653 Michigan Ave #1 · Miami Beach, FL 33139

$310,000

1 bd · 1.0 ba · 740 sqft · Condo public records · 212 Days on market

Built 1957 $821/mo HOA · 22% 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 +14.1/30.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• DSCR +4.3/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Appreciation +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks MLS

Beautiful Stylish Extra Large One Bedroom , New Floors & Kitchen, Updated Bathroom. Separate living & dining areas. Washer & Dryer in unit. This light & bright unit occupies the whole 1st floor at the front of the building so windows on 3 sides. 2 large closets in the Bedroom. Private porch overlooking communal patio area. Great Location in the center of South Beach.

Key facts

• Extra-spacious condo
• Natural light
• Refreshed bathroom

Tags

• EXTRA-SPACIOUS CONDO
• NATURAL LIGHT
• UPDATED FLOORING
• MODERN KITCHEN
• REFRESHED BATHROOM
• SEPARATE LIVING DINING AREAS

Property features AI

Finance

• Financial info: Pets allowed with restrictions or possible restrictions (conditional)
• HOA & community: Monthly association fee of $821; Association fee includes water, sewer and trash

Exterior

• Parking: On-street parking
• Security: Complex fenced; Phone entry
• Utilities: Water included in association fee; Sewer included in association fee; Trash included in association fee; Electric service (standard power) implied
• Home design: Block construction; 2 stories; Entry on level 1; Faces west; Updated/remodeled; Attached property
• Construction: Block construction
• Exterior features: Courtyard; Open porch

Interior

• Kitchen: Dishwasher; Gas range; Microwave; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Blinds; Closet cabinetry; Dining area; Separate/formal dining room; First-floor entry
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $310k.

Deal economics

• At list price, monthly cash flow is $-384 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $242k (21.9% below list).
• Meets the 1% rule at list price ($4k rent vs $310k).
• Recommended offer: $242k (21.9% below list) — sets the bar for cash-flow.
• Cap rate 6.5% vs local median 1.5% in Miami Beach — 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 80/100 on livability (#108 in FL, #1,672 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: housing C-, amenities D-, 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 soft (-0.4%/yr); 1214 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 $3,816/mo this rent would consume 66% of the median local household income ($70k/yr) (locally 4052% 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 (-2.2%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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

• It's been on market 212 days — a 12% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 9y 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 $245k; 27% 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; built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• 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 8→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,189 (21.9% 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. It's been on market 212 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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.
11. 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.
12. 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: 6.46%
• Cash-on-cash: 0.59%
• DSCR: 1.03
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.19% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -23.8%
• Equity multiple: 0.14×
• Total profit: $-74,376
• Equity at exit: $57,562

10-year hold

• IRR: -28.7%
• Equity multiple: -0.46×
• Total profit: $-126,682
• Equity at exit: $46,695

Cash invested: $86,800 (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 33139

• Home prices YoY: -0.8%
• Rents YoY: -0.4%
• Active inventory: 1214
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $3,816 medium
• Mortgage (P&I): −$1,626
• Tax from tax record: −$396 /mo · $4,756/yr
• Insurance: −$129
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$821
• Vacancy / Maint / Mgmt: −$801
• Net cashflow: $-384

Break-even live

Break-even rent $4,302

Max offer price $242,189

Occupancy floor —

Sensitivity live

Price	-10% $-208	-5% $-296	+0% $-384	+5% $-472	+10% $-559
Rent	-10% $-685	-5% $-535	+0% $-384	+5% $-233	+10% $-82
Rate	-1.0pp $-228	-0.5pp $-305	base $-384	+0.5pp $-464	+1.0pp $-546

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: $77,500
• Closing costs: $9,300
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1602 Meridian Ave Miami Beach, FL	4.0	1.0–3.0	917	$6,932	$7.56	15d	1	0.85mi
15713 Fisher Island Dr #15713 Miami Beach, FL	2.0	1.5	670	$20,000	$29.85	25d	1	1.39mi

