7825 Miller Dr Unit C211

Glenvar Heights, FL 33155

$194,900D

3 bd · 2.0 ba · 1,180 sqft · Built 1971 · Condo · Pending · 167 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,872/mo
• Mortgage (P&I): −$1,022
• Tax + insurance: −$325
• HOA: −$1,024
• Vac / Maint / Mgmt: −$603
• Net cashflow: $-102/mo
• Annual: $-1,226/yr
• Cap rate: 5.66%
• Cash-on-cash: -2.25%
• DSCR: 0.90
• 1% rule: 1.47%
• Cash to close: $54,572

Investor read

• This is a 3-bed/2.0-bath condo listed at $195k.
• At list price, monthly cash flow is $-102 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (7.6% below list).
• Meets the 1% rule at list price ($3k rent vs $195k).
• It's been on market 167 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 79/100 on livability (#137 in FL, #2,054 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A; Watch: amenities 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.
• Zoned schools: South Miami K-8 Center (math 55% / reading 67%, grade B, #653 of 2,144 statewide, top 31%, 534 students, 51% FRL); South Miami Middle School (math 59% / reading 67%, grade B+, #111 of 571 statewide, top 20%, 725 students, 44% FRL); South Miami Senior High School (math 19% / reading 35%, grade F, #478 of 667 statewide, top 73%, 1,507 students, 59% FRL).
• Watch-outs: HOA is 36% of rent.
• Market conditions: Rents flat; 191 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 42% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 167 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?