165 NE 203rd Ter #31 · Miami Gardens, FL 33179

$109,900

1 bd · 1.0 ba · 691 sqft · Condo public records · 320 Days on market

Built 1970

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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 +24.6/30.0
• 1% rule +10.0/10.0
• DSCR +7.9/10.0
• 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

BACK ON MARKET!! BUYERS FINANCING FELL THROUGH. COME SEE THIS GREAT 1-BEDROOM 1-BATHROOM * * * NICELY FURNISHED * * * CENTRAL AIR * * * RELAXING WATER VIEWS FROM THIS LARGE SCREENED-IN BALCONY * * * NEW STAINLESS STEEL REFRIGERATOR * * * NEW GAS STOVE * * * THIS COMMUNITY IS CLOSE TO 441 * * * HARD ROCK ARENA * * * SHOPPING * * * RESTAURANTS * * * CLUB HOUSE * * * NEW RENOVATED POOL AND POOL AREA * * * ASSOCIATION REPRESENTS THEMSELVES AS HOUSING FOR OLDER PERSONS, (HOPA 55+) A MUST SEE * * * EASY TO SHOW * * * FOREIGN SELLER, BUYER TO SIGN ATTACHED FIRPTA AFFIDAVIT.

Key facts

• New renovated pool
• Water views
• New gas stove

Tags

• CENTRAL AIR
• WATER VIEWS
• SCREENED-IN BALCONY
• NEW GAS STOVE
• NEW RENOVATED POOL

Property features AI

Finance

• Other: Association-heated pool
• Financial info: Pets not allowed
• HOA & community: Monthly association fee (approx. $349); Association covers common areas, structure maintenance, parking, pool(s), sewer, trash and water; Association amenities include clubhouse, laundry, pool and trash; Senior community

Exterior

• Parking: Assigned parking; Guest parking; One assigned space
• Utilities: Cable available
• Home design: 2-story property; Entry on level 2; Faces east; Attached property
• Construction: Block construction; Resale property
• Exterior features: Balcony; Screened balcony; Canal-front waterfront

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Ceramic tile; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Furnished; Blinds and sliding window coverings; Living/dining room; Main living area on entry level; Bedroom on main level; Second-floor entry; Tub with shower; Walk-in closet(s)
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $-200 ($-2k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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.
• Market conditions: Rents flat; 572 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• This rent runs 31% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 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 320 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $9k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $110k implies a 511% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 21% of rent.
• 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,712 (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 320 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 1970 — 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. 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.
11. 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.
12. 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: 1.54% ✓
• Cap rate: 8.77%
• Cash-on-cash: 8.84%
• DSCR: 1.39
• GRM: 5.4

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: -37.0%
• Equity multiple: -0.13×
• Total profit: $-34,644
• Equity at exit: $16,386

10-year hold

• IRR: —
• Equity multiple: -1.03×
• Total profit: $-62,420
• Equity at exit: $9,502

Cash invested: $30,772 (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: 572
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,696 high
• Mortgage (P&I): −$576
• Tax from tax record: −$141 /mo · $1,695/yr
• Insurance: −$46
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA est. from 2 same-building comps: −$350
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $-200

Break-even live

Break-even rent $1,949

Max offer price $74,608

Occupancy floor —

Sensitivity live

Price	-10% $-138	-5% $-169	+0% $-200	+5% $-231	+10% $-262
Rent	-10% $-334	-5% $-267	+0% $-200	+5% $-133	+10% $-66
Rate	-1.0pp $-144	-0.5pp $-172	base $-200	+0.5pp $-228	+1.0pp $-257

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 5 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	20d	3	0.89mi
5100 SW 41st St Pembroke Park, FL	1.0–2.0	1.0–2.0	815	$1,650	$2.02	4d	4	0.89mi
6012 SW 38th St Unit 4 Miramar, FL	1.0	1.0	500	$1,525	$3.05	5d	1	1.02mi
6012 SW 38th St Unit 4 Miramar, FL	1.0	1.0	500	$1,525	$3.05	25d	1	1.02mi
5521 SW 34th St Unit 2 Pembroke Park, FL	2.0	1.0	692	$1,750	$2.53	25d	1	1.29mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watergaspool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-03-13
   status Active
2. 2026-02-16
   historical Active Under Contract
3. 2025-12-20
   status Active
4. 2025-12-19
   historical
5. 2025-12-03
   price $109,900
6. 2025-07-11
   listed $119,000 Active
7. 1997-02-21
   soldstatus $18,000

ⓘ 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: $1,695 · $141/mo
• Projected year-2 tax: $1,695 · $141/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 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 · 19 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: $20,357
• − Mortgage interest: −$6,156
• − Property taxes: −$1,695
• − Insurance: −$5,668
• − Repairs & maintenance: −$1,629
• − Management: −$1,629
• − HOA: −$4,200
• − Depreciation: −$3,197
• Taxable loss: −$3,817
• Est. tax savings @ 24.0%: +$916
• After-tax cash flow: $-1,481/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
• 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

+510.6% since first listed

7 events — show timeline

• 2026-03-13 Relisted — MARMLS
• 2026-02-16 Contingent — MARMLS
• 2025-12-20 Relisted — MARMLS
• 2025-12-19 Listing Removed — MARMLS
• 2025-12-03 Price Changed $109,900 MARMLS
• 2025-07-11 Listed $119,000 MARMLS
• 1997-02-21 Sold (Public Records) $18,000 Public Records

Property tax history

+9.4%/yr

Latest (2025): $1,695 · +1.6% YoY. Source: county tax records.