5005 Collins Ave #1523 · Miami Beach, FL 33140

$355,500

1 bd · 1.0 ba · 938 sqft · Condo public records · 230 Days on market

Built 1964 $1658/mo HOA · 36% of rent

---

Why this score? — see what drove the D 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).

• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Cash flow +7.1/30.0
• Appreciation +5.5/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• DSCR +1.3/10.0

Listing remarks MLS

Resort style living. The building has on-site amenities including a heated pool, Beach/pool view fitness center, BBQ area, valet parking, hair salon, library, and direct access to the beach and the paver walkway that runs from Bal Harbor to South Beach. Assigned covered garage parking with Valet, 40 year inspection has been done and all work completed.

Key facts

• Valet service
• Beachside gym
• 24h front desk

Tags

• RESORT STYLE AMENITIES
• HEATED POOL
• BEACHSIDE GYM
• VALET SERVICE
• 24H FRONT DESK
• BB AREA

Property features AI

Finance

• Financial info: Leases considered; Pets: conditional or not allowed with possible restrictions
• HOA & community: Monthly association fee; Association covers management, amenities, common areas, cable TV, internet, laundry, grounds maintenance, parking, pest control, reserve fund, sewer, security, trash, and water; Community amenities include billiard room, bike storage, clubhouse, community kitchen, fitness center, laundry, barbecue/picnic area, spa/hot tub, storage, and elevators

Exterior

• Parking: Detached garage (1 space); Secured garage/parking
• Security: Closed-circuit cameras; Complex fenced; Lobby secured; Smoke detectors
• Utilities: Water service; Sewer service; Power (central HVAC); Green features: energy-efficient appliances, doors, HVAC, and lighting
• Home design: Condominium unit in a 15-story building; Entry level: 15; Updated/remodeled; Attached property
• Construction: Block construction; Resale property
• Exterior features: Barbecue area; Deck; Glass-enclosed deck/porch; Porch; Security/high-impact doors; Oceanfront with ocean access; North-facing view

Interior

• Kitchen: Dishwasher; Electric range; Self-cleaning oven; Microwave; Refrigerator
• Bedrooms: Bedroom on main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Impact glass windows; Elevator; First-floor entry; Living/dining room; 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 $356k.

Deal economics

• At list price, monthly cash flow is $-566 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $256k (28.1% below list).
• Meets the 1% rule at list price ($5k rent vs $356k).
• Recommended offer: $256k (28.1% below list) — sets the bar for cash-flow.
• Cap rate 4.6% 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.
• Zoned schools: North Beach Elementary School (math 75% / reading 79%, grade A, #170 of 2,144 statewide, top 9%, 937 students, 24% 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 36% FRL vs 64% district-wide (28 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.5%/yr); 672 active listings in the ZIP; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($2k loan paydown + $3k appreciation (1.0% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 230 days — a 12% lower offer ($313k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago; this cycle's ask is 11009% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $300k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 36% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $255,518 (28.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 230 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 1.31% ✓
• Cap rate: 4.61%
• Cash-on-cash: -6.02%
• DSCR: 0.73
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.96% appreciation · 3.52% rent growth · sell at horizon

5-year hold

• IRR: -5.2%
• Equity multiple: 0.73×
• Total profit: $-26,384
• Equity at exit: $120,713

10-year hold

• IRR: 0.9%
• Equity multiple: 1.12×
• Total profit: $11,549
• Equity at exit: $159,917

Cash invested: $99,540 (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 33140

• Home prices YoY: 0.3%
• Rents YoY: 3.5%
• Active inventory: 672
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $4,663 medium
• Mortgage (P&I): −$1,864
• Tax from tax record: −$513 /mo · $6,154/yr
• Insurance: −$148
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,658
• Vacancy / Maint / Mgmt: −$979
• Net cashflow: $-566

Break-even live

Break-even rent $5,379

Max offer price $255,518

Occupancy floor —

Sensitivity live

Price	-10% $-365	-5% $-465	+0% $-566	+5% $-667	+10% $-767
Rent	-10% $-934	-5% $-750	+0% $-566	+5% $-382	+10% $-198
Rate	-1.0pp $-387	-0.5pp $-476	base $-566	+0.5pp $-658	+1.0pp $-752

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: $88,875
• Closing costs: $10,665
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $1,658 · $19,896/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-21
   days on market $355,500 Active 230 DOM
2. 2026-06-18
   days on market $355,500 Active 227 DOM
3. 2026-06-17
   days on market $355,500 Active 226 DOM
4. 2026-06-16
   days on market $355,500 Active 225 DOM
5. 2026-06-15
   days on market $355,500 Active 224 DOM
6. 2026-06-13
   days on market $355,500 Active 222 DOM
7. 2026-06-09
   days on market $355,500 Active 218 DOM
8. 2026-06-08
   days on market $355,500 Active 217 DOM
9. 2026-06-08
   days on market $355,500 Active 216 DOM
10. 2026-06-04
    days on market $355,500 Active 213 DOM
11. 2026-06-03
    days on market $355,500 Active 212 DOM
12. 2026-06-02
    days on market $355,500 Active 211 DOM
13. 2026-06-01
    days on market $355,500 Active 210 DOM
14. 2026-05-31
    days on market $355,500 Active 209 DOM
15. 2026-05-25
    listed $3,200
16. 2026-05-20
    historical $3,800
17. 2026-05-20
    price $355,500
18. 2025-11-03
    listed $395,500 Active
19. 2025-10-21
    listed $3,100
20. 2024-10-21
    soldstatus $300,000
21. 2024-10-11
    soldstatus $300,000 Closed 354-char remark

    Show marketing remark (354 chars)

    Resort style living. The building has on-site amenities including a heated pool, Beach/pool view fitness center, BBQ area, valet parking, hair salon, library, and direct access to the beach and the paver walkway that runs from Bal Harbor to South Beach. Assigned covered garage parking with Valet, 40 year inspection has been done and all work completed.

