452 NE 30th St

Miami, FL 33137

$2,990,000F

5 bd · 4.0 ba · 2,781 sqft · Built 1925 · MultiFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $18,624/mo
• Mortgage (P&I): −$15,680
• Tax + insurance: −$5,382
• HOA: −$0
• Vac / Maint / Mgmt: −$3,911
• Net cashflow: $-6,349/mo
• Annual: $-76,182/yr
• Cap rate: 3.77%
• Cash-on-cash: -9.00%
• DSCR: 0.60
• 1% rule: 0.62%
• Cash to close: $837,200

Investor read

• This is a 4 × 2-bed/1.8-bath units multifamily listed at $2.99M.
• At list price, monthly cash flow is $-6k ($-76k/yr) — negative. Per door: $-2k/mo.
• To cash-flow at today's rent, offer at most $1.87M (37.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.86M (37.7% below list).
• It's been on market 48 days — a 3% lower offer ($2.90M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.86M (37.7% below list) — sets the bar for 1% rule.
• In year one you build about $29k of equity ($21k loan paydown + $8k appreciation (0.3% local appreciation)).
• 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.
• Watch-outs: flood insurance adds $66/mo; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.7%/yr); 757 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 15 sale attempts since 14y 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 $1.20M; list at $2.99M implies a 149% gain — meaningful room to come down on a strong offer.
• By year 6, paydown + projected appreciation supports a ~$188k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe 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.
• Cap rate 3.8% 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.
• At $18,624/mo this rent would consume 238% of the median local household income ($94k/yr) (locally 3106% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?