919 Michigan Ave #3 · Miami Beach, FL 33139

$243,000

1 bd · 1.0 ba · 635 sqft · Condo public records · 30 Days on market

Built 1968 $646/mo HOA · 17% of rent

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Why this score? — see what drove the B- 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 +25.5/30.0
• 1% rule +10.0/10.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Appreciation +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks MLS

Beautiful 1 bedroom / 1 bath condo. Covered assigned parking space included. Washer and Dryer in unit, dishwasher, mini-split ac unit. Currently leased for $2100, can be delivered vacant. Close to everything (Flamingo Park, Restaurants, Whole Foods, etc. .. ). $10,000 special assessment already paid.

Key facts

• Ground level access
• Lots of storage
• Washer dryer

Tags

• OPEN KITCHEN
• WASHER DRYER
• ASSIGNED PARKING
• LOTS OF STORAGE
• GROUND LEVEL ACCESS

Property features AI

Finance

• Other: Pets allowed with breed restrictions
• HOA & community: HOA managed by SOBE Management; Monthly HOA fee of $646; HOA covers insurance, water, sewer, trash, common areas, and roof repairs; Association provides maintenance; no additional listed community amenities

Exterior

• Parking: Assigned covered parking; Attached 1-car garage
• Utilities: Public water; Public sewer; Cable available; Electricity available
• Home design: Condominium; Resale property; Two-story building; Faces south
• Construction: Block/CBS construction; Other roof
• Exterior features: First-floor entry; Not waterfront

Interior

• Kitchen: Microwave; Refrigerator
• Bedrooms: One bedroom on the main level
• Flooring: Ceramic tile
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Electric heating; Electric cooling with zoned system
• Interior features: Microwave; Refrigerator
• Laundry & utility: In-unit laundry located in the kitchen

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $243k.

Deal economics

• At list price, monthly cash flow is $141 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $243k).
• Recommended offer: $239k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 1.5% in Miami Beach — 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 80/100 on livability (#108 in FL, #1,672 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: housing C-, amenities D-, 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.
• Zoned schools: Miami Beach Feinberg/Fisher K-8 (math 37% / reading 34%, grade F, #1,684 of 2,144 statewide, top 79%, 842 students, 61% FRL); North Miami Beach Senior High (math 13% / reading 24%, grade F, #568 of 667 statewide, top 85%, 1,149 students, 66% FRL) — zoned schools at 64% FRL track the district average.
• Zoned-school proficiency averages 27% at this address vs 50% district-wide (-22 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 soft (-0.4%/yr); 1214 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,711/mo this rent would consume 64% of the median local household income ($70k/yr) (locally 4052% 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 (-2.2%/yr); year-one equity from $2k 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 30 days — a 2% lower offer ($239k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 12y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $239,355 (1.5% below list)

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. 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.
8. 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.
9. 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: 1.53% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.01%
• DSCR: 1.45
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.19% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -12.7%
• Equity multiple: 0.53×
• Total profit: $-32,169
• Equity at exit: $45,121

10-year hold

• IRR: -12.1%
• Equity multiple: 0.29×
• Total profit: $-48,085
• Equity at exit: $36,603

Cash invested: $68,040 (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 33139

• Home prices YoY: -0.8%
• Rents YoY: -0.4%
• Active inventory: 1214
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $3,711 medium
• Mortgage (P&I): −$1,274
• Tax from tax record: −$342 /mo · $4,109/yr
• Insurance: −$101
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$646
• Vacancy / Maint / Mgmt: −$779
• Net cashflow: $141

Break-even live

Break-even rent $3,532

Max offer price $243,000

Occupancy floor 91%

Sensitivity live

Price	-10% $279	-5% $210	+0% $141	+5% $72	+10% $4
Rent	-10% $-152	-5% $-5	+0% $141	+5% $288	+10% $434
Rate	-1.0pp $263	-0.5pp $203	base $141	+0.5pp $78	+1.0pp $14

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: $60,750
• Closing costs: $7,290
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1602 Meridian Ave Miami Beach, FL	4.0	1.0–3.0	917	$6,932	$7.56	16d	1	0.64mi
2201 Collins Ave Miami Beach, FL	1.0–3.0	1.0–2.0	1121	$22,000	$19.62	25d	2	1.39mi

HOA detail condo

• Monthly dues: $646 · $7,752/yr
• Likely covers: parking
• ⚠ Special-assessment mentions:

  …for $2100, can be delivered vacant. Close to everything (Flamingo Park, Restaurants, Whole Foods, etc. .. ). $10,000 special assessment already paid.

