2280 SW 32nd Ave #509 · Miami, FL 33145

$289,000

1 bd · 1.0 ba · 686 sqft · Condo public records · 284 Days on market

Built 2004 $557/mo HOA · 18% 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).

• Cash flow +11.7/30.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• DSCR +3.5/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICE TO SELL !Excellet Investment opportunity, Location. .location Live or Rent. Beautiful, Unit. With Lovely View, remodeled bath, S. S. Appliances. Elegant Interior, Well Maintained Bldg and Common Area, Surveillance Cameras, Pets And Short term Rentals alloved. , In Upscale Building, Steps from Coral Gables and short distance to Coconut Grove, downtown and Brickell. Hoa building are good standing no litigation pending Available for showings by appointment!Tenant month to month

Key facts

• Updated ac
• In unit washer dryer
• Granite countertop

Tags

• FULLY EQUIPPED KITCHEN
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOP
• IN UNIT WASHER DRYER
• SPACIOUS LAUNDRY CLOSET
• UPDATED AC

Property features AI

Finance

• Financial info: Pets allowed with size limit (maximum 20 lbs)
• HOA & community: Monthly association fee; Association fee includes common areas, hot water, insurance, internet, structure maintenance, parking, roof, sewer, security, trash, and water; Building amenities include elevator(s)

Exterior

• Parking: Assigned parking; Attached garage; Guest parking available; One covered garage space
• Security: Closed-circuit cameras; Complex fenced; Doorman; Secured elevator; Fire alarm; Secured garage/parking; Intercom; Key card entry; Secured lobby; Phone entry; Fire sprinkler system; Smoke detectors
• Utilities: Cable available
• Home design: Condominium (attached property); 6-story building; Entry on 5th floor
• Construction: Block construction
• Exterior features: Fence; Security/high impact doors

Interior

• Kitchen: Dishwasher; Electric range; Self-cleaning oven; Microwave; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: Primary bedroom on the main level
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Central electric heating
• Interior features: Blinds and drapes; Impact glass windows; Unfurnished; Main-level primary bedroom
• Laundry & utility: Washer hookup; Dryer hookup; Dryer (appliance listed)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $289k.

Deal economics

• At list price, monthly cash flow is $-83 ($-992/yr) — negative.
• To cash-flow at today's rent, offer at most $274k (5.1% below list).
• Meets the 1% rule at list price ($3k rent vs $289k).
• Recommended offer: $254k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.9% 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.
• Zoned schools: Francis S.Tucker K-8 Center (math 42% / reading 42%, grade F, #1,403 of 2,144 statewide, top 67%, 305 students, 69% FRL); Ponce De Leon Middle School (math 36% / reading 55%, grade D+, #305 of 571 statewide, top 54%, 888 students, 60% FRL); Coral Gables Senior High School (math 31% / reading 53%, grade F, #275 of 667 statewide, top 42%, 2,824 students, 52% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: Rents rising (+2.7%/yr); 225 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,069/mo this rent would consume 50% of the median local household income ($74k/yr) (locally 1517% 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 (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 284 days — a 12% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y ago; this cycle's ask has dropped $26k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $168k; list at $289k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $254,320 (12.0% 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 284 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
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: 1.06% ✓
• Cap rate: 5.95%
• Cash-on-cash: -1.23%
• DSCR: 0.95
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.73% rent growth · sell at horizon

5-year hold

• IRR: -18.5%
• Equity multiple: 0.35×
• Total profit: $-52,568
• Equity at exit: $43,091

10-year hold

• IRR: -11.3%
• Equity multiple: 0.33×
• Total profit: $-54,488
• Equity at exit: $24,987

Cash invested: $80,920 (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 33145

• Rents YoY: 2.7%
• Active inventory: 225
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $3,069 medium
• Mortgage (P&I): −$1,516
• Tax from tax record: −$315 /mo · $3,775/yr
• Insurance: −$120
• HOA: −$557
• Vacancy / Maint / Mgmt: −$645
• Net cashflow: $-83