22. 2024-06-27
    status Pending 354-char remark

    Show marketing remark (354 chars)

    Resort style living. The building has on-site amenities including a heated pool, Beach/pool view fitness center, BBQ area, valet parking, hair salon, library, and direct access to the beach and the paver walkway that runs from Bal Harbor to South Beach. Assigned covered garage parking with Valet, 40 year inspection has been done and all work completed.

23. 2024-06-20
    price $299,900 354-char remark

    Show marketing remark (354 chars)

    Resort style living. The building has on-site amenities including a heated pool, Beach/pool view fitness center, BBQ area, valet parking, hair salon, library, and direct access to the beach and the paver walkway that runs from Bal Harbor to South Beach. Assigned covered garage parking with Valet, 40 year inspection has been done and all work completed.

24. 2024-06-04
    price $329,900 354-char remark

    Show marketing remark (354 chars)

    Resort style living. The building has on-site amenities including a heated pool, Beach/pool view fitness center, BBQ area, valet parking, hair salon, library, and direct access to the beach and the paver walkway that runs from Bal Harbor to South Beach. Assigned covered garage parking with Valet, 40 year inspection has been done and all work completed.

25. 2024-05-08
    price $339,900 354-char remark

    Show marketing remark (354 chars)

    Resort style living. The building has on-site amenities including a heated pool, Beach/pool view fitness center, BBQ area, valet parking, hair salon, library, and direct access to the beach and the paver walkway that runs from Bal Harbor to South Beach. Assigned covered garage parking with Valet, 40 year inspection has been done and all work completed.

26. 2024-05-08
    status Active 354-char remark

    Show marketing remark (354 chars)

    Resort style living. The building has on-site amenities including a heated pool, Beach/pool view fitness center, BBQ area, valet parking, hair salon, library, and direct access to the beach and the paver walkway that runs from Bal Harbor to South Beach. Assigned covered garage parking with Valet, 40 year inspection has been done and all work completed.

27. 2024-03-30
    status Pending 354-char remark

    Show marketing remark (354 chars)

    Resort style living. The building has on-site amenities including a heated pool, Beach/pool view fitness center, BBQ area, valet parking, hair salon, library, and direct access to the beach and the paver walkway that runs from Bal Harbor to South Beach. Assigned covered garage parking with Valet, 40 year inspection has been done and all work completed.

28. 2024-03-05
    listed $349,000 Active 354-char remark

    Show marketing remark (354 chars)

    Resort style living. The building has on-site amenities including a heated pool, Beach/pool view fitness center, BBQ area, valet parking, hair salon, library, and direct access to the beach and the paver walkway that runs from Bal Harbor to South Beach. Assigned covered garage parking with Valet, 40 year inspection has been done and all work completed.

29. 2024-03-04
    historical
30. 2024-02-02
    price $350,000
31. 2023-11-07
    price $375,000
32. 2023-09-04
    listed $399,900 Active
33. 1990-03-26
    soldstatus $89,000
34. 1990-03-01
    soldstatus $89,000

ⓘ 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: $6,154 · $513/mo
• Projected year-2 tax: $6,154 · $513/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 10/10 Extreme FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥101°F today · 24 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: $55,955
• − Mortgage interest: −$19,914
• − Property taxes: −$6,154
• − Insurance: −$2,575
• − Repairs & maintenance: −$4,476
• − Management: −$4,476
• − HOA: −$19,896
• − Depreciation: −$10,342
• Taxable loss: −$11,878
• Est. tax savings @ 24.0%: +$2,851
• After-tax cash flow: $-3,941/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): 20,342
• Household income: $107,063
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 870.0

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 0.59)
• Race & ethnicity: White 46% Hispanic / Latino 44% Two or more races 23% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 19% Salvadoran 6%
• Common ancestry: Scotch-Irish 5% Romanian 3% Italian 3%
• Foreign-born: 44% · Canada, Dominican Republic, Jamaica
• Languages at home: 43% English-only · Spanish 45% Other Indo-European 6% French/Haitian/Cajun 2%

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: ▲ 0.96%
• Current HPI: 302.8514
• Rent YoY: ▲ 3.52%
• 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

-96.4% since first listed

20 events — show timeline

• 2026-05-25 Listed for Rent $3,200 MARMLS
• 2026-05-20 Rental Removed $3,800 MARMLS
• 2026-05-20 Price Changed $355,500 MARMLS
• 2025-11-03 Listed $395,500 MARMLS
• 2025-10-21 Listed for Rent $3,100 MARMLS
• 2024-10-21 Sold (Public Records) $300,000 Public Records
• 2024-10-11 Sold (MLS) $300,000 MARMLS
• 2024-06-27 Pending — MARMLS
• 2024-06-20 Price Changed $299,900 MARMLS
• 2024-06-04 Price Changed $329,900 MARMLS
• 2024-05-08 Price Changed $339,900 MARMLS
• 2024-05-08 Relisted — MARMLS
• 2024-03-30 Pending — MARMLS
• 2024-03-05 Listed $349,000 MARMLS
• 2024-03-04 Listing Removed — MARMLS
• 2024-02-02 Price Changed $350,000 MARMLS
• 2023-11-07 Price Changed $375,000 MARMLS
• 2023-09-04 Listed $399,900 MARMLS
• 1990-03-26 Sold (Public Records) $89,000 Public Records
• 1990-03-01 Sold (Public Records) $89,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $6,154 · +210.6% YoY. Source: county tax records.