16851 NE 23rd Ave Unit B304 · North Miami Beach, FL 33160

$220,000

2 bd · 2.0 ba · 1,020 sqft · Condo public records · 114 Days on market

Built 1973 $758/mo HOA · 22% of rent

---

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 +23.5/30.0
• 1% rule +10.0/10.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• Appreciation +5.3/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0

Listing remarks

Charming and spacious 2BR/2BA condo in a great location near Biscayne Boulevard. Walk or take a short drive to shopping, dining, and Costco, plus you’re just 5 minutes from Aventura Mall. A wonderful place to call home in a sought-after neighborhood and a smart choice for investors, too, with strong rental potential and long-term growth opportunity.

Key facts

• $758 HOA
• 2 garage spots
• Community pool

Tags

• NEAR BISCAYNE BOULEVARD
• SHORT DRIVE TO SHOPPING
• SHORT DRIVE TO DINING
• SHORT DRIVE TO COSTCO
• 5 MINUTES FROM AVENTURA MALL
• SOUGHT-AFTER NEIGHBORHOOD

Property features AI

Finance

• Other: Association-managed pool
• Financial info: Pets allowed with restrictions or conditions
• HOA & community: Monthly association fee; Association fee covers cable TV, HVAC, hot water, internet, laundry, grounds maintenance, parking, pest control, pool(s), recreation facilities, sewer, security, trash and water; Association amenities include pool, trash service and elevators

Exterior

• Parking: 2 covered spaces; Two or more parking spaces; 2-car garage
• Security: Security/high-impact doors; Complex fenced; Smoke detectors
• Utilities: Central heating and cooling; Association-provided water and sewer
• Home design: Attached property; 6-story building; Entry on level 3; Effective year built
• Construction: Brick and block construction
• Exterior features: Balcony (screened); Security/high-impact doors; Complex fenced; Smoke detectors

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: First-floor entry; Elevator; Bedroom on main level
• Laundry & utility: Laundry included in association amenities

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $-15 ($-179/yr) — negative.
• To cash-flow at today's rent, offer at most $217k (1.2% below list).
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $200k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 5.2% in North 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 82/100 on livability (#71 in FL, #1,177 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D+, crime 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 flat; 1870 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,395/mo this rent would consume 61% of the median local household income ($67k/yr) (locally 3106% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $3k of equity ($2k loan paydown + $1k appreciation (0.5% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($200k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask is 9900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $175k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 22% of rent.
• 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 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $200,200 (9.0% 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 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
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: 1.54% ✓
• Cap rate: 8.54%
• Cash-on-cash: 8.02%
• DSCR: 1.36
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.53% appreciation · 0.94% rent growth · sell at horizon

5-year hold

• IRR: -2.7%
• Equity multiple: 0.87×
• Total profit: $-8,003
• Equity at exit: $69,739

10-year hold

• IRR: 0.5%
• Equity multiple: 1.05×
• Total profit: $3,026
• Equity at exit: $88,659

Cash invested: $61,600 (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 33160

• Home prices YoY: 0.2%
• Rents YoY: 0.9%
• Active inventory: 1870
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $3,395 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$267 /mo · $3,208/yr
• Insurance: −$92
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$758
• Vacancy / Maint / Mgmt: −$713
• Net cashflow: $-15

Break-even live

Break-even rent $3,414

Max offer price $217,359

Occupancy floor 95%

Sensitivity live

Price	-10% $110	-5% $47	+0% $-15	+5% $-77	+10% $-139
Rent	-10% $-283	-5% $-149	+0% $-15	+5% $119	+10% $253
Rate	-1.0pp $96	-0.5pp $41	base $-15	+0.5pp $-72	+1.0pp $-130

