2203 SE 23rd Ter #2203 · Homestead, FL 33035

$249,999

2 bd · 2.0 ba · 1,370 sqft · Condo public records · 89 Days on market

Built 2004 $288/mo HOA · 12% 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 +9.4/30.0
• ARV discount +7.5/15.0
• 1% rule +4.4/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +2.4/10.0
• Rent growth +1.7/5.0

Listing remarks

Spacious 2-bedroom townhouse featuring dual master suites, perfect for privacy and flexible living arrangements. This well-maintained home offers laminate flooring throughout, creating a clean and modern feel. Enjoy your own private fenced patio, ideal for relaxing or entertaining. Association includes cable, internet, and alarm service, providing added value and convenience. Located in a great community with security, offering peace of mind and a welcoming environment. A fantastic opportunity for comfortable and low-maintenance living!

Key facts

• Private fenced patio
• Dual master suites
• $288 HOA

Tags

• DUAL MASTER SUITES
• PRIVATE FENCED PATIO

Property features AI

Finance

• Financial info: Lease considered; Pets allowed with restrictions or conditions
• HOA & community: Monthly association fee; Association covers common areas, cable TV, internet, grounds maintenance, and structure maintenance; Community amenities include a playground and pool

Exterior

• Parking: Guest parking; One assigned space
• Security: Key card entry; Security guard
• Utilities: Cable available
• Home design: Attached property; 2 stories; Entry on level 1
• Construction: Block construction; Resale property
• Exterior features: Fenced; Association pool

Interior

• Kitchen: Electric range; Dishwasher; Garbage disposal; Refrigerator
• Bedrooms: Primary bedroom on upper level
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Sliding windows; First floor entry; Kitchen/dining combo; Living/dining room; Upper-level primary bedroom; Unfurnished
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $-177 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (12.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $234k (6.4% below list).
• Recommended offer: $219k (12.5% below list) — sets the bar for cash-flow.
• Cap rate 5.4% vs local median 3.5% in Homestead — 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 (#158 in FL, #2,408 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-.
• 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: Gateway Environmental K-8 Learning Center (math 23% / reading 34%, grade F, #1,943 of 2,144 statewide, top 91%, 1,355 students, 74% FRL); Homestead Middle School (math 23% / reading 25%, grade F, #532 of 571 statewide, top 94%, 666 students, 81% FRL); Homestead Senior High School (math 24% / reading 23%, grade F, #533 of 667 statewide, top 80%, 2,020 students, 74% FRL).
• Zoned-school proficiency averages 25% at this address vs 50% district-wide (-24 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Market conditions: Rents falling (-3.2%/yr); 466 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).
• This rent runs 41% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 89 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 11y ago; this cycle's ask is 13413% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $129k; list at $250k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→33/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,731 (12.5% 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 89 days. Have you received any prior offers? Is the seller open to a 13% 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. 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?
9. 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.
10. 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.
11. 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: 0.94% ✗
• Cap rate: 5.44%
• Cash-on-cash: -3.03%
• DSCR: 0.86
• GRM: 8.9

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: -25.3%
• Equity multiple: 0.17×
• Total profit: $-58,425
• Equity at exit: $37,276

10-year hold

• IRR: -38.4%
• Equity multiple: -0.30×
• Total profit: $-91,012
• Equity at exit: $21,615

Cash invested: $70,000 (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 33035

• Home prices YoY: -1.4%
• Rents YoY: -3.2%
• Active inventory: 466
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,341 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$323 /mo · $3,875/yr
• Insurance: −$104
• HOA: −$288
• Vacancy / Maint / Mgmt: −$492
• Net cashflow: $-177

Break-even live

Break-even rent $2,565

Max offer price $218,731

Occupancy floor —

Sensitivity live

Price	-10% $-35	-5% $-106	+0% $-177	+5% $-248	+10% $-319
Rent	-10% $-362	-5% $-269	+0% $-177	+5% $-85	+10% $8
Rate	-1.0pp $-51	-0.5pp $-113	base $-177	+0.5pp $-242	+1.0pp $-308

