165 NE 203rd Ter Unit C20 · Miami Gardens, FL 33179

$100,000

1 bd · 1.5 ba · 752 sqft · Condo · 49 Days on market

Built 1970 Fair condition $350/mo HOA · 17% 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
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

BEAUTIFUL AND BRIGHT 1 BEDROOM / 1 BATH, WITH LAKE VIEWS LOCATED ON THE SECOND FLOOR. CERAMIC FLOORS THROUGHOUT THE APARTMENT FLOORS IN THE BEDROOM. CERAMIC FLOORS ON THE PATIO AND NEW CURTAINS ON THE WINDOWS. THE BEDROOM HAS TWO BIG CLOSETS. LOTS OF SPACE. THE COMMUNITY HAS A POOL, BBQ AREA, EXERCISE ROOM, SAUNA, CLUBHOUSE, POOL TABLES. LOCATION IS PERFECT AND NEAR PUBLIC TRANSPORTATION, SHOPPING, AVENTURA MALL. ATTENTION: HOPA> 55+ OLDER COMMUNITY. AT LEAST ONE PERSON HAS TO BE 55+ OLDER. UNIT IS CURRENTLY RENTED

Key facts

• Lake views
• Community pool
• Exercise room

Tags

• LAKE VIEWS
• CERAMIC FLOORS
• BIG CLOSETS
• COMMUNITY POOL
• BBQ AREA
• EXERCISE ROOM

Property features AI

Finance

• Financial info: Pets allowed with restrictions
• HOA & community: Monthly association fee of $350; Association covers amenities, cable TV, electricity, hot water, insurance, internet, grounds maintenance, parking, pool(s), sewer, trash and water; Community includes a sauna; Senior community

Exterior

• Parking: Detached garage with 1 covered space
• Home design: 2-story property; Entry on the second level; Attached property; Has a view
• Construction: Block construction; Resale property
• Exterior features: Awnings; Canal-front waterfront

Interior

• Kitchen: Dishwasher
• Bedrooms: Bedroom located on the main level
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Bedroom on main level; Second floor entry; Ceramic tile flooring

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $100k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $112 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.8% vs local median 3.1% in Miami Gardens — 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 72/100 on livability (#338 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D+, crime D-, amenities 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; 572 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• This rent runs 37% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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 49 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y ago; this cycle's ask has dropped $20k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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

Recommended offer $97,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1970 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 2.00% ✓
• Cap rate: 12.76%
• Cash-on-cash: 23.10%
• DSCR: 2.03
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.22% rent growth · sell at horizon

5-year hold

• IRR: -14.7%
• Equity multiple: 0.50×
• Total profit: $-13,981
• Equity at exit: $14,910

10-year hold

• IRR: -20.3%
• Equity multiple: 0.21×
• Total profit: $-22,023
• Equity at exit: $8,646

Cash invested: $28,000 (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 33179

• Rents YoY: 0.2%
• Active inventory: 572
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,000 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$350
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $112

