16851 NE 23rd Ave Unit B604 · North Miami Beach, FL 33160

$205,000

2 bd · 2.0 ba · 1,020 sqft · Condo public records · 81 Days on market

Built 1973 $731/mo HOA · 22% 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 +26.0/30.0
• 1% rule +10.0/10.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• Appreciation +5.3/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Great Investment property - Beautiful Apartment 2 Bedrooms 2 Bathrooms in North Miami Beach. Close to FIU Biscayne Bay Campus, Aventura Mall, Sunny Isles beach, I-95, restaurants, and shopping centers. Great schools in the area with magnet programs. ALL Renovated A special assessment was approved to install impact windows and doors, replace balconies, and repair and paint the building. SAF = $332.38 per month

Key facts

• Modernized kitchen
• New a/c
• Updated flooring

Tags

• HURRICANE-IMPACT WINDOWS
• MODERNIZED KITCHEN
• NEW A/C
• UPDATED FLOORING
• EXCEPTIONAL ACCESSIBILITY

Property features AI

Finance

• Other: Association-maintained pool
• Financial info: Pets not allowed
• HOA & community: Monthly association fee of $731; Association amenities include pool; Association fee covers amenities, hot water and water

Exterior

• Parking: 1 covered parking space (garage)
• Security: Intercom; Key card entry; Complex fenced
• Utilities: Central air; Hot water included in association; Water included in association
• Home design: Attached property; 6 total stories; Entry on 6th level; Effective year built; Block construction
• Construction: Block construction; Effective year built
• Exterior features: Security/high impact doors; Complex fenced; Intercom; Key card entry; Association pool

Interior

• Kitchen: Dishwasher; Microwave
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Walk-in closet(s)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $205k.

Deal economics

• At list price, monthly cash flow is $84 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $205k).
• Recommended offer: $193k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 5.2% in North 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 82/100 on livability (#71 in FL, #1,177 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D+, crime 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: Fulford Elementary School (math 40% / reading 35%, grade F, #1,596 of 2,144 statewide, top 75%, 461 students, 64% FRL); John F. Kennedy Middle School (math 47% / reading 55%, grade C, #237 of 571 statewide, top 43%, 1,074 students, 67% FRL); North Miami Beach Senior High (math 13% / reading 24%, grade F, #568 of 667 statewide, top 85%, 1,149 students, 66% FRL) — zoned schools at 66% FRL track the district average.
• Zoned-school proficiency averages 36% at this address vs 50% district-wide (-14 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 flat; 1879 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,396/mo this rent would consume 61% 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 + $1k 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.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y ago; this cycle's ask has dropped $20k (9%) 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; 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 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $192,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — 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. 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?
9. 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.
10. 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.
11. 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: 1.66% ✓
• Cap rate: 9.28%
• Cash-on-cash: 10.67%
• DSCR: 1.47
• GRM: 5.0

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: -0.6%
• Equity multiple: 0.97×
• Total profit: $-1,659
• Equity at exit: $64,984

10-year hold

• IRR: 2.3%
• Equity multiple: 1.25×
• Total profit: $14,243
• Equity at exit: $82,614

Cash invested: $57,400 (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: 1879
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $3,396 medium
• Mortgage (P&I): −$1,075
• Tax from tax record: −$281 /mo · $3,374/yr
• Insurance: −$85
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$731
• Vacancy / Maint / Mgmt: −$713
• Net cashflow: $84

Break-even live

Break-even rent $3,290

Max offer price $205,000

Occupancy floor 93%

Sensitivity live

Price	-10% $200	-5% $142	+0% $84	+5% $26	+10% $-32
Rent	-10% $-185	-5% $-50	+0% $84	+5% $218	+10% $352
Rate	-1.0pp $187	-0.5pp $136	base $84	+0.5pp $31	+1.0pp $-24

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $731 · $8,772/yr
• ⚠ Special-assessment mentions:

  …Isles beach, I-95, restaurants, and shopping centers. Great schools in the area with magnet programs. ALL Renovated A special assessment was approved to install impact windows and doors, replace balconies, and repair and paint the building. SAF = $332.38…

Listing history 35 events

1. 2026-06-21
   days on market $205,000 Active 81 DOM
2. 2026-06-18
   days on market $205,000 Active 78 DOM
3. 2026-06-17
   days on market $205,000 Active 77 DOM
4. 2026-06-16
   days on market $205,000 Active 76 DOM
5. 2026-06-15
   days on market $205,000 Active 75 DOM
6. 2026-06-13
   days on market $205,000 Active 73 DOM
7. 2026-06-09
   days on market $205,000 Active 69 DOM
8. 2026-06-08
   days on market $205,000 Active 68 DOM
9. 2026-06-07
   pricedays on market $205,000 Active 67 DOM
10. 2026-06-04
    days on market $225,000 Active 64 DOM
11. 2026-06-03
    days on market $225,000 Active 63 DOM
12. 2026-06-02
    days on market $225,000 Active 62 DOM
13. 2026-06-01
    days on market $225,000 Active 61 DOM
14. 2026-05-31
    days on market $225,000 Active 60 DOM
15. 2026-04-01
    listed $225,000 Active
16. 2025-11-18
    soldstatus $180,000
17. 2025-11-09
    status Pending 412-char remark

