11775 SW 223rd St · Goulds, FL 33170

$985,000

6 bd · 4.0 ba · 2,478 sqft · MultiFamily public records · 63 Days on market

Built 1957

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• 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: 4 units. confirmed

Listing remarks

This fully renovated fourplex in Miami presents a turnkey investment opportunity with major capital improvements already completed. The entire building and all units have been completely renovated, offering modern finishes and minimizing future maintenance costs. The property features 4 parking spaces, a permitted new roof and permitted impact windows, providing both peace of mind and insurance advantages. All major systems have been upgraded, including new electrical and plumbing, ensuring long-term efficiency and reliability. Each unit has been thoughtfully updated with tile flooring throughout, brand-new kitchens with stainless steel appliances, and fully renovated bathrooms. Additionall

Key facts

• Upgraded plumbing
• Renovated fourplex
• Upgraded electrical

Tags

• RENOVATED FOURPLEX
• TURNKEY INVESTMENT OPPORTUNITY
• NEW ROOF
• IMPACT WINDOWS
• UPGRADED ELECTRICAL
• UPGRADED PLUMBING

Property features AI

Finance

• Other: Rent includes gardener, sewer, and trash collection
• Financial info: Total actual rent: $91,200; Operating expenses: $15,608; Unit rents: two 1-bedroom units at $1,200 each, four 2-bedroom units at $1,800 each (unit counts and rents per unit type reflected); Some units are leased; at least one unit is month-to-month

Exterior

• Parking: Open parking for tenants; Total of 4 parking spaces
• Security: Security/high-impact doors
• Utilities: Public water; Septic tank sewer; Cable not available
• Home design: Single-story building; Shingle roof; Block construction; Resale property
• Construction: Block construction; Shingle roof
• Exterior features: Patio; Security/high-impact doors; Rectangular lot; Less than quarter acre

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bedrooms: Four 2-bedroom units; Three units with 2 bedrooms (leased); One 2-bedroom unit (leased); Two 1-bedroom units (one is month-to-month, one month-to-month/Yes indicated)
• Flooring: Tile flooring
• Bathrooms: All units have 1 full bathroom
• Heating & cooling: Electric heating; Wall/window cooling units
• Interior features: Impact glass windows; Patio
• Laundry & utility: Washer in each unit; Electric meter for units; Smoke detector in each unit

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/2.5-bath units multifamily listed at $985k.

Deal economics

• At list price, monthly cash flow is $5k ($56k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $985k).
• Recommended offer: $926k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#431 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety B+, crime B; Watch: employment 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: 205 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 $14,029/mo this rent would consume 228% of the median local household income ($74k/yr) (locally 392% 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 $7k of loan paydown is wiped out by about $30k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $276k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($926k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y 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 $670k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $925,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.42% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.44%
• DSCR: 1.91
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 12.7%
• Equity multiple: 1.51×
• Total profit: $139,512
• Equity at exit: $146,867

10-year hold

• IRR: 21.6%
• Equity multiple: 2.84×
• Total profit: $506,524
• Equity at exit: $85,165

Cash invested: $275,800 (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 33170

• Home prices YoY: -24.9%
• Active inventory: 205
• Price-to-rent: 23.4×

Monthly cashflow live

• Estimated rent: $14,029 medium
• Mortgage (P&I): −$5,165
• Tax from tax record: −$810 /mo · $9,717/yr
• Insurance: −$410
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,946
• Net cashflow: $4,697

Break-even live

Break-even rent $8,083

Max offer price $985,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	2.5	$14,028
Total (4 units)			$14,029

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: $246,250
• Closing costs: $29,550
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22105 SW 113th Pl Miami, FL	5.0	2.0	1764	$4,000	$2.27	24d	1	0.43mi
23030 SW 114th Path Miami, FL	5.0	4.0	2530	$4,011	$1.59	24d	1	0.57mi
22431 SW 125th Ave Unit 19B Goulds, FL	5.0	3.0	2518	$4,540	$1.80	24d	1	0.78mi
22431 SW 125th Ave Unit 19A Goulds, FL	5.0	3.0	2518	$4,540	$1.80	20d	1	0.78mi
11719 SW 241st St Homestead, FL	5.0	3.0	2495	$4,600	$1.84	24d	1	1.15mi
11719 SW 241st St Homestead, FL	5.0	3.0	2495	$4,600	$1.84	7d	1	1.15mi
11903 SW 241st St Unit 11903 Princeton, FL	5.0	3.0	2640	$4,500	$1.70	17d	1	1.16mi
20301 SW 117th Ave Miami, FL	5.0	2.0	2003	$3,350	$1.67	7d	1	1.26mi
24242 SW 119th Pl Homestead, FL	5.0	3.0	2640	$4,600	$1.74	18d	1	1.27mi
22634 SW 131st Pl Unit 22634 Goulds, FL	5.0	3.0	3252	$4,000	$1.23	11d	1	1.43mi
22634 SW 131st Pl Unit 22634 Goulds, FL	5.0	3.0	3252	$4,000	$1.23	18d	1	1.43mi