Break-even live

Break-even rent $3,174

Max offer price $274,394

Occupancy floor 98%

Sensitivity live

Price	-10% $81	-5% $-1	+0% $-83	+5% $-164	+10% $-246
Rent	-10% $-325	-5% $-204	+0% $-83	+5% $39	+10% $160
Rate	-1.0pp $63	-0.5pp $-9	base $-83	+0.5pp $-158	+1.0pp $-234

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $557 · $6,684/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-21
   days on market $289,000 Active 284 DOM
2. 2026-06-18
   days on market $289,000 Active 281 DOM
3. 2026-06-17
   days on market $289,000 Active 280 DOM
4. 2026-06-16
   days on market $289,000 Active 279 DOM
5. 2026-06-15
   days on market $289,000 Active 278 DOM
6. 2026-06-13
   days on market $289,000 Active 276 DOM
7. 2026-06-09
   days on market $289,000 Active 272 DOM
8. 2026-06-08
   days on market $289,000 Active 271 DOM
9. 2026-06-08
   days on market $289,000 Active 270 DOM
10. 2026-06-04
    days on market $289,000 Active 267 DOM
11. 2026-06-03
    days on market $289,000 Active 266 DOM
12. 2026-06-02
    days on market $289,000 Active 265 DOM
13. 2026-06-01
    days on market $289,000 Active 264 DOM
14. 2026-05-31
    days on market $289,000 Active 263 DOM
15. 2026-05-01
    price $289,000
16. 2026-01-28
    price $299,000
17. 2025-09-10
    listed $315,000 Active
18. 2018-05-30
    soldstatus $168,000 Sold 485-char remark

    Show marketing remark (485 chars)

    PRICE TO SELL !Excellet Investment opportunity, Location. .location Live or Rent. Beautiful, Unit. With Lovely View, remodeled bath, S. S. Appliances. Elegant Interior, Well Maintained Bldg and Common Area, Surveillance Cameras, Pets And Short term Rentals alloved. , In Upscale Building, Steps from Coral Gables and short distance to Coconut Grove, downtown and Brickell. Hoa building are good standing no litigation pending Available for showings by appointment!Tenant month to month

19. 2018-04-27
    status Backup Contract 485-char remark

    Show marketing remark (485 chars)

    PRICE TO SELL !Excellet Investment opportunity, Location. .location Live or Rent. Beautiful, Unit. With Lovely View, remodeled bath, S. S. Appliances. Elegant Interior, Well Maintained Bldg and Common Area, Surveillance Cameras, Pets And Short term Rentals alloved. , In Upscale Building, Steps from Coral Gables and short distance to Coconut Grove, downtown and Brickell. Hoa building are good standing no litigation pending Available for showings by appointment!Tenant month to month

20. 2018-03-08
    price $179,900 485-char remark

    Show marketing remark (485 chars)

    PRICE TO SELL !Excellet Investment opportunity, Location. .location Live or Rent. Beautiful, Unit. With Lovely View, remodeled bath, S. S. Appliances. Elegant Interior, Well Maintained Bldg and Common Area, Surveillance Cameras, Pets And Short term Rentals alloved. , In Upscale Building, Steps from Coral Gables and short distance to Coconut Grove, downtown and Brickell. Hoa building are good standing no litigation pending Available for showings by appointment!Tenant month to month

21. 2018-01-11
    status Active 485-char remark

    Show marketing remark (485 chars)

    PRICE TO SELL !Excellet Investment opportunity, Location. .location Live or Rent. Beautiful, Unit. With Lovely View, remodeled bath, S. S. Appliances. Elegant Interior, Well Maintained Bldg and Common Area, Surveillance Cameras, Pets And Short term Rentals alloved. , In Upscale Building, Steps from Coral Gables and short distance to Coconut Grove, downtown and Brickell. Hoa building are good standing no litigation pending Available for showings by appointment!Tenant month to month