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2373 SE 23rd Dr #2373 Homestead, FL	3.0	2.5	1458	$2,300	$1.58	26d	1	0.08mi
2373 SE 23rd Dr #2373 Homestead, FL	3.0	2.5	1458	$2,150	$1.47	3d	1	0.08mi
2205 SE 23rd Rd Homestead, FL	3.0	2.5	1452	$2,600	$1.79	26d	1	0.08mi
2320 SE 23rd Rd #2320 Homestead, FL	3.0	2.5	1452	$2,250	$1.55	26d	1	0.11mi
2320 SE 23rd Rd #2320 Homestead, FL	3.0	2.5	1452	$2,250	$1.55	10d	1	0.11mi
1904 SE 23rd Ave Unit 1904 Homestead, FL	3.0	2.5	1854	$2,800	$1.51	26d	1	0.13mi
1904 SE 23rd Ave Unit 1904 Homestead, FL	3.0	2.5	1854	$2,750	$1.48	10d	1	0.13mi
2414 SE 21st St Homestead, FL	2.0	2.5	1431	$2,500	$1.75	26d	1	0.14mi
2424 SE 19th Ct Unit 2424 Homestead, FL	2.0	2.5	1431	$2,150	$1.50	1d	1	0.17mi
2424 SE 19th Ct Unit 2424 Homestead, FL	2.0	2.5	1431	$2,200	$1.54	15d	1	0.17mi
2201 SE 24th Pl #2201 Homestead, FL	2.0	2.5	1370	$1,850	$1.35	26d	1	0.18mi
1645 SE 20th Rd Unit 1645 Homestead, FL	3.0	2.5	1874	$2,750	$1.47	24d	1	0.21mi
2877 SE 24th Ct Homestead, FL	3.0	2.5	1334	$2,900	$2.17	26d	1	0.24mi
2232 SE 26th Ln Unit 2232-1 Homestead, FL	3.0	2.5	1519	$2,100	$1.38	24d	1	0.27mi
1575 SE 20th Rd Homestead, FL	3.0	2.5	1693	$2,850	$1.68	1d	1	0.28mi
1575 SE 20th Rd Homestead, FL	3.0	2.0	1693	$2,850	$1.68	26d	1	0.28mi
2518 SE 20th Pl Unit 203B Homestead, FL	2.0	2.0	1040	$2,000	$1.92	6d	1	0.30mi
2518 SE 20th Pl Unit 203B Homestead, FL	2.0	2.0	1040	$2,000	$1.92	5d	1	0.30mi
2525 SE 19th Pl Unit 105B Homestead, FL	3.0	2.0	1220	$2,200	$1.80	26d	1	0.31mi
2407 SE 14th St Homestead, FL	3.0	3.0	1704	$2,550	$1.50	17d	1	0.33mi
2746 SE 24th Ter Unit 2746 Homestead, FL	3.0	2.5	1828	$2,650	$1.45	24d	1	0.35mi
2532 SE 15th Ct Unit 2532 Homestead, FL	3.0	3.0	1704	$2,500	$1.47	16d	1	0.35mi
2621 SE 21st Ct Unit 105B Homestead, FL	2.0	2.0	1070	$2,100	$1.96	26d	1	0.37mi
2601 SE 19th Ct Homestead, FL	2.0	2.0	1070	$2,300	$2.15	26d	1	0.37mi
2629 SE 19th Ct Homestead, FL	2.0	2.0	1070	$2,000	$1.87	26d	1	0.37mi
2622 SE 19th Ct Unit 207B Homestead, FL	3.0	2.0	1310	$2,200	$1.68	5d	1	0.37mi
2603 SE 20th Ct Unit 102A Homestead, FL	2.0	2.0	1070	$2,000	$1.87	26d	1	0.37mi
2603 SE 20th Ct Unit 102A Homestead, FL	2.0	2.0	1070	$2,000	$1.87	10d	1	0.37mi
2277 SE 27th Dr Homestead, FL	2.0	2.0	1070	$2,200	$2.06	26d	1	0.39mi
2624 SE 25th Ct Homestead, FL	3.0	3.0	1328	$2,800	$2.11	4d	1	0.39mi
2725 SE 26th Rd Unit 2725 Homestead, FL	3.0	2.5	1414	$2,500	$1.77	26d	1	0.39mi
2729 SE 26th Rd #2729 Homestead, FL	3.0	3.0	1328	$2,400	$1.81	26d	1	0.39mi
2764 SE 26th Ave Unit 2764 Homestead, FL	3.0	2.5	1483	$2,499	$1.69	26d	1	0.42mi
2764 SE 26th Ave Unit 2764 Homestead, FL	3.0	2.5	1483	$2,450	$1.65	5d	1	0.42mi
2732 SE 26th Ave Unit 2732 Homestead, FL	3.0	2.5	1414	$2,500	$1.77	26d	1	0.42mi
1158 SE 23rd Ave Unit 1158 Homestead, FL	3.0	2.0	1302	$2,400	$1.84	18d	1	0.43mi
1158 SE 23rd Ave Homestead, FL	3.0	2.0	1302	$2,450	$1.88	21d	1	0.43mi
1684 SE 26th Ter #1684 Homestead, FL	3.0	2.5	1612	$2,400	$1.49	22d	1	0.43mi
1684 SE 26th Ter #1684 Homestead, FL	3.0	2.5	1612	$2,400	$1.49	10d	1	0.43mi
2628 SE 19th St Unit 2628 Homestead, FL	3.0	2.5	1545	$2,400	$1.55	17d	1	0.44mi

