122 NE 204th St #21 · Miami Gardens, FL 33179

$106,000

1 bd · 1.0 ba · 715 sqft · Condo public records · 495 Days on market

Built 1969 $303/mo HOA · 18% 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 +28.8/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

GORGEOUS 1 BEDROOM 1 BATHROOM GARDEN APARTMENT CONDO ON THE 2ND FLOOR FULLY FURNISHED FOR SALE, CARPET AND TILE FLOORS, BEAUTIFUL CANAL VIEW FROM THE ENCLOSED BALCONY, LOTS OF CLOSET SPACE, CENTRAL A/C, WELL MAINTAINED BUILDING IN A DECENT COMMUNITY CONVENIENTLY LOCATED NEAR HIGHWAYS, SHOPPING, MAJOR ROADS AND PUBLIC TRANSPORTATION ASOCIATION REPRESENTS ITSELF AS A 55 AND OVER COMMUNITY. RENTAL RESTRICTIONS 55+ NO PETS FOR

Key facts

• Central ac
• Tile floors
• Garden apartment

Tags

• GARDEN APARTMENT
• TILE FLOORS
• CENTRAL AC
• ENCLOSED PORCH

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Monthly association fee of $303; Association covers structure maintenance; Community laundry; Senior community

Exterior

• Parking: One parking space
• Utilities: Waterfront (canal-front)
• Home design: Attached property; 2 stories; Entry on 2nd level; Has a view
• Construction: Block construction; Resale property
• Exterior features: Glass-enclosed porch; Porch

Interior

• Kitchen: Dishwasher; Gas range; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Ceramic tile; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Bedroom located on main level; Second-floor entry; Combined living and dining area; Porch
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $106k.

Deal economics

• At list price, monthly cash flow is $-70 ($-834/yr) — negative.
• To cash-flow at today's rent, offer at most $94k (11.6% below list).
• Meets the 1% rule at list price ($2k rent vs $106k).
• Recommended offer: $93k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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.
• Zoned schools: Norland Elementary School (math 24% / reading 34%, grade F, #1,932 of 2,144 statewide, top 91%, 562 students, 77% FRL); Andover Middle School (math 16% / reading 33%, grade F, #522 of 571 statewide, top 93%, 452 students, 71% FRL); Miami Norland Senior High School (math 16% / reading 29%, grade F, #539 of 667 statewide, top 81%, 1,580 students, 70% FRL).
• Zoned-school proficiency averages 25% at this address vs 50% district-wide (-24 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; 573 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $733 of loan paydown is wiped out by about $3k 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 495 days — a 12% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask is 259% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $85k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 5→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $93,280 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 495 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
11. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
12. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
13. 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.
14. 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.
15. 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: 1.58% ✓
• Cap rate: 10.33%
• Cash-on-cash: 14.44%
• DSCR: 1.64
• GRM: 5.3

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: -26.9%
• Equity multiple: 0.13×
• Total profit: $-25,728
• Equity at exit: $15,805

10-year hold

• IRR: -64.0%
• Equity multiple: -0.48×
• Total profit: $-44,037
• Equity at exit: $9,165

Cash invested: $29,680 (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: 573
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,674 high
• Mortgage (P&I): −$556
• Tax from tax record: −$62 /mo · $747/yr
• Insurance: −$44
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$303
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $-70

Break-even live

Break-even rent $1,762

Max offer price $93,722

Occupancy floor 99%

Sensitivity live

Price	-10% $-9	-5% $-40	+0% $-70	+5% $-100	+10% $-130
Rent	-10% $-202	-5% $-136	+0% $-70	+5% $-3	+10% $63
Rate	-1.0pp $-16	-0.5pp $-43	base $-70	+0.5pp $-97	+1.0pp $-125

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: $26,500
• Closing costs: $3,180
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,699	$2.08	21d	3	0.80mi
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,650	$2.02	5d	4	0.80mi
6012 SW 38th St Unit 4 Miramar, FL	1.0	1.0	500	$1,525	$3.05	26d	1	0.99mi
6012 SW 38th St Unit 4 Miramar, FL	1.0	1.0	500	$1,525	$3.05	7d	1	0.99mi
6012 SW 38th St Unit 4 Miramar, FL	1.0	1.0	650	$1,475	$2.27	0d	1	0.99mi
5521 SW 34th St Unit 2 Pembroke Park, FL	2.0	1.0	692	$1,750	$2.53	26d	1	1.22mi
3252 SW 52nd Ave Hollywood, FL	1.0–2.0	1.0	827	$1,550	$1.87	0d	5	1.30mi

HOA detail condo

• Monthly dues: $303 · $3,636/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 35 events

