651 NE 60th St #22 · Miami, FL 33137

$309,000

1 bd · 1.0 ba · 519 sqft · Condo public records · 82 Days on market

Built 1980 $429/mo HOA · 12% of rent

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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 +18.7/30.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• DSCR +5.9/10.0
• Appreciation +5.1/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Located inside the guard gates of the Historic Morningside Neighborhood, Upper East Side South is a charming neighborhood on the rise. The neighborhood offers a blend of historic MiMo and modern architecture, exuding an eclectic and vibrant atmosphere particularly along Biscayne Boulevard. With the convenience to Interstates 95 and 195, the beautiful beaches of Miami are just a short drive away. This 1 Bedroom 1 Bathroom apartment has wood floors, Stainless steel appliance, and a balcony that overlooks the pool. The building has impact windows, secure gated parking lot, tropical landscaped pool, 24/7 Laundry room and patio area.

Key facts

• Gated neighborhood
• Morningside park gem
• Balcony

Tags

• MORNINGSIDE PARK GEM
• BALCONY
• GATED NEIGHBORHOOD
• WALKING TO PARK

Property features AI

Finance

• Other: Living area listed as 576 (value provided)
• Financial info: Pets allowed with number limits
• HOA & community: HOA with monthly fee (includes parking, pool, maintenance, insurance, sewer, trash, common areas, elevator, reserve funds)

Exterior

• Parking: 1-car garage with garage door opener; 1 covered parking space
• Security: Smoke detectors; Security fence; Security system
• Utilities: Cable available
• Home design: Condominium; Resale property; Second-floor entry; 2 stories total
• Construction: Stone veneer exterior
• Exterior features: Patio; Fenced lot; Not waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 1 bedroom on the main level
• Flooring: Concrete flooring
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Plantation shutters; Disposal; Electric water heater
• Laundry & utility: Washer/dryer hookups (implied by utilities and appliances listed)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $309k.

Deal economics

• At list price, monthly cash flow is $303 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $309k).
• Recommended offer: $290k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 rising (+2.7%/yr); 757 active listings in the ZIP; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,709/mo this rent would consume 47% of the median local household income ($94k/yr) (locally 3106% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $3k of equity ($2k loan paydown + $840 appreciation (0.3% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.3% appreciation + 2.7% rent growth), your $87k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 8 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 $205k; list at $309k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $290,460 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.20% ✓
• Cap rate: 7.47%
• Cash-on-cash: 4.20%
• DSCR: 1.19
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.27% appreciation · 2.73% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.16×
• Total profit: $13,582
• Equity at exit: $93,948

10-year hold

• IRR: 8.2%
• Equity multiple: 1.91×
• Total profit: $79,104
• Equity at exit: $116,358

Cash invested: $86,520 (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 33137

• Home prices YoY: 0.1%
• Rents YoY: 2.7%
• Active inventory: 757
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $3,709 medium
• Mortgage (P&I): −$1,620
• Tax from tax record: −$449 /mo · $5,385/yr
• Insurance: −$129
• HOA: −$429
• Vacancy / Maint / Mgmt: −$779
• Net cashflow: $303

Break-even live

Break-even rent $3,325

Max offer price $309,000

Occupancy floor 87%

Sensitivity live

Price	-10% $478	-5% $390	+0% $303	+5% $216	+10% $128
Rent	-10% $10	-5% $156	+0% $303	+5% $449	+10% $596
Rate	-1.0pp $459	-0.5pp $382	base $303	+0.5pp $223	+1.0pp $141

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: $77,250
• Closing costs: $9,270
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $429 · $5,148/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-01
   days on market $309,000 Active 82 DOM
2. 2026-05-31
   days on market $309,000 Active 81 DOM
3. 2025-12-01
   listed $309,000 Active
4. 2024-09-26
   historical $2,275
5. 2024-09-20
   price $2,275
6. 2024-09-15
   listed $2,175
7. 2024-09-11
   historical $2,275
8. 2024-07-30
   price $2,275
9. 2024-07-26
   price $2,175
10. 2024-07-25
    listed $2,100
11. 2023-11-06
    historical $2,100
12. 2023-09-19
    price $2,000
13. 2023-08-08
    listed $2,300
14. 2022-02-01
    soldstatus $205,000
15. 2022-01-10
    soldstatus $205,000 Closed 636-char remark

    Show marketing remark (636 chars)

    Located inside the guard gates of the Historic Morningside Neighborhood, Upper East Side South is a charming neighborhood on the rise. The neighborhood offers a blend of historic MiMo and modern architecture, exuding an eclectic and vibrant atmosphere particularly along Biscayne Boulevard. With the convenience to Interstates 95 and 195, the beautiful beaches of Miami are just a short drive away. This 1 Bedroom 1 Bathroom apartment has wood floors, Stainless steel appliance, and a balcony that overlooks the pool. The building has impact windows, secure gated parking lot, tropical landscaped pool, 24/7 Laundry room and patio area.

