10015 SW 170th Ter

West Perrine, FL 33157

$1,175,000F

8 bd · 4.0 ba · 2,664 sqft · Built 1957 · MultiFamily · Active · 228 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,778/mo
• Mortgage (P&I): −$6,162
• Tax + insurance: −$1,232
• HOA: −$0
• Vac / Maint / Mgmt: −$1,843
• Net cashflow: $-459/mo
• Annual: $-5,508/yr
• Cap rate: 5.82%
• Cash-on-cash: -1.67%
• DSCR: 0.93
• 1% rule: 0.75%
• Cash to close: $329,000

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $1.18M.
• At list price, monthly cash flow is $-459 ($-6k/yr) — negative. Per door: $-115/mo.
• To cash-flow at today's rent, offer at most $1.09M (6.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $878k (25.3% below list).
• It's been on market 228 days — a 12% lower offer ($1.03M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $878k (25.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $35k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#213 in FL, #3,324 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, cost of living A; Watch: amenities F, employment D-.
• 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: Robert Russa Moton Elementary School (math 12% / reading 17%, grade F, #2,137 of 2,144 statewide, top 100%, 177 students, 82% FRL); Palmetto Middle School (math 65% / reading 66%, grade A-, #95 of 571 statewide, top 17%, 838 students, 31% FRL); Miami Palmetto Senior High School (math 45% / reading 65%, grade C, #135 of 667 statewide, top 20%, 2,671 students, 34% FRL).
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.8%/yr); 381 active listings in the ZIP; 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.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $75k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $900k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $8,778/mo this rent would consume 129% of the median local household income ($82k/yr) (locally 2340% 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?
• It's been on market 228 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?