HOA detail condo

• Monthly dues: $288 · $3,456/yr
• Likely covers: internetcablesecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 44 events

1. 2026-06-22
   days on market $249,999 Active 89 DOM
2. 2026-06-21
   days on market $249,999 Active 88 DOM
3. 2026-06-18
   days on market $249,999 Active 85 DOM
4. 2026-06-17
   days on market $249,999 Active 84 DOM
5. 2026-06-16
   days on market $249,999 Active 83 DOM
6. 2026-06-15
   days on market $249,999 Active 82 DOM
7. 2026-06-13
   days on market $249,999 Active 80 DOM
8. 2026-06-09
   days on market $249,999 Active 76 DOM
9. 2026-06-08
   days on market $249,999 Active 75 DOM
10. 2026-06-07
    days on market $249,999 Active 74 DOM
11. 2026-06-04
    days on market $249,999 Active 71 DOM
12. 2026-06-03
    days on market $249,999 Active 70 DOM
13. 2026-06-02
    days on market $249,999 Active 69 DOM
14. 2026-06-01
    days on market $249,999 Active 68 DOM
15. 2026-05-31
    days on market $249,999 Active 67 DOM
16. 2026-04-08
    price $1,950
17. 2026-03-26
    listed $1,850
18. 2026-03-25
    listed $249,999 Active
19. 2025-08-05
    historical
20. 2025-04-15
    historical $2,000
21. 2025-04-03
    price $277,000
22. 2025-03-14
    listed $2,000
23. 2025-01-06
    status Active
24. 2024-08-05
    listed $299,000 Active
25. 2024-08-03
    historical
26. 2024-03-16
    historical $1,950
27. 2024-03-08
    listed $1,950
28. 2024-01-03
    price $299,000
29. 2023-08-23
    price $304,999
30. 2023-08-02
    listed $320,000 Active
31. 2016-11-14
    soldstatus $129,000 Sold
32. 2016-10-27
    soldstatus $120,000
33. 2016-09-27
    status Pending
34. 2016-08-08
    price $129,000
35. 2016-07-15
    price $138,500
36. 2016-07-13
    price $155,000
37. 2016-07-11
    price $138,500
38. 2016-06-20
    price $155,000
39. 2016-01-20
    listed $178,000 Active
40. 2015-12-25
    historical
41. 2015-02-24
    listed $178,000 Active
42. 2013-12-30
    soldstatus $77,077 Sold
43. 2013-07-24
    status Pending
44. 2004-10-06
    soldstatus $136,300