    Show marketing remark (412 chars)

    Great Investment property - Beautiful Apartment 2 Bedrooms 2 Bathrooms in North Miami Beach. Close to FIU Biscayne Bay Campus, Aventura Mall, Sunny Isles beach, I-95, restaurants, and shopping centers. Great schools in the area with magnet programs. ALL Renovated A special assessment was approved to install impact windows and doors, replace balconies, and repair and paint the building. SAF = $332.38 per month

18. 2025-11-07
    soldstatus $180,000 Closed 412-char remark

    Show marketing remark (412 chars)

    Great Investment property - Beautiful Apartment 2 Bedrooms 2 Bathrooms in North Miami Beach. Close to FIU Biscayne Bay Campus, Aventura Mall, Sunny Isles beach, I-95, restaurants, and shopping centers. Great schools in the area with magnet programs. ALL Renovated A special assessment was approved to install impact windows and doors, replace balconies, and repair and paint the building. SAF = $332.38 per month

19. 2025-09-01
    listed $246,000 Active 412-char remark

    Show marketing remark (412 chars)

    Great Investment property - Beautiful Apartment 2 Bedrooms 2 Bathrooms in North Miami Beach. Close to FIU Biscayne Bay Campus, Aventura Mall, Sunny Isles beach, I-95, restaurants, and shopping centers. Great schools in the area with magnet programs. ALL Renovated A special assessment was approved to install impact windows and doors, replace balconies, and repair and paint the building. SAF = $332.38 per month

20. 2025-08-28
    historical
21. 2025-07-21
    historical $2,300
22. 2025-07-02
    listed $2,300
23. 2025-06-21
    historical $2,300
24. 2025-05-27
    listed $2,300
25. 2025-04-05
    historical $2,300
26. 2025-02-05
    listed $235,000 Active
27. 2025-01-24
    price $2,300
28. 2024-10-26
    listed $2,500
29. 2021-12-29
    soldstatus $143,000
30. 2021-11-23
    soldstatus $143,000 Closed
31. 2021-08-23
    status Pending
32. 2021-08-04
    listed $150,000 Active
33. 2000-12-22
    soldstatus $45,000
34. 1995-01-09
    soldstatus $43,000
35. 1994-07-15
    soldstatus $43,000

ⓘ 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: $3,374 · $281/mo
• Projected year-2 tax: $3,374 · $281/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 · 87% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 27 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: $40,751
• − Mortgage interest: −$11,483
• − Property taxes: −$3,374
• − Insurance: −$6,144
• − Repairs & maintenance: −$3,260
• − Management: −$3,260
• − HOA: −$8,772
• − Depreciation: −$5,964
• Taxable loss: −$1,505
• Est. tax savings @ 24.0%: +$361
• After-tax cash flow: $1,365/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 Beach

• Score: 82/100
• State rank: #71
• US rank: #1177

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 34,147
• 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

+423.3% since first listed

21 events — show timeline

• 2026-04-01 Listed $225,000 MARMLS
• 2025-11-18 Sold (Public Records) $180,000 Public Records
• 2025-11-09 Pending — MARMLS
• 2025-11-07 Sold (MLS) $180,000 MARMLS
• 2025-09-01 Listed $246,000 MARMLS
• 2025-08-28 Listing Removed — MARMLS
• 2025-07-21 Rental Removed $2,300 MARMLS
• 2025-07-02 Listed for Rent $2,300 MARMLS
• 2025-06-21 Rental Removed $2,300 MARMLS
• 2025-05-27 Listed for Rent $2,300 MARMLS
• 2025-04-05 Rental Removed $2,300 MARMLS
• 2025-02-05 Listed $235,000 MARMLS
• 2025-01-24 Price Changed $2,300 MARMLS
• 2024-10-26 Listed for Rent $2,500 MARMLS
• 2021-12-29 Sold (Public Records) $143,000 Public Records
• 2021-11-23 Sold (MLS) $143,000 MARMLS
• 2021-08-23 Pending — MARMLS
• 2021-08-04 Listed $150,000 MARMLS
• 2000-12-22 Sold (Public Records) $45,000 Public Records
• 1995-01-09 Sold (Public Records) $43,000 Public Records
• 1994-07-15 Sold (Public Records) $43,000 Public Records

Property tax history

+16.6%/yr

Latest (2025): $3,374 · +5.3% YoY. Source: county tax records.