6820 W Flagler St #101 · Miami, FL 33144

$199,000

2 bd · 2.0 ba · 813 sqft · Condo public records · 493 Days on market

Built 1973 $496/mo HOA · 21% of rent

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Why this score? — see what drove the D 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 +12.0/30.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• DSCR +3.5/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Exquisite Madrid Terrace Condo! This stunning 2-bed, 1.5-bath residence, nestled in the heart of Central Miami, near Flagler & 68 Ave. Enjoy the convenience of a dedicated parking space right in front of the building, visible from the unit. NO PETS ALLOWED. The building offers upscale amenities, including a sparkling pool, meeting room, laundry facilities, newly paved parking, security cameras, and enhanced lighting. Prime location—just steps from supermarkets, top dining, and public transit. Act Fast—This Gem Won’t Last!

Key facts

• Laundry facilities
• Security cameras
• Meeting room

Tags

• DEDICATED PARKING SPACE
• MEETING ROOM
• LAUNDRY FACILITIES
• NEWLY PAVED PARKING
• SECURITY CAMERAS
• ENHANCED LIGHTING

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Monthly association fee; Association amenities include elevator(s), pool, and trash service

Exterior

• Parking: 1 covered garage space; One designated parking space
• Security: Secured elevator
• Utilities: Central heating and cooling
• Home design: Attached property; Entry on level 1; 4-story building; Resale unit
• Construction: Block construction
• Exterior features: Courtyard; Association pool

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: Bedroom located on the main level
• Flooring: Terrazzo
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: First-floor entry; Main living area on entry level; Bedroom on main level; Terrazzo flooring

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $199k.

Deal economics

• At list price, monthly cash flow is $-49 ($-586/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (4.3% below list).
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 1.9% in Miami — 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 78/100 on livability (#177 in FL, #2,724 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F, 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.
• Market conditions: Rents soft (-1.5%/yr); 65 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• At $2,374/mo this rent would consume 47% of the median local household income ($61k/yr) (locally 1654% 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 (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 493 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $66k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $199k implies a 232% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• Climate carrying-cost: 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 $175,120 (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 493 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 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. Crime grade is F 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. 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?
11. 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.
12. 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.
13. 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: 1.19% ✓
• Cap rate: 6.00%
• Cash-on-cash: -1.05%
• DSCR: 0.95
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -22.7%
• Equity multiple: 0.25×
• Total profit: $-41,942
• Equity at exit: $29,672

10-year hold

• IRR: -34.7%
• Equity multiple: -0.18×
• Total profit: $-65,900
• Equity at exit: $17,206

Cash invested: $55,720 (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 33144

• Rents YoY: -1.5%
• Active inventory: 65
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,374 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$302 /mo · $3,624/yr
• Insurance: −$83
• HOA: −$496
• Vacancy / Maint / Mgmt: −$499
• Net cashflow: $-49

Break-even live

Break-even rent $2,436

Max offer price $190,372

Occupancy floor 97%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9375 Fontainebleau Blvd Miami, FL	1.0–2.0	1.5–2.0	1313	$2,600	$1.98	2d	2	0.51mi
9375 Fontainebleau Blvd Miami, FL	1.0–2.0	1.5–2.0	1313	$2,600	$1.98	3d	2	0.51mi
7989 NW 8th St Unit 107D Miami, FL	2.0	2.5	940	$2,400	$2.55	5d	1	1.21mi
7989 NW 8th St Unit 107D Miami, FL	2.0	2.5	940	$2,400	$2.55	14d	1	1.21mi
7985 NW 8th St Unit 105A Miami, FL	2.0	2.5	900	$2,350	$2.61	24d	1	1.22mi
7995 NW 8th St Unit 115 Miami, FL	2.0	2.5	940	$2,300	$2.45	24d	1	1.24mi
7991 NW 8th St Miami, FL	2.0	2.0–2.5	940	$2,398	$2.55	24d	2	1.24mi
8050 NW 8th St Apt 110 Miami, FL	2.0	2.0	960	$2,200	$2.29	7d	1	1.25mi
8025 NW 8th St #12 Miami, FL	2.0	1.5	868	$2,250	$2.59	24d	1	1.27mi
8075 NW 7th St Miami, FL	2.0	2.0	868	$2,262	$2.61	1d	3	1.29mi
8075 NW 7th St Miami, FL	2.0	2.0	868	$2,250	$2.59	1d	2	1.29mi
8075 NW 7th St #403 Miami, FL	2.0	2.0	870	$2,300	$2.64	24d	1	1.30mi
8027 NW 8th St #17 Miami, FL	2.0	1.5	868	$2,150	$2.48	24d	1	1.30mi
8031 NW 8th St #13 Miami, FL	2.0	1.5	868	$2,000	$2.30	24d	1	1.31mi
8059 NW 8th St #4 Miami, FL	2.0	2.5	980	$2,400	$2.45	24d	1	1.32mi
8185 NW 7th St #209 Miami, FL	2.0	2.0	867	$2,250	$2.60	20d	1	1.35mi
8056 NW 10th St #7 Miami, FL	2.0	2.5	980	$2,600	$2.65	1d	1	1.38mi
8095 NW 8th St #412 Miami, FL	2.0	2.0	837	$2,300	$2.75	7d	1	1.38mi
8095 NW 8th St #412 Miami, FL	2.0	2.0	837	$2,300	$2.75	24d	1	1.38mi
8089 NW 8th St #3 Miami, FL	2.0	2.5	1020	$2,390	$2.34	17d	1	1.38mi
8185 NW 7th St Miami, FL	2.0	2.0	868	$2,200	$2.53	24d	2	1.38mi
8185 NW 7th St Miami, FL	2.0	2.0	868	$2,225	$2.56	7d	2	1.38mi
8255 Park Blvd Miami, FL	1.0–3.0	1.0–2.0	1082	$3,098	$2.86	1d	33	1.43mi
8245 NW 6th Ter #202 Miami, FL	2.0	1.5	914	$2,400	$2.63	24d	1	1.44mi
8260 NW 5th Ter #341 Miami, FL	2.0	1.5	914	$2,600	$2.84	24d	1	1.45mi
680 NW 82nd Pl #264 Miami, FL	2.0	1.5	914	$2,300	$2.52	11d	1	1.46mi
680 NW 82nd Pl #260 Miami, FL	2.0	1.5	914	$2,500	$2.74	24d	1	1.46mi
8201 NW 8th St Unit 1-414 Miami, FL	1.0	1.0	810	$2,050	$2.53	24d	1	1.48mi
8265 NW 6th Ter #251 Miami, FL	2.0	1.5	914	$2,850	$3.12	16d	1	1.49mi