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $758 · $9,096/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-18
   days on market $220,000 Active 114 DOM
2. 2026-06-17
   days on market $220,000 Active 113 DOM
3. 2026-06-16
   days on market $220,000 Active 112 DOM
4. 2026-06-15
   days on market $220,000 Active 111 DOM
5. 2026-06-13
   days on market $220,000 Active 109 DOM
6. 2026-06-09
   days on market $220,000 Active 105 DOM
7. 2026-06-08
   days on market $220,000 Active 104 DOM
8. 2026-06-07
   days on market $220,000 Active 103 DOM
9. 2026-06-04
   days on market $220,000 Active 100 DOM
10. 2026-06-03
    days on market $220,000 Active 99 DOM
11. 2026-06-02
    days on market $220,000 Active 98 DOM
12. 2026-06-01
    days on market $220,000 Active 97 DOM
13. 2026-05-31
    days on market $220,000 Active 96 DOM
14. 2026-04-29
    price $2,175
15. 2026-04-28
    price $220,000
16. 2026-03-07
    listed $2,200
17. 2026-02-23
    listed $225,000 Active
18. 2023-01-22
    historical
19. 2022-11-11
    price $229,000
20. 2022-08-29
    listed $239,000 Active
21. 2022-08-08
    historical
22. 2022-07-19
    status Active
23. 2022-05-11
    historical Active Under Contract
24. 2022-03-31
    price $239,000
25. 2022-03-24
    listed $230,000 Active
26. 2006-01-11
    soldstatus $175,000
27. 2003-09-08
    soldstatus $78,000
28. 2000-10-31
    soldstatus $57,000
29. 1990-03-29
    soldstatus $31,000
30. 1974-09-01
    soldstatus $33,000

ⓘ 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: $3,208 · $267/mo
• Projected year-2 tax: $3,208 · $267/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 7/10 Severe FEMA zone AE · 87% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 27 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,743
• − Mortgage interest: −$12,323
• − Property taxes: −$3,208
• − Insurance: −$6,218
• − Repairs & maintenance: −$3,259
• − Management: −$3,259
• − HOA: −$9,096
• − Depreciation: −$6,400
• Taxable loss: −$3,021
• Est. tax savings @ 24.0%: +$725
• After-tax cash flow: $546/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 — North Miami Beach

• Score: 82/100
• State rank: #71
• US rank: #1177

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,324
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 43,718
• Household income: $67,040
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 3106.0

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 0.59)
• Race & ethnicity: Hispanic / Latino 46% White 44% Two or more races 27% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 8% Dominican 1% Salvadoran 4%
• Common ancestry: Scotch-Irish 8% Hispanic 3% Subsaharan African 3%
• Foreign-born: 61% · Canada, Jamaica, Dominican Republic
• Languages at home: 29% English-only · Spanish 45% Russian/Polish/Slavic 12% Other Indo-European 5%

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: ▲ 0.53%
• Current HPI: 284.9293
• Rent YoY: ▲ 0.94%
• 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

-93.4% since first listed

17 events — show timeline

• 2026-04-29 Price Changed $2,175 MARMLS
• 2026-04-28 Price Changed $220,000 MARMLS
• 2026-03-07 Listed for Rent $2,200 MARMLS
• 2026-02-23 Listed $225,000 MARMLS
• 2023-01-22 Listing Removed — MARMLS
• 2022-11-11 Price Changed $229,000 MARMLS
• 2022-08-29 Listed $239,000 MARMLS
• 2022-08-08 Listing Removed — MARMLS
• 2022-07-19 Relisted — MARMLS
• 2022-05-11 Contingent — MARMLS
• 2022-03-31 Price Changed $239,000 MARMLS
• 2022-03-24 Listed $230,000 MARMLS
• 2006-01-11 Sold (Public Records) $175,000 Public Records
• 2003-09-08 Sold (Public Records) $78,000 Public Records
• 2000-10-31 Sold (Public Records) $57,000 Public Records
• 1990-03-29 Sold (Public Records) $31,000 Public Records
• 1974-09-01 Sold (Public Records) $33,000 Public Records

Property tax history

+17.1%/yr

Latest (2025): $3,208 · +6.3% YoY. Source: county tax records.