2555 NE 193rd St #2108

Ojus, FL 33180

$430,000D

3 bd · 2.0 ba · 1,309 sqft · Built 2020 · Condo · Pending · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,542/mo
• Mortgage (P&I): −$2,255
• Tax + insurance: −$750
• HOA: −$693
• Vac / Maint / Mgmt: −$954
• Net cashflow: $-110/mo
• Annual: $-1,321/yr
• Cap rate: 5.99%
• Cash-on-cash: -1.10%
• DSCR: 0.95
• 1% rule: 1.06%
• Cash to close: $120,400

Investor read

• This is a 3-bed/2.0-bath condo listed at $430k.
• At list price, monthly cash flow is $-110 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $411k (4.5% below list).
• Meets the 1% rule at list price ($5k rent vs $430k).
• It's been on market 57 days — a 3% lower offer ($417k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $411k (4.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#58 in FL, #1,031 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: 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.
• Zoned schools: Virginia A Boone-Highland Oaks School (math 50% / reading 60%, grade C, #872 of 2,144 statewide, top 42%, 600 students, 40% FRL); Highland Oaks Middle School (math 28% / reading 51%, grade F, #373 of 571 statewide, top 66%, 774 students, 50% FRL); Dr. Michael M. Krop Senior High (math 21% / reading 46%, grade F, #400 of 667 statewide, top 61%, 2,235 students, 49% FRL) — zoned schools average 47% FRL vs 64% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-1.5%/yr); 998 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $30k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.0% vs local median 8.4% in Ojus — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• At $4,542/mo this rent would consume 60% of the median local household income ($91k/yr) (locally 1838% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.