447 E 32nd St · Hialeah, FL 33013

$779,000

2 bd · 1.0 ba · 1,468 sqft · MultiFamily public records · 6 Days on market

Built 1964

---

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 +24.9/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Amazing AS IS spacious duplex with a large lot, recorded as 5 bedrooms and 3 bathrooms. Subject is in need of repairs and updates. Contains roof damage and possible code violations, holding a great potential to rebuild or rehab, easy to show. Listing Broker & Seller assumes no responsibility and make no guarantees, warranties (expressed or implied) or representations as to the availability or accuracy of information contained herein. Please text the LA for showing instructions.

Key facts

• 10 parking spots
• Built 1964
• Listed 5 days

Property features AI

Finance

• Other: Zoning description: 5400
• Financial info: Actual rents reported: two 3-bed units at $2,754 each and one 2-bed unit at $1,412
• HOA & community: No HOA information provided

Exterior

• Parking: Total of 10 parking spaces; Other parking configurations noted for units
• Security: No security features provided
• Utilities: Public water; Public sewer; Cable not available
• Home design: Two-story building; Block construction; Shingle roof; Effective year built (not specified)
• Construction: Block construction; Shingle roof
• Exterior features: Fence; Patio; Quarter- to half-acre lot

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Two-unit building with two 3-bed units and one 2-bed unit
• Flooring: Ceramic tile; Laminate
• Bathrooms: Units include full bathrooms (each 3-bed unit has 2 full baths; the 2-bed unit has 1 full bath)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceramic tile and laminate flooring
• Laundry & utility: Laundry room in some units

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/2.5-bath units multifamily listed at $779k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $839/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $779k).
• Cap rate 8.9% vs local median 3.5% in Hialeah — 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 74/100 on livability (#288 in FL, #4,774 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety 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.
• Market conditions: Rents soft (-0.1%/yr); 111 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $8,542/mo this rent would consume 169% of the median local household income ($61k/yr) (locally 1352% 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 $5k of loan paydown is wiped out by about $23k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $405k; list at $779k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $779,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.10% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.24%
• DSCR: 1.41
• GRM: 7.6

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: -5.6%
• Equity multiple: 0.80×
• Total profit: $-44,400
• Equity at exit: $116,151

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $2,021
• Equity at exit: $67,354

Cash invested: $218,120 (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 33013

• Rents YoY: -0.1%
• Active inventory: 111
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $8,542 medium
• Mortgage (P&I): −$4,085
• Tax from tax record: −$660 /mo · $7,915/yr
• Insurance: −$325
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,794
• Net cashflow: $1,679

Break-even live

Break-even rent $6,417

Max offer price $779,000

Occupancy floor 75%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	4	2.5	$8,542
Total (2 units)			$8,542

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: $194,750
• Closing costs: $23,370
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $779,000 Active 6 DOM
2. 2026-06-17
   days on market $779,000 Active 5 DOM
3. 2026-06-16
   days on market $779,000 Active 4 DOM
4. 2026-06-15
   days on market $779,000 Active 3 DOM
5. 2026-06-13
   remarks 484-char remark
6. 2026-06-13
   listed $779,000 Active 1 DOM

ⓘ 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: $7,915 · $660/mo
• Projected year-2 tax: $7,915 · $660/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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 28 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $102,504
• − Mortgage interest: −$43,636
• − Property taxes: −$7,915
• − Insurance: −$3,895
• − Repairs & maintenance: −$8,200
• − Management: −$8,200
• − Depreciation: −$22,662
• Taxable income: $7,996
• Est. tax owed @ 24.0%: −$1,919
• After-tax cash flow: $18,228/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 — Hialeah

• Score: 74/100
• State rank: #288
• US rank: #4774

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hialeah, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 315,776
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 30,695
• Household income: $60,658
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 1352.0

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 (94%)
• Race & ethnicity: Hispanic / Latino 94% Two or more races 56% White 5%
• Hispanic origin (detail): Puerto Rican 1% Cuban 82%
• Foreign-born: 74% · Canada, Jamaica
• 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: ▼ -664.57%
• Current HPI: 429.3973
• Rent YoY: ▼ -0.13%
• 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

+952.7% since first listed

6 events — show timeline

• 2026-06-12 Listed $779,000 MARMLS
• 2005-02-22 Sold (Public Records) $405,000 Public Records
• 2003-09-08 Sold (Public Records) $307,000 Public Records
• 2001-05-09 Sold (Public Records) $234,000 Public Records
• 1983-04-01 Sold (Public Records) $69,000 Public Records
• 1981-06-01 Sold (Public Records) $74,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $7,915 · +8.0% YoY. Source: county tax records.