16. 2021-12-07
    status Pending 636-char remark

    Show marketing remark (636 chars)

    Located inside the guard gates of the Historic Morningside Neighborhood, Upper East Side South is a charming neighborhood on the rise. The neighborhood offers a blend of historic MiMo and modern architecture, exuding an eclectic and vibrant atmosphere particularly along Biscayne Boulevard. With the convenience to Interstates 95 and 195, the beautiful beaches of Miami are just a short drive away. This 1 Bedroom 1 Bathroom apartment has wood floors, Stainless steel appliance, and a balcony that overlooks the pool. The building has impact windows, secure gated parking lot, tropical landscaped pool, 24/7 Laundry room and patio area.

17. 2021-10-19
    price $225,000 636-char remark

    Show marketing remark (636 chars)

    Located inside the guard gates of the Historic Morningside Neighborhood, Upper East Side South is a charming neighborhood on the rise. The neighborhood offers a blend of historic MiMo and modern architecture, exuding an eclectic and vibrant atmosphere particularly along Biscayne Boulevard. With the convenience to Interstates 95 and 195, the beautiful beaches of Miami are just a short drive away. This 1 Bedroom 1 Bathroom apartment has wood floors, Stainless steel appliance, and a balcony that overlooks the pool. The building has impact windows, secure gated parking lot, tropical landscaped pool, 24/7 Laundry room and patio area.

18. 2021-10-12
    status Active 636-char remark

    Show marketing remark (636 chars)

    Located inside the guard gates of the Historic Morningside Neighborhood, Upper East Side South is a charming neighborhood on the rise. The neighborhood offers a blend of historic MiMo and modern architecture, exuding an eclectic and vibrant atmosphere particularly along Biscayne Boulevard. With the convenience to Interstates 95 and 195, the beautiful beaches of Miami are just a short drive away. This 1 Bedroom 1 Bathroom apartment has wood floors, Stainless steel appliance, and a balcony that overlooks the pool. The building has impact windows, secure gated parking lot, tropical landscaped pool, 24/7 Laundry room and patio area.

19. 2021-10-11
    status Active 636-char remark

    Show marketing remark (636 chars)

    Located inside the guard gates of the Historic Morningside Neighborhood, Upper East Side South is a charming neighborhood on the rise. The neighborhood offers a blend of historic MiMo and modern architecture, exuding an eclectic and vibrant atmosphere particularly along Biscayne Boulevard. With the convenience to Interstates 95 and 195, the beautiful beaches of Miami are just a short drive away. This 1 Bedroom 1 Bathroom apartment has wood floors, Stainless steel appliance, and a balcony that overlooks the pool. The building has impact windows, secure gated parking lot, tropical landscaped pool, 24/7 Laundry room and patio area.

20. 2021-10-11
    historical 636-char remark

    Show marketing remark (636 chars)

    Located inside the guard gates of the Historic Morningside Neighborhood, Upper East Side South is a charming neighborhood on the rise. The neighborhood offers a blend of historic MiMo and modern architecture, exuding an eclectic and vibrant atmosphere particularly along Biscayne Boulevard. With the convenience to Interstates 95 and 195, the beautiful beaches of Miami are just a short drive away. This 1 Bedroom 1 Bathroom apartment has wood floors, Stainless steel appliance, and a balcony that overlooks the pool. The building has impact windows, secure gated parking lot, tropical landscaped pool, 24/7 Laundry room and patio area.

21. 2021-10-01
    status Pending 636-char remark

    Show marketing remark (636 chars)

    Located inside the guard gates of the Historic Morningside Neighborhood, Upper East Side South is a charming neighborhood on the rise. The neighborhood offers a blend of historic MiMo and modern architecture, exuding an eclectic and vibrant atmosphere particularly along Biscayne Boulevard. With the convenience to Interstates 95 and 195, the beautiful beaches of Miami are just a short drive away. This 1 Bedroom 1 Bathroom apartment has wood floors, Stainless steel appliance, and a balcony that overlooks the pool. The building has impact windows, secure gated parking lot, tropical landscaped pool, 24/7 Laundry room and patio area.

22. 2021-09-21
    listed $215,000 Active 636-char remark

    Show marketing remark (636 chars)

    Located inside the guard gates of the Historic Morningside Neighborhood, Upper East Side South is a charming neighborhood on the rise. The neighborhood offers a blend of historic MiMo and modern architecture, exuding an eclectic and vibrant atmosphere particularly along Biscayne Boulevard. With the convenience to Interstates 95 and 195, the beautiful beaches of Miami are just a short drive away. This 1 Bedroom 1 Bathroom apartment has wood floors, Stainless steel appliance, and a balcony that overlooks the pool. The building has impact windows, secure gated parking lot, tropical landscaped pool, 24/7 Laundry room and patio area.