Listing history 33 events

1. 2026-06-18
   days on market $985,000 Active 63 DOM
2. 2026-06-17
   days on market $985,000 Active 62 DOM
3. 2026-06-16
   days on market $985,000 Active 61 DOM
4. 2026-06-15
   days on market $985,000 Active 60 DOM
5. 2026-06-13
   pricedays on market $985,000 Active 58 DOM
6. 2026-06-09
   days on market $1,000,000 Active 54 DOM
7. 2026-06-08
   days on market $1,000,000 Active 53 DOM
8. 2026-06-07
   days on market $1,000,000 Active 52 DOM
9. 2026-06-04
   days on market $1,000,000 Active 49 DOM
10. 2026-06-03
    days on market $1,000,000 Active 48 DOM
11. 2026-06-02
    days on market $1,000,000 Active 47 DOM
12. 2026-06-01
    days on market $1,000,000 Active 46 DOM
13. 2026-05-31
    days on market $1,000,000 Active 45 DOM
14. 2026-04-15
    listed $1,000,000 Active
15. 2024-03-11
    soldstatus $670,000
16. 2023-11-28
    price $690,000
17. 2022-02-11
    price $1,300
18. 2014-11-28
    soldstatus $117,000 Sold
19. 2014-08-29
    soldstatus $117,000
20. 2014-07-07
    status Pending
21. 2014-06-06
    listed $148,000 Active
22. 2014-05-10
    historical
23. 2014-05-10
    price $152,000 Active
24. 2014-02-17
    listed $160,000 Active
25. 2012-05-31
    soldstatus $60,000
26. 2004-08-12
    soldstatus $135,000
27. 2001-12-06
    soldstatus $82,000
28. 1999-08-24
    soldstatus $69,000
29. 1999-01-15
    soldstatus $28,000
30. 1994-10-28
    soldstatus $67,000
31. 1979-12-01
    soldstatus $45,000
32. 1979-11-01
    soldstatus $45,000
33. 1978-06-01
    soldstatus $78,000

ⓘ 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: $9,717 · $810/mo
• Projected year-2 tax: $9,717 · $810/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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 31 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: $168,348
• − Mortgage interest: −$55,175
• − Property taxes: −$9,717
• − Insurance: −$4,925
• − Repairs & maintenance: −$13,468
• − Management: −$13,468
• − Depreciation: −$28,655
• Taxable income: $42,940
• Est. tax owed @ 24.0%: −$10,306
• After-tax cash flow: $46,062/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 — Goulds

• Score: 70/100
• State rank: #431
• US rank: #7705

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Goulds, FL
• County: Miami-Dade County · 2,697,751 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 16,652
• Household income: $73,958
• Rent vs Own: 36.1% rent · 63.9% own
• Severe rent burden: 392.0

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 0.56)
• Race & ethnicity: Hispanic / Latino 60% Two or more races 36% Black 27% White 11%
• Hispanic origin (detail): Mexican 6% Puerto Rican 4% Cuban 36% Dominican 3%
• Common ancestry: Hispanic 2%
• Foreign-born: 40% · Canada, Jamaica
• Languages at home: 36% English-only · Spanish 61% French/Haitian/Cajun 2% Other Indo-European 1%

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: ▼ -169.57%
• Current HPI: 511.3532
• Rent YoY: —
• 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

+1182.1% since first listed

20 events — show timeline

• 2026-04-15 Listed $1,000,000 MARMLS
• 2024-03-11 Sold (Public Records) $670,000 Public Records
• 2023-11-28 Price Changed $690,000 Beaches MLS
• 2022-02-11 Price Changed $1,300 RENT.
• 2014-11-28 Sold (MLS) $117,000 MARMLS
• 2014-08-29 Sold (Public Records) $117,000 Public Records
• 2014-07-07 Pending — MARMLS
• 2014-06-06 Listed $148,000 MARMLS
• 2014-05-10 Listing Removed — MARMLS
• 2014-05-10 Price Changed $152,000 MARMLS
• 2014-02-17 Listed $160,000 MARMLS
• 2012-05-31 Sold (Public Records) $60,000 Public Records
• 2004-08-12 Sold (Public Records) $135,000 Public Records
• 2001-12-06 Sold (Public Records) $82,000 Public Records
• 1999-08-24 Sold (Public Records) $69,000 Public Records
• 1999-01-15 Sold (Public Records) $28,000 Public Records
• 1994-10-28 Sold (Public Records) $67,000 Public Records
• 1979-12-01 Sold (Public Records) $45,000 Public Records
• 1979-11-01 Sold (Public Records) $45,000 Public Records
• 1978-06-01 Sold (Public Records) $78,000 Public Records

Property tax history

+8.4%/yr

Latest (2025): $9,717 · +43.0% YoY. Source: county tax records.