1. 2026-06-22
   days on market $106,000 Active 495 DOM
2. 2026-06-18
   days on market $106,000 Active 492 DOM
3. 2026-06-17
   days on market $106,000 Active 491 DOM
4. 2026-06-16
   days on market $106,000 Active 490 DOM
5. 2026-06-15
   days on market $106,000 Active 489 DOM
6. 2026-06-13
   days on market $106,000 Active 487 DOM
7. 2026-06-09
   days on market $106,000 Active 483 DOM
8. 2026-06-08
   days on market $106,000 Active 482 DOM
9. 2026-06-08
   days on market $106,000 Active 481 DOM
10. 2026-06-04
    days on market $106,000 Active 478 DOM
11. 2026-06-03
    days on market $106,000 Active 477 DOM
12. 2026-06-02
    days on market $106,000 Active 476 DOM
13. 2026-06-01
    days on market $106,000 Active 475 DOM
14. 2026-05-31
    days on market $106,000 Active 474 DOM
15. 2026-01-08
    price $106,000
16. 2025-09-04
    price $109,900
17. 2025-07-10
    status Active
18. 2025-06-20
    status Pending
19. 2025-03-23
    price $114,999
20. 2025-02-06
    price $119,900
21. 2025-01-24
    price $129,500
22. 2025-01-23
    listed $29,500 Active
23. 2022-10-05
    soldstatus $85,000
24. 2022-09-30
    soldstatus $85,000 Closed 426-char remark

    Show marketing remark (426 chars)

    GORGEOUS 1 BEDROOM 1 BATHROOM GARDEN APARTMENT CONDO ON THE 2ND FLOOR FULLY FURNISHED FOR SALE, CARPET AND TILE FLOORS, BEAUTIFUL CANAL VIEW FROM THE ENCLOSED BALCONY, LOTS OF CLOSET SPACE, CENTRAL A/C, WELL MAINTAINED BUILDING IN A DECENT COMMUNITY CONVENIENTLY LOCATED NEAR HIGHWAYS, SHOPPING, MAJOR ROADS AND PUBLIC TRANSPORTATION ASOCIATION REPRESENTS ITSELF AS A 55 AND OVER COMMUNITY. RENTAL RESTRICTIONS 55+ NO PETS FOR

25. 2022-06-10
    status Pending 426-char remark

    Show marketing remark (426 chars)

    GORGEOUS 1 BEDROOM 1 BATHROOM GARDEN APARTMENT CONDO ON THE 2ND FLOOR FULLY FURNISHED FOR SALE, CARPET AND TILE FLOORS, BEAUTIFUL CANAL VIEW FROM THE ENCLOSED BALCONY, LOTS OF CLOSET SPACE, CENTRAL A/C, WELL MAINTAINED BUILDING IN A DECENT COMMUNITY CONVENIENTLY LOCATED NEAR HIGHWAYS, SHOPPING, MAJOR ROADS AND PUBLIC TRANSPORTATION ASOCIATION REPRESENTS ITSELF AS A 55 AND OVER COMMUNITY. RENTAL RESTRICTIONS 55+ NO PETS FOR

26. 2022-04-26
    price $90,000 426-char remark

    Show marketing remark (426 chars)

    GORGEOUS 1 BEDROOM 1 BATHROOM GARDEN APARTMENT CONDO ON THE 2ND FLOOR FULLY FURNISHED FOR SALE, CARPET AND TILE FLOORS, BEAUTIFUL CANAL VIEW FROM THE ENCLOSED BALCONY, LOTS OF CLOSET SPACE, CENTRAL A/C, WELL MAINTAINED BUILDING IN A DECENT COMMUNITY CONVENIENTLY LOCATED NEAR HIGHWAYS, SHOPPING, MAJOR ROADS AND PUBLIC TRANSPORTATION ASOCIATION REPRESENTS ITSELF AS A 55 AND OVER COMMUNITY. RENTAL RESTRICTIONS 55+ NO PETS FOR

27. 2022-03-08
    status Active 426-char remark

    Show marketing remark (426 chars)

    GORGEOUS 1 BEDROOM 1 BATHROOM GARDEN APARTMENT CONDO ON THE 2ND FLOOR FULLY FURNISHED FOR SALE, CARPET AND TILE FLOORS, BEAUTIFUL CANAL VIEW FROM THE ENCLOSED BALCONY, LOTS OF CLOSET SPACE, CENTRAL A/C, WELL MAINTAINED BUILDING IN A DECENT COMMUNITY CONVENIENTLY LOCATED NEAR HIGHWAYS, SHOPPING, MAJOR ROADS AND PUBLIC TRANSPORTATION ASOCIATION REPRESENTS ITSELF AS A 55 AND OVER COMMUNITY. RENTAL RESTRICTIONS 55+ NO PETS FOR

28. 2022-02-07
    status Pending 426-char remark

    Show marketing remark (426 chars)

