1849 NW 83rd Ter

West Little River, FL 33147

$199,000C

2 bd · 1.0 ba · 640 sqft · Built 1946 · SingleFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,111/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$658
• HOA: −$0
• Vac / Maint / Mgmt: −$443
• Net cashflow: $-34/mo
• Annual: $-411/yr
• Cap rate: 7.00%
• Cash-on-cash: 2.54%
• DSCR: 1.11
• 1% rule: 1.06%
• Cash to close: $55,720

Investor read

• This is a 2-bed/1.0-bath single-family listed at $199k.
• At list price, monthly cash flow is $-34 ($-411/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (3.0% below list).
• Meets the 1% rule at list price ($2k rent vs $199k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $193k (3.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#152 in FL, #2,286 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F, employment D-.
• 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: Dr. Henry W. Mack/West Little River K-8 Center (math 21% / reading 24%, grade F, #2,073 of 2,144 statewide, top 97%, 415 students, 72% FRL); Madison Middle School (math 21% / reading 24%, grade F, #546 of 571 statewide, top 96%, 403 students, 69% FRL); Miami Central Senior High School (math 16% / reading 20%, grade F, #570 of 667 statewide, top 86%, 1,398 students, 74% FRL).
• Zoned-school proficiency averages 21% at this address vs 50% district-wide (-28 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Watch-outs: property tax is 2.6% of price; flood insurance adds $152/mo; built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.7%/yr); 230 active listings in the ZIP; 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.
• 4 sale attempts since 4y 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 $85k; list at $199k implies a 134% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.0% vs local median 3.8% in West Little River — 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.

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?
• Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.