651 SW 4th Ave · Homestead, FL 33030

$1,985,000

4 bd · 4.0 ba · 1,952 sqft · MultiFamily public records · 22 Days on market

Built 1958

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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 +20.8/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.9/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Stabilized 12-unit multifamily opportunity in Homestead featuring updated 1BR/1BA units across three buildings on an approximately 15,000 SF corner assemblage. Property offers strong in-place income with renovated interiors including quartz countertops, white shaker-style kitchens, tile flooring, and updated bathrooms. Separately metered electric, city water/sewer, and ample on-site parking support operational efficiency and long-term ownership. Well-positioned near major roadways, transit, shopping, and Historic Downtown Homestead. Excellent opportunity for investors seeking stabilized cash flow with continued growth potential in an expanding South Miami-Dade market.

Key facts

• Updated units
• Quartz countertops
• Tile flooring

Tags

• MULTIFAMILY OPPORTUNITY
• UPDATED UNITS
• RENOVATED INTERIORS
• QUARTZ COUNTERTOPS
• WHITE SHAKER-STYLE KITCHENS
• TILE FLOORING

Property features AI

Finance

• Other: Zoning: 9400
• Financial info: Trash collection included with rent; Actual rent example: $1,450 for a 488-unit (one-bedroom) listing (unit leased)

Exterior

• Parking: 12 parking spaces (open parking)
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-story building; Resale property
• Construction: Block construction; Concrete roof
• Exterior features: Open parking; Quarter- to half-acre lot

Interior

• Kitchen: Range; Refrigerator; Kitchen area in each unit
• Bedrooms: One-bedroom units (12 total)
• Flooring: Tile
• Bathrooms: One full bathroom per unit
• Heating & cooling: Electric heating; Electric cooling; Wall/Window air conditioning units
• Interior features: Tile flooring
• Laundry & utility: Smoke detector (in units)

What this means for you Summary

Snapshot

• This is a 12 × 1.0-bed/1.0-bath units multifamily listed at $1.99M.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $228/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.97M (1.0% below list).
• Recommended offer: $1.96M (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.5% in Homestead — 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 (#158 in FL, #2,408 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-.
• 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: 306 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $19,655/mo this rent would consume 510% of the median local household income ($46k/yr) (locally 2737% 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 $14k of loan paydown is wiped out by about $60k 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 22 days — a 2% lower offer ($1.96M) 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 $474k; list at $1.99M implies a 318% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→35/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,955,225 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.99% ✗
• Cap rate: 7.95%
• Cash-on-cash: 5.91%
• DSCR: 1.26
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -7.2%
• Equity multiple: 0.73×
• Total profit: $-147,528
• Equity at exit: $295,970

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $94,992
• Equity at exit: $171,627

Cash invested: $555,800 (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 33030

• Home prices YoY: -33.9%
• Active inventory: 306
• Price-to-rent: 101.0×

Monthly cashflow live

• Estimated rent: $19,655 high
• Mortgage (P&I): −$10,410
• Tax from tax record: −$1,553 /mo · $18,631/yr
• Insurance: −$827
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,128
• Net cashflow: $2,738

Break-even live

Break-even rent $16,189

Max offer price $1,985,000

Occupancy floor 81%

Sensitivity live

Price	-10% $3,862	-5% $3,300	+0% $2,738	+5% $2,176	+10% $1,615
Rent	-10% $1,186	-5% $1,962	+0% $2,738	+5% $3,515	+10% $4,291
Rate	-1.0pp $3,738	-0.5pp $3,243	base $2,738	+0.5pp $2,224	+1.0pp $1,701

