1559 Michigan Ave #104 · Miami Beach, FL 33139

$259,000

1 bd · 1.0 ba · 526 sqft · Condo public records · 562 Days on market

Built 1925 $571/mo HOA · 16% of rent

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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 +24.0/30.0
• 1% rule +9.2/10.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Appreciation +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks

Cozy one bedroom apartment in the heart of South Beach! Walking distance to Lincoln Road, Beach, Flamingo Park, Ocean Drive and West Avenue. Remodeled kitchen with stainless steel appliances and granite countertops. Laundry room on the same floor as the unit. Great investment property, with tenants that love the unit. * BUILDING HAS FULL RESERVES - APPROVED FOR FINANCING * TENANT-OCCUPIED, 24 hour notice required. Rented until September 2026.

Key facts

• $571 HOA
• Built 1925
• Listed 561 days

Property features AI

Finance

• Financial info: Pets allowed (dogs OK)
• HOA & community: Monthly association fee of $571; Association covers structure maintenance, sewer and water; Community of 16 units; Community laundry amenity

Exterior

• Parking: On-street parking
• Security: Complex fenced; Key card entry
• Utilities: Water included in association fee; Sewer included in association fee; Power (central systems)
• Home design: 3-story building; Entry on level 1; Attached property
• Construction: Block construction; Resale property
• Exterior features: Courtyard

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: Bedroom located on the main level
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Eat-in kitchen; First floor entry; Tub/shower; Bedroom on main level
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $259k.

Deal economics

• At list price, monthly cash flow is $83 ($992/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $259k).
• Recommended offer: $228k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 1.5% in Miami Beach — 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 80/100 on livability (#108 in FL, #1,672 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: housing C-, amenities D-, 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.
• Market conditions: Rents soft (-0.4%/yr); 1208 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,667/mo this rent would consume 63% of the median local household income ($70k/yr) (locally 4052% 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 (-2.2%/yr); year-one equity from $2k of loan paydown is wiped out by about $6k 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

• It's been on market 562 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 13y ago; this cycle's ask is 12233% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $160k; list at $259k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• 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 8→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $227,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 562 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-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?
9. 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.
10. 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.
11. 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: 8.65%
• Cash-on-cash: 8.43%
• DSCR: 1.37
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.19% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -14.0%
• Equity multiple: 0.48×
• Total profit: $-37,858
• Equity at exit: $48,092

10-year hold

• IRR: -13.5%
• Equity multiple: 0.21×
• Total profit: $-57,066
• Equity at exit: $39,013

Cash invested: $72,520 (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 33139

• Home prices YoY: -0.8%
• Rents YoY: -0.4%
• Active inventory: 1208
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $3,667 medium
• Mortgage (P&I): −$1,358
• Tax from tax record: −$350 /mo · $4,205/yr
• Insurance: −$108
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$571
• Vacancy / Maint / Mgmt: −$770
• Net cashflow: $83

Break-even live

Break-even rent $3,562

Max offer price $259,000

Occupancy floor 93%

Sensitivity live

Price	-10% $229	-5% $156	+0% $83	+5% $9	+10% $-64
Rent	-10% $-207	-5% $-62	+0% $83	+5% $228	+10% $372
Rate	-1.0pp $213	-0.5pp $149	base $83	+0.5pp $16	+1.0pp $-53

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1602 Meridian Ave Miami Beach, FL	4.0	1.0–3.0	917	$6,932	$7.56	15d	1	0.07mi
2201 Collins Ave Miami Beach, FL	1.0–3.0	1.0–2.0	1121	$22,000	$19.62	25d	2	0.89mi

HOA detail condo

• Monthly dues: $571 · $6,852/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 40 events