Break-even live

Break-even rent $1,858

Max offer price $100,000

Occupancy floor 89%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5525 SW 41st St Hollywood, FL	2.0	2.0	1031	$2,145	$2.08	3d	1	0.83mi
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,699	$2.08	19d	3	0.89mi
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,650	$2.02	3d	4	0.89mi
5540 SW 38th Ct West Park, FL	2.0	1.0	768	$2,000	$2.60	11d	1	0.91mi
5460 SW 38th Ct West Park, FL	2.0	1.0	890	$2,350	$2.64	24d	1	0.92mi
5440 SW 38th Ct West Park, FL	2.0	1.0	768	$1,900	$2.47	7d	1	0.92mi
5440 SW 38th Ct West Park, FL	2.0	1.0	768	$1,900	$2.47	24d	1	0.92mi
5710 SW 38th St West Park, FL	2.0	1.0	835	$2,400	$2.87	24d	1	0.92mi
5510 SW 38th St West Park, FL	2.0	1.0	855	$2,250	$2.63	2d	1	0.96mi
5510 SW 38th St Unit 5510 West Park, FL	2.0	1.0	822	$2,250	$2.74	4d	1	0.96mi
5510 SW 38th St Unit 5510 West Park, FL	2.0	1.0	822	$2,250	$2.74	3d	1	0.96mi
3721 SW 54th Ave West Park, FL	2.0	1.0	768	$2,100	$2.73	12d	1	1.02mi
3700 SW 52nd Ave Hollywood, FL	2.0	2.0	850	$1,446	$1.70	24d	1	1.04mi
3842 SW 48th Ave Hollywood, FL	2.0	2.0	966	$2,000	$2.07	24d	1	1.05mi
3856 SW 48th Ave #3856 Pembroke Park, FL	2.0	2.0	950	$2,150	$2.26	16d	1	1.06mi
3838 SW 48th Ave Unit 3838 Pembroke Park, FL	2.0	2.0	966	$2,200	$2.28	24d	1	1.06mi
3828 SW 48th Ave Unit D27 Hollywood, FL	2.0	2.0	950	$2,300	$2.42	24d	1	1.08mi
3874 SW 48th Ave #3874 Pembroke Park, FL	2.0	2.0	950	$2,150	$2.26	7d	1	1.08mi
3826 SW 48th Ave Unit 3826 Pembroke Park, FL	2.0	2.0	950	$2,200	$2.32	15d	1	1.10mi
3826 SW 48th Ave Unit 3826 Pembroke Park, FL	2.0	2.0	950	$2,200	$2.32	5d	1	1.10mi
6112 SW 37th St Unit B Miramar, FL	2.0	1.0	850	$1,800	$2.12	22d	1	1.11mi
5521 SW 34th St Unit 2 Pembroke Park, FL	2.0	1.0	692	$1,750	$2.53	24d	1	1.29mi
6033 SW 35th St Unit 101 Miramar, FL	2.0	2.0	1000	$1,995	$2.00	24d	1	1.32mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $100,000 Active 49 DOM
2. 2026-06-17
   days on market $100,000 Active 48 DOM
3. 2026-06-16
   days on market $100,000 Active 47 DOM
4. 2026-06-15
   days on market $100,000 Active 46 DOM
5. 2026-06-13
   days on market $100,000 Active 44 DOM
6. 2026-06-09
   days on market $100,000 Active 40 DOM
7. 2026-06-08
   days on market $100,000 Active 39 DOM
8. 2026-06-07
   days on market $100,000 Active 38 DOM
9. 2026-06-04
   days on market $100,000 Active 35 DOM
10. 2026-06-03
    days on market $100,000 Active 34 DOM
11. 2026-06-02
    days on market $100,000 Active 33 DOM
12. 2026-06-01
    days on market $100,000 Active 32 DOM
13. 2026-05-31
    days on market $100,000 Active 31 DOM
14. 2026-05-12
    price $100,000
15. 2026-04-30
    listed $120,000 Active
16. 2025-12-31
    historical
17. 2025-07-16
    listed $130,000 Active
18. 2024-12-31
    historical
19. 2024-08-06
    listed $140,000 Active
20. 2024-06-14
    historical
21. 2024-05-28
    price $125,000
22. 2024-04-26
    price $140,000
23. 2023-11-15
    listed $145,000 Active
24. 2021-12-01
    historical
25. 2021-02-12
    listed $90,000 Active
26. 2021-02-11
    historical
27. 2020-06-18
    listed $90,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone AE · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 5 d/yr ≥105°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,000
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$5,618
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − HOA: −$4,200
• − Depreciation: −$2,909
• Taxable income: $331
• Est. tax owed @ 24.0%: −$79
• After-tax cash flow: $1,269/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 1-bedroom/1.5-bath condo requires moderate repairs and maintenance, with potential for significant value increase through painting, landscaping, and kitchen/bathroom updates.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom fixtures — slight wear
• Moderate exterior paint — some fading
• Minor landscaping — some overgrown areas

Value-add opportunities

• Both painting — enhances curb appeal and interior aesthetics
• Both landscaping — improves curb appeal and enhances property value
• Both kitchen and bathroom updates — modernizes spaces and improves functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · slight wear	Minor	$500–3,000
exterior paint · some fading	Moderate	$3,000–15,000
landscaping · some overgrown areas	Minor	$500–3,000
Total estimated repair cost · 4 items		$4,500–24,000

Value-add ROI direction

• Both painting — enhances curb appeal and interior aesthetics ↑
• Both landscaping — improves curb appeal and enhances property value ↑
• Both kitchen and bathroom updates — modernizes spaces and improves functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 Gardens

• Score: 72/100
• State rank: #338
• US rank: #5854

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Gardens, FL
• County: Miami-Dade County · 2,697,751 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 51,591
• Household income: $65,211
• Rent vs Own: 43.3% rent · 56.7% own
• Severe rent burden: 3123.0

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 0.67)
• Race & ethnicity: Black 39% Hispanic / Latino 38% Two or more races 23% White 19% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 6% Dominican 3% Salvadoran 3%
• Common ancestry: Hispanic 13% Scotch-Irish 2% Romanian 2%
• Foreign-born: 48% · Canada, Jamaica, Dominican Republic
• Languages at home: 42% English-only · Spanish 37% French/Haitian/Cajun 13% 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: ▼ -608.34%
• Current HPI: 328.1733
• Rent YoY: ▲ 0.22%
• 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

+11.1% since first listed

14 events — show timeline

• 2026-05-12 Price Changed $100,000 MARMLS
• 2026-04-30 Listed $120,000 MARMLS
• 2025-12-31 Listing Removed — MARMLS
• 2025-07-16 Listed $130,000 MARMLS
• 2024-12-31 Listing Removed — MARMLS
• 2024-08-06 Listed $140,000 MARMLS
• 2024-06-14 Listing Removed — MARMLS
• 2024-05-28 Price Changed $125,000 MARMLS
• 2024-04-26 Price Changed $140,000 MARMLS
• 2023-11-15 Listed $145,000 MARMLS
• 2021-12-01 Listing Removed — MARMLS
• 2021-02-12 Listed $90,000 MARMLS
• 2021-02-11 Listing Removed — MARMLS
• 2020-06-18 Listed $90,000 MARMLS