23. 2015-12-01
    soldstatus $170,000 Sold 405-char remark

    Show marketing remark (405 chars)

    RENOVATED UNIT IN MORNINGSIDE PALMS! HURRICANE IMPACT WINDOWS, BAMBOO WOOD FLOORS. MARBLE BATHROOM, KITCHEN HAS GRANITE COUNTERTOPS AND STAINLESS STEEL APPLIANCES. BALCONY OFF ONE BEDROOM OVERLOOKS POOL AREA. GATED PARKING LOT HAS ASSIGNED SPACE. GREAT LO CATION INSIDE OF HISTORIC MORNINGSIDE GUARD GATES - JUST TWO BLOCKS TO BAY, WALK TO DINING AND SHOPPING - EASY ACCESS TO BEACH, AIRPORT AND DOWNTOWN.

24. 2015-11-30
    soldstatus $170,000
25. 2015-11-17
    status Pending 405-char remark

    Show marketing remark (405 chars)

    RENOVATED UNIT IN MORNINGSIDE PALMS! HURRICANE IMPACT WINDOWS, BAMBOO WOOD FLOORS. MARBLE BATHROOM, KITCHEN HAS GRANITE COUNTERTOPS AND STAINLESS STEEL APPLIANCES. BALCONY OFF ONE BEDROOM OVERLOOKS POOL AREA. GATED PARKING LOT HAS ASSIGNED SPACE. GREAT LO CATION INSIDE OF HISTORIC MORNINGSIDE GUARD GATES - JUST TWO BLOCKS TO BAY, WALK TO DINING AND SHOPPING - EASY ACCESS TO BEACH, AIRPORT AND DOWNTOWN.

26. 2015-10-13
    listed $199,000 Active 405-char remark

    Show marketing remark (405 chars)

    RENOVATED UNIT IN MORNINGSIDE PALMS! HURRICANE IMPACT WINDOWS, BAMBOO WOOD FLOORS. MARBLE BATHROOM, KITCHEN HAS GRANITE COUNTERTOPS AND STAINLESS STEEL APPLIANCES. BALCONY OFF ONE BEDROOM OVERLOOKS POOL AREA. GATED PARKING LOT HAS ASSIGNED SPACE. GREAT LO CATION INSIDE OF HISTORIC MORNINGSIDE GUARD GATES - JUST TWO BLOCKS TO BAY, WALK TO DINING AND SHOPPING - EASY ACCESS TO BEACH, AIRPORT AND DOWNTOWN.

ⓘ 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: $5,385 · $449/mo
• Projected year-2 tax: $5,385 · $449/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 4/10 Moderate FEMA zone X (unshaded) · 23% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥102°F today · 27 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: $44,505
• − Mortgage interest: −$17,309
• − Property taxes: −$5,385
• − Insurance: −$1,545
• − Repairs & maintenance: −$3,560
• − Management: −$3,560
• − HOA: −$5,148
• − Depreciation: −$8,989
• Taxable loss: −$992
• Est. tax savings @ 24.0%: +$238
• After-tax cash flow: $3,874/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): 29,414
• Household income: $94,036
• Rent vs Own: 71.8% rent · 28.2% own
• Severe rent burden: 3106.0

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 0.63)
• Race & ethnicity: Hispanic / Latino 54% Two or more races 25% White 24% Black 16% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5% Cuban 10% Dominican 3% Salvadoran 3%
• Common ancestry: Hispanic 8% Estonian 2% Lithuanian 2%
• Foreign-born: 47% · Canada, Jamaica, Dominican Republic
• Languages at home: 34% English-only · Spanish 49% French/Haitian/Cajun 8% Other Indo-European 5%

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: ▲ 0.27%
• Current HPI: 385.1514
• Rent YoY: ▲ 2.73%
• 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

+55.3% since first listed

24 events — show timeline

• 2025-12-01 Listed $309,000 Beaches MLS
• 2024-09-26 Rental Removed $2,275 Avail
• 2024-09-20 Price Changed $2,275 Avail
• 2024-09-15 Listed for Rent $2,175 Avail
• 2024-09-11 Rental Removed $2,275 Avail
• 2024-07-30 Price Changed $2,275 Avail
• 2024-07-26 Price Changed $2,175 Avail
• 2024-07-25 Listed for Rent $2,100 Avail
• 2023-11-06 Rental Removed $2,100 Avail
• 2023-09-19 Price Changed $2,000 Avail
• 2023-08-08 Listed for Rent $2,300 Avail
• 2022-02-01 Sold (Public Records) $205,000 Public Records
• 2022-01-10 Sold (MLS) $205,000 MARMLS
• 2021-12-07 Pending — MARMLS
• 2021-10-19 Price Changed $225,000 MARMLS
• 2021-10-12 Relisted — MARMLS
• 2021-10-11 Relisted — MARMLS
• 2021-10-11 Listing Removed — MARMLS
• 2021-10-01 Pending — MARMLS
• 2021-09-21 Listed $215,000 MARMLS
• 2015-12-01 Sold (MLS) $170,000 MARMLS
• 2015-11-30 Sold (Public Records) $170,000 Public Records
• 2015-11-17 Pending — MARMLS
• 2015-10-13 Listed $199,000 MARMLS

Property tax history

+6.8%/yr

Latest (2025): $5,385 · -1.4% YoY. Source: county tax records.