639 12 St #3 · Miami Beach, FL 33139

$203,500

1 bd · 1.0 ba · 430 sqft · Condo public records · 11 Days on market

Built 1939 $527/mo HOA · 16% of rent

---

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 +28.1/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Appreciation +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks MLS

Tropical Art Deco Building, in the heart of South Beach, the best location blocks from the beaches and entertainment. 1/1 Totally updated. Excellent conditions. Do not miss this opportunity. South Beach Art Deco historical gem on 12th Street & Euclid Ave. The Delphine was designed by architect Anton Skislewicz in 1939. Also of the Breakwater Hotel Ocean Drive, the Kenmore Hotel on Washington Ave, the Plymouth on 21st & Greystone Hotel at 19th Collins. Newly renovated kitchen & bathroom Junior 1Bedroom. Florida hardwood flooring, walk in closet & plenty of natural southern facing sunlight. First floor residence with secure exterior gated fence & interior glass door entry. On site Laundry. Central location, close to everything. 12 unit building with solid walls, quiet neighbors.

Key facts

• Wood floors
• Art deco building
• $527 HOA

Tags

• ART DECO BUILDING
• WOOD FLOORS
• SPECIAL ASSESSMENTS PAID

Property features AI

Finance

• Financial info: Pets allowed with restrictions/conditions
• HOA & community: Monthly association fee of $527; HOA covers water, sewer and trash

Exterior

• Parking: On-street parking
• Home design: 2-story property; Entry on level 1; Has attached property
• Construction: Block construction; Resale property
• Exterior features: Fruit trees

Interior

• Kitchen: Gas range; Microwave; Refrigerator
• Flooring: Ceramic tile; Parquet
• Bathrooms: 1 full bathroom
• Interior features: First floor entry; Other interior features

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $204k.

Deal economics

• At list price, monthly cash flow is $213 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $204k).
• Cap rate 10.1% vs local median 1.5% in 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 80/100 on livability (#108 in FL, #1,672 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: housing C-, amenities D-, 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.
• Zoned schools: Miami Beach Feinberg/Fisher K-8 (math 37% / reading 34%, grade F, #1,684 of 2,144 statewide, top 79%, 842 students, 61% FRL); Miami Beach Nautilus Middle School (math 46% / reading 58%, grade C+, #217 of 571 statewide, top 40%, 918 students, 44% FRL); Miami Beach Senior High School (math 21% / reading 48%, grade F, #386 of 667 statewide, top 59%, 2,175 students, 40% FRL) — zoned schools average 48% FRL vs 64% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-0.4%/yr); 1216 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,255/mo this rent would consume 56% of the median local household income ($70k/yr) (locally 4052% 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 (-2.2%/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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 5y ago; this cycle's ask is 10075% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• 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 8→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $203,500

Questions for the listing agent

1. Built in 1939 — 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. Schools are A-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?
7. 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.
8. 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.
9. 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: 1.60% ✓
• Cap rate: 10.06%
• Cash-on-cash: 13.46%
• DSCR: 1.60
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.19% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -10.0%
• Equity multiple: 0.63×
• Total profit: $-21,341
• Equity at exit: $37,787

10-year hold

• IRR: -8.5%
• Equity multiple: 0.49×
• Total profit: $-29,254
• Equity at exit: $30,653

Cash invested: $56,980 (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 33139

• Home prices YoY: -0.8%
• Rents YoY: -0.4%
• Active inventory: 1216
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $3,255 medium
• Mortgage (P&I): −$1,067
• Tax from tax record: −$254 /mo · $3,042/yr
• Insurance: −$85
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$527
• Vacancy / Maint / Mgmt: −$684
• Net cashflow: $213

Break-even live

Break-even rent $2,986

Max offer price $203,500

Occupancy floor 88%

Sensitivity live

Price	-10% $328	-5% $270	+0% $213	+5% $155	+10% $97
Rent	-10% $-45	-5% $84	+0% $213	+5% $341	+10% $470
Rate	-1.0pp $315	-0.5pp $264	base $213	+0.5pp $160	+1.0pp $106

