8615 NW 8th St #421 · Fountainebleau, FL 33126

$169,999

1 bd · 1.0 ba · 773 sqft · Condo public records · 77 Days on market

Built 1980 $302/mo HOA · 14% of rent ↓ 15% since listing

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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 +20.9/30.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +1.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Great opportunity to renovate and customize from the ground up. The unit is ideal for investors or buyers looking to create their own vision. Updates needed throughout - priced accordingly. The location within the building is a major plus- conveniently situated right off the elevator for easy access. The community offers guest parking, on-site laundry facilities, 24 hour security, and a pool for residents. HOA fees are low, making this an attractive option for long-term passive income. Centrally located just off the highway, the property provides quick access to major roads, shopping, dining, etc.

Key facts

• Guest parking
• Pool for residents
• 24 hour security

Tags

• GUEST PARKING
• ON-SITE LAUNDRY FACILITIES
• 24 HOUR SECURITY
• POOL FOR RESIDENTS
• QUICK ACCESS TO MAJOR ROADS

Property features AI

Finance

• Other: Pets allowed with restrictions or possible restrictions (conditional)
• HOA & community: Monthly association fee of $302; HOA covers insurance, laundry, grounds maintenance, structure maintenance, security, and trash; Community amenities include elevator(s) and laundry

Exterior

• Parking: Guest parking; One assigned space
• Security: Gated/complex fencing for security
• Home design: Attached property; 4-story building; Entry on level 4
• Construction: Block construction; Resale property
• Exterior features: Complex is fenced

Interior

• Kitchen: Dishwasher
• Bedrooms: Bedroom located on main level
• Flooring: Tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Bedroom on main level; Walk-in closet(s)
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $170k.

Deal economics

• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $160k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 3.8% in Fountainebleau — 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 81/100 on livability (#87 in FL, #1,407 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: schools C-, amenities 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 falling (-4.5%/yr); 196 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $2,205/mo this rent would consume 45% of the median local household income ($58k/yr) (locally 3930% 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 $1k of loan paydown is wiped out by about $5k 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 77 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.

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 $159,799 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.30% ✓
• Cap rate: 7.95%
• Cash-on-cash: 5.93%
• DSCR: 1.26
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -11.3%
• Equity multiple: 0.61×
• Total profit: $-18,797
• Equity at exit: $25,347

10-year hold

• IRR: -8.5%
• Equity multiple: 0.56×
• Total profit: $-21,097
• Equity at exit: $14,698

Cash invested: $47,600 (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 33126

• Rents YoY: -4.5%
• Active inventory: 196
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,205 high
• Mortgage (P&I): −$891
• Tax from tax record: −$243 /mo · $2,914/yr
• Insurance: −$71
• HOA: −$302
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $235