ⓘ 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: $3,875 · $323/mo
• Projected year-2 tax: $3,875 · $323/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 6/10 Major FEMA zone X (unshaded) · 62% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 33 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: $28,088
• − Mortgage interest: −$14,004
• − Property taxes: −$3,875
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,247
• − Management: −$2,247
• − HOA: −$3,456
• − Depreciation: −$7,273
• Taxable loss: −$6,264
• Est. tax savings @ 24.0%: +$1,503
• After-tax cash flow: $-621/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 — Homestead

• Score: 78/100
• State rank: #158
• US rank: #2408

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homestead, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 191,470
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 17,202
• Household income: $68,354
• Rent vs Own: 49.5% rent · 50.5% own
• Severe rent burden: 687.0

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 0.55)
• Race & ethnicity: Hispanic / Latino 63% Two or more races 35% Black 18% White 12%
• Hispanic origin (detail): Mexican 6% Puerto Rican 13% Cuban 25% Dominican 2% Salvadoran 1%
• Common ancestry: Hispanic 6% Lithuanian 3% Estonian 1%
• Foreign-born: 33% · Canada, Dominican Republic, Jamaica
• Languages at home: 32% English-only · Spanish 60% French/Haitian/Cajun 7% Other Indo-European 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: ▼ -5.24%
• Current HPI: 369.3031
• Rent YoY: ▼ -3.20%
• 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

-98.6% since first listed

29 events — show timeline

• 2026-04-08 Price Changed $1,950 MARMLS
• 2026-03-26 Listed for Rent $1,850 MARMLS
• 2026-03-25 Listed $249,999 MARMLS
• 2025-08-05 Listing Removed — MARMLS
• 2025-04-15 Rental Removed $2,000 MARMLS
• 2025-04-03 Price Changed $277,000 MARMLS
• 2025-03-14 Listed for Rent $2,000 MARMLS
• 2025-01-06 Relisted — MARMLS
• 2024-08-05 Listed $299,000 MARMLS
• 2024-08-03 Listing Removed — MARMLS
• 2024-03-16 Rental Removed $1,950 MARMLS
• 2024-03-08 Listed for Rent $1,950 MARMLS
• 2024-01-03 Price Changed $299,000 MARMLS
• 2023-08-23 Price Changed $304,999 MARMLS
• 2023-08-02 Listed $320,000 MARMLS
• 2016-11-14 Sold (MLS) $129,000 MARMLS
• 2016-10-27 Sold (Public Records) $120,000 Public Records
• 2016-09-27 Pending — MARMLS
• 2016-08-08 Price Changed $129,000 MARMLS
• 2016-07-15 Price Changed $138,500 MARMLS
• 2016-07-13 Price Changed $155,000 MARMLS
• 2016-07-11 Price Changed $138,500 MARMLS
• 2016-06-20 Price Changed $155,000 MARMLS
• 2016-01-20 Listed $178,000 MARMLS
• 2015-12-25 Listing Removed — MARMLS
• 2015-02-24 Listed $178,000 MARMLS
• 2013-12-30 Sold (MLS) $77,077 MARMLS
• 2013-07-24 Pending — MARMLS
• 2004-10-06 Sold (Public Records) $136,300 Public Records

Property tax history

+8.0%/yr

Latest (2025): $3,875 · +4.3% YoY. Source: county tax records.