111 SW 31st Ct · Miami, FL 33135

$1,149,000

6 bd · 3.0 ba · 2,670 sqft · MultiFamily public records · 35 Days on market

Built 1948

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Why this score? — see what drove the F 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 +7.9/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• 1% rule +2.0/10.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks MLS

Sold "As Is" 6 Bedroom / 3 Bathroom Duplex w/ Attached efficiency

Key facts

• 7 parking spots
• Built 1948
• Listed 34 days

Property features AI

Finance

• Financial info: Multiple rental units with current rents reported: 4 units at $1,750; 3 units at $1,800; 2 units at $2,600; 1 unit at $2,750

Exterior

• Parking: Open parking, 7 spaces
• Utilities: Public sewer; Cable not available; Water included in rent for some units
• Home design: 2 stories; Block and shingle siding construction; Shingle roof; Effective year built
• Construction: Block construction; Shingle siding; Shingle roof
• Exterior features: Open parking (total 7 parking spaces); Less than quarter acre lot

Interior

• Kitchen: Refrigerator (listed in one unit type)
• Bedrooms: Four 1-bedroom units; Two 3-bedroom units; One 3-bedroom unit (includes refrigerator)
• Flooring: Laminate
• Bathrooms: All units have one full bathroom
• Heating & cooling: Central air; Wall/window unit(s)
• Interior features: Laminate flooring

What this means for you Summary

Snapshot

• This is a 5 × 1-bed/?-bath units multifamily listed at $1.15M.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative. Per door: $-247/mo.
• To cash-flow at today's rent, offer at most $931k (19.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $809k (29.6% below list).
• Recommended offer: $809k (29.6% below list) — sets the bar for 1% rule.
• Cap rate 5.0% 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.
• Market conditions: Rents soft (-1.4%/yr); 171 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $8,089/mo this rent would consume 239% of the median local household income ($41k/yr) (locally 4755% 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 $8k of loan paydown is wiped out by about $34k 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 35 days — a 3% lower offer ($1.11M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $638k; list at $1.15M implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; 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 $808,900 (29.6% 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 35 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.70% ✗
• Cap rate: 5.00%
• Cash-on-cash: -4.60%
• DSCR: 0.80
• GRM: 11.8

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: -27.3%
• Equity multiple: 0.10×
• Total profit: $-288,546
• Equity at exit: $171,320

10-year hold

• IRR: -40.0%
• Equity multiple: -0.38×
• Total profit: $-444,353
• Equity at exit: $99,345

Cash invested: $321,720 (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 33135

• Home prices YoY: -27.6%
• Rents YoY: -1.4%
• Active inventory: 171
• Price-to-rent: 59.2×

Monthly cashflow live

• Estimated rent: $8,089 medium
• Mortgage (P&I): −$6,025
• Tax from tax record: −$1,120 /mo · $13,438/yr
• Insurance: −$479
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,699
• Net cashflow: $-1,234

Break-even live

Break-even rent $9,651

Max offer price $931,046

Occupancy floor —

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	1	—	$8,090
Total (5 units)			$8,089

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: $287,250
• Closing costs: $34,470
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2951 NW 13th St Unit 1399868P Miami, FL	4.0–8.0	3.5–6.0	3745	$17,671	$4.72	8d	2	1.04mi
1710 SW 27th Ave Unit 1272101P Miami, FL	1.0–5.0	1.0–4.0	1716	$19,839	$11.56	8d	3	1.17mi

Listing history 21 events

1. 2026-06-18
   days on market $1,149,000 Active 35 DOM
2. 2026-06-17
   days on market $1,149,000 Active 34 DOM
3. 2026-06-16
   days on market $1,149,000 Active 33 DOM
4. 2026-06-15
   days on market $1,149,000 Active 32 DOM
5. 2026-06-13
   pricedays on market $1,149,000 Active 30 DOM
6. 2026-06-09
   days on market $1,195,000 Active 26 DOM
7. 2026-06-08
   days on market $1,195,000 Active 25 DOM
8. 2026-06-07
   days on market $1,195,000 Active 24 DOM
9. 2026-06-04
   days on market $1,195,000 Active 21 DOM
10. 2026-06-03
    days on market $1,195,000 Active 20 DOM
11. 2026-06-02
    days on market $1,195,000 Active 19 DOM
12. 2026-06-01
    days on market $1,195,000 Active 18 DOM
13. 2026-05-31
    days on market $1,195,000 Active 17 DOM
14. 2026-05-13
    listed $1,195,000 Active
15. 2026-04-15
    historical
16. 2026-03-04
    historical Active Under Contract
17. 2026-01-13
    listed $1,225,000 Active
18. 2023-10-12
    soldstatus $637,500
19. 2023-10-02
    soldstatus $850,000 75-char remark

    Show marketing remark (75 chars)

    Sold "As Is" 6 Bedroom / 3 Bathroom Duplex w/ Attached efficiency

20. 2023-07-05
    listed $869,000 75-char remark

    Show marketing remark (75 chars)

    Sold "As Is" 6 Bedroom / 3 Bathroom Duplex w/ Attached efficiency

21. 1987-08-01
    soldstatus $106,000

ⓘ 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: $13,438 · $1,120/mo
• Projected year-2 tax: $13,438 · $1,120/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 5/10 Major FEMA zone X (unshaded) · 24% 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: $97,068
• − Mortgage interest: −$64,362
• − Property taxes: −$13,438
• − Insurance: −$5,745
• − Repairs & maintenance: −$7,765
• − Management: −$7,765
• − Depreciation: −$33,425
• Taxable loss: −$35,434
• Est. tax savings @ 24.0%: +$8,504
• After-tax cash flow: $-6,301/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): 36,143
• Household income: $40,567
• Rent vs Own: 77.3% rent · 22.7% own
• Severe rent burden: 4755.0

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 (94%)
• Race & ethnicity: Hispanic / Latino 94% Two or more races 62% White 4% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2% Cuban 48% Dominican 2% Salvadoran 1%
• Common ancestry: Hispanic 1%
• Foreign-born: 74% · Canada, Jamaica, Dominican Republic
• Languages at home: 6% English-only · Spanish 92% French/Haitian/Cajun 1% Other Indo-European 0%

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: ▼ -219.59%
• Current HPI: 574.7898
• Rent YoY: ▼ -1.37%
• 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

+1027.4% since first listed

8 events — show timeline

• 2026-05-13 Listed $1,195,000 MARMLS
• 2026-04-15 Listing Removed — MARMLS
• 2026-03-04 Contingent — MARMLS
• 2026-01-13 Listed $1,225,000 MARMLS
• 2023-10-12 Sold (Public Records) $637,500 Public Records
• 2023-10-02 Sold (MLS) $850,000 Beaches MLS
• 2023-07-05 Listed $869,000 Beaches MLS
• 1987-08-01 Sold (Public Records) $106,000 Public Records

Property tax history

+10.0%/yr

Latest (2025): $13,438 · -7.3% YoY. Source: county tax records.