890 NE 138th St · North Miami, FL 33161

$515,000

2 bd · 1.0 ba · 1,214 sqft · SingleFamily public records · 119 Days on market

Built 1947 9,000 sqft lot Est $461k · 12% over

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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).

• Cash flow +15.3/30.0
• DSCR +4.7/10.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• ARV discount +2.3/15.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

This charming 2 bed 1 bath home is nestled in the heart of North Miami. Set on an expansive 9,000 sq ft lot, residence offers a rare combination of space, character, and potential. The home features classic Miami architecture with CBS construction. New 3-year-old roof, impact windows and doors with custom FL shutters, termite treated, well maintained. Inside, you’ll find a bright, functional layout with well-proportioned rooms. The oversized lot provides endless opportunities—expand, add outdoor living spaces, create a garden oasis, or design the backyard of your dreams. Minutes from parks, schools, shopping, dining, and major highways, making daily living convenient. Right next

Key facts

• Custom fl shutters
• Garden oasis
• Cbs construction

Tags

• CBS CONSTRUCTION
• NEW ROOF
• IMPACT WINDOWS
• CUSTOM FL SHUTTERS
• OVERSIZED LOT
• GARDEN OASIS

Property features AI

Exterior

• Parking: Circular driveway; 1 covered garage space (attached)
• Security: Security/high impact doors
• Utilities: Public water; Public sewer; Electric service
• Home design: Single-story; Resale property
• Construction: Block construction; Composition and tar/gravel roof
• Exterior features: Fruit trees; Shed; Security/high impact doors; Sprinkler system; Less than quarter acre lot; North-facing

Interior

• Kitchen: Gas range; Microwave; Refrigerator; Freezer
• Flooring: Hardwood or wood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall furnace heating; Ceiling fans; Wall/window cooling units
• Interior features: First floor entry; Bedroom on main level
• Laundry & utility: Laundry in garage; Dryer; Electric water heater; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $515k.

Deal economics

• At list price, monthly cash flow is $190 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $406k (21.1% below list).
• Recommended offer: $406k (21.1% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.1% in North 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 83/100 on livability (#51 in FL, #914 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment D.
• 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: Archcreek Elementary School (math 26% / reading 33%, grade F, #1,896 of 2,144 statewide, top 90%, 442 students, 79% FRL); North Miami Middle School (math 25% / reading 31%, grade F, #486 of 571 statewide, top 86%, 807 students, 71% FRL); North Miami Beach Senior High (math 13% / reading 24%, grade F, #568 of 667 statewide, top 85%, 1,149 students, 66% FRL).
• Zoned-school proficiency averages 25% at this address vs 50% district-wide (-24 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 (-0.7%/yr); 340 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,061/mo this rent would consume 84% of the median local household income ($58k/yr) (locally 3226% 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 (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $15k 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 119 days — a 9% lower offer ($469k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $76k; list at $515k implies a 582% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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.

Recommended offer $406,124 (21.1% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
2. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.79% ✗
• Cap rate: 6.74%
• Cash-on-cash: 1.58%
• DSCR: 1.07
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $461,320
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
795 NE 146th St	0.55mi	3/2.0 (+1)	1,294 (+7%)	1mo	$550,000	$425	54
12860 NE 10th Ave	0.59mi	2/1.0	1,300 (+7%)	9mo	$350,000	$269	53
930 NE 132nd St	0.38mi	2/1.0	1,050 (-14%)	10mo	$399,000	$380	51

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.42×
• Total profit: $-83,518
• Equity at exit: $76,788

10-year hold

• IRR: -14.2%
• Equity multiple: 0.28×
• Total profit: $-104,234
• Equity at exit: $44,528

Cash invested: $144,200 (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 33161

• Rents YoY: -0.7%
• Active inventory: 340
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $4,061 medium
• Mortgage (P&I): −$2,701
• Tax from tax record: −$103 /mo · $1,236/yr
• Insurance: −$215
• HOA: −$0
• Vacancy / Maint / Mgmt: −$853
• Net cashflow: $190

Break-even live

Break-even rent $3,821

Max offer price $515,000

Occupancy floor 90%

Sensitivity live

Price	-10% $482	-5% $336	+0% $190	+5% $44	+10% $-101
Rent	-10% $-131	-5% $30	+0% $190	+5% $351	+10% $511
Rate	-1.0pp $449	-0.5pp $321	base $190	+0.5pp $57	+1.0pp $-79

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: $128,750
• Closing costs: $15,450
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $515,000 Active 119 DOM
2. 2026-06-18
   days on market $515,000 Active 116 DOM
3. 2026-06-17
   days on market $515,000 Active 115 DOM
4. 2026-06-16
   days on market $515,000 Active 114 DOM
5. 2026-06-15
   days on market $515,000 Active 113 DOM
6. 2026-06-13
   days on market $515,000 Active 111 DOM
7. 2026-06-09
   days on market $515,000 Active 107 DOM
8. 2026-06-08
   days on market $515,000 Active 106 DOM
9. 2026-06-07
   days on market $515,000 Active 105 DOM
10. 2026-06-04
    days on market $515,000 Active 102 DOM
11. 2026-06-03
    days on market $515,000 Active 101 DOM
12. 2026-06-02
    days on market $515,000 Active 100 DOM
13. 2026-06-01
    days on market $515,000 Active 99 DOM
14. 2026-05-31
    days on market $515,000 Active 98 DOM
15. 2026-02-22
    listed $515,000 Active
16. 1997-03-20
    soldstatus $75,500

ⓘ 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: $1,236 · $103/mo
• Projected year-2 tax: $4,274 · $356/mo
• Expected delta: +$3,039/yr (+$253/mo · 245.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 28 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: $48,735
• − Mortgage interest: −$28,848
• − Property taxes: −$1,236
• − Insurance: −$2,575
• − Repairs & maintenance: −$3,899
• − Management: −$3,899
• − Depreciation: −$14,982
• Taxable loss: −$6,703
• Est. tax savings @ 24.0%: +$1,609
• After-tax cash flow: $3,890/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

• Score: 83/100
• State rank: #51
• US rank: #914

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 99,437
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 54,814
• Household income: $58,325
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 3226.0

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: Black 56% Hispanic / Latino 31% Two or more races 18% White 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 7% Dominican 4% Salvadoran 1%
• Common ancestry: Hispanic 35% Estonian 1% Lithuanian 1%
• Foreign-born: 51% · Canada, Jamaica, Dominican Republic
• Languages at home: 25% English-only · French/Haitian/Cajun 41% Spanish 30% Other Indo-European 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: ▼ -492.86%
• Current HPI: 630.6932
• Rent YoY: ▼ -0.73%
• 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

+582.1% since first listed

2 events — show timeline

• 2026-02-22 Listed $515,000 MARMLS
• 1997-03-20 Sold (Public Records) $75,500 Public Records

Property tax history

+0.9%/yr

Latest (2025): $1,236 · +4.3% YoY. Source: county tax records.