5005 Collins Ave #822 · Miami Beach, FL 33140

$345,500

1 bd · 1.0 ba · 1,026 sqft · Condo public records · 314 Days on market

Built 1964 $1468/mo HOA · 34% 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).

• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Cash flow +6.3/30.0
• Appreciation +5.5/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• DSCR +0.6/10.0

Listing remarks

Own a piece of paradise in this beautifully remodeled 1BR/1BA + den (ideal office/guest room) residence. Bright and airy with a spacious eat-in kitchen featuring ample cabinetry, hidden dish rack, deep sink, and top-of-the-line stainless steel appliances. Resort-style living with full-service amenities: 24-hr concierge/doorman, heated oceanfront pool, fitness center, BBQ/picnic areas, library, beauty salon, and synagogue. Maintenance includes cable, high-speed internet, water, A/C, pest control, and trash. Building has completed SIRS & 60-year recertification; assessments paid by seller at closing. Assigned parking, valet, 4 elevators (incl. Shabbat), and direct beach/boardwalk access

Key facts

• Remodeled
• Spacious kitchen
• Ss appliances

Tags

• REMODELED
• SPACIOUS KITCHEN
• HIDDEN DISH DRYING RACK
• DEEP WIDE LUXURY GOLD SINK
• SS APPLIANCES
• CARRIAGE CLUB AMENITIES

Property features AI

Finance

• Financial info: Pets allowed with restrictions/conditions
• HOA & community: Monthly association fee; Association amenities include: pool, spa/hot tub, fitness center, clubhouse, billiard room, library, community kitchen, bike storage, elevator(s), laundry, storage; Association services include: management, grounds maintenance, parking, pest control, trash, cable TV, internet, laundry, amenities

Exterior

• Parking: Detached garage; Secured garage/parking; 1 covered space (garage)
• Security: Closed-circuit cameras; Doorman; Key card entry; Security guard; Secured garage/parking
• Utilities: Cable available
• Home design: Condo in a 16-story building; Entry on level 8; Updated / remodeled; Has attached property
• Construction: Block construction; Resale property
• Exterior features: Barbecue; Deck; Fence; Heated pool; Spa / hot tub; Storage; Exterior lighting; Oceanfront with ocean access; Has view; Faces south

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: Bedroom on main level; Convertible bedroom; Den
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Furnishing negotiable; Built-in features; First floor entry; Living/dining room; Tub with shower; Closet cabinetry; Walk-in closet(s)
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $346k.

Deal economics

• At list price, monthly cash flow is $-678 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $226k (34.7% below list).
• Meets the 1% rule at list price ($4k rent vs $346k).
• Recommended offer: $226k (34.7% below list) — sets the bar for cash-flow.
• Cap rate 4.2% 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.
• Market conditions: Rents rising (+3.5%/yr); 670 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,349/mo this rent would consume 49% of the median local household income ($107k/yr) (locally 870% 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 $6k of equity ($2k loan paydown + $3k appreciation (1.0% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 314 days — a 12% lower offer ($304k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $127k; list at $346k implies a 172% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 34% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $225,705 (34.7% 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 314 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — 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. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.26% ✓
• Cap rate: 4.17%
• Cash-on-cash: -7.59%
• DSCR: 0.66
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.96% appreciation · 3.52% rent growth · sell at horizon

5-year hold

• IRR: -6.9%
• Equity multiple: 0.65×
• Total profit: $-33,908
• Equity at exit: $117,318

10-year hold

• IRR: -0.6%
• Equity multiple: 0.93×
• Total profit: $-6,928
• Equity at exit: $155,419

Cash invested: $96,740 (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 33140

• Home prices YoY: 0.3%
• Rents YoY: 3.5%
• Active inventory: 670
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $4,349 medium
• Mortgage (P&I): −$1,812
• Tax from tax record: −$624 /mo · $7,485/yr
• Insurance: −$144
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,468
• Vacancy / Maint / Mgmt: −$913
• Net cashflow: $-678

Break-even live

Break-even rent $5,208

Max offer price $225,705

Occupancy floor —

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: $86,375
• Closing costs: $10,365
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2901 Collins Ave #1204 Miami Beach, FL	2.0	2.5	1493	$25,000	$16.74	24d	1	1.42mi
2901 Collins Ave #1204 Miami Beach, FL	2.0	2.5	1493	$20,000	$13.40	8d	1	1.42mi

HOA detail condo

• Monthly dues: $1,468 · $17,616/yr
• Likely covers: watertrashinternetcablepoolgymdoormanparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   pricedays on market $345,500 Active 314 DOM
2. 2026-06-17
   days on market $355,500 Active 313 DOM
3. 2026-06-16
   days on market $355,500 Active 312 DOM
4. 2026-06-15
   days on market $355,500 Active 311 DOM
5. 2026-06-13
   days on market $355,500 Active 309 DOM
6. 2026-06-09
   days on market $355,500 Active 305 DOM
7. 2026-06-08
   days on market $355,500 Active 304 DOM
8. 2026-06-08
   days on market $355,500 Active 303 DOM
9. 2026-06-04
   days on market $355,500 Active 300 DOM
10. 2026-06-03
    days on market $355,500 Active 299 DOM
11. 2026-06-02
    days on market $355,500 Active 298 DOM
12. 2026-06-01
    days on market $355,500 Active 297 DOM
13. 2026-05-31
    days on market $355,500 Active 296 DOM
14. 2026-05-23
    price $355,500
15. 2026-05-08
    price $349,500
16. 2026-04-16
    price $355,500
17. 2026-03-13
    price $365,500
18. 2025-09-30
    price $397,500
19. 2025-08-08
    listed $410,000 Active
20. 1997-12-30
    soldstatus $127,000
21. 1993-03-16
    soldstatus $117,000
22. 1989-07-17
    soldstatus $92,000

ⓘ 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: $7,485 · $624/mo
• Projected year-2 tax: $7,485 · $624/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 10/10 Extreme FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥101°F today · 24 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: $52,191
• − Mortgage interest: −$19,353
• − Property taxes: −$7,485
• − Insurance: −$2,525
• − Repairs & maintenance: −$4,175
• − Management: −$4,175
• − HOA: −$17,616
• − Depreciation: −$10,051
• Taxable loss: −$13,190
• Est. tax savings @ 24.0%: +$3,166
• After-tax cash flow: $-4,972/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): 20,342
• Household income: $107,063
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 870.0

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: White 46% Hispanic / Latino 44% Two or more races 23% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 19% Salvadoran 6%
• Common ancestry: Scotch-Irish 5% Romanian 3% Italian 3%
• Foreign-born: 44% · Canada, Dominican Republic, Jamaica
• Languages at home: 43% English-only · Spanish 45% Other Indo-European 6% French/Haitian/Cajun 2%

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: ▲ 0.96%
• Current HPI: 302.8514
• Rent YoY: ▲ 3.52%
• 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

+286.4% since first listed

9 events — show timeline

• 2026-05-23 Price Changed $355,500 MARMLS
• 2026-05-08 Price Changed $349,500 MARMLS
• 2026-04-16 Price Changed $355,500 MARMLS
• 2026-03-13 Price Changed $365,500 MARMLS
• 2025-09-30 Price Changed $397,500 MARMLS
• 2025-08-08 Listed $410,000 MARMLS
• 1997-12-30 Sold (Public Records) $127,000 Public Records
• 1993-03-16 Sold (Public Records) $117,000 Public Records
• 1989-07-17 Sold (Public Records) $92,000 Public Records

Property tax history

+10.6%/yr

Latest (2025): $7,485 · -0.2% YoY. Source: county tax records.