    GORGEOUS 1 BEDROOM 1 BATHROOM GARDEN APARTMENT CONDO ON THE 2ND FLOOR FULLY FURNISHED FOR SALE, CARPET AND TILE FLOORS, BEAUTIFUL CANAL VIEW FROM THE ENCLOSED BALCONY, LOTS OF CLOSET SPACE, CENTRAL A/C, WELL MAINTAINED BUILDING IN A DECENT COMMUNITY CONVENIENTLY LOCATED NEAR HIGHWAYS, SHOPPING, MAJOR ROADS AND PUBLIC TRANSPORTATION ASOCIATION REPRESENTS ITSELF AS A 55 AND OVER COMMUNITY. RENTAL RESTRICTIONS 55+ NO PETS FOR

29. 2021-06-26
    price $85,000 426-char remark

    Show marketing remark (426 chars)

    GORGEOUS 1 BEDROOM 1 BATHROOM GARDEN APARTMENT CONDO ON THE 2ND FLOOR FULLY FURNISHED FOR SALE, CARPET AND TILE FLOORS, BEAUTIFUL CANAL VIEW FROM THE ENCLOSED BALCONY, LOTS OF CLOSET SPACE, CENTRAL A/C, WELL MAINTAINED BUILDING IN A DECENT COMMUNITY CONVENIENTLY LOCATED NEAR HIGHWAYS, SHOPPING, MAJOR ROADS AND PUBLIC TRANSPORTATION ASOCIATION REPRESENTS ITSELF AS A 55 AND OVER COMMUNITY. RENTAL RESTRICTIONS 55+ NO PETS FOR

30. 2021-06-01
    listed $89,000 Active 426-char remark

    Show marketing remark (426 chars)

    GORGEOUS 1 BEDROOM 1 BATHROOM GARDEN APARTMENT CONDO ON THE 2ND FLOOR FULLY FURNISHED FOR SALE, CARPET AND TILE FLOORS, BEAUTIFUL CANAL VIEW FROM THE ENCLOSED BALCONY, LOTS OF CLOSET SPACE, CENTRAL A/C, WELL MAINTAINED BUILDING IN A DECENT COMMUNITY CONVENIENTLY LOCATED NEAR HIGHWAYS, SHOPPING, MAJOR ROADS AND PUBLIC TRANSPORTATION ASOCIATION REPRESENTS ITSELF AS A 55 AND OVER COMMUNITY. RENTAL RESTRICTIONS 55+ NO PETS FOR

31. 2004-08-02
    soldstatus $57,000
32. 2002-10-24
    soldstatus $37,500
33. 1996-12-17
    soldstatus $25,000
34. 1995-04-05
    soldstatus $24,000
35. 1993-02-26
    soldstatus $20,500

ⓘ 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: $747 · $62/mo
• Projected year-2 tax: $880 · $73/mo
• Expected delta: +$133/yr (+$11/mo · 17.8%)

ⓘ 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 5 d/yr ≥105°F today · 18 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: $20,086
• − Mortgage interest: −$5,938
• − Property taxes: −$747
• − Insurance: −$5,648
• − Repairs & maintenance: −$1,607
• − Management: −$1,607
• − HOA: −$3,636
• − Depreciation: −$3,084
• Taxable loss: −$2,181
• Est. tax savings @ 24.0%: +$523
• After-tax cash flow: $-311/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
• City population: 81,592
• 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

+417.1% since first listed

21 events — show timeline

• 2026-01-08 Price Changed $106,000 MARMLS
• 2025-09-04 Price Changed $109,900 MARMLS
• 2025-07-10 Relisted — MARMLS
• 2025-06-20 Pending — MARMLS
• 2025-03-23 Price Changed $114,999 MARMLS
• 2025-02-06 Price Changed $119,900 MARMLS
• 2025-01-24 Price Changed $129,500 MARMLS
• 2025-01-23 Listed $29,500 MARMLS
• 2022-10-05 Sold (Public Records) $85,000 Public Records
• 2022-09-30 Sold (MLS) $85,000 MARMLS
• 2022-06-10 Pending — MARMLS
• 2022-04-26 Price Changed $90,000 MARMLS
• 2022-03-08 Relisted — MARMLS
• 2022-02-07 Pending — MARMLS
• 2021-06-26 Price Changed $85,000 MARMLS
• 2021-06-01 Listed $89,000 MARMLS
• 2004-08-02 Sold (Public Records) $57,000 Public Records
• 2002-10-24 Sold (Public Records) $37,500 Public Records
• 1996-12-17 Sold (Public Records) $25,000 Public Records
• 1995-04-05 Sold (Public Records) $24,000 Public Records
• 1993-02-26 Sold (Public Records) $20,500 Public Records

Property tax history

+38.9%/yr

Latest (2025): $747 · +1.6% YoY. Source: county tax records.