540 Brickell Key Dr #414 · Miami, FL 33131

$295,000

1 bd · 1.0 ba · 640 sqft · Condo public records · 116 Days on market

Built 1991 $862/mo HOA · 22% of rent

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Why this score? — see what drove the C- 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 +16.0/30.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• Schools +4.2/10.0
• Appreciation +4.0/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This property is now under auction terms. Auction dates are Auction Dates: Week of 9/7/2018 - 9/11/2018 All offers must be submitted via the website at hudsonandmarshall. This property is subject to a 5% or $2,000 buyer’s premium pursuant to the Auction Terms & Conditions. Commission for Co-op agent paid at escrow is 2.5% or $1,500 minimum. * Commission based off the Total Purchase Price.

Key facts

• Modern finishes
• 24-hour concierge
• $862 HOA

Tags

• WATERFRONT WALKING PATHS
• BAYFRONT JOGGING TRAILS
• FULLY REMODELED RESIDENCE
• MODERN FINISHES
• RESORT-STYLE AMENITIES
• 24-HOUR CONCIERGE

Property features AI

Finance

• Financial info: Pets allowed with restrictions or possible restrictions
• HOA & community: Monthly association fee; Association fee covers common areas, cable TV, building maintenance, pool(s), sewer, security, trash, and water; Community amenities include bike storage, fitness center, pool, sauna, tennis courts, trails, trash service, and elevators

Exterior

• Parking: Assigned covered parking (1 space); Secured garage/parking
• Security: Elevator secured; Key card entry; Smoke detector(s)
• Utilities: Cable available
• Home design: Attached property; Updated/remodeled condition; Entry on level 4; 18 total stories
• Construction: Block construction
• Exterior features: Balcony; Open balcony/patio; Storm/security shutters; Association pool; Bay front waterfront; Exterior lighting

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Disposal
• Bedrooms: Bedroom on main level
• Flooring: Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating; Central air; Thermostat
• Interior features: Blinds; Breakfast bar; Built-in features; Handicap access; Living/dining room; Tub/shower; Walk-in closet(s)
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $295k.

Deal economics

• At list price, monthly cash flow is $-283 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $245k (16.9% below list).
• Meets the 1% rule at list price ($4k rent vs $295k).
• Recommended offer: $245k (16.9% below list) — sets the bar for cash-flow.
• Cap rate 6.9% 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.
• Zoned schools: Southside Preparatory Academy (math 54% / reading 61%, grade C+, #764 of 2,144 statewide, top 36%, 929 students, 39% FRL); Shenandoah Middle School (math 34% / reading 44%, grade F, #381 of 571 statewide, top 67%, 1,296 students, 72% FRL); Booker T. Washington Senior High (math 12% / reading 19%, grade F, #604 of 667 statewide, top 91%, 1,014 students, 60% FRL).
• Zoned-school proficiency averages 37% at this address vs 50% district-wide (-12 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 rising (+2.0%/yr); 1019 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-2.1%/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 116 days — a 9% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 8y 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 $178k; list at $295k implies a 66% gain — meaningful room to come down on a strong offer.

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 5→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $245,029 (16.9% 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 116 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.32% ✓
• Cap rate: 6.88%
• Cash-on-cash: 2.09%
• DSCR: 1.09
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.09% appreciation · 2.04% rent growth · sell at horizon

5-year hold

• IRR: -18.3%
• Equity multiple: 0.31×
• Total profit: $-57,357
• Equity at exit: $56,031

10-year hold

• IRR: -13.3%
• Equity multiple: 0.10×
• Total profit: $-74,575
• Equity at exit: $46,686

Cash invested: $82,600 (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 33131

• Home prices YoY: -0.7%
• Rents YoY: 2.0%
• Active inventory: 1019
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $3,905 medium
• Mortgage (P&I): −$1,547
• Tax from tax record: −$409 /mo · $4,912/yr
• Insurance: −$123
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$862
• Vacancy / Maint / Mgmt: −$820
• Net cashflow: $-283

Break-even live

Break-even rent $4,263

Max offer price $245,029

Occupancy floor —

Sensitivity live

Price	-10% $-116	-5% $-199	+0% $-283	+5% $-366	+10% $-450
Rent	-10% $-591	-5% $-437	+0% $-283	+5% $-129	+10% $26
Rate	-1.0pp $-134	-0.5pp $-208	base $-283	+0.5pp $-359	+1.0pp $-437

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
601 NE 1st Ave Unit 1227496P Miami, FL	3.0	1.0–3.0	904	$8,354	$9.24	0d	4	0.99mi

