2855 Leonard Dr Unit H607 · Aventura, FL 33160

$148,000

1 bd · 1.0 ba · 777 sqft · Condo public records · 180 Days on market

Built 1968 $456/mo HOA · 14% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.3/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to this well-maintained 55+ waterfront condo in the heart of Aventura, offering serene views of Maule Lake. Located in a financially sound community with 50-Year Certification Complete and Reserves in Place, this residence provides peace of mind and exceptional value. The condo features a spacious layout with carpeted main living areas, a generously sized bedroom with two walk-in closets, and an accessible master bathroom with a combination tub/shower. Enjoy your mornings or evenings on the screened balcony overlooking Maule Lake. Additional highlights include brand-new elevators, tankless water heater, regularly maintained A/C, three ceiling fans, and a reserved parking space direc

Key facts

• Brand-new elevators
• Screened balcony
• Waterfront condo

Tags

• WATERFRONT CONDO
• SCREENED BALCONY
• BRAND-NEW ELEVATORS
• TANKLESS WATER HEATER
• REGULARLY MAINTAINED A/C
• RESERVED PARKING SPACE

Property features AI

Finance

• Financial info: Pets allowed with restrictions or possible restrictions
• HOA & community: Monthly association fee; HOA includes amenities, common areas, cable TV, internet, laundry, grounds maintenance, structure maintenance, parking, pool(s), roof, sewer and water; Association amenities include barbecue, picnic area, trails, elevators; Senior community

Exterior

• Parking: Guest parking; One assigned space
• Security: Security guard
• Utilities: Water available; Sewer available; Power available
• Home design: Condominium/attached property; 6-story building; Entry on 6th floor
• Construction: Block construction; Resale property
• Exterior features: Balcony; Screened balcony; Lakefront; Has view; Security guard

Interior

• Kitchen: Electric range; Microwave; Refrigerator; Icemaker
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Bedroom on main level; Handicap access; Living/dining room; Pantry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $148k.

Deal economics

• At list price, monthly cash flow is $627 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $148k).
• Recommended offer: $130k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.8% vs local median 2.6% in Aventura — 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 (#127 in FL, #1,834 nationally) — a professional / high-income tenant draw. Strengths: schools A+, health & safety A+, amenities A; Watch: crime 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 flat; 1870 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,221/mo this rent would consume 58% 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 $2k of equity ($1k loan paydown + $780 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.
• At projected returns (0.5% appreciation + 0.9% rent growth), your $41k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 180 days — a 12% lower offer ($130k) is reasonable based on typical stale-listing flexibility.

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 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $130,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 180 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
9. Crime grade is D 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: 2.18% ✓
• Cap rate: 14.83%
• Cash-on-cash: 30.50%
• DSCR: 2.36
• GRM: 3.8

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: 16.6%
• Equity multiple: 1.80×
• Total profit: $33,349
• Equity at exit: $46,915

10-year hold

• IRR: 18.5%
• Equity multiple: 2.95×
• Total profit: $80,812
• Equity at exit: $59,643

Cash invested: $41,440 (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: 3.8×

Monthly cashflow live

• Estimated rent: $3,221 medium
• Mortgage (P&I): −$776
• Tax from tax record: −$198 /mo · $2,374/yr
• Insurance: −$62
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$456
• Vacancy / Maint / Mgmt: −$676
• Net cashflow: $627

Break-even live

Break-even rent $2,428

Max offer price $148,000

Occupancy floor 76%

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: $37,000
• Closing costs: $4,440
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $456 · $5,472/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   days on market $148,000 Active 180 DOM
2. 2026-06-17
   days on market $148,000 Active 179 DOM
3. 2026-06-16
   days on market $148,000 Active 178 DOM
4. 2026-06-15
   days on market $148,000 Active 177 DOM
5. 2026-06-13
   days on market $148,000 Active 175 DOM
6. 2026-06-09
   days on market $148,000 Active 171 DOM
7. 2026-06-08
   days on market $148,000 Active 170 DOM
8. 2026-06-07
   days on market $148,000 Active 169 DOM
9. 2026-06-04
   days on market $148,000 Active 166 DOM
10. 2026-06-03
    days on market $148,000 Active 165 DOM
11. 2026-06-02
    days on market $148,000 Active 164 DOM
12. 2026-06-01
    days on market $148,000 Active 163 DOM
13. 2026-05-31
    days on market $148,000 Active 162 DOM
14. 2025-12-20
    listed $148,000 Active

ⓘ 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: $2,374 · $198/mo
• Projected year-2 tax: $2,374 · $198/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 · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 26 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: $38,657
• − Mortgage interest: −$8,290
• − Property taxes: −$2,374
• − Insurance: −$5,858
• − Repairs & maintenance: −$3,093
• − Management: −$3,093
• − HOA: −$5,472
• − Depreciation: −$4,305
• Taxable income: $6,172
• Est. tax owed @ 24.0%: −$1,481
• After-tax cash flow: $6,040/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 — Aventura

• Score: 80/100
• State rank: #127
• US rank: #1834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Aventura, FL
• County: Miami-Dade County · 2,697,751 people
• 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

1 event — show timeline

• 2025-12-20 Listed $148,000 MARMLS

Property tax history

+21.9%/yr

Latest (2025): $2,374 · +689.7% YoY. Source: county tax records.