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: $50,875
• Closing costs: $6,105
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $527 · $6,324/yr
• Likely covers: watersecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-21
   days on market $203,500 Active 11 DOM
2. 2026-06-18
   days on market $203,500 Active 8 DOM
3. 2026-06-17
   days on market $203,500 Active 7 DOM
4. 2026-06-16
   days on market $203,500 Active 6 DOM
5. 2026-06-15
   days on market $203,500 Active 5 DOM
6. 2026-06-13
   pricedays on marketlisting id $203,500 Active 3 DOM
7. 2026-06-01
   days on market $207,000 Active 199 DOM
8. 2026-05-31
   days on market $207,000 Active 198 DOM
9. 2026-05-11
   historical $1,825
10. 2026-04-28
    price $1,825
11. 2026-04-27
    price $207,000
12. 2026-04-13
    price $1,875
13. 2026-04-12
    price $209,000
14. 2026-03-19
    listed $2,000
15. 2026-01-05
    price $210,000
16. 2025-11-14
    listed $215,000 Active
17. 2024-06-06
    soldstatus $192,000
18. 2024-05-31
    soldstatus $192,000 Closed 817-char remark

    Show marketing remark (817 chars)

    Tropical Art Deco Building, in the heart of South Beach, the best location blocks from the beaches and entertainment. 1/1 Totally updated. Excellent conditions. Do not miss this opportunity. South Beach Art Deco historical gem on 12th Street & Euclid Ave. The Delphine was designed by architect Anton Skislewicz in 1939. Also of the Breakwater Hotel Ocean Drive, the Kenmore Hotel on Washington Ave, the Plymouth on 21st & Greystone Hotel at 19th Collins. Newly renovated kitchen & bathroom Junior 1Bedroom. Florida hardwood flooring, walk in closet & plenty of natural southern facing sunlight. First floor residence with secure exterior gated fence & interior glass door entry. On site Laundry. Central location, close to everything. 12 unit building with solid walls, quiet neighbors.

19. 2024-04-17
    historical Active Under Contract 817-char remark

    Show marketing remark (817 chars)

    Tropical Art Deco Building, in the heart of South Beach, the best location blocks from the beaches and entertainment. 1/1 Totally updated. Excellent conditions. Do not miss this opportunity. South Beach Art Deco historical gem on 12th Street & Euclid Ave. The Delphine was designed by architect Anton Skislewicz in 1939. Also of the Breakwater Hotel Ocean Drive, the Kenmore Hotel on Washington Ave, the Plymouth on 21st & Greystone Hotel at 19th Collins. Newly renovated kitchen & bathroom Junior 1Bedroom. Florida hardwood flooring, walk in closet & plenty of natural southern facing sunlight. First floor residence with secure exterior gated fence & interior glass door entry. On site Laundry. Central location, close to everything. 12 unit building with solid walls, quiet neighbors.

20. 2024-02-22
    listed $214,900 Active 817-char remark

    Show marketing remark (817 chars)

    Tropical Art Deco Building, in the heart of South Beach, the best location blocks from the beaches and entertainment. 1/1 Totally updated. Excellent conditions. Do not miss this opportunity. South Beach Art Deco historical gem on 12th Street & Euclid Ave. The Delphine was designed by architect Anton Skislewicz in 1939. Also of the Breakwater Hotel Ocean Drive, the Kenmore Hotel on Washington Ave, the Plymouth on 21st & Greystone Hotel at 19th Collins. Newly renovated kitchen & bathroom Junior 1Bedroom. Florida hardwood flooring, walk in closet & plenty of natural southern facing sunlight. First floor residence with secure exterior gated fence & interior glass door entry. On site Laundry. Central location, close to everything. 12 unit building with solid walls, quiet neighbors.

21. 2021-10-19
    soldstatus $155,000
22. 2021-09-30
    soldstatus $150,000 Closed 625-char remark

    Show marketing remark (625 chars)

    South Beach Art Deco historical gem on 12th Street & Euclid Ave. The Delphine was designed by architect Anton Skislewicz in 1939. Also of the Breakwater Hotel Ocean Drive, the Kenmore Hotel on Washington Ave, the Plymouth on 21st & Greystone Hotel at 19th Collins. Newly renovated kitchen & bathroom Junior 1Bedroom. Florida hardwood flooring, walk in closet & plenty of natural southern facing sunlight. First floor residence with secure exterior gated fence & interior glass door entry. On site Laundry. Central location, walk to everything. 12 unit building with solid walls, quiet neighbors.