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

Units	Beds	Baths	Est. rent
▸ 12× units	1.0	1	$19,656
Total (12 units)			$19,655

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: $496,250
• Closing costs: $59,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
415 NW 13th Ct Florida City, FL	4.0	3.0	1500	$2,900	$1.93	24d	1	0.31mi
448 NW 12th St #448 Florida City, FL	3.0	2.5	1464	$2,350	$1.61	17d	1	0.33mi
440 NW 11th St Unit 1 Florida City, FL	3.0	3.0	1425	$2,550	$1.79	24d	1	0.38mi
1016 NW 1st Ave Florida City, FL	4.0	3.5	1610	$2,795	$1.74	24d	1	0.39mi
1037 NW 5th Ave Unit 1037 Florida City, FL	3.0	3.0	1425	$2,700	$1.89	18d	1	0.39mi
389 NW 10th St Florida City, FL	3.0	3.0	1380	$2,200	$1.59	24d	1	0.42mi
705 NW 13th Ter Homestead, FL	4.0	2.0	1395	$2,800	$2.01	5d	1	0.44mi
705 NW 13th Ter Homestead, FL	4.0	2.0	1395	$3,100	$2.22	12d	1	0.44mi
705 NW 13th Ter Homestead, FL	4.0	2.0	1395	$2,800	$2.01	3d	1	0.44mi
705 NW 13th Ter Homestead, FL	4.0	2.0	1395	$2,990	$2.14	24d	1	0.44mi
558 NW 7th St #3 Florida City, FL	3.0	2.5	1516	$2,500	$1.65	22d	1	0.54mi
558 NW 7th St #3 Florida City, FL	3.0	2.5	1516	$2,500	$1.65	18d	1	0.54mi
568 NW 7th St Unit 0 Florida City, FL	4.0	2.5	1744	$2,600	$1.49	24d	1	0.54mi
552 NW 7th St Florida City, FL	3.0	2.5	1744	$2,500	$1.43	8d	1	0.54mi
574 NW 7th St #1 Florida City, FL	3.0	2.5	1766	$2,600	$1.47	24d	1	0.55mi
839 NW 12th St Unit 839-5 Florida City, FL	3.0	2.0	1400	$2,195	$1.57	3d	1	0.60mi
1165 NE 1st Ave Florida City, FL	3.0	2.5	1376	$2,450	$1.78	24d	1	0.61mi
944 NW 14th St Homestead, FL	3.0	2.0	1320	$2,200	$1.67	24d	1	0.62mi
1371 NW 9th Ct Florida City, FL	3.0	2.0	1240	$2,700	$2.18	15d	1	0.63mi
954 NW 14th St Homestead, FL	3.0	2.0	2496	$2,200	$0.88	24d	1	0.63mi
1351 NW 9th Ct Florida City, FL	4.0	2.0	1415	$3,200	$2.26	4d	1	0.64mi
1351 NW 9th Ct Florida City, FL	4.0	2.0	1415	$3,000	$2.12	15d	1	0.64mi
86 NW 4th St Homestead, FL	4.0	2.0	1702	$3,300	$1.94	17d	1	0.68mi
696 NW 6th St Homestead, FL	3.0	2.5	1466	$2,700	$1.84	24d	1	0.70mi
696 NW 6th St Homestead, FL	3.0	2.5	1466	$2,500	$1.71	5d	1	0.70mi
1549 NE 3rd Ave Florida City, FL	3.0	2.5	1380	$2,500	$1.81	22d	1	0.71mi
323 NE 16th St Florida City, FL	3.0	3.0	1382	$2,600	$1.88	22d	1	0.73mi
1431 NE 3rd Ave Florida City, FL	3.0	3.0	1380	$2,490	$1.80	8d	1	0.73mi
1431 NE 3rd Ave Florida City, FL	3.0	3.0	1380	$2,490	$1.80	22d	1	0.73mi
689 NW 6th St Unit 689 Florida City, FL	4.0	3.0	1679	$3,300	$1.97	24d	1	0.74mi
359 NE 16th St Florida City, FL	3.0	3.0	1382	$2,700	$1.95	14d	1	0.74mi
359 NE 16th St Florida City, FL	3.0	3.0	1382	$2,500	$1.81	22d	1	0.74mi
371 NE 16th St Unit 371 Florida City, FL	3.0	2.5	1487	$2,650	$1.78	24d	1	0.74mi
1281 NE 3rd Ave Florida City, FL	4.0	3.0	1580	$3,200	$2.03	22d	1	0.75mi
957 NW 10th St #2 Florida City, FL	3.0	2.5	1292	$2,600	$2.01	11d	1	0.75mi
957 NW 10th St #2 Florida City, FL	3.0	2.5	1292	$2,600	$2.01	8d	1	0.75mi
1281 NE 3rd Ave Unit 1281 Florida City, FL	4.0	3.0	1580	$3,200	$2.03	24d	1	0.75mi
1386 NE 3rd Ave Florida City, FL	3.0	3.0	1380	$2,500	$1.81	8d	1	0.76mi
1386 NE 3rd Ave Florida City, FL	3.0	3.0	1380	$2,690	$1.95	21d	1	0.76mi
409 NE 12th St Florida City, FL	3.0	2.5	1440	$2,800	$1.94	24d	1	0.78mi