Listing history 41 events

1. 2026-06-21
   days on market $243,000 Active 30 DOM
2. 2026-06-18
   days on market $243,000 Active 27 DOM
3. 2026-06-17
   days on market $243,000 Active 26 DOM
4. 2026-06-16
   days on market $243,000 Active 25 DOM
5. 2026-06-15
   days on market $243,000 Active 24 DOM
6. 2026-06-13
   days on market $243,000 Active 22 DOM
7. 2026-06-09
   days on market $243,000 Active 18 DOM
8. 2026-06-08
   days on market $243,000 Active 17 DOM
9. 2026-06-07
   days on market $243,000 Active 16 DOM
10. 2026-06-04
    days on market $243,000 Active 13 DOM
11. 2026-06-03
    days on market $243,000 Active 12 DOM
12. 2026-06-02
    days on market $243,000 Active 11 DOM
13. 2026-06-01
    days on market $243,000 Active 10 DOM
14. 2026-05-31
    days on market $243,000 Active 9 DOM
15. 2026-05-22
    listed $243,000 Active
16. 2026-03-09
    historical
17. 2025-04-11
    historical $1,800
18. 2025-03-19
    historical $1,800
19. 2025-02-22
    price $1,800
20. 2025-02-09
    price $1,850
21. 2025-01-28
    listed $1,900
22. 2025-01-15
    historical $2,100
23. 2025-01-08
    price $2,100
24. 2024-12-05
    price $2,200
25. 2024-12-04
    listed $243,000
26. 2024-11-28
    price $2,400
27. 2024-11-20
    price $2,500
28. 2024-11-13
    listed $2,550
29. 2024-11-08
    historical $2,600
30. 2024-11-08
    listed $2,600
31. 2024-11-02
    listed $2,600
32. 2023-02-03
    soldstatus $229,000
33. 2023-01-27
    soldstatus $229,000 Closed 301-char remark

    Show marketing remark (301 chars)

    Beautiful 1 bedroom / 1 bath condo. Covered assigned parking space included. Washer and Dryer in unit, dishwasher, mini-split ac unit. Currently leased for $2100, can be delivered vacant. Close to everything (Flamingo Park, Restaurants, Whole Foods, etc. .. ). $10,000 special assessment already paid.

34. 2023-01-07
    status Pending 301-char remark

    Show marketing remark (301 chars)

    Beautiful 1 bedroom / 1 bath condo. Covered assigned parking space included. Washer and Dryer in unit, dishwasher, mini-split ac unit. Currently leased for $2100, can be delivered vacant. Close to everything (Flamingo Park, Restaurants, Whole Foods, etc. .. ). $10,000 special assessment already paid.

35. 2022-10-13
    listed $249,000 Active 301-char remark

    Show marketing remark (301 chars)

    Beautiful 1 bedroom / 1 bath condo. Covered assigned parking space included. Washer and Dryer in unit, dishwasher, mini-split ac unit. Currently leased for $2100, can be delivered vacant. Close to everything (Flamingo Park, Restaurants, Whole Foods, etc. .. ). $10,000 special assessment already paid.

36. 2014-07-28
    soldstatus $162,000 Sold
37. 2014-06-13
    status Pending
38. 2014-05-17
    listed $169,000 Active
39. 2008-02-01
    soldstatus $150,000
40. 2007-12-20
    soldstatus $150,000
41. 1973-01-01
    soldstatus $18,000

ⓘ 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: $4,109 · $342/mo
• Projected year-2 tax: $4,109 · $342/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 8 d/yr ≥101°F today · 32 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: $44,531
• − Mortgage interest: −$13,612
• − Property taxes: −$4,109
• − Insurance: −$6,334
• − Repairs & maintenance: −$3,563
• − Management: −$3,563
• − HOA: −$7,752
• − Depreciation: −$7,069
• Taxable loss: −$1,469
• Est. tax savings @ 24.0%: +$353
• After-tax cash flow: $2,046/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 Beach

• Score: 80/100
• State rank: #108
• US rank: #1672

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,533
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 33,753
• Household income: $69,793
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 4052.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 51% White 40% Two or more races 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 15% Salvadoran 3%
• Common ancestry: Lithuanian 3% Scotch-Irish 2% Romanian 2%
• Foreign-born: 56% · Canada, Jamaica, Dominican Republic
• Languages at home: 37% English-only · Spanish 49% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▼ -2.19%
• Current HPI: 277.9321
• Rent YoY: ▼ -0.36%
• 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

+1250.0% since first listed

27 events — show timeline

• 2026-05-22 Listed $243,000 Beaches MLS
• 2026-03-09 Listing Removed — Beaches MLS
• 2025-04-11 Rental Removed $1,800 VLS
• 2025-03-19 Rental Removed $1,800 GFLMLS
• 2025-02-22 Price Changed $1,800 GFLMLS
• 2025-02-09 Price Changed $1,850 GFLMLS
• 2025-01-28 Listed for Rent $1,900 GFLMLS
• 2025-01-15 Rental Removed $2,100 GFLMLS
• 2025-01-08 Price Changed $2,100 GFLMLS
• 2024-12-05 Price Changed $2,200 GFLMLS
• 2024-12-04 Listed $243,000 Beaches MLS
• 2024-11-28 Price Changed $2,400 GFLMLS
• 2024-11-20 Price Changed $2,500 GFLMLS
• 2024-11-13 Listed for Rent $2,550 GFLMLS
• 2024-11-08 Rental Removed $2,600 GFLMLS
• 2024-11-08 Listed for Rent $2,600 VLS
• 2024-11-02 Listed for Rent $2,600 GFLMLS
• 2023-02-03 Sold (Public Records) $229,000 Public Records
• 2023-01-27 Sold (MLS) $229,000 MARMLS
• 2023-01-07 Pending — MARMLS
• 2022-10-13 Listed $249,000 MARMLS
• 2014-07-28 Sold (MLS) $162,000 MARMLS
• 2014-06-13 Pending — MARMLS
• 2014-05-17 Listed $169,000 MARMLS
• 2008-02-01 Sold (Public Records) $150,000 Public Records
• 2007-12-20 Sold (MLS) $150,000 MARMLS
• 1973-01-01 Sold (Public Records) $18,000 Public Records

Property tax history

+7.8%/yr

Latest (2025): $4,109 · -0.2% YoY. Source: county tax records.