HOA detail condo

• Monthly dues: $496 · $5,952/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $199,000 Active 493 DOM
2. 2026-06-17
   days on market $199,000 Active 492 DOM
3. 2026-06-16
   days on market $199,000 Active 491 DOM
4. 2026-06-15
   days on market $199,000 Active 490 DOM
5. 2026-06-13
   days on market $199,000 Active 488 DOM
6. 2026-06-09
   days on market $199,000 Active 484 DOM
7. 2026-06-08
   days on market $199,000 Active 483 DOM
8. 2026-06-08
   days on market $199,000 Active 482 DOM
9. 2026-06-04
   days on market $199,000 Active 479 DOM
10. 2026-06-03
    days on market $199,000 Active 478 DOM
11. 2026-06-02
    days on market $199,000 Active 477 DOM
12. 2026-06-01
    days on market $199,000 Active 476 DOM
13. 2026-05-31
    days on market $199,000 Active 475 DOM
14. 2026-04-17
    status Active
15. 2026-04-13
    historical Active Under Contract
16. 2026-02-07
    price $199,000
17. 2025-07-23
    price $229,000
18. 2025-02-10
    listed $265,000 Active
19. 2001-10-12
    soldstatus $60,000
20. 1987-11-01
    soldstatus $41,500
21. 1978-02-01
    soldstatus $23,900

ⓘ 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: $3,624 · $302/mo
• Projected year-2 tax: $3,624 · $302/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 5 d/yr ≥104°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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,491
• − Mortgage interest: −$11,147
• − Property taxes: −$3,624
• − Insurance: −$995
• − Repairs & maintenance: −$2,279
• − Management: −$2,279
• − HOA: −$5,952
• − Depreciation: −$5,789
• Taxable loss: −$3,575
• Est. tax savings @ 24.0%: +$858
• After-tax cash flow: $272/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

• Score: 78/100
• State rank: #177
• US rank: #2724

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 827,308
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 25,909
• Household income: $60,907
• Rent vs Own: 47.4% rent · 52.6% own
• Severe rent burden: 1654.0

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: Predominantly Hispanic (93%)
• Race & ethnicity: Hispanic / Latino 93% Two or more races 54% White 5%
• Hispanic origin (detail): Cuban 75% Dominican 1%
• Common ancestry: Italian 1%
• Foreign-born: 71% · Canada, Jamaica, Dominican Republic
• Languages at home: 9% English-only · Spanish 90%

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: ▼ -637.28%
• Current HPI: 432.727
• Rent YoY: ▼ -1.49%
• 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

+732.6% since first listed

8 events — show timeline

• 2026-04-17 Relisted — MARMLS
• 2026-04-13 Contingent — MARMLS
• 2026-02-07 Price Changed $199,000 MARMLS
• 2025-07-23 Price Changed $229,000 MARMLS
• 2025-02-10 Listed $265,000 MARMLS
• 2001-10-12 Sold (Public Records) $60,000 Public Records
• 1987-11-01 Sold (Public Records) $41,500 Public Records
• 1978-02-01 Sold (Public Records) $23,900 Public Records

Property tax history

+6.9%/yr

Latest (2025): $3,624 · +7.6% YoY. Source: county tax records.