Break-even live

Break-even rent $1,908

Max offer price $169,999

Occupancy floor 84%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8635 NW 8th St Miami, FL	2.0–3.0	2.0	1064	$2,300	$2.16	4d	2	0.05mi
8635 NW 8th St Miami, FL	2.0–3.0	2.0	1064	$2,250	$2.11	24d	3	0.05mi
802 NW 87th Ave Miami, FL	1.0–2.0	1.0–2.0	956	$1,950	$2.04	5d	2	0.09mi
802 NW 87th Ave Miami, FL	2.0	2.0	1095	$2,400	$2.19	24d	1	0.09mi
8511 NW 8th St #311 Miami, FL	2.0	2.0	1099	$2,000	$1.82	21d	1	0.11mi
5077 NW 7th St Miami, FL	1.0	1.0	685	$2,350	$3.43	24d	1	0.12mi
820 NW 87th Ave Miami, FL	1.0–2.0	1.5–2.0	1045	$1,900	$1.82	1d	2	0.13mi
830 NW 87th Ave Unit 3 Miami, FL	2.0	2.0	1026	$2,700	$2.63	24d	1	0.14mi
8500 NW 8th St #308 Miami, FL	2.0	2.0	986	$2,300	$2.33	24d	1	0.14mi
8411 NW 8th St #301 Miami, FL	2.0	2.0	1099	$2,300	$2.09	21d	1	0.15mi
8421 NW 8th St #203 Miami, FL	2.0	2.0	1099	$2,325	$2.12	7d	1	0.15mi
8421 NW 8th St #203 Miami, FL	2.0	2.0	1099	$2,400	$2.18	24d	1	0.15mi
8405 NW 8th St #311 Miami, FL	2.0	2.0	1099	$2,500	$2.27	24d	1	0.16mi
8405 NW 8th St #311 Miami, FL	2.0	2.0	1099	$2,450	$2.23	2d	1	0.16mi
702 NW 87th Ave #309 Miami, FL	1.0	1.0	839	$1,900	$2.26	24d	1	0.16mi
8897 Fontainebleau Blvd #303 Miami, FL	2.0	2.0	1120	$2,470	$2.21	24d	1	0.17mi
8897 Fontainebleau Blvd #303 Miami, FL	2.0	2.0	1120	$2,300	$2.05	7d	1	0.17mi
8695 NW 6th Ln Unit 2-212 Miami, FL	2.0	2.0	859	$2,450	$2.85	24d	1	0.18mi
8660 NW 6th Ln Unit 210 Miami, FL	1.0	1.0	676	$1,900	$2.81	24d	1	0.22mi
8580 NW 6th Ln Unit 6-205 Miami, FL	2.0	2.0	859	$2,400	$2.79	16d	1	0.22mi
8885 Fontainebleau Blvd #205 Miami, FL	2.0	1.5	891	$2,400	$2.69	24d	1	0.22mi
8675 NW 5th Ter Unit 13-103 Miami, FL	2.0	2.0	845	$2,500	$2.96	24d	1	0.23mi
8889 Fontainebleau Blvd #501 Miami, FL	1.0	1.0	769	$1,850	$2.41	24d	1	0.23mi
8425 NW 8th St #409 Miami, FL	2.0	2.0	986	$2,200	$2.23	15d	1	0.23mi
675 NW 85th Ct Unit 8-207 Miami, FL	2.0	2.0	859	$2,400	$2.79	14d	1	0.23mi
510 NW 86th Pl Unit 206 Miami, FL	2.0	2.0	895	$2,300	$2.57	24d	1	0.25mi
8883 Fontainebleau Blvd Unit 101-A Miami, FL	2.0	2.0	1014	$2,450	$2.42	10d	1	0.27mi
8883 Fontainebleau Blvd Unit 101-A Miami, FL	2.0	2.0	1014	$2,450	$2.42	24d	1	0.27mi
8879 Fontainebleau Blvd #206 Miami, FL	2.0	1.5	891	$2,400	$2.69	24d	1	0.29mi
8875 Fontainebleau Blvd Miami, FL	2.0	2.0	891	$2,300	$2.58	24d	1	0.29mi
8875 Fontainebleau Blvd #201 Miami, FL	2.0	1.5	891	$2,300	$2.58	24d	1	0.29mi
502 NW 87th Ave #403 Miami, FL	1.0	1.0	842	$2,050	$2.43	21d	1	0.30mi
8940 NW 8th St Miami, FL	1.0–2.0	1.0–2.0	910	$1,880	$2.07	2d	19	0.31mi
8340 NW 8th St Unit N4 Miami, FL	2.0	2.5	944	$2,650	$2.81	16d	1	0.32mi
8873 Fontainebleau Blvd 205 #205 Miami, FL	2.0	1.0	874	$2,150	$2.46	16d	1	0.34mi
8321 NW 7th St Unit 1-407 Miami, FL	2.0	2.0	840	$2,150	$2.56	10d	1	0.35mi
8321 NW 7th St Unit 1-407 Miami, FL	2.0	2.0	840	$2,150	$2.56	13d	1	0.35mi
365 NW 85th Ct #1203 Miami, FL	2.0	2.5	979	$2,650	$2.71	13d	1	0.36mi
365 NW 85th Ct #1203 Miami, FL	2.0	2.5	979	$2,650	$2.71	7d	1	0.36mi
8261 NW 8th St Miami, FL	2.0	1.0–2.0	966	$2,400	$2.48	24d	3	0.36mi

HOA detail condo

• Monthly dues: $302 · $3,624/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-05-19
   status Pending
2. 2026-05-08
   price $169,999
3. 2026-04-28
   price $179,999
4. 2026-03-23
   price $189,000
5. 2026-03-03
   listed $199,000 Active

ⓘ 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: $2,914 · $243/mo
• Projected year-2 tax: $2,914 · $243/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°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: $26,465
• − Mortgage interest: −$9,523
• − Property taxes: −$2,914
• − Insurance: −$850
• − Repairs & maintenance: −$2,117
• − Management: −$2,117
• − HOA: −$3,624
• − Depreciation: −$4,945
• Taxable income: $375
• Est. tax owed @ 24.0%: −$90
• After-tax cash flow: $2,732/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 — Fountainebleau

• Score: 81/100
• State rank: #87
• US rank: #1407

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fountainebleau, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 35,056
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 47,307
• Household income: $58,210
• Rent vs Own: 63.5% rent · 36.5% own
• Severe rent burden: 3930.0

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 (95%)
• Race & ethnicity: Hispanic / Latino 95% Two or more races 50% White 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 60% Dominican 2%
• Foreign-born: 76% · Canada, Jamaica, Guatemala
• Languages at home: 8% English-only · Spanish 91%

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: ▼ -343.54%
• Current HPI: 318.6854
• Rent YoY: ▼ -4.50%
• 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

-14.6% since first listed

5 events — show timeline

• 2026-05-19 Pending — MARMLS
• 2026-05-08 Price Changed $169,999 MARMLS
• 2026-04-28 Price Changed $179,999 MARMLS
• 2026-03-23 Price Changed $189,000 MARMLS
• 2026-03-03 Listed $199,000 MARMLS

Property tax history

+7.2%/yr

Latest (2025): $2,914 · +2.7% YoY. Source: county tax records.