2450 NE 135th St #1012 · North Miami, FL 33181

$280,000

2 bd · 2.0 ba · 1,190 sqft · Condo public records · 11 Days on market

Built 1972

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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 +12.2/30.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• DSCR +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located on a quiet street that leads to the Arch Creek Nature Reserve. 1 covered parking place and parking for second car or guests, laundry room per floor, Excellent unit in corner ready to move, no carpet, located near restaurants, Costco, bakery, FIU, just 10 minutes from Aventura Mall. Top rated schools in the area. Fast approval. Dock space is not owned it is a amenity that is available for rent through the association. (Approx. $5 per linear foot, subject to verification and space available) ONLY OWNER

Key facts

• Private balcony
• Waterfront perks
• Garage

Tags

• PRIVATE BALCONY
• PANORAMIC CANAL VIEWS
• WATERFRONT PERKS
• ASSIGNED COVERED PARKING
• SECURE KEY-CARD LOBBY ENTRY

Property features AI

Finance

• Financial info: Lease considered; Pets allowed
• HOA & community: Monthly association fee (includes amenities, parking, pest control, pool(s), sewer, water); Association amenities: boat dock, fitness center, laundry, pool

Exterior

• Parking: Attached garage with one covered space
• Security: Phone entry
• Utilities: Cable not available
• Home design: Condominium in a 10-story building; Entry on level 10; Unit has attached property
• Construction: Block construction; Resale property
• Exterior features: Balcony (open); Association pool; Canal-front waterfront

Interior

• Kitchen: Built-in oven; Dishwasher; Electric range; Microwave; Refrigerator
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Unfurnished; Ceramic tile flooring; Phone entry security
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $280k.

Deal economics

• At list price, monthly cash flow is $-484 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Cap rate 6.0% vs local median 4.1% in North 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 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 (-0.1%/yr); 340 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,446/mo this rent would consume 65% of the median local household income ($63k/yr) (locally 1914% 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 $2k of loan paydown is wiped out by about $8k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 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 $215k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 22% of rent.
• 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $280,000

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. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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: 1.23% ✓
• Cap rate: 6.05%
• Cash-on-cash: -0.88%
• DSCR: 0.96
• GRM: 6.8

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: -35.2%
• Equity multiple: -0.09×
• Total profit: $-85,479
• Equity at exit: $41,749

10-year hold

• IRR: -92.6%
• Equity multiple: -0.91×
• Total profit: $-149,788
• Equity at exit: $24,209

Cash invested: $78,400 (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 33181

• Rents YoY: -0.1%
• Active inventory: 340
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $3,446 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$437 /mo · $5,241/yr
• Insurance: −$117
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA est. from 5 same-building comps: −$758
• Vacancy / Maint / Mgmt: −$724
• Net cashflow: $-484

Break-even live

Break-even rent $4,059

Max offer price $194,454

Occupancy floor —

Sensitivity live

Price	-10% $-326	-5% $-405	+0% $-484	+5% $-564	+10% $-643
Rent	-10% $-756	-5% $-620	+0% $-484	+5% $-348	+10% $-212
Rate	-1.0pp $-343	-0.5pp $-413	base $-484	+0.5pp $-557	+1.0pp $-631

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2020 NE 135th St #904 North Miami, FL	2.0	2.0	963	$23,509	$24.41	16d	1	0.35mi
2020 NE 135th St North Miami, FL	2.0	2.0	963	$23,509	$24.41	15d	1	0.35mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-21
   days on market $280,000 Active 11 DOM
2. 2026-06-18
   days on market $280,000 Active 8 DOM
3. 2026-06-17
   days on market $280,000 Active 7 DOM
4. 2026-06-16
   days on market $280,000 Active 6 DOM
5. 2026-06-15
   days on market $280,000 Active 5 DOM
6. 2026-06-13
   remarks 695-char remark
7. 2026-06-13
   listed $280,000 Active 3 DOM

ⓘ 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: $5,241 · $437/mo
• Projected year-2 tax: $5,241 · $437/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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 26 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: $41,348
• − Mortgage interest: −$15,684
• − Property taxes: −$5,241
• − Insurance: −$6,518
• − Repairs & maintenance: −$3,308
• − Management: −$3,308
• − HOA: −$9,096
• − Depreciation: −$8,145
• Taxable loss: −$9,953
• Est. tax savings @ 24.0%: +$2,389
• After-tax cash flow: $-3,422/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): 20,848
• Household income: $63,275
• Rent vs Own: 62.4% rent · 37.6% own
• Severe rent burden: 1914.0

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: Hispanic / Latino 44% Black 29% Two or more races 23% White 22% Asian 1%
• Hispanic origin (detail): Puerto Rican 2% Cuban 8% Dominican 2% Salvadoran 3%
• Common ancestry: Hispanic 18% Lithuanian 3% Italian 1%
• Foreign-born: 51% · Canada, Jamaica, Dominican Republic
• Languages at home: 28% English-only · Spanish 44% French/Haitian/Cajun 18% Other Indo-European 4%

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: ▼ -334.57%
• Current HPI: 341.3285
• Rent YoY: ▼ -0.11%
• 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

+417.6% since first listed

26 events — show timeline

• 2026-06-10 Listed $280,000 MARMLS
• 2026-01-26 Listing Removed — MARMLS
• 2025-09-09 Rental Removed $2,200 MARMLS
• 2025-08-12 Listed for Rent $2,200 MARMLS
• 2025-08-03 Rental Removed $2,200 MARMLS
• 2025-06-25 Price Changed $2,200 MARMLS
• 2025-04-24 Price Changed $300,000 MARMLS
• 2025-03-04 Price Changed $2,500 MARMLS
• 2025-02-25 Listed for Rent $2,650 MARMLS
• 2025-02-07 Rental Removed $2,650 MARMLS
• 2025-02-06 Listed for Rent $2,650 MARMLS
• 2025-01-17 Price Changed $310,000 MARMLS
• 2024-08-21 Price Changed $315,000 MARMLS
• 2024-01-26 Listed $325,000 MARMLS
• 2022-11-11 Rental Removed — MARMLS
• 2022-03-11 Sold (Public Records) $215,000 Public Records
• 2022-02-28 Sold (MLS) $215,000 MARMLS
• 2022-01-10 Pending — MARMLS
• 2021-12-30 Listed $215,000 MARMLS
• 2015-05-15 Listing Removed — MARMLS
• 2015-05-12 Price Changed $190,000 MARMLS
• 2015-03-13 Listed $185,000 MARMLS
• 2010-08-06 Sold (Public Records) $125,000 Public Records
• 2010-07-24 Sold (MLS) $125,000 MARMLS
• 2003-12-23 Sold (Public Records) $135,000 Public Records
• 1980-03-01 Sold (Public Records) $54,100 Public Records

Property tax history

+6.8%/yr

Latest (2025): $5,241 · -2.1% YoY. Source: county tax records.