Listing history 21 events

1. 2026-06-18
   days on market $1,985,000 Active 22 DOM
2. 2026-06-17
   days on market $1,985,000 Active 21 DOM
3. 2026-06-16
   days on market $1,985,000 Active 20 DOM
4. 2026-06-15
   days on market $1,985,000 Active 19 DOM
5. 2026-06-13
   days on market $1,985,000 Active 17 DOM
6. 2026-06-09
   days on market $1,985,000 Active 13 DOM
7. 2026-06-08
   days on market $1,985,000 Active 12 DOM
8. 2026-06-07
   days on market $1,985,000 Active 11 DOM
9. 2026-06-04
   days on market $1,985,000 Active 8 DOM
10. 2026-06-03
    days on market $1,985,000 Active 7 DOM
11. 2026-06-02
    days on market $1,985,000 Active 6 DOM
12. 2026-06-01
    days on market $1,985,000 Active 5 DOM
13. 2026-05-31
    days on market $1,985,000 Active 4 DOM
14. 2026-05-26
    listed $1,985,000 Active
15. 2024-10-15
    historical $1,400
16. 2024-09-21
    price $1,400
17. 2024-09-05
    listed $1,450
18. 2024-05-29
    listed $3,000,000 Active
19. 2020-05-19
    soldstatus $474,400
20. 1985-12-01
    soldstatus $162,000
21. 1984-08-01
    soldstatus $180,000

ⓘ 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: $18,631 · $1,553/mo
• Projected year-2 tax: $18,631 · $1,553/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 X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 8 d/yr ≥107°F today · 35 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $235,860
• − Mortgage interest: −$111,191
• − Property taxes: −$18,631
• − Insurance: −$9,925
• − Repairs & maintenance: −$18,869
• − Management: −$18,869
• − Depreciation: −$57,745
• Taxable income: $631
• Est. tax owed @ 24.0%: −$151
• After-tax cash flow: $32,708/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 — Homestead

• Score: 78/100
• State rank: #158
• US rank: #2408

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homestead, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 191,470
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 37,678
• Household income: $46,202
• Rent vs Own: 56.4% rent · 43.6% own
• Severe rent burden: 2737.0

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 (76%)
• Race & ethnicity: Hispanic / Latino 76% Two or more races 26% Black 13% White 9% Native American 3%
• Hispanic origin (detail): Mexican 15% Puerto Rican 4% Cuban 19% Dominican 2%
• Common ancestry: Hispanic 4%
• Foreign-born: 44% · Canada, Jamaica
• Languages at home: 26% English-only · Spanish 67% French/Haitian/Cajun 3% Other Indo-European 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: ▼ -237.89%
• Current HPI: 463.2221
• Rent YoY: —
• 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

+1002.8% since first listed

8 events — show timeline

• 2026-05-26 Listed $1,985,000 MARMLS
• 2024-10-15 Rental Removed $1,400 RENTALBEAST
• 2024-09-21 Price Changed $1,400 RENTALBEAST
• 2024-09-05 Listed for Rent $1,450 RENTALBEAST
• 2024-05-29 Listed $3,000,000 MARMLS
• 2020-05-19 Sold (Public Records) $474,400 Public Records
• 1985-12-01 Sold (Public Records) $162,000 Public Records
• 1984-08-01 Sold (Public Records) $180,000 Public Records

Property tax history

+5.9%/yr

Latest (2025): $18,631 · +12.0% YoY. Source: county tax records.