HOA detail condo

• Monthly dues: $821 · $9,852/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 40 events

1. 2026-05-22
   status Pending
2. 2026-05-18
   status Active
3. 2026-05-07
   historical Active Under Contract
4. 2025-11-27
   price $310,000
5. 2025-11-26
   price $330,000
6. 2025-11-26
   price $310,000
7. 2025-10-27
   price $330,000
8. 2025-10-21
   listed $320,000 Active
9. 2025-07-24
   historical
10. 2025-07-21
    historical $2,500
11. 2025-07-11
    listed $2,500
12. 2025-07-08
    historical $2,500
13. 2025-07-02
    listed $2,500
14. 2025-04-22
    price $320,000
15. 2025-03-28
    listed $335,000 Active
16. 2021-03-26
    soldstatus $245,000
17. 2021-03-04
    soldstatus $245,000 Closed 393-char remark

    Show marketing remark (393 chars)

    Beautiful Stylish Extra Large One Bedroom , New Floors & Kitchen, Updated Bathroom. Separate living & dining areas. Washer & Dryer in unit. This light & bright unit occupies the whole 1st floor at the front of the building so windows on 3 sides. 2 large closets in the Bedroom. Private porch overlooking communal patio area. Great Location in the center of South Beach.

18. 2021-02-24
    historical Active Under Contract 393-char remark

    Show marketing remark (393 chars)

    Beautiful Stylish Extra Large One Bedroom , New Floors & Kitchen, Updated Bathroom. Separate living & dining areas. Washer & Dryer in unit. This light & bright unit occupies the whole 1st floor at the front of the building so windows on 3 sides. 2 large closets in the Bedroom. Private porch overlooking communal patio area. Great Location in the center of South Beach.

19. 2020-12-05
    price $250,000 393-char remark

    Show marketing remark (393 chars)

    Beautiful Stylish Extra Large One Bedroom , New Floors & Kitchen, Updated Bathroom. Separate living & dining areas. Washer & Dryer in unit. This light & bright unit occupies the whole 1st floor at the front of the building so windows on 3 sides. 2 large closets in the Bedroom. Private porch overlooking communal patio area. Great Location in the center of South Beach.

20. 2020-10-16
    price $265,000 393-char remark

    Show marketing remark (393 chars)

    Beautiful Stylish Extra Large One Bedroom , New Floors & Kitchen, Updated Bathroom. Separate living & dining areas. Washer & Dryer in unit. This light & bright unit occupies the whole 1st floor at the front of the building so windows on 3 sides. 2 large closets in the Bedroom. Private porch overlooking communal patio area. Great Location in the center of South Beach.

21. 2020-09-16
    listed $275,000 Active 393-char remark

    Show marketing remark (393 chars)

    Beautiful Stylish Extra Large One Bedroom , New Floors & Kitchen, Updated Bathroom. Separate living & dining areas. Washer & Dryer in unit. This light & bright unit occupies the whole 1st floor at the front of the building so windows on 3 sides. 2 large closets in the Bedroom. Private porch overlooking communal patio area. Great Location in the center of South Beach.

22. 2018-08-16
    historical
23. 2018-08-07
    status Active
24. 2018-08-05
    status Pending
25. 2018-07-13
    listed $285,000 Active
26. 2018-04-17
    soldstatus $221,000
27. 2018-03-30
    soldstatus $221,000 Sold
28. 2018-03-10
    status Pending
29. 2018-01-08
    price $235,000
30. 2017-10-19
    price $250,000
31. 2017-08-27
    listed $265,000 Active
32. 2013-09-20
    soldstatus $225,000 Sold
33. 2013-09-04
    soldstatus $225,000
34. 2013-05-16
    status Pending
35. 2013-04-05
    soldstatus $170,000
36. 2013-04-03
    soldstatus $170,000
37. 2013-02-04
    soldstatus $100,000
38. 2013-02-04
    soldstatus $100,000
39. 2005-05-13
    soldstatus $185,000
40. 2001-04-11
    soldstatus $89,900