HOA detail condo

• Monthly dues: $862 · $10,344/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-21
   days on market $295,000 Active 116 DOM
2. 2026-06-18
   days on market $295,000 Active 113 DOM
3. 2026-06-17
   days on market $295,000 Active 112 DOM
4. 2026-06-16
   days on market $295,000 Active 111 DOM
5. 2026-06-15
   days on market $295,000 Active 110 DOM
6. 2026-06-13
   days on market $295,000 Active 108 DOM
7. 2026-06-09
   days on market $295,000 Active 104 DOM
8. 2026-06-08
   days on market $295,000 Active 103 DOM
9. 2026-06-07
   days on market $295,000 Active 102 DOM
10. 2026-06-04
    days on market $295,000 Active 99 DOM
11. 2026-06-03
    days on market $295,000 Active 98 DOM
12. 2026-06-02
    days on market $295,000 Active 97 DOM
13. 2026-06-01
    days on market $295,000 Active 96 DOM
14. 2026-05-31
    days on market $295,000 Active 95 DOM
15. 2026-04-16
    price $295,000
16. 2026-03-17
    price $319,900
17. 2026-02-26
    listed $299,900 Active
18. 2023-09-08
    historical $2,400
19. 2023-08-31
    listed $2,400
20. 2023-08-09
    historical $2,400
21. 2023-08-03
    listed $2,400
22. 2018-10-30
    soldstatus $178,000 Sold 403-char remark

    Show marketing remark (403 chars)

    This property is now under auction terms. Auction dates are Auction Dates: Week of 9/7/2018 - 9/11/2018 All offers must be submitted via the website at hudsonandmarshall. This property is subject to a 5% or $2,000 buyer’s premium pursuant to the Auction Terms & Conditions. Commission for Co-op agent paid at escrow is 2.5% or $1,500 minimum. * Commission based off the Total Purchase Price.

23. 2018-09-28
    status Pending 403-char remark

    Show marketing remark (403 chars)

    This property is now under auction terms. Auction dates are Auction Dates: Week of 9/7/2018 - 9/11/2018 All offers must be submitted via the website at hudsonandmarshall. This property is subject to a 5% or $2,000 buyer’s premium pursuant to the Auction Terms & Conditions. Commission for Co-op agent paid at escrow is 2.5% or $1,500 minimum. * Commission based off the Total Purchase Price.

24. 2018-09-06
    listed $209,900 Active 403-char remark

    Show marketing remark (403 chars)

    This property is now under auction terms. Auction dates are Auction Dates: Week of 9/7/2018 - 9/11/2018 All offers must be submitted via the website at hudsonandmarshall. This property is subject to a 5% or $2,000 buyer’s premium pursuant to the Auction Terms & Conditions. Commission for Co-op agent paid at escrow is 2.5% or $1,500 minimum. * Commission based off the Total Purchase Price.

25. 2018-09-04
    historical
26. 2018-07-06
    price $209,900
27. 2018-06-04
    listed $209,000 Active
28. 2018-03-12
    historical
29. 2018-01-10
    listed $289,900 Active
30. 2003-03-20
    soldstatus $155,000
31. 1997-05-28
    soldstatus $88,000
32. 1994-11-01
    soldstatus $70,000

ⓘ 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: $4,912 · $409/mo
• Projected year-2 tax: $4,912 · $409/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 1/10 Low
• 🌡 Heat 10/10 Extreme 5 d/yr ≥103°F today · 19 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: $46,860
• − Mortgage interest: −$16,525
• − Property taxes: −$4,912
• − Insurance: −$6,594
• − Repairs & maintenance: −$3,749
• − Management: −$3,749
• − HOA: −$10,344
• − Depreciation: −$8,582
• Taxable loss: −$7,594
• Est. tax savings @ 24.0%: +$1,822
• After-tax cash flow: $-1,572/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): 23,095
• Household income: $144,138
• Rent vs Own: 63.0% rent · 37.0% own
• Severe rent burden: 1866.0

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 0.61)
• Race & ethnicity: Hispanic / Latino 52% Two or more races 35% White 33% Asian 4% Black 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4% Cuban 8% Dominican 1% Salvadoran 3%
• Common ancestry: Romanian 2% Scotch-Irish 2% Estonian 2%
• Foreign-born: 54% · Canada, Jamaica, Dominican Republic
• Languages at home: 30% English-only · Spanish 53% Other Indo-European 6% French/Haitian/Cajun 4%

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: ▼ -2.09%
• Current HPI: 281.1156
• Rent YoY: ▲ 2.04%
• 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

+321.4% since first listed

18 events — show timeline

• 2026-04-16 Price Changed $295,000 MARMLS
• 2026-03-17 Price Changed $319,900 MARMLS
• 2026-02-26 Listed $299,900 MARMLS
• 2023-09-08 Rental Removed $2,400 MARMLS
• 2023-08-31 Listed for Rent $2,400 MARMLS
• 2023-08-09 Rental Removed $2,400 MARMLS
• 2023-08-03 Listed for Rent $2,400 MARMLS
• 2018-10-30 Sold (MLS) $178,000 MARMLS
• 2018-09-28 Pending — MARMLS
• 2018-09-06 Listed $209,900 MARMLS
• 2018-09-04 Listing Removed — MARMLS
• 2018-07-06 Price Changed $209,900 MARMLS
• 2018-06-04 Listed $209,000 MARMLS
• 2018-03-12 Listing Removed — MARMLS
• 2018-01-10 Listed $289,900 MARMLS
• 2003-03-20 Sold (Public Records) $155,000 Public Records
• 1997-05-28 Sold (Public Records) $88,000 Public Records
• 1994-11-01 Sold (Public Records) $70,000 Public Records

Property tax history

+6.9%/yr

Latest (2025): $4,912 · +4.0% YoY. Source: county tax records.