115 NE 202nd Ter Unit M-19 · Miami Gardens, FL 33179

$149,900

2 bd · 2.0 ba · 1,012 sqft · Condo public records · 29 Days on market

Built 1973 $330/mo HOA · 15% 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 +29.3/30.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This one comes with a lake view! Spacious 2/2 located on the second floor of this quiet 55+ community in Miami Gardens. The home features an enclosed porch with impact windows. The owner kept this unit in immaculate condition. Tile floors, bathroom and kitchen are not original, turnkey ready! Low HOA fee. Showing by appointment only.

Key facts

• Lake view
• Enclosed porch
• Turnkey ready

Tags

• LAKE VIEW
• ENCLOSED PORCH
• IMPACT WINDOWS
• TURNKEY READY

Property features AI

Finance

• Financial info: Pets allowed with restrictions
• HOA & community: Monthly association fee of $330; HOA covers grounds maintenance, sewer, trash and water; Community clubhouse; Senior community

Exterior

• Parking: One parking space
• Home design: Attached property; 2 stories; Entry on second level; Effective year built
• Construction: Block construction
• Exterior features: Lakefront property; Has a view

Interior

• Kitchen: Disposal; Refrigerator
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Second-floor entry; Other interior features

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $102 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% 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; 30 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 41% 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 $1k of loan paydown is wiped out by about $4k 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 29 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y 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 $70k; list at $150k implies a 113% gain — meaningful room to come down on a strong offer.

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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,651 (1.5% below list)

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 1.49% ✓
• Cap rate: 10.52%
• Cash-on-cash: 15.11%
• DSCR: 1.67
• GRM: 5.6

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: -16.4%
• Equity multiple: 0.44×
• Total profit: $-23,446
• Equity at exit: $22,351

10-year hold

• IRR: -18.7%
• Equity multiple: 0.19×
• Total profit: $-33,904
• Equity at exit: $12,961

Cash invested: $41,972 (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: 5.6×

Monthly cashflow live

• Estimated rent: $2,228 high
• Mortgage (P&I): −$786
• Tax from tax record: −$53 /mo · $639/yr
• Insurance: −$62
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$330
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $102

Break-even live

Break-even rent $2,099

Max offer price $149,900

Occupancy floor 90%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5721 SW 41st St West Park, FL	3.0	1.0	839	$2,650	$3.16	24d	1	0.91mi
5525 SW 41st St Hollywood, FL	2.0	2.0	1031	$2,145	$2.08	3d	1	0.96mi
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,750	$2.15	19d	3	1.01mi
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,799	$2.21	4d	4	1.01mi
3926 SW 52nd Ave Unit E5 Hollywood, FL	3.0	2.5	1335	$2,500	$1.87	24d	1	1.02mi
5540 SW 38th Ct West Park, FL	2.0	1.0	768	$2,000	$2.60	11d	1	1.05mi
5460 SW 38th Ct West Park, FL	2.0	1.0	890	$2,350	$2.64	24d	1	1.05mi
5440 SW 38th Ct West Park, FL	2.0	1.0	768	$1,900	$2.47	7d	1	1.05mi
5440 SW 38th Ct West Park, FL	2.0	1.0	768	$1,900	$2.47	24d	1	1.05mi
5710 SW 38th St West Park, FL	2.0	1.0	835	$2,400	$2.87	24d	1	1.06mi
3840 SW 52nd Ave Hollywood, FL	3.0	2.5	1264	$2,650	$2.10	24d	1	1.07mi
5510 SW 38th St Unit 5510 West Park, FL	2.0	1.0	822	$2,250	$2.74	3d	1	1.10mi
5510 SW 38th St Unit 5510 West Park, FL	2.0	1.0	822	$2,250	$2.74	4d	1	1.10mi
5510 SW 38th St West Park, FL	2.0	1.0	855	$2,250	$2.63	2d	1	1.10mi
3721 SW 54th Ave West Park, FL	2.0	1.0	768	$2,100	$2.73	13d	1	1.16mi
3700 SW 52nd Ave Hollywood, FL	2.0	2.0	850	$1,446	$1.70	24d	1	1.18mi
3842 SW 48th Ave Hollywood, FL	2.0	2.0	966	$2,000	$2.07	24d	1	1.18mi
3856 SW 48th Ave #3856 Pembroke Park, FL	2.0	2.0	950	$2,150	$2.26	17d	1	1.18mi
3838 SW 48th Ave Unit 3838 Pembroke Park, FL	2.0	2.0	966	$2,200	$2.28	24d	1	1.19mi
5085 SW 37th St Unit 5085 West Park, FL	3.0	2.5	1276	$3,200	$2.51	15d	1	1.20mi
5085 SW 37th St West Park, FL	3.0	2.5	1276	$3,200	$2.51	5d	1	1.20mi
3828 SW 48th Ave Unit D27 Hollywood, FL	2.0	2.0	950	$2,300	$2.42	24d	1	1.20mi
3874 SW 48th Ave #3874 Pembroke Park, FL	2.0	2.0	950	$2,150	$2.26	7d	1	1.20mi
3826 SW 48th Ave Unit 3826 Pembroke Park, FL	2.0	2.0	950	$2,200	$2.32	5d	1	1.22mi
3826 SW 48th Ave Unit 3826 Pembroke Park, FL	2.0	2.0	950	$2,200	$2.32	15d	1	1.22mi
6112 SW 37th St Unit B Miramar, FL	2.0	1.0	850	$1,800	$2.12	22d	1	1.23mi
4410 SW 39th St Unit 4410 West Park, FL	2.0	1.0	1135	$2,700	$2.38	2d	1	1.29mi
6036 SW 35th St Unit B Miramar, FL	2.0	2.5	1251	$2,350	$1.88	24d	1	1.42mi
6033 SW 35th St Unit 101 Miramar, FL	2.0	2.0	1000	$1,995	$2.00	24d	1	1.45mi
6151 SW 35th St Unit 1 Miramar, FL	2.0	1.0	1285	$2,100	$1.63	3d	1	1.49mi