22. 2017-12-14
    historical 485-char remark

    Show marketing remark (485 chars)

    PRICE TO SELL !Excellet Investment opportunity, Location. .location Live or Rent. Beautiful, Unit. With Lovely View, remodeled bath, S. S. Appliances. Elegant Interior, Well Maintained Bldg and Common Area, Surveillance Cameras, Pets And Short term Rentals alloved. , In Upscale Building, Steps from Coral Gables and short distance to Coconut Grove, downtown and Brickell. Hoa building are good standing no litigation pending Available for showings by appointment!Tenant month to month

23. 2017-06-02
    listed $185,000 Active 485-char remark

    Show marketing remark (485 chars)

    PRICE TO SELL !Excellet Investment opportunity, Location. .location Live or Rent. Beautiful, Unit. With Lovely View, remodeled bath, S. S. Appliances. Elegant Interior, Well Maintained Bldg and Common Area, Surveillance Cameras, Pets And Short term Rentals alloved. , In Upscale Building, Steps from Coral Gables and short distance to Coconut Grove, downtown and Brickell. Hoa building are good standing no litigation pending Available for showings by appointment!Tenant month to month

24. 2015-03-09
    historical
25. 2014-12-16
    listed $198,000 Active
26. 2013-11-07
    soldstatus $135,000
27. 2013-11-01
    soldstatus $135,000 Sold
28. 2013-10-10
    status Pending
29. 2013-08-10
    price $155,000 Active
30. 2013-08-10
    status Active
31. 2013-07-13
    status Pending
32. 2013-06-11
    price $160,000

ⓘ 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: $3,775 · $315/mo
• Projected year-2 tax: $3,775 · $315/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) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 28 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: $36,833
• − Mortgage interest: −$16,188
• − Property taxes: −$3,775
• − Insurance: −$1,445
• − Repairs & maintenance: −$2,947
• − Management: −$2,947
• − HOA: −$6,684
• − Depreciation: −$8,407
• Taxable loss: −$5,560
• Est. tax savings @ 24.0%: +$1,334
• After-tax cash flow: $342/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): 29,761
• Household income: $73,995
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 1517.0

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: Predominantly Hispanic (79%)
• Race & ethnicity: Hispanic / Latino 79% Two or more races 51% White 16% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 41% Dominican 2% Salvadoran 2%
• Common ancestry: Estonian 2% Scotch-Irish 1% Italian 1%
• Foreign-born: 59% · Canada, Jamaica, Dominican Republic
• Languages at home: 13% English-only · Spanish 83% Other Indo-European 2% Russian/Polish/Slavic 1%

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: ▼ -657.80%
• Current HPI: 485.4573
• 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

+80.6% since first listed

18 events — show timeline

• 2026-05-01 Price Changed $289,000 MARMLS
• 2026-01-28 Price Changed $299,000 MARMLS
• 2025-09-10 Listed $315,000 MARMLS
• 2018-05-30 Sold (MLS) $168,000 MARMLS
• 2018-04-27 Pending — MARMLS
• 2018-03-08 Price Changed $179,900 MARMLS
• 2018-01-11 Relisted — MARMLS
• 2017-12-14 Listing Removed — MARMLS
• 2017-06-02 Listed $185,000 MARMLS
• 2015-03-09 Listing Removed — MARMLS
• 2014-12-16 Listed $198,000 MARMLS
• 2013-11-07 Sold (Public Records) $135,000 Public Records
• 2013-11-01 Sold (MLS) $135,000 MARMLS
• 2013-10-10 Pending — MARMLS
• 2013-08-10 Relisted — MARMLS
• 2013-08-10 Price Changed $155,000 MARMLS
• 2013-07-13 Pending — MARMLS
• 2013-06-11 Price Changed $160,000 MARMLS

Property tax history

+5.6%/yr

Latest (2025): $3,775 · +6.2% YoY. Source: county tax records.