601 NE 23rd St #1605 · Miami, FL 33137

$579,000

3 bd · 2.0 ba · 1,320 sqft · Condo public records · 29 Days on market

Built 2012 $1217/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 +8.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• Appreciation +5.1/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0

Listing remarks MLS

Corner unit on the 16 floor. 3 bedrooms and 2 bathrooms, located in 23 Biscayne Condo. Near to shoppings, Biscayne Blvd, Wynwood. Miami lifestyle experience.

Key facts

• Controlled access
• Fitness center
• Private balcony

Tags

• PRIVATE BALCONY
• STAINLESS STEEL APPLIANCES
• IN-UNIT WASHER AND DRYER
• RESORT-STYLE AMENITIES
• FITNESS CENTER
• CONTROLLED ACCESS

Property features AI

Finance

• Financial info: Pets allowed (dogs OK)
• HOA & community: Monthly association fee; Association amenities include elevators and pool; Association fee covers amenities, parking, and trash

Exterior

• Parking: 2-car garage; Garage door opener; Two or more parking spaces (covered)
• Security: Fire alarm; Intercom; Secured lobby
• Utilities: Appliances and thermostat listed as energy-efficient
• Home design: Attached property; 16th floor entry/level; 18-story building
• Construction: Block construction; Resale property
• Exterior features: Balcony; Open balcony/patio; Security/high-impact doors; Association pool; Waterfront (bay front); Has a view

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric water heater
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Blinds; Impact glass windows; Dual sinks; Handicap access; Elevator
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $579k.

Deal economics

• At list price, monthly cash flow is $-585 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $476k (17.9% below list).
• Meets the 1% rule at list price ($6k rent vs $579k).
• Recommended offer: $476k (17.9% below list) — sets the bar for cash-flow.
• Cap rate 5.1% 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.
• Zoned schools: Phyllis Wheatley Elementary School (math 17% / reading 17%, grade F, #2,121 of 2,144 statewide, top 99%, 189 students, 88% FRL); Jose De Diego Middle School (math 20% / reading 24%, grade F, #549 of 571 statewide, top 97%, 868 students, 68% FRL); Booker T. Washington Senior High (math 12% / reading 19%, grade F, #604 of 667 statewide, top 91%, 1,014 students, 60% FRL).
• Zoned-school proficiency averages 18% at this address vs 50% district-wide (-31 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 rising (+2.7%/yr); 758 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($4k loan paydown + $2k appreciation (0.3% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($570k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $400k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $475,585 (17.9% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.01% ✓
• Cap rate: 5.08%
• Cash-on-cash: -4.33%
• DSCR: 0.81
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.27% appreciation · 2.73% rent growth · sell at horizon

5-year hold

• IRR: -6.1%
• Equity multiple: 0.71×
• Total profit: $-47,535
• Equity at exit: $176,038

10-year hold

• IRR: -0.4%
• Equity multiple: 0.95×
• Total profit: $-8,026
• Equity at exit: $218,030

Cash invested: $162,120 (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 33137

• Home prices YoY: 0.1%
• Rents YoY: 2.7%
• Active inventory: 758
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $5,867 medium
• Mortgage (P&I): −$3,036
• Tax from tax record: −$725 /mo · $8,705/yr
• Insurance: −$241
• HOA: −$1,217
• Vacancy / Maint / Mgmt: −$1,232
• Net cashflow: $-585

Break-even live

Break-even rent $6,608

Max offer price $475,585

Occupancy floor —

Sensitivity live

Price	-10% $-258	-5% $-422	+0% $-585	+5% $-749	+10% $-913
Rent	-10% $-1,049	-5% $-817	+0% $-585	+5% $-354	+10% $-122
Rate	-1.0pp $-294	-0.5pp $-438	base $-585	+0.5pp $-735	+1.0pp $-888

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: $144,750
• Closing costs: $17,370
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2900 Biscayne Blvd Miami, FL	3.0	1.0–3.5	1260	$18,500	$14.68	4d	13	0.35mi
555 NE 34th St Miami, FL	1.0–4.0	1.5–4.0	2653	$13,925	$5.25	0d	19	0.64mi
601 NE 1st Ave Unit 1227496P Miami, FL	3.0	1.0–3.0	904	$19,135	$21.17	0d	4	1.37mi

HOA detail condo

• Monthly dues: $1,217 · $14,604/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-05-14
   status Pending
2. 2026-05-11
   historical Active Under Contract
3. 2026-04-14
   listed $579,000 Active
4. 2021-05-28
   soldstatus $400,000 Closed 157-char remark

   Show marketing remark (157 chars)

   Corner unit on the 16 floor. 3 bedrooms and 2 bathrooms, located in 23 Biscayne Condo. Near to shoppings, Biscayne Blvd, Wynwood. Miami lifestyle experience.

5. 2021-04-19
   status Pending 157-char remark

   Show marketing remark (157 chars)

   Corner unit on the 16 floor. 3 bedrooms and 2 bathrooms, located in 23 Biscayne Condo. Near to shoppings, Biscayne Blvd, Wynwood. Miami lifestyle experience.

6. 2021-03-02
   listed $419,000 Active 157-char remark

   Show marketing remark (157 chars)

   Corner unit on the 16 floor. 3 bedrooms and 2 bathrooms, located in 23 Biscayne Condo. Near to shoppings, Biscayne Blvd, Wynwood. Miami lifestyle experience.

7. 2020-06-02
   historical
8. 2019-10-07
   price $399,000
9. 2019-05-15
   price $415,000
10. 2018-12-18
    listed $425,000 Active

ⓘ 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: $8,705 · $725/mo
• Projected year-2 tax: $8,705 · $725/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $70,399
• − Mortgage interest: −$32,433
• − Property taxes: −$8,705
• − Insurance: −$2,895
• − Repairs & maintenance: −$5,632
• − Management: −$5,632
• − HOA: −$14,604
• − Depreciation: −$16,844
• Taxable loss: −$16,346
• Est. tax savings @ 24.0%: +$3,923
• After-tax cash flow: $-3,102/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): 29,414
• Household income: $94,036
• Rent vs Own: 71.8% rent · 28.2% own
• Severe rent burden: 3106.0

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 0.63)
• Race & ethnicity: Hispanic / Latino 54% Two or more races 25% White 24% Black 16% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5% Cuban 10% Dominican 3% Salvadoran 3%
• Common ancestry: Hispanic 8% Estonian 2% Lithuanian 2%
• Foreign-born: 47% · Canada, Jamaica, Dominican Republic
• Languages at home: 34% English-only · Spanish 49% French/Haitian/Cajun 8% Other Indo-European 5%

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: ▲ 0.27%
• Current HPI: 385.1514
• Rent YoY: ▲ 2.73%
• 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

+36.2% since first listed

10 events — show timeline

• 2026-05-14 Pending — MARMLS
• 2026-05-11 Contingent — MARMLS
• 2026-04-14 Listed $579,000 MARMLS
• 2021-05-28 Sold (MLS) $400,000 MARMLS
• 2021-04-19 Pending — MARMLS
• 2021-03-02 Listed $419,000 MARMLS
• 2020-06-02 Listing Removed — MARMLS
• 2019-10-07 Price Changed $399,000 MARMLS
• 2019-05-15 Price Changed $415,000 MARMLS
• 2018-12-18 Listed $425,000 MARMLS

Property tax history

+2.7%/yr

Latest (2025): $8,705 · -1.9% YoY. Source: county tax records.