23. 2021-09-02
    historical Active Under Contract 625-char remark

    Show marketing remark (625 chars)

    South Beach Art Deco historical gem on 12th Street & Euclid Ave. The Delphine was designed by architect Anton Skislewicz in 1939. Also of the Breakwater Hotel Ocean Drive, the Kenmore Hotel on Washington Ave, the Plymouth on 21st & Greystone Hotel at 19th Collins. Newly renovated kitchen & bathroom Junior 1Bedroom. Florida hardwood flooring, walk in closet & plenty of natural southern facing sunlight. First floor residence with secure exterior gated fence & interior glass door entry. On site Laundry. Central location, walk to everything. 12 unit building with solid walls, quiet neighbors.

24. 2021-07-17
    listed $165,000 Active 625-char remark

    Show marketing remark (625 chars)

    South Beach Art Deco historical gem on 12th Street & Euclid Ave. The Delphine was designed by architect Anton Skislewicz in 1939. Also of the Breakwater Hotel Ocean Drive, the Kenmore Hotel on Washington Ave, the Plymouth on 21st & Greystone Hotel at 19th Collins. Newly renovated kitchen & bathroom Junior 1Bedroom. Florida hardwood flooring, walk in closet & plenty of natural southern facing sunlight. First floor residence with secure exterior gated fence & interior glass door entry. On site Laundry. Central location, walk to everything. 12 unit building with solid walls, quiet neighbors.

25. 2012-06-13
    soldstatus $135,000
26. 2002-11-21
    soldstatus $74,000

ⓘ 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: $3,042 · $254/mo
• Projected year-2 tax: $3,042 · $254/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 8 d/yr ≥101°F today · 32 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: $39,063
• − Mortgage interest: −$11,399
• − Property taxes: −$3,042
• − Insurance: −$6,136
• − Repairs & maintenance: −$3,125
• − Management: −$3,125
• − HOA: −$6,324
• − Depreciation: −$5,920
• Taxable loss: −$8
• Est. tax savings @ 24.0%: +$2
• After-tax cash flow: $2,554/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 Beach

• Score: 80/100
• State rank: #108
• US rank: #1672

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,533
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 33,753
• Household income: $69,793
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 4052.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 51% White 40% Two or more races 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 15% Salvadoran 3%
• Common ancestry: Lithuanian 3% Scotch-Irish 2% Romanian 2%
• Foreign-born: 56% · Canada, Jamaica, Dominican Republic
• Languages at home: 37% English-only · Spanish 49% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▼ -2.19%
• Current HPI: 277.9321
• Rent YoY: ▼ -0.36%
• 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

-97.5% since first listed

18 events — show timeline

• 2026-05-11 Rental Removed $1,825 MARMLS
• 2026-04-28 Price Changed $1,825 MARMLS
• 2026-04-27 Price Changed $207,000 MARMLS
• 2026-04-13 Price Changed $1,875 MARMLS
• 2026-04-12 Price Changed $209,000 MARMLS
• 2026-03-19 Listed for Rent $2,000 MARMLS
• 2026-01-05 Price Changed $210,000 MARMLS
• 2025-11-14 Listed $215,000 MARMLS
• 2024-06-06 Sold (Public Records) $192,000 Public Records
• 2024-05-31 Sold (MLS) $192,000 MARMLS
• 2024-04-17 Contingent — MARMLS
• 2024-02-22 Listed $214,900 MARMLS
• 2021-10-19 Sold (Public Records) $155,000 Public Records
• 2021-09-30 Sold (MLS) $150,000 MARMLS
• 2021-09-02 Contingent — MARMLS
• 2021-07-17 Listed $165,000 MARMLS
• 2012-06-13 Sold (Public Records) $135,000 Public Records
• 2002-11-21 Sold (Public Records) $74,000 Public Records

Property tax history

+5.9%/yr

Latest (2025): $3,042 · -2.9% YoY. Source: county tax records.