1010 SW 2nd Ave #607 · Miami, FL 33130

$359,000

1 bd · 1.0 ba · 722 sqft · Condo public records · 127 Days on market

Built 2016 $827/mo HOA · 20% 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 +11.6/30.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Schools +4.2/10.0
• Appreciation +4.1/10.0
• Livability +3.9/5.0
• DSCR +3.4/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks

For Sale: 1010 SW 2nd Ave #607, Miami, FL 33130 ($359K) Tenant occupied with lease in place through May 02, 2026. Showings are strictly by appointment on weekends only due to tenant work schedule—please do not disturb tenant. Excellent location near Brickell/Downtown with convenient access to dining, shopping, public transit and major highways. Great opportunity for end users planning ahead or investors (buyer to verify building rental policies/restrictions). Please submit offers with proof of funds and/or pre-approval letter. Closing/occupancy timeline subject to executed contract and tenant lease terms

Key facts

• $827 HOA
• Garage
• Built 2016

Property features AI

Finance

• Financial info: Pets allowed with restrictions or possible restrictions
• HOA & community: Monthly association fee of $827 covering common areas; Community amenities: Clubhouse, Elevator(s), Fitness Center, Storage

Exterior

• Parking: Assigned covered detached garage space; 1 garage space
• Security: Doorman; Secured elevator; Secured lobby
• Home design: Attached property; Entry located on level 6; Total stories: 22
• Construction: Year built: Unknown
• Exterior features: Balcony (open)

Interior

• Kitchen: Dishwasher; Refrigerator
• Flooring: Tile flooring
• Bathrooms: 1 full bathroom
• Interior features: Attic with pull-down attic stairs; Walk-in closet(s)
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $359k.

Deal economics

• At list price, monthly cash flow is $-109 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $340k (5.3% below list).
• Meets the 1% rule at list price ($4k rent vs $359k).
• Recommended offer: $316k (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.
• Market conditions: Rents soft (-0.5%/yr); 639 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,142/mo this rent would consume 81% of the median local household income ($61k/yr) (locally 5231% 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 (-1.8%/yr); year-one equity from $2k of loan paydown is wiped out by about $6k 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 127 days — a 12% lower offer ($316k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 9y ago; this cycle's ask is 13708% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $315,920 (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 127 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: 1.15% ✓
• Cap rate: 5.93%
• Cash-on-cash: -1.30%
• DSCR: 0.94
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.79% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -14.9%
• Equity multiple: 0.42×
• Total profit: $-58,074
• Equity at exit: $73,247

10-year hold

• IRR: -13.1%
• Equity multiple: 0.13×
• Total profit: $-87,169
• Equity at exit: $65,989

Cash invested: $100,520 (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 33130

• Home prices YoY: -0.5%
• Rents YoY: -0.5%
• Active inventory: 639
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $4,142 medium
• Mortgage (P&I): −$1,883
• Tax from tax record: −$521 /mo · $6,256/yr
• Insurance: −$150
• HOA: −$827
• Vacancy / Maint / Mgmt: −$870
• Net cashflow: $-109

Break-even live

Break-even rent $4,279

Max offer price $339,825

Occupancy floor 98%

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $827 · $9,924/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-18
   days on market $359,000 Active 127 DOM
2. 2026-06-17
   days on market $359,000 Active 126 DOM
3. 2026-06-16
   days on market $359,000 Active 125 DOM
4. 2026-06-15
   days on market $359,000 Active 124 DOM
5. 2026-06-13
   days on market $359,000 Active 122 DOM
6. 2026-06-09
   days on market $359,000 Active 118 DOM
7. 2026-06-08
   days on market $359,000 Active 117 DOM
8. 2026-06-07
   days on market $359,000 Active 116 DOM
9. 2026-06-04
   days on market $359,000 Active 113 DOM
10. 2026-06-03
    days on market $359,000 Active 112 DOM
11. 2026-06-02
    days on market $359,000 Active 111 DOM
12. 2026-06-01
    days on market $359,000 Active 110 DOM
13. 2026-05-31
    days on market $359,000 Active 109 DOM
14. 2026-05-14
    price $2,650
15. 2026-05-10
    listed $2,600
16. 2026-05-09
    status Active
17. 2026-04-25
    historical $2,600
18. 2026-04-25
    historical Active Under Contract
19. 2026-03-13
    listed $2,600
20. 2026-03-10
    price $359,000
21. 2026-02-20
    price $369,000
22. 2026-02-11
    listed $375,000 Active
23. 2025-04-09
    historical $2,800
24. 2025-03-07
    listed $2,800
25. 2023-09-19
    historical $2,500
26. 2023-09-14
    listed $2,500
27. 2019-10-24
    historical
28. 2019-09-10
    price $289,000
29. 2019-08-09
    price $290,000
30. 2019-03-28
    listed $305,000 Active
31. 2017-09-20
    historical
32. 2017-08-23
    price $295,000
33. 2017-07-11
    listed $318,000 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: $6,256 · $521/mo
• Projected year-2 tax: $6,256 · $521/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 2/10 Low FEMA zone X (unshaded) · 5% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 29 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: $49,702
• − Mortgage interest: −$20,110
• − Property taxes: −$6,256
• − Insurance: −$1,795
• − Repairs & maintenance: −$3,976
• − Management: −$3,976
• − HOA: −$9,924
• − Depreciation: −$10,444
• Taxable loss: −$6,779
• Est. tax savings @ 24.0%: +$1,627
• After-tax cash flow: $324/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): 34,964
• Household income: $61,009
• Rent vs Own: 83.2% rent · 16.8% own
• Severe rent burden: 5231.0

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 (73%)
• Race & ethnicity: Hispanic / Latino 73% Two or more races 44% White 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 24% Dominican 4%
• Common ancestry: Romanian 2% Estonian 1% Lithuanian 1%
• Foreign-born: 60% · Canada, Jamaica, Guatemala
• Languages at home: 23% English-only · Spanish 70% 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: ▼ -1.79%
• Current HPI: 344.7752
• Rent YoY: ▼ -0.53%
• 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

-99.2% since first listed

20 events — show timeline

• 2026-05-14 Price Changed $2,650 MARMLS
• 2026-05-10 Listed for Rent $2,600 MARMLS
• 2026-05-09 Relisted — MARMLS
• 2026-04-25 Rental Removed $2,600 MARMLS
• 2026-04-25 Contingent — MARMLS
• 2026-03-13 Listed for Rent $2,600 MARMLS
• 2026-03-10 Price Changed $359,000 MARMLS
• 2026-02-20 Price Changed $369,000 MARMLS
• 2026-02-11 Listed $375,000 MARMLS
• 2025-04-09 Rental Removed $2,800 MARMLS
• 2025-03-07 Listed for Rent $2,800 MARMLS
• 2023-09-19 Rental Removed $2,500 MARMLS
• 2023-09-14 Listed for Rent $2,500 MARMLS
• 2019-10-24 Listing Removed — MARMLS
• 2019-09-10 Price Changed $289,000 MARMLS
• 2019-08-09 Price Changed $290,000 MARMLS
• 2019-03-28 Listed $305,000 MARMLS
• 2017-09-20 Listing Removed — MARMLS
• 2017-08-23 Price Changed $295,000 MARMLS
• 2017-07-11 Listed $318,000 MARMLS

Property tax history

+3.1%/yr

Latest (2025): $6,256 · +9.4% YoY. Source: county tax records.