104 SW 9th St #1101 · Miami, FL 33130

$400,000

2 bd · 2.0 ba · 880 sqft · Condo public records · 141 Days on market

Built 1999 $380/mo HOA · 8% of rent

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Why this score? — see what drove the C 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 +20.4/30.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• DSCR +6.5/10.0
• Schools +4.2/10.0
• Appreciation +4.1/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks

Spacious and practical 2-bedroom apartment in a prime Brickell location. Situated just one block from Brickell City Centre and within walking distance to dining, shopping, public transportation, and nightlife. The unit includes assigned parking and offers a functional layout. It presents excellent potential for investors or future end-users looking to customize in one of Miami’s most desirable neighborhoods.

Key facts

• Functional layout
• Assigned parking
• $380 HOA

Tags

• PRIME BRICKELL LOCATION
• WALKING DISTANCE TO DINING
• WALKING DISTANCE TO SHOPPING
• WALKING DISTANCE TO NIGHTLIFE
• ASSIGNED PARKING
• FUNCTIONAL LAYOUT

Property features AI

Finance

• Other: Pets allowed with restrictions
• HOA & community: Monthly association fee of $380; Association covers management, common areas, insurance, laundry, structural maintenance, parking, sewer, and water; Community amenities include clubhouse, laundry, storage, trash service, and elevators; Community contains 84 units

Exterior

• Parking: Detached garage; Underground parking; Open parking available; One covered parking space (1 garage space)
• Security: Key card entry; Secured lobby; Phone entry; Fire sprinkler system
• Utilities: Water and sewer included in association (per association fee includes); Electric service (electric appliances and water heater)
• Home design: Condominium unit; Single-story unit located on entry level 11; Unit faces West
• Construction: Block construction; Effective year built
• Exterior features: No notable exterior features listed; West-facing

Interior

• Kitchen: Electric range; Microwave; Refrigerator; Electric water heater
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans
• Interior features: Impact glass and sliding windows; Family/Dining room; Combined living and dining area; Tub with shower
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $400k.

Deal economics

• At list price, monthly cash flow is $452 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Recommended offer: $352k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 1.9% in 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 78/100 on livability (#177 in FL, #2,724 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F, 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 soft (-0.5%/yr); 639 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $4,637/mo this rent would consume 91% of the median local household income ($61k/yr) (locally 5231% 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 (-1.8%/yr); year-one equity from $3k of loan paydown is wiped out by about $7k 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 141 days — a 12% lower offer ($352k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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 $352,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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?
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: 1.16% ✓
• Cap rate: 7.85%
• Cash-on-cash: 5.56%
• DSCR: 1.25
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.79% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -6.4%
• Equity multiple: 0.74×
• Total profit: $-28,607
• Equity at exit: $81,612

10-year hold

• IRR: -2.5%
• Equity multiple: 0.82×
• Total profit: $-20,317
• Equity at exit: $73,526

Cash invested: $112,000 (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 33130

• Home prices YoY: -0.5%
• Rents YoY: -0.5%
• Active inventory: 639
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $4,637 medium
• Mortgage (P&I): −$2,098
• Tax est. 1.5%: −$500 /mo · $6,000/yr
• Insurance: −$167
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$380
• Vacancy / Maint / Mgmt: −$974
• Net cashflow: $452

Break-even live

Break-even rent $4,064

Max offer price $400,000

Occupancy floor 85%

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $380 · $4,560/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $400,000 Active 141 DOM
2. 2026-06-17
   days on market $400,000 Active 140 DOM
3. 2026-06-16
   days on market $400,000 Active 139 DOM
4. 2026-06-15
   days on market $400,000 Active 138 DOM
5. 2026-06-13
   days on market $400,000 Active 136 DOM
6. 2026-06-09
   days on market $400,000 Active 132 DOM
7. 2026-06-08
   days on market $400,000 Active 131 DOM
8. 2026-06-07
   days on market $400,000 Active 130 DOM
9. 2026-06-04
   days on market $400,000 Active 127 DOM
10. 2026-06-03
    days on market $400,000 Active 126 DOM
11. 2026-06-02
    days on market $400,000 Active 125 DOM
12. 2026-06-01
    days on market $400,000 Active 124 DOM
13. 2026-05-31
    days on market $400,000 Active 123 DOM
14. 2026-04-18
    price $400,000
15. 2026-03-21
    price $410,000
16. 2026-02-25
    price $420,000
17. 2026-01-28
    listed $430,000 Active
18. 2022-03-24
    price $2,200

ⓘ 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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,640
• − Mortgage interest: −$22,406
• − Property taxes: −$6,000
• − Insurance: −$2,798
• − Repairs & maintenance: −$4,451
• − Management: −$4,451
• − HOA: −$4,560
• − Depreciation: −$11,636
• Taxable loss: −$662
• Est. tax savings @ 24.0%: +$159
• After-tax cash flow: $5,586/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

• Score: 78/100
• State rank: #177
• US rank: #2724

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 827,308
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 34,964
• Household income: $61,009
• Rent vs Own: 83.2% rent · 16.8% own
• Severe rent burden: 5231.0

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: Predominantly Hispanic (73%)
• Race & ethnicity: Hispanic / Latino 73% Two or more races 44% White 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 24% Dominican 4%
• Common ancestry: Romanian 2% Estonian 1% Lithuanian 1%
• Foreign-born: 60% · Canada, Jamaica, Guatemala
• Languages at home: 23% English-only · Spanish 70% Other Indo-European 2% Russian/Polish/Slavic 1%

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: ▼ -1.79%
• Current HPI: 344.7752
• Rent YoY: ▼ -0.53%
• 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

+18081.8% since first listed

5 events — show timeline

• 2026-04-18 Price Changed $400,000 MARMLS
• 2026-03-21 Price Changed $410,000 MARMLS
• 2026-02-25 Price Changed $420,000 MARMLS
• 2026-01-28 Listed $430,000 MARMLS
• 2022-03-24 Price Changed $2,200 RENT.

Property tax history

-5.2%/yr

Latest (2025): $291 · +5.0% YoY. Source: county tax records.