2939 SW 21st St · Miami, FL 33145

$1,495,000

4 bd · 5.0 ba · — sqft · Townhouse · 2 Days on market

Built 2025 ↓ 30% since listing

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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 +26.7/30.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

New construction, luxury Townhome in the heart of Miami. 2600SF Under AC and more than 3000 Total SF. 4 bedrooms, 5 full bathrooms + Office, Storage or Multipurpose Room 1st floor: Foyer, office w/ Full Bath, Formal Living Area, Family Room, Dining + Kitchen, Pool with a full cabana bath & Covered Terrace. 2nd floor: Huge master bedroom w/ lounge area, ample Walking Closet and balcony, 2nd Master with balcony and huge walking closet & bath + 2 bedrooms with shared bath. Laundry. High Ceilings, Hurricane Impact Windows, Porcelain Countertops & LED Lighting. 1 car garage + 1 car Driveway. Minutes from Miracle Mile, Coconut Grove, Brickell, Downtown, Coral Gables. Walk to th

Key facts

• Luxury townhome
• Formal living area
• Covered terrace

Tags

• NEW CONSTRUCTION
• LUXURY TOWNHOME
• FORMAL LIVING AREA
• COVERED TERRACE
• POOL WITH CABANA BATH
• AMPLE WALKING CLOSET

Property features AI

Finance

• Financial info: Property includes multiple rentable units with listed actual rents: $9,000, $8,750, and $9,000 for the individual units

Exterior

• Parking: 3 total parking spaces; Garage parking with automatic garage door opener
• Utilities: Cable available; Public sewer
• Home design: New construction; 2 stories
• Construction: New construction
• Exterior features: In-ground pool; Quarter- to half-acre lot

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Disposal
• Bedrooms: Three 4-bedroom units (each unit with 4 bedrooms)
• Bathrooms: Each unit has 5 full bathrooms
• Heating & cooling: Central air conditioning; Circuit breaker electrical service
• Interior features: Den; Family room; Fire sprinklers
• Laundry & utility: Washer (in at least one unit); Dryer (in at least one unit)

What this means for you Summary

Snapshot

• This is a 4-bed/5.0-bath townhouse listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $4k ($49k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.50M).
• Cap rate 9.5% 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: Silver Bluff Elementary School (math 27% / reading 42%, grade F, #1,709 of 2,144 statewide, top 81%, 399 students, 61% FRL); Ponce De Leon Middle School (math 36% / reading 55%, grade D+, #305 of 571 statewide, top 54%, 888 students, 60% FRL); Coral Gables Senior High School (math 31% / reading 53%, grade F, #275 of 667 statewide, top 42%, 2,824 students, 52% FRL).
• Market conditions: Rents rising (+2.7%/yr); 225 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $18,199/mo this rent would consume 295% of the median local household income ($74k/yr) (locally 1517% 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 $10k of loan paydown is wiped out by about $45k 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 + 2.7% rent growth), your $419k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

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 $1,495,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.22% ✓
• Cap rate: 9.54%
• Cash-on-cash: 11.60%
• DSCR: 1.52
• GRM: 6.8

CMA / ARV

No comps found within radius.

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2821 SW 23rd Ter Unit A	0.30mi	4/4.0	2,416	4mo	$1,550,000	$642	66

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.73% rent growth · sell at horizon

5-year hold

• IRR: 0.7%
• Equity multiple: 1.03×
• Total profit: $10,744
• Equity at exit: $222,909

10-year hold

• IRR: 10.1%
• Equity multiple: 1.77×
• Total profit: $322,120
• Equity at exit: $129,260

Cash invested: $418,600 (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 33145

• Rents YoY: 2.7%
• Active inventory: 225
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $18,199 high
• Mortgage (P&I): −$7,840
• Tax est. 1.5%: −$1,869 /mo · $22,425/yr
• Insurance: −$623
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,822
• Net cashflow: $4,045

Break-even live

Break-even rent $13,078

Max offer price $1,495,000

Occupancy floor 73%

Sensitivity live

Price	-10% $5,079	-5% $4,562	+0% $4,045	+5% $3,529	+10% $3,012
Rent	-10% $2,608	-5% $3,327	+0% $4,045	+5% $4,764	+10% $5,483
Rate	-1.0pp $4,798	-0.5pp $4,426	base $4,045	+0.5pp $3,658	+1.0pp $3,264

