.0	1.0	768	$2,000	$2.60	12d	1	0.88mi
3721 SW 54th Ave West Park, FL	2.0	1.0	768	$2,100	$2.73	14d	1	0.88mi
5510 SW 38th St West Park, FL	2.0	1.0	855	$2,250	$2.63	3d	1	0.90mi
5510 SW 38th St Unit 5510 West Park, FL	2.0	1.0	822	$2,250	$2.74	5d	1	0.90mi
5510 SW 38th St Unit 5510 West Park, FL	2.0	1.0	822	$2,250	$2.74	6d	1	0.90mi
4628 SW 32nd Dr West Park, FL	3.0	1.0	1082	$2,800	$2.59	26d	1	0.94mi
5721 SW 41st St West Park, FL	3.0	1.0	839	$2,650	$3.16	26d	1	0.97mi
5710 SW 38th St West Park, FL	2.0	1.0	835	$2,400	$2.87	26d	1	1.03mi
3252 SW 52nd Ave Hollywood, FL	1.0–2.0	1.0	827	$1,850	$2.24	0d	5	1.09mi
5521 SW 34th St Unit 2 Pembroke Park, FL	2.0	1.0	692	$1,750	$2.53	26d	1	1.14mi
4030 SW 28th St West Park, FL	2.0	1.0	800	$2,400	$3.00	23d	1	1.19mi
3001 SW 35th Ave West Park, FL	2.0	1.0	1050	$2,400	$2.29	18d	1	1.22mi
920 SW 11th Ave Unit 11D Hallandale Beach, FL	2.0	1.0	848	$1,695	$2.00	26d	1	1.37mi
900 SW 11th Ave Unit 17C Hallandale Beach, FL	1.0	1.0	625	$1,600	$2.56	26d	1	1.39mi
6012 SW 38th St Unit 4 Miramar, FL	1.0	1.0	650	$1,475	$2.27	0d	1	1.41mi

HOA detail condo

• Monthly dues: $386 · $4,632/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-21
   days on market $195,000 Active 144 DOM
2. 2026-06-18
   days on market $195,000 Active 141 DOM
3. 2026-06-17
   days on market $195,000 Active 140 DOM
4. 2026-06-16
   days on market $195,000 Active 139 DOM
5. 2026-06-15
   price $195,000 Active 138 DOM
6. 2026-06-15
   days on market $218,000 Active 138 DOM
7. 2026-06-13
   days on market $218,000 Active 136 DOM
8. 2026-06-09
   days on market $218,000 Active 132 DOM
9. 2026-06-08
   days on market $218,000 Active 131 DOM
10. 2026-06-07
    days on market $218,000 Active 130 DOM
11. 2026-06-04
    days on market $218,000 Active 127 DOM
12. 2026-06-03
    days on market $218,000 Active 126 DOM
13. 2026-06-02
    days on market $218,000 Active 125 DOM
14. 2026-06-01
    days on market $218,000 Active 124 DOM
15. 2026-05-31
    days on market $218,000 Active 123 DOM
16. 2026-01-21
    listed $218,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 9% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 6 d/yr ≥105°F today · 23 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,987
• − Mortgage interest: −$10,923
• − Property taxes: −$2,925
• − Insurance: −$975
• − Repairs & maintenance: −$2,079
• − Management: −$2,079
• − HOA: −$4,632
• − Depreciation: −$5,673
• Taxable loss: −$3,299
• Est. tax savings @ 24.0%: +$792
• After-tax cash flow: $518/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 — Ives Estates

• Score: 77/100
• State rank: #191
• US rank: #3061

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ives Estates, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 51,591
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 51,591
• Household income: $65,211
• Rent vs Own: 43.3% rent · 56.7% own
• Severe rent burden: 3123.0

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: Black 39% Hispanic / Latino 38% Two or more races 23% White 19% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 6% Dominican 3% Salvadoran 3%
• Common ancestry: Hispanic 13% Scotch-Irish 2% Romanian 2%
• Foreign-born: 48% · Canada, Jamaica, Dominican Republic
• Languages at home: 42% English-only · Spanish 37% French/Haitian/Cajun 13% 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: ▼ -608.34%
• Current HPI: 328.1733
• Rent YoY: ▲ 0.22%
• 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

1 event — show timeline

• 2026-01-21 Listed $218,000 MARMLS