1455 N Treasure Dr Unit 2M

North Bay Village, FL 33141

$232,900C

1 bd · 1.0 ba · 817 sqft · Built 1966 · Condo · Active · 237 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,474/mo
• Mortgage (P&I): −$1,221
• Tax + insurance: −$826
• HOA: −$840
• Vac / Maint / Mgmt: −$730
• Net cashflow: $-143/mo
• Annual: $-1,719/yr
• Cap rate: 7.75%
• Cash-on-cash: 5.21%
• DSCR: 1.23
• 1% rule: 1.49%
• Cash to close: $65,212

Investor read

• This is a 1-bed/1.0-bath condo listed at $233k.
• At list price, monthly cash flow is $-143 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $208k (10.9% below list).
• Meets the 1% rule at list price ($3k rent vs $233k).
• It's been on market 237 days — a 12% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $205k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#18 in FL, #426 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities 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: Treasure Island Elementary School (math 52% / reading 57%, grade C, #892 of 2,144 statewide, top 44%, 399 students, 59% FRL); Miami Beach Nautilus Middle School (math 46% / reading 58%, grade C+, #217 of 571 statewide, top 40%, 918 students, 44% FRL); Miami Beach Senior High School (math 21% / reading 48%, grade F, #386 of 667 statewide, top 59%, 2,175 students, 40% FRL) — zoned schools average 48% FRL vs 64% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $427/mo; HOA is 24% of rent.
• Market conditions: Rents flat; 649 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 12y ago; this cycle's ask is 11545% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $170k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $3,474/mo this rent would consume 61% of the median local household income ($69k/yr) (locally 3521% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 237 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.