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: $373,750
• Closing costs: $44,850
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1710 SW 27th Ave Unit 1272101P Miami, FL	1.0–5.0	1.0–4.0	1716	$15,843	$9.23	9d	3	0.29mi
1951 Secoffee St Miami, FL	4.0	4.0	3750	$18,000	$4.80	18d	1	1.09mi
1951 Secoffee St Miami, FL	4.0	4.0	3750	$18,000	$4.80	11d	1	1.09mi
2805 Freeman St Miami, FL	5.0	5.5	3852	$60,000	$15.58	25d	1	1.10mi
2561 Trapp Ave Miami, FL	4.0	4.5	4191	$25,000	$5.97	25d	1	1.18mi
2561 Trapp Ave Miami, FL	4.0	4.0	3970	$25,000	$6.30	11d	1	1.18mi
2561 Trapp Ave Miami, FL	4.0	4.0	3970	$25,000	$6.30	12d	1	1.18mi
2561 Trapp Ave Miami, FL	4.0	4.0	3970	$25,000	$6.30	12d	1	1.18mi
2601 Salzedo St Coral Gables, FL	2.0–3.0	2.5–4.5	2236	$25,000	$11.18	0d	77	1.25mi
1701 Espanola Dr Unit SFH Miami, FL	5.0	6.0	4253	$30,000	$7.05	17d	1	1.33mi
1701 Espanola Dr Miami, FL	5.0	6.0	4253	$30,000	$7.05	25d	1	1.33mi
2449 S Bayshore Dr Miami, FL	4.0	4.0	3799	$22,000	$5.79	25d	1	1.34mi
3110 Elizabeth St #3110 Miami, FL	4.0	4.5	2757	$18,000	$6.53	4d	1	1.38mi
3110 Elizabeth St Miami, FL	4.0	4.5	2757	$18,000	$6.53	25d	1	1.40mi
2627 S Bayshore Dr Miami, FL	3.0–5.0	3.5–5.5	3333	$30,000	$9.00	25d	2	1.41mi
2645 S Bayshore Dr #1403 Miami, FL	3.0	3.5	2240	$21,000	$9.38	25d	1	1.42mi
173 Shore Dr S Miami, FL	5.0	5.0	—	$22,000	—	25d	1	1.47mi
2669 S Bayshore Dr Unit 702N Miami, FL	3.0	3.5	1845	$23,500	$12.74	25d	1	1.49mi
2678 Tigertail Ave #301 Miami, FL	3.0	3.5	1711	$20,500	$11.98	25d	1	1.49mi
3350 SW 27th Ave #2002 Miami, FL	3.0	3.5	2607	$20,000	$7.67	23d	1	1.50mi

Listing history 11 events

1. 2026-06-21
   remarks 687-char remark
2. 2026-06-21
   pricedays on marketlisting id $1,495,000 Active 2 DOM
3. 2026-06-04
   days on market $4,350,000 Active 149 DOM
4. 2026-06-03
   days on market $4,350,000 Active 148 DOM
5. 2026-06-02
   days on market $4,350,000 Active 147 DOM
6. 2026-06-01
   days on market $4,350,000 Active 146 DOM
7. 2026-05-31
   days on market $4,350,000 Active 145 DOM
8. 2026-04-20
   price $4,350,000
9. 2026-03-10
   price $5,980,000
10. 2026-02-05
    price $6,120,000
11. 2026-01-06
    listed $6,220,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $218,385
• − Mortgage interest: −$83,743
• − Property taxes: −$22,425
• − Insurance: −$7,475
• − Repairs & maintenance: −$17,471
• − Management: −$17,471
• − Depreciation: −$43,491
• Taxable income: $26,309
• Est. tax owed @ 24.0%: −$6,314
• After-tax cash flow: $42,231/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): 29,761
• Household income: $73,995
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 1517.0

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 (79%)
• Race & ethnicity: Hispanic / Latino 79% Two or more races 51% White 16% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 41% Dominican 2% Salvadoran 2%
• Common ancestry: Estonian 2% Scotch-Irish 1% Italian 1%
• Foreign-born: 59% · Canada, Jamaica, Dominican Republic
• Languages at home: 13% English-only · Spanish 83% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -657.80%
• Current HPI: 485.4573
• 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

-30.1% since first listed

4 events — show timeline

• 2026-04-20 Price Changed $4,350,000 MARMLS
• 2026-03-10 Price Changed $5,980,000 MARMLS
• 2026-02-05 Price Changed $6,120,000 MARMLS
• 2026-01-06 Listed $6,220,000 MARMLS