HOA detail condo

• Monthly dues: $330 · $3,960/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-04-27
   listed $149,900 Active
2. 2024-06-01
   historical
3. 2024-03-01
   price $189,500
4. 2024-02-06
   listed $199,500 Active
5. 2022-10-16
   historical
6. 2022-07-19
   listed $142,000
7. 2015-10-26
   soldstatus $70,500
8. 2015-09-18
   status Pending
9. 2015-08-12
   listed $79,900 Active
10. 2015-07-05
    historical
11. 2015-04-28
    listed $79,900 Active
12. 2015-01-28
    soldstatus $40,000
13. 1994-08-16
    soldstatus $27,000
14. 1992-12-29
    soldstatus $27,000

ⓘ 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: $639 · $53/mo
• Projected year-2 tax: $1,244 · $104/mo
• Expected delta: +$605/yr (+$50/mo · 94.6%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone AE · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 24 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: $26,739
• − Mortgage interest: −$8,397
• − Property taxes: −$639
• − Insurance: −$5,868
• − Repairs & maintenance: −$2,139
• − Management: −$2,139
• − HOA: −$3,960
• − Depreciation: −$4,361
• Taxable loss: −$764
• Est. tax savings @ 24.0%: +$183
• After-tax cash flow: $1,407/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 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

+455.2% since first listed

14 events — show timeline

• 2026-04-27 Listed $149,900 MARMLS
• 2024-06-01 Listing Removed — MARMLS
• 2024-03-01 Price Changed $189,500 MARMLS
• 2024-02-06 Listed $199,500 MARMLS
• 2022-10-16 Listing Removed — Beaches MLS
• 2022-07-19 Listed $142,000 Beaches MLS
• 2015-10-26 Sold (Public Records) $70,500 Public Records
• 2015-09-18 Pending — MARMLS
• 2015-08-12 Listed $79,900 MARMLS
• 2015-07-05 Listing Removed — MARMLS
• 2015-04-28 Listed $79,900 MARMLS
• 2015-01-28 Sold (Public Records) $40,000 Public Records
• 1994-08-16 Sold (Public Records) $27,000 Public Records
• 1992-12-29 Sold (Public Records) $27,000 Public Records

Property tax history

+12.2%/yr

Latest (2025): $639 · +1.4% YoY. Source: county tax records.