3451 NE 1st Ave Unit M0906 · Miami, FL 33137

$465,000

1 bd · 1.0 ba · 802 sqft · Condo public records · 14 Days on market

Built 2007 $1144/mo HOA · 24% 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).

• ARV discount +7.5/15.0
• Cash flow +6.9/30.0
• 1% rule +5.3/10.0
• 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
• DSCR +1.1/10.0

Listing remarks MLS

Spectacular 1bed/1.5 bath unit available for rent at 2Midtown. Unit features Ceramic flooring, floor to ceiling glass, large closet, assigned parking and washer & dryer. 2 Midtown offers luxury amenities such as: state-of-the-art gym, pool, spa, steam room, sauna, concierge and valet parking. Downstairs you will find some of the hottest restaurants, shops and nightlife in Midtown and the Design District. TEXT LISTING AGENT

Key facts

• $1,144 HOA
• Garage
• Community pool

Property features AI

Finance

• Other: Association pool
• Financial info: Pets allowed
• HOA & community: Monthly association fee; Association fee covers management, amenities, common areas, insurance, legal/accounting, grounds maintenance, structure maintenance, pool(s), reserve fund, sewer, trash and water; Community of 337 units; Association amenities include fitness center, playground, pool, sauna and elevators

Exterior

• Parking: Assigned attached garage space; 1 covered garage space
• Security: Doorman; Secured garage/parking
• Utilities: Water included with association amenities; Sewer included with association amenities; Electric service; Trash included with association amenities
• Home design: Condo unit in a mid/high-rise (14 stories); Entry on level 9; Attached property
• Construction: Block construction; Resale property
• Exterior features: Balcony; Open balcony/patio

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Bedrooms: Bedroom located on the main level
• Flooring: Tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Built-in features; Bedroom on main level; Main living area on entry level; Blinds on windows
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $465k.

Deal economics

• At list price, monthly cash flow is $-707 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $340k (26.8% below list).
• Meets the 1% rule at list price ($5k rent vs $465k).
• Recommended offer: $340k (26.8% below list) — sets the bar for cash-flow.
• Cap rate 4.5% 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; 2 comparable units currently listed for rent nearby; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,774/mo this rent would consume 61% 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 $4k of equity ($3k loan paydown + $1k 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.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 $320k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• 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 $340,163 (26.8% 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. 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. 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. 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?
7. 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?
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: 1.03% ✓
• Cap rate: 4.47%
• Cash-on-cash: -6.51%
• DSCR: 0.71
• GRM: 8.1

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: -8.6%
• Equity multiple: 0.59×
• Total profit: $-53,081
• Equity at exit: $141,378

10-year hold

• IRR: -2.7%
• Equity multiple: 0.71×
• Total profit: $-38,174
• Equity at exit: $175,102

Cash invested: $130,200 (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: 8.1×

Monthly cashflow live

• Estimated rent: $4,774 medium
• Mortgage (P&I): −$2,439
• Tax from tax record: −$702 /mo · $8,422/yr
• Insurance: −$194
• HOA: −$1,144
• Vacancy / Maint / Mgmt: −$1,003
• Net cashflow: $-707

Break-even live

Break-even rent $5,668

Max offer price $340,163

Occupancy floor —

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: $116,250
• Closing costs: $13,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2900 Biscayne Blvd Miami, FL	3.0	1.0–3.5	1260	$8,110	$6.44	2d	13	0.34mi
555 NE 34th St Miami, FL	1.0–4.0	1.5–4.0	2653	$3,506	$1.32	2d	19	0.35mi

HOA detail condo

• Monthly dues: $1,144 · $13,728/yr
• Likely covers: poolgymdoormanparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-18
   days on market $465,000 Active 14 DOM
2. 2026-06-17
   days on market $465,000 Active 13 DOM
3. 2026-06-16
   days on market $465,000 Active 12 DOM
4. 2026-06-15
   days on market $465,000 Active 11 DOM
5. 2026-06-13
   days on market $465,000 Active 9 DOM
6. 2026-06-09
   days on market $465,000 Active 5 DOM
7. 2026-06-08
   days on market $465,000 Active 4 DOM
8. 2026-06-07
   remarks 699-char remark
9. 2026-06-07
   listed $465,000 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: $8,422 · $702/mo
• Projected year-2 tax: $8,422 · $702/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 3/10 Moderate FEMA zone X (unshaded) · 9% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°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: $57,287
• − Mortgage interest: −$26,047
• − Property taxes: −$8,422
• − Insurance: −$2,325
• − Repairs & maintenance: −$4,583
• − Management: −$4,583
• − HOA: −$13,728
• − Depreciation: −$13,527
• Taxable loss: −$15,928
• Est. tax savings @ 24.0%: +$3,823
• After-tax cash flow: $-4,657/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

+181.8% since first listed

12 events — show timeline

• 2026-06-04 Listed $465,000 MARMLS
• 2024-05-27 Rental Removed $3,400 MARMLS
• 2024-05-11 Listed for Rent $3,400 MARMLS
• 2017-08-22 Sold (Public Records) $320,000 Public Records
• 2017-08-10 Sold (MLS) $320,000 MARMLS
• 2017-08-01 Pending — MARMLS
• 2017-04-03 Price Changed $325,000 MARMLS
• 2017-03-06 Price Changed $350,000 MARMLS
• 2017-03-01 Price Changed $329,000 MARMLS
• 2016-10-19 Price Changed $335,000 MARMLS
• 2016-07-22 Listed $360,000 MARMLS
• 2012-03-06 Sold (MLS) $165,000 MARMLS

Property tax history

+4.9%/yr

Latest (2025): $8,422 · +5.6% YoY. Source: county tax records.