1801 S Treasure Dr

North Bay Village, FL 33141

$235,000C-

1 bd · 1.0 ba · 620 sqft · Built 1972 · Townhouse · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,077/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$818
• HOA: −$496
• Vac / Maint / Mgmt: −$646
• Net cashflow: $-116/mo
• Annual: $-1,394/yr
• Cap rate: 7.88%
• Cash-on-cash: 5.66%
• DSCR: 1.25
• 1% rule: 1.31%
• Cash to close: $65,800

Investor read

• This is a 1-bed/1.0-bath townhouse listed at $235k.
• At list price, monthly cash flow is $-116 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (7.2% below list).
• Meets the 1% rule at list price ($3k rent vs $235k).
• It's been on market 30 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $218k (7.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#18 in FL, #426 nationally) — a professional / high-income tenant draw. 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: Treasure Island Elementary School (math 52% / reading 57%, grade C, #892 of 2,144 statewide, top 44%, 399 students, 59% FRL); Miami Beach Nautilus Middle School (math 46% / reading 58%, grade C+, #217 of 571 statewide, top 40%, 918 students, 44% FRL); North Miami Beach Senior High (math 13% / reading 24%, grade F, #568 of 667 statewide, top 85%, 1,149 students, 66% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents flat; 648 active listings in the ZIP; 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.
• 47 sale attempts since 10y ago; this cycle's ask is 6084% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $122k; list at $235k implies a 93% gain — meaningful room to come down on a strong offer.
• 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $3,077/mo this rent would consume 54% of the median local household income ($69k/yr) (locally 3521% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.
• 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.