1. 2026-06-18
   days on market $259,000 Active 562 DOM
2. 2026-06-17
   days on market $259,000 Active 561 DOM
3. 2026-06-16
   days on market $259,000 Active 560 DOM
4. 2026-06-15
   days on market $259,000 Active 559 DOM
5. 2026-06-13
   days on market $259,000 Active 557 DOM
6. 2026-06-09
   days on market $259,000 Active 553 DOM
7. 2026-06-08
   days on market $259,000 Active 552 DOM
8. 2026-06-08
   days on market $259,000 Active 551 DOM
9. 2026-06-04
   days on market $259,000 Active 548 DOM
10. 2026-06-03
    days on market $259,000 Active 547 DOM
11. 2026-06-02
    days on market $259,000 Active 546 DOM
12. 2026-06-01
    days on market $259,000 Active 545 DOM
13. 2026-05-31
    days on market $259,000 Active 544 DOM
14. 2026-05-24
    price $259,000
15. 2026-02-26
    historical $2,100
16. 2026-01-22
    listed $2,100
17. 2025-11-18
    price $269,000
18. 2025-04-14
    status Active
19. 2025-04-14
    price $275,000
20. 2025-04-05
    historical Active Under Contract
21. 2025-02-12
    price $255,000
22. 2025-02-06
    historical $2,000
23. 2025-02-05
    listed $2,000
24. 2025-02-04
    price $265,000
25. 2024-12-04
    listed $275,000 Active
26. 2024-09-15
    status Active
27. 2024-07-15
    status Active
28. 2024-05-19
    status Active
29. 2024-01-29
    listed $275,000 Active
30. 2020-12-04
    historical
31. 2020-11-15
    price $190,000
32. 2020-09-11
    listed $195,000 Active
33. 2020-05-31
    historical
34. 2019-09-05
    listed $195,000 Active
35. 2013-08-29
    soldstatus $160,000 Sold
36. 2013-08-02
    soldstatus $159,000
37. 2013-07-23
    status Pending
38. 2013-07-13
    price $159,900 Active
39. 2013-07-13
    status Active
40. 2004-05-10
    soldstatus $139,100

ⓘ 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: $4,205 · $350/mo
• Projected year-2 tax: $4,205 · $350/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 8 d/yr ≥101°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: $44,002
• − Mortgage interest: −$14,508
• − Property taxes: −$4,205
• − Insurance: −$6,414
• − Repairs & maintenance: −$3,520
• − Management: −$3,520
• − HOA: −$6,852
• − Depreciation: −$7,535
• Taxable loss: −$2,552
• Est. tax savings @ 24.0%: +$612
• After-tax cash flow: $1,605/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 Beach

• Score: 80/100
• State rank: #108
• US rank: #1672

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,533
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 33,753
• Household income: $69,793
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 4052.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 51% White 40% Two or more races 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 15% Salvadoran 3%
• Common ancestry: Lithuanian 3% Scotch-Irish 2% Romanian 2%
• Foreign-born: 56% · Canada, Jamaica, Dominican Republic
• Languages at home: 37% English-only · Spanish 49% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▼ -2.19%
• Current HPI: 277.9321
• Rent YoY: ▼ -0.36%
• 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

+86.2% since first listed

27 events — show timeline

• 2026-05-24 Price Changed $259,000 MARMLS
• 2026-02-26 Rental Removed $2,100 MARMLS
• 2026-01-22 Listed for Rent $2,100 MARMLS
• 2025-11-18 Price Changed $269,000 MARMLS
• 2025-04-14 Relisted — MARMLS
• 2025-04-14 Price Changed $275,000 MARMLS
• 2025-04-05 Contingent — MARMLS
• 2025-02-12 Price Changed $255,000 MARMLS
• 2025-02-06 Rental Removed $2,000 MARMLS
• 2025-02-05 Listed for Rent $2,000 MARMLS
• 2025-02-04 Price Changed $265,000 MARMLS
• 2024-12-04 Listed $275,000 MARMLS
• 2024-09-15 Relisted — MARMLS
• 2024-07-15 Relisted — MARMLS
• 2024-05-19 Relisted — MARMLS
• 2024-01-29 Listed $275,000 MARMLS
• 2020-12-04 Listing Removed — MARMLS
• 2020-11-15 Price Changed $190,000 MARMLS
• 2020-09-11 Listed $195,000 MARMLS
• 2020-05-31 Listing Removed — MARMLS
• 2019-09-05 Listed $195,000 MARMLS
• 2013-08-29 Sold (MLS) $160,000 MARMLS
• 2013-08-02 Sold (Public Records) $159,000 Public Records
• 2013-07-23 Pending — MARMLS
• 2013-07-13 Relisted — MARMLS
• 2013-07-13 Price Changed $159,900 MARMLS
• 2004-05-10 Sold (Public Records) $139,100 Public Records

Property tax history

+5.2%/yr

Latest (2025): $4,205 · +28.9% YoY. Source: county tax records.