ⓘ 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: $4,756 · $396/mo
• Projected year-2 tax: $4,756 · $396/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 8 d/yr ≥101°F today · 32 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: $45,795
• − Mortgage interest: −$17,365
• − Property taxes: −$4,756
• − Insurance: −$6,668
• − Repairs & maintenance: −$3,664
• − Management: −$3,664
• − HOA: −$9,852
• − Depreciation: −$9,018
• Taxable loss: −$9,192
• Est. tax savings @ 24.0%: +$2,206
• After-tax cash flow: $-2,400/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 Beach

• Score: 80/100
• State rank: #108
• US rank: #1672

Category grades

Amenities D- Commute A+ Cost of living F Crime A+ Employment B Housing C- Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,533
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 33,753
• Household income: $69,793
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 4052.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 51% White 40% Two or more races 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 15% Salvadoran 3%
• Common ancestry: Lithuanian 3% Scotch-Irish 2% Romanian 2%
• Foreign-born: 56% · Canada, Jamaica, Dominican Republic
• Languages at home: 37% English-only · Spanish 49% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▼ -2.19%
• Current HPI: 277.9321
• Rent YoY: ▼ -0.36%
• 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

+244.8% since first listed

40 events — show timeline

• 2026-05-22 Pending — MARMLS
• 2026-05-18 Relisted — MARMLS
• 2026-05-07 Contingent — MARMLS
• 2025-11-27 Price Changed $310,000 MARMLS
• 2025-11-26 Price Changed $330,000 MARMLS
• 2025-11-26 Price Changed $310,000 MARMLS
• 2025-10-27 Price Changed $330,000 MARMLS
• 2025-10-21 Listed $320,000 MARMLS
• 2025-07-24 Listing Removed — MARMLS
• 2025-07-21 Rental Removed $2,500 MARMLS
• 2025-07-11 Listed for Rent $2,500 MARMLS
• 2025-07-08 Rental Removed $2,500 MARMLS
• 2025-07-02 Listed for Rent $2,500 MARMLS
• 2025-04-22 Price Changed $320,000 MARMLS
• 2025-03-28 Listed $335,000 MARMLS
• 2021-03-26 Sold (Public Records) $245,000 Public Records
• 2021-03-04 Sold (MLS) $245,000 MARMLS
• 2021-02-24 Contingent — MARMLS
• 2020-12-05 Price Changed $250,000 MARMLS
• 2020-10-16 Price Changed $265,000 MARMLS
• 2020-09-16 Listed $275,000 MARMLS
• 2018-08-16 Listing Removed — MARMLS
• 2018-08-07 Relisted — MARMLS
• 2018-08-05 Pending — MARMLS
• 2018-07-13 Listed $285,000 MARMLS
• 2018-04-17 Sold (Public Records) $221,000 Public Records
• 2018-03-30 Sold (MLS) $221,000 MARMLS
• 2018-03-10 Pending — MARMLS
• 2018-01-08 Price Changed $235,000 MARMLS
• 2017-10-19 Price Changed $250,000 MARMLS
• 2017-08-27 Listed $265,000 MARMLS
• 2013-09-20 Sold (MLS) $225,000 MARMLS
• 2013-09-04 Sold (Public Records) $225,000 Public Records
• 2013-05-16 Pending — MARMLS
• 2013-04-05 Sold (MLS) $170,000 MARMLS
• 2013-04-03 Sold (Public Records) $170,000 Public Records
• 2013-02-04 Sold (MLS) $100,000 MARMLS
• 2013-02-04 Sold (Public Records) $100,000 Public Records
• 2005-05-13 Sold (Public Records) $185,000 Public Records
• 2001-04-11 Sold (Public Records) $89,900 Public Records

Property tax history

+6.6%/yr

Latest (2025): $4,756 · +6